Protective Life Insurance POS AM 27 Apr 22 Prospectus update (post-effective amendment) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021
Cover [Abstract]
Document Type	POS AM
Entity Registrant Name	PROTECTIVE LIFE INSURANCE CO
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000310826
Amendment Flag	true
Amendment Description	POST-EFFECTIVE AMENDMENT NO. 5

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Gross premiums and policy fees	$ 1,047	$ 1,054	$ 1,026	$ 1,095	$ 1,053	$ 1,045	$ 1,009	$ 896	$ 4,222	$ 4,003	$ 4,056
Reinsurance ceded	(366)	(311)	(326)	(317)	(344)	(287)	(360)	(36)	(1,320)	(1,027)	(1,508)
Net premiums and policy fees	681	743	700	778	709	758	649	860	2,902	2,976	2,548
Net investment income	767	753	742	720	653	740	742	754	2,982	2,889	2,825
Net gains (losses) - investments and derivatives									150	(235)	(59)
Other income	102	89	100	88	184	115	111	128	379	538	417
Total revenues	1,539	1,652	1,509	1,713	1,535	1,724	1,468	1,441	6,413	6,168	5,731
Benefits and expenses
Benefits and settlement expenses, net of reinsurance ceded: (2021 - $1,423; 2020 - $883; 2019 - $1,244)									4,924	4,901	4,256
Amortization of deferred policy acquisition costs and value of business acquired									309	208	176
Other operating expenses, net of reinsurance ceded: (2021 - $223; 2020 - $229; 2019 - $230)									680	782	775
Goodwill impairment	129								129	0	0
Total benefits and expenses	1,555	1,593	1,308	1,586	1,433	1,564	1,294	1,600	6,042	5,891	5,207
Income (loss) before income tax	(16)	59	201	127	102	160	174	(159)	371	277	524
Income tax expense (benefit)
Current									132	118	387
Deferred									(46)	(75)	(290)
Total income tax expense	12	10	39	25	12	29	32	(30)	86	43	97
Net income (loss)	$ (28)	$ 49	$ 162	$ 102	$ 90	$ 131	$ 142	$ (129)	$ 285	$ 234	$ 427

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Benefits and settlement expenses, reinsurance ceded	$ 1,423	$ 883	$ 1,244
Other operating expenses, reinsurance ceded	$ 223	$ 229	$ 230

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 285	$ 234	$ 427
Other comprehensive income (loss):
Change in net unrealized gains (losses) on investments, net of income tax: (2021 - $(294); 2020 - $544; 2019 - $756)	(1,105)	2,048	2,844
Reclassification adjustment for investment amounts included in net income, net of income tax: (2021 - $(11); 2020 - $17; 2019 - $(3))	(41)	63	(11)
Change in net unrealized gains (losses) for which a credit loss has been recognized in net income, net of income tax: (2021 - $-; 2020 - $6)	(1)	24
Other Comprehensive Income Unrealized Gain (Loss) on Other than Temporary Impaired Investments Arising During Period, Net of Tax			(4)
Change in accumulated (loss) gain - derivatives, net of income tax: (2021 - $-; 2020 - $(1); 2019 - $(3))		(2)	(10)
Reclassification adjustment for derivative amounts included in net income, net of income tax: (2021 - $-; 2020 - $1; 2019 - $-)	1	2	2
Total other comprehensive income (loss)	(1,146)	2,135	2,821
Total comprehensive income (loss)	$ (861)	$ 2,369	$ 3,248

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on investments, income tax	$ (294)	$ 544	$ 756
Reclassification adjustment for investment amounts included in net income, income tax	$ (11)	17	(3)
Change in net unrealized gains (losses) on securities with credit losses, tax		6
Change in net unrealized (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax			(1)
Change in accumulated (loss) gain - derivatives, income tax		(1)	$ (3)
Reclassification adjustment for derivative amounts included in net income, income tax		$ 1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Fixed maturities, at fair value (amortized cost: 2021 - $68,055; 2020 - $65,696; allowance for credit losses: 2021 - $1; 2020 - $23)	$ 73,048	$ 72,595
Equity securities, at fair value (cost: 2021 - $804; 2020 - $635)	828	667
Commercial mortgage loans, net of allowance for credit losses (2021 - $103; 2020 - $222)	10,863	10,006
Policy loans	1,527	1,593
Other Long-term Investments	3,646	3,251
Short-term investments	862	462
Total investments	90,774	88,574
Cash	390	656
Accrued investment income	704	707
Accounts and premiums receivable	121	127
Reinsurance receivables, net of allowance for credit losses (2021 - $92; 2020 - $94)	4,543	4,596
Deferred policy acquisition costs and value of business acquired	3,869	3,420
Goodwill	697	826
Other intangibles, net of accumulated amortization (2021 - $368; 2020 - $312)	491	540
Property and equipment, net of accumulated depreciation (2021 - $79; 2020 - $61)	203	204
Other assets	267	271
Assets related to separate accounts
Variable annuity	13,648	12,378
Variable universal life	1,982	1,286
Reinsurance assumed	13,883	13,325
Total assets	131,572	126,910
Liabilities
Future policy benefits and claims	54,064	54,107
Unearned premiums	845	782
Total policy liabilities and accruals	54,909	54,889
Stable value product account balances	8,526	6,056
Annuity account balances	15,846	15,478
Other policyholders' funds	1,820	1,865
Other liabilities	5,084	5,623
Deferred income taxes	1,428	1,779
Subordinated debt	110	110
Secured financing liabilities	1,572	496
Liabilities related to separate accounts
Variable annuity	13,648	12,378
Variable universal life	1,982	1,286
Reinsurance assumed	13,883	13,325
Total liabilities	118,808	113,285
Shareowner's equity
Preferred Stock; $1 par value, shares authorized: 2; Liquidation preference: $2	0	0
Common Stock, $1 par value, shares authorized and issued: 2021 and 2020 - 5,000	5	5
Additional paid-in-capital	8,525	8,525
Retained earnings	1,832	1,547
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on investments, net of income tax: (2021 - $641; 2020 - $946)	2,412	3,558
Net unrealized losses on investments for which a credit loss has been recognized in earnings, net of income tax: (2021 - $(1); 2020 - $(1))	(3)	(2)
Accumulated loss - derivatives, net of income tax: (2021 - $(2); 2020 - $(2))	(7)	(8)
Total shareowner's equity	12,764	13,625
Total liabilities and shareowner's equity	$ 131,572	$ 126,910

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ / shares in Millions, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 68,055	$ 65,696
Fixed maturities, allowance for credit losses	1	23
Equity securities, cost	804	635
Commercial mortgage loans, allowance for credit losses	103	222
Reinsurance allowance, allowance for credit loss	92	94
Other intangibles, accumulated amortization	368	312
Property and equipment, accumulated depreciation	$ 79	$ 61
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	2	2
Preferred stock, Liquidation preference	$ 2	$ 2
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	5,000	5,000
Common stock, shares issued (in shares)	5,000	5,000
Net unrealized gains (losses) on investments, income tax	$ 641	$ 946
Net unrealized losses on investments with credit losses, tax	(1)	(1)
Accumulated loss - derivatives, income tax	$ (2)	$ (2)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREOWNER'S EQUITY - USD ($) $ in Millions	Preferred Stock	Common Stock	Additional Paid-In- Capital	Retained EarningsCumulative effect adjustments	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative effect adjustments	Total
Beginning balance at Dec. 31, 2018	$ 0	$ 5	$ 7,555	$ (50)	$ 1,074	$ (1,408)	$ (50)	$ 7,226
Increase (decrease) in shareowner's equity
Net income					427			427
Other comprehensive income (loss)						2,821		2,821
Comprehensive income								3,248
Capital contributions from parent			850					850
Ending balance at Dec. 31, 2019	0	5	8,405	$ (138)	1,451	1,413	$ (138)	11,274
Increase (decrease) in shareowner's equity
Net income					234			234
Other comprehensive income (loss)						2,135		2,135
Comprehensive income								2,369
Capital contributions from parent			120					120
Ending balance at Dec. 31, 2020	0	5	8,525		1,547	3,548		13,625
Increase (decrease) in shareowner's equity
Net income					285			285
Other comprehensive income (loss)						(1,146)		(1,146)
Comprehensive income								(861)
Ending balance at Dec. 31, 2021	$ 0	$ 5	$ 8,525		$ 1,832	$ 2,402		$ 12,764

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 285	$ 234	$ 427
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net losses (gains) - investments and derivatives	(150)	235	59
Amortization of deferred acquisition costs and value of business acquired	309	208	176
Capitalization of deferred acquisition costs	(550)	(459)	(408)
Depreciation and amortization expense	77	79	74
Deferred income tax	(46)	(75)	(290)
Accrued income tax	(86)	35	7
Interest credited to universal life and investment products	1,520	1,593	1,343
Goodwill impairment	129	0	0
Trading securities purchases, sales, and maturities, net	10	(139)	97
Other, net	(33)	0	0
Change in:
Policy fees assessed on universal life and investment products	(1,834)	(1,798)	(1,729)
Reinsurance receivables	52	135	115
Accrued investment income and other receivables	(12)	34	(3)
Policy liabilities and other policyholders' funds of traditional life and health products	(487)	(1,076)	(544)
Amortization of premiums and accretion of discounts on investments and commercial mortgage loans	245	382	319
Other liabilities	39	648	347
Other, net	(22)	19	188
Net cash (used in) provided by operating activities	(554)	55	178
Cash flows from investing activities
Maturities and principal reductions of investments, available-for-sale	5,859	5,281	1,983
Sale of investments, available-for-sale	3,106	6,248	4,246
Cost of investments acquired, available-for-sale	(11,749)	(13,902)	(6,427)
Commercial mortgage loans:
New loan originations	(2,182)	(1,611)	(1,323)
Repayments	1,415	749	1,017
Change in investment real estate, net	0	0	(3)
Change in policy loans, net	66	82	65
Change in other long-term investments, net	(323)	132	(36)
Purchase of other long-term investments	(500)	0	0
Change in short-term investments, net	(393)	870	(611)
Net unsettled security transactions	86	141	(185)
Purchase of property, equipment, and intangibles	(29)	(29)	(33)
Payment for business acquisitions, net of cash acquired	0	0	(816)
Net cash used in investing activities	(4,644)	(2,039)	(2,123)
Cash flows from financing activities
Issuance (repayment) of non-recourse funding obligations	0	(330)	0
Secured financing liabilities	1,076	160	(160)
Capital contributions from PLC	0	120	850
Deposits to universal life and investments contracts	7,830	6,627	5,184
Withdrawals from universal life and investment contracts	(3,924)	(4,147)	(3,866)
Other financing activities, net	(50)	(3)	(1)
Net cash provided by financing activities	4,932	2,427	2,007
Change in cash	(266)	443	62
Cash at beginning of period	656	213	151
Cash at end of period	$ 390	$ 656	$ 213

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation Protective Life Insurance Company (the "Company"), a stock life insurance company, was founded in 1907. The Company is a wholly owned subsidiary of Protective Life Corporation ("PLC"), an insurance holding company. PLC is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc., a kabushiki kaisha These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such accounting principles differ from statutory reporting practices used by insurance companies in reporting to state regulatory authorities (see also Note 21, Statutory Reporting Practices and Other Regulatory Matters The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to changing competition, economic conditions, interest rates, investment performance, insurance ratings, claims, persistency, and other factors. During 2020, the Company identified $63 million of certain reclassifications needed to appropriately present amounts related to reinsured vehicle service contracts. Also during 2020, the Company identified $195 million of certain cash flows presented in its investing and financing activities that were determined to be non-cash items. The Company determined that the reclassifications were not material to the financial statements for any period. These amounts have been corrected in the consolidated balance sheets, statements of income, and statements of cash flows for the year ended December 31, 2020 and 2019. Shades Creek Captive Insurance Company ("Shades Creek") was a direct wholly owned insurance subsidiary of PLC through December 31, 2020. On January 1, 2021, Shades Creek was merged with and into the Company, with the Company being the surviving entity. The Company accounted for the transaction pursuant to Accounting Standards Codification ("ASC") 805-50 "Transactions between Entities under Common Control". The transferred assets and liabilities of Shades Creek were recorded by the Company at their carrying value at the date of transfer. In accordance with ASC 805-50, all prior financial information has been recast to reflect this transaction as of the earliest period presented under common control, January 1, 2019. 1. BASIS OF PRESENTATION – (Continued) The following table presents the changes as a result of the merger of the entity under common control to previously reported amounts in the audited consolidated statements of operations for the years ended December 31, 2020 and 2019 included in the Company’s annual report on Form 10-K for the year ended December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ ​ ​ ​ ​ ​ Control ​ Total ​ ​ As Reported ​ Entity ​ (Recast) ​ ​ (In Millions) For The Year Ended December 31, 2020 ​ ​ ​ Net income ​ $ 342 ​ $ (108) ​ $ 234 Total comprehensive income ​ $ 2,471 ​ $ (102) ​ $ 2,369 For The Year Ended December 31, 2019 ​ ​ ​ Net income ​ $ 553 ​ $ (126) ​ $ 427 Total comprehensive income ​ $ 3,365 ​ $ (117) ​ $ 3,248 ​ Beginning in the first quarter of 2020, the outbreak of COVID-19 created significant economic and social disruption and impacted various operational and financial aspects of the Company’s business. Certain impacts from COVID-19 continued into 2021, including increased claims in both the life insurance and annuity blocks. In addition, the Asset Protection segment had a reduction in sales in the second half of 2021 due to supply chain issues. The pandemic may continue to impact the Company’s earnings based on, amongst other factors, the volume and severity of claims related to COVID-19 and the financial disruption caused by the pandemic, which could impact the Company’s investment portfolio. Entities Included The consolidated financial statements include the accounts of Protective Life Insurance Company and its affiliate companies in which the Company holds a majority voting or economic interest. Intercompany balances and transactions have been eliminated.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization periods, goodwill recoverability, value of business acquired ("VOBA"), certain investments and certain derivatives fair values, the allowance for credit losses, other-than-temporary impairments, future policy benefits, pension and other postretirement benefits, provisions for income taxes, reserves for contingent liabilities, reinsurance risk transfer assessments, and reserves for losses in connection with unresolved legal matters. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Further, certain estimates and assumptions include the direct and indirect impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations. The economic impact of the pandemic on the Company’s business depends on its severity and duration, which in turn depend on highly uncertain factors such as the nature and extent of containment efforts and the timing and efficacy of vaccines. The high level of uncertainty regarding this economic impact means that management’s estimates and assumptions, specifically those related to investments and certain derivatives fair values, the allowance for credit losses, and future policy benefits are subject to change — perhaps substantial change — as the situation develops and new information becomes available. Significant Accounting Policies Income Statement Net Investment Income Investment income is recognized when earned, net of applicable management or other fees. Investment income on fixed maturity securities includes coupon interest, amortization of any premium and accretion of any discount. Investment income on equity securities includes dividend income and preferred coupons interest. Investment income on commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS"), and other asset-backed securities is initially based upon yield, cash flow and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded using the retrospective or prospective method. Under the retrospective method used primarily for mortgage-backed and asset-backed securities of high credit quality which cannot be contractually prepaid in such a manner that we would not recover a substantial portion of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Net gains (losses) — investments and derivatives Net gains (losses) — investments and derivatives includes realized gains and losses from the sale of investments, which are calculated on the basis of specific identification on the trade date. It also includes gains and losses associated with the fair value changes of equity securities and net credit losses. In addition, it includes the gains and losses on free-standing and embedded derivatives. Other Income Other income consists primarily of advisory and administration service fees assessed on investment contract holder account values, marketing and distribution fees, rider charges associated with guaranteed benefits, distribution company revenues and other fees. In addition, any gains related to final settlements related to its acquisitions are included in other income. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Balance Sheet Valuation of Investment Securities The Company determines the appropriate classification of investment securities at the time of purchase and periodically re-evaluates such designations. Investment securities are classified as either trading, available-for-sale, or held-to-maturity securities. Investment securities classified as trading are recorded at fair value with changes in fair value recorded in net gains (losses) — investments and derivatives The fair value of fixed maturity, short-term, and equity securities is determined by management after considering one of three primary sources of information: third party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a "waterfall" approach whereby publicly available prices are first sought from third party pricing services, the remaining unpriced securities are submitted to independent brokers for non-binding prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Based on the typical trading volumes and the lack of quoted market prices for available-for-sale and trading fixed maturities, third party pricing services derive the majority of security prices from observable market inputs such as recent 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 recent reported trades, the third party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm’s length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third party service or an independent broker quotation. Included in the pricing of other asset-backed securities, collateralized mortgage obligations ("CMOs"), and mortgage-backed securities ("MBS") are estimates of the rate of future prepayments of principal and underlying collateral support over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and rates of prepayments previously experienced at the interest rate levels projected for the underlying collateral. The basis for the cost of securities sold was determined at the Committee on Uniform Securities Identification Procedures ("CUSIP") level on a first in first out basis. The committee supplies a unique nine-character identification, called a CUSIP number, for each class of security approved for trading in the U.S., to facilitate clearing and settlement. These numbers are used when any buy and sell orders are recorded. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Allowance for Credit Losses — Fixed Maturity and Structured Investments Each quarter the Company reviews investments with unrealized losses to determine whether such impairments are the result of credit losses. The Company analyzes various factors to make such determination including, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company’s intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security’s amortized cost, 5) an economic analysis of the issuer’s industry, and 6) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter to evaluate whether a credit loss has occurred. For securities which the Company does not intend to sell and does not expect to be required to sell before recovering the security’s amortized cost basis, analysis of expected cash flows is used to measure the amount of the credit loss. To the extent the amortized cost basis of the security exceeds the present value of future cash flows expected to be collected, this difference represents a credit loss. Credit losses are recorded in net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives The Company presents accrued interest receivable separately from other components of the amortized cost basis of its fixed maturity and structured investments and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. The Company’s policy is to write off uncollectible accrued interest receivables through a reversal of interest income in the period in which a credit loss is identified. Prior to January 1, 2020, the Company calculated a valuation allowance based on the analysis of specific loans that were believed to have a higher risk of credit impairment consistent with the applicable guidance for loan impairments in ASC Subtopic 310. Due to the Company’s loss experience and nature of the loan portfolio, the Company believed that a collectively evaluated allowance would be inappropriate. Since the Company used the specific identification method for calculating the allowance, it was necessary to review the economic situation of each borrower to determine those that had higher risk of credit impairment. The Company has a team of professionals that monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assessed the risk of each loan. When issues were identified, the severity of the issues was assessed and reviewed for possible credit impairment. If a loss was deemed probable, an expected loss calculation was performed and an allowance was established for that loan based on the expected loss. The expected loss was calculated as the excess carrying value of a loan over either the present value of expected future cash flows discounted at the loan’s original effective interest rate, or the current estimated fair value of the loan’s underlying collateral. A loan could be subsequently charged off at such point that the Company no longer expected to receive cash payments, the present value of future expected payments of the renegotiated loan was less than the current principal balance, or at such time that the Company was party to foreclosure or bankruptcy proceedings associated with the borrower and did not expect to recover the principal balance of the loan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Corporate-Owned Life Insurance The Company has purchased corporate-owned life insurance ("COLI") on the lives of certain employees. COLI is carried at the cash surrender value of the policies, which is based upon the underlying fair value of the portfolio of assets. Changes in the cash surrender value are reported currently in earnings. COLI is included in other long-term investments Derivative Financial Instruments The Company records its derivative financial instruments at fair value in the consolidated balance sheet in other long-term investments and other liabilities cash flow fair value net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives Derivative Financial Instruments. Commercial Mortgage Loans The Company’s commercial mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of the allowance for credit losses ("ACL"). Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. Interest income, amortization of premiums and discounts and prepayment fees are reported in net investment income Allowance for Credit Losses — Commercial Mortgage Loans and Unfunded Commitments Effective January 1, 2020, the ACL represents the Company’s best estimate of expected credit losses over the contractual term of the loans. The allowance for credit losses for unfunded loan commitments is recognized as a component of other liabilities net gains (losses) — investments and derivatives 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) The Company uses a loan-level probability of default ("PD") and loss given default ("LGD") model to calculate the allowance for credit losses for substantially all of its commercial mortgage loans and unfunded loan commitments. Guidance in FASB ASC Topic 326-20 — Credit Losses The CML Model incorporates both current conditions and reasonable and supportable forecasts when estimating the PD and LGD values that are used as the basis for calculating expected losses. Current conditions are incorporated by considering market-specific information, such as vacancy rates and property prices, to reflect the current position in the market cycle. To incorporate reasonable and supportable forecasts, loan-level risk parameters produced by the CML Model are conditioned by multiple probability-weighted macroeconomic forecast scenarios. CML Model results are also subject to adjustments based on other qualitative considerations to reflect management’s best estimate of the impact of future events and circumstances on the ACL. PDs and LGDs are forecasted over a reasonable and supportable forecast period, which is reassessed on a quarterly basis. After the reasonable and supportable forecast period, the CML Model reverts to the Company’s own historical loss history at a portfolio segment level. The historical loss data used for reversion will be assessed annually in the third quarter, along with certain other model inputs and assumptions. All or a portion of a loan may be written off at such point that a) the Company no longer expects to receive cash payments, b) the present value of future expected payments of a renegotiated loan is less than the current principal balance, or c) at such time that the Company is party to foreclosure or bankruptcy proceedings associated with the borrower and does not expect to recover the principal balance of the loan. A write-off is recorded by eliminating the allowance against the commercial mortgage loan and recording the renegotiated loan or the collateral property related to the loan as investment real estate on the balance sheet, which is carried at the lower of the appraised fair value of the property or the unpaid principal balance of the loan, less estimated selling costs associated with the property. Certain loans which meet the definition of collateral dependent are identified as part of the Company’s ongoing loan surveillance process. Loans are considered to be collateral dependent if foreclosure is deemed probable, or if a borrower is in financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral. The ACL for loans identified as collateral dependent is measured based on the fair value of the underlying collateral, less costs to sell. The Company presents accrued interest receivable separately from other components of the amortized cost basis of its commercial mortgage loans and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. It is the Company’s policy to cease to carry accrued interest on loans that are over 90 days delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. In each scenario, accrued income is reversed through investment income. Refer to Note 8, Commercial Mortgage Loans 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Short-term Investments Short-term investments primarily consist of highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These securities and investments are generally carried at fair value or amortized cost that approximates fair value. Cash Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. As a result of the Company’s cash management system, checks issued from a particular bank but not yet presented for payment may create negative book cash balances with the bank at certain reporting dates. Such negative balances are included in other liabilities and were $178 million and $185 million as of December 31, 2021 and 2020, respectively. The Company has deposits with certain financial institutions which exceed federally insured limits. The Company has reviewed the creditworthiness of these financial institutions and believes there is minimal risk of a material loss. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Deferred Policy Acquisition Costs ("DAC") The incremental direct costs associated with successfully acquired insurance policies are deferred to the extent such costs are deemed recoverable from future profits. Such costs include commissions, costs of policy issuance and underwriting and certain other costs that are directly related to the successful acquisition of traditional life and health insurance, credit insurance, universal life insurance, and investment products. DAC is subject to recoverability testing at the end of each accounting period. Traditional life and health insurance acquisition costs are amortized over the premium-payment period of the related policies in proportion to the ratio of annual premium income to the present value of the total anticipated premium income. Credit insurance acquisition costs are being amortized in proportion to earned premium. Acquisition costs for universal life and investment products are amortized over the lives of the policies in relation to the present value of estimated gross profits before amortization. Acquisition costs for stable value contracts are amortized over the term of the contracts using the effective yield method. The Company makes certain assumptions regarding the mortality, persistency, expenses, and interest rates (equal to the rate used to compute liabilities for future policy benefits, currently 1.00% to 7.86%) the Company expects to experience in future periods when determining the present value of estimated gross profits ("EGPs"). These assumptions are best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. Additionally, DAC is also impacted by unrealized investment gains (losses) which would have been recognized if such gains and losses had been realized. The Company includes the impact of these credits or charges, net of tax, in accumulated other comprehensive income ("AOCI"). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Value of Businesses Acquired ("VOBA") In conjunction with the Merger and the acquisition of insurance policies or investment contracts, a portion of the purchase price is allocated to the right to receive future gross profits from cash flows and earnings of associated insurance policies and investment contracts. This intangible asset, called VOBA, is based on the actuarially estimated present value of future cash flows from associated insurance policies and investment contracts acquired. The estimated present value of future cash flows used in the calculation of the VOBA is based on certain assumptions, including mortality, persistency, expenses, and interest rates that the Company believes to be those of a market participant. The Company amortizes VOBA in proportion to gross premiums for traditional life products, or estimated gross margins ("EGMs") for participating traditional life products within the MONY Life Insurance Company ("MONY") block. For interest sensitive products, the Company uses various amortization bases including EGPs, revenues, account values, or insurance in-force. VOBA is subject to annual recoverability testing. Included within the deferred policy acquisition costs and value of business acquired amortization is recorded in the amortization of deferred policy acquisition costs and value of business acquired line Other Intangible Assets Other intangible assets with definite lives are amortized over the estimated useful life of the asset and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Amortizable intangible assets primarily consist of distribution relationships, trade names, technology, and software. Intangible assets with indefinite lives, primarily insurance licenses, are not amortized, but are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Software is generally amortized over a three — five year useful life. Other intangible assets recognized by the Company included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Estimated ​ 2021 2020 Useful Life ​ ​ (Dollars In Millions) ​ (In Years) Distribution relationships ​ $ 314 ​ $ 340 14 22 Trade names ​ 58 ​ 65 13 17 Technology ​ 56 ​ 71 7 14 Other ​ 31 ​ 32 Total intangible assets subject to amortization ​ 459 ​ 508 Insurance licenses ​ 32 ​ 32 Indefinite Total other intangible assets ​ $ 491 ​ $ 540 ​ Other identified intangible assets were valued using the excess earnings method, relief from royalty method or cost approach, as appropriate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Amortizable intangible assets will be amortized straight line over their assigned useful lives. The following is a schedule of future estimated aggregate amortization expense: ​ ​ ​ ​ ​ Year Amount ​ ​ (Dollars In Millions) 2022 ​ $ 54 2023 ​ 51 2024 ​ 48 2025 ​ 43 2026 ​ 43 ​ Property and Equipment The Company depreciates its assets using the straight-line method over the estimated useful lives of the assets. The Company’s home office is depreciated over twenty-five years, furniture is depreciated over a ten year useful life, office equipment and machines are depreciated over a five year useful life, and computers are depreciated over a four year useful life. Land is not depreciated. Major repairs or improvements are capitalized and depreciated over the estimated useful lives of the assets. Other repairs are expensed as incurred. The cost and related accumulated depreciation of property and equipment sold or retired are removed from the accounts, and resulting gains or losses are included in income. Leases are recorded on the balance sheet as right-of-use assets and liabilities within property and equipment other liabilities Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ (Dollars In Millions) Home office building ​ $ 160 ​ $ 159 Data processing equipment ​ 39 ​ 36 Capital leases ​ 36 ​ 25 Other, principally furniture and equipment ​ 22 ​ 20 Total property and equipment subject to depreciation ​ 257 ​ 240 Accumulated depreciation ​ (79) ​ (61) Land ​ 25 ​ 25 Total property and equipment ​ $ 203 ​ $ 204 ​ Separate Accounts The separate account assets represent funds for which the Company does not bear the investment risk. These assets are carried at fair value and are equal to the separate account liabilities, which represent the policyholder’s equity in those assets. The investment income and investment gains and losses on the separate account assets accrue directly to the policyholder. These amounts are reported separately as assets and liabilities related to separate accounts in the accompanying consolidated financial statements. Amounts assessed against policy account balances for the costs of insurance, policy administration, and other services are included in premiums and policy fees in the accompanying consolidated statements of income. Fees are generally based on the daily net assets of the policyholder’s account value and recognized as revenue when assessed. Assets and liabilities related to separate accounts include balances related to separate accounts assumed through reinsurance. These balances relate to variable annuity and variable life policies that we have reinsured on a modified coinsurance basis. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Stable Value Product Account Balances The Stable Value Products segment sells fixed and floating rate funding agreements directly to qualified institutional investors. The segment also issues funding agreements to the Federal Home Loan Bank ("FHLB"), and markets guaranteed investment contracts ("GICs") to 401(k) and other qualified retirement savings plans. GICs are contracts which specify a return on deposits for a specified period and often provide flexibility for withdrawals at book value in keeping with the benefits provided by the plan. The Company records its stable value contract liabilities in the consolidated balance sheets in stable value product account balances The segment’s products complement the Company’s overall asset/liability management in that the terms may be tailored to the needs of the Company as the seller of the contracts. Stable value product account balances include GICs and funding agreements the Company has issued. As of December 31, 2021 and 2020, the Company had $6,573 million and $4,032 million, respectively, of stable value product account balances marketed through structured programs. Most GICs and funding agreements the Company has written have maturities of one to twelve years . As of December 31, 2021, future maturities of stable value products were as follows: ​ ​ ​ ​ ​ Year of ​ ​ Maturity ​ Amount ​ ​ (Dollars In Millions) 2022 ​ $ 2,559 2023-2024 ​ 3,551 2025-2026 ​ 1,347 Thereafter ​ 1,069 ​ Insurance Liabilities and Reserves Establishing an adequate liability for the Company’s obligations to policyholders requires the use of certain assumptions. Estimating liabilities for future policy benefits on life and health insurance products requires the use of assumptions relative to future investment yields, mortality, morbidity, persistency, and other assumptions based on the Company’s historical experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Determining liabilities for the Company’s property and casualty insurance products also requires the use of assumptions, including the projected levels of used vehicle prices, the frequency and severity of claims, and the effectiveness of internal processes designed to reduce the level of claims. The Company’s results depend significantly upon the extent to which its actual claims experience is consistent with the assumptions the Company used in determining its reserves and pricing its products. The Company’s reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. The Company cannot determine with precision the ultimate amounts that it will pay for actual claims or the timing of those payments. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Guaranteed Living Withdrawal Benefits The Company also establishes reserves for guaranteed living withdrawal benefits ("GLWB") on its variable annuity ("VA") products. The GLWB is valued in accordance with FASB guidance under the ASC Derivatives and Hedging Topic which utilizes the valuation technique prescribed by the ASC Fair Value Measurements and Disclosures Topic, which requires the embedded derivative to be recorded at fair value using current interest rates and implied volatilities for the equity indices. The fair value of the GLWB is impacted by equity market conditions and can result in the GLWB embedded derivative being in an overall net asset or net liability position. In times of favorable equity market conditions the likelihood and severity of claims is reduced and expected fee income increases. Since claims are generally expected later than fees, these favorable equity market conditions can result in the present value of fees being greater than the present value of claims, which results in a net GLWB embedded derivative asset. In times of unfavorable equity market conditions the likelihood and severity of claims is increased and expected fee income decreases and can result in the present value of claims exceeding the present value of fees resulting in a net GLWB embedded derivative liability. The methods used to estimate the embedded derivative employ assumptions about mortality, lapses, policyholder behavior, equity market returns, interest rates, and market volatility. The Company assumes age-based mortality from the Ruark 2015 ALB table adjusted for company experience. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. As of December 31, 2021 and 2020, our net GLWB liability held was $475 million and $822 million, respectively. Goodwill The balance recognized as goodwill is not amortized, but is reviewed for impairment on an annual basis, or more frequently as events or circumstances may warrant, including those circumstances which would more likely than not reduce the fair value of the Company’s reporting units below its carrying amount. Accounting for goodwill requires an estimate of the future profitability of the associated lines of business within the Company’s reporting units to assess the recoverability of the capitalized goodwill. The Company’s material goodwill balances are attributable to certain of its reportable segments. Each of the Company’s reportable segments are considered separate reporting units, with the exception of the Retail Life and Annuity segment. This reportable segment contains the Protection and Retirement divisions which are considered separate reporting units. The Company evaluates the carrying value of goodwill at the reporting units level at least annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such circumstances could include, but are not limited to: 1) a significant adverse change in legal factors or in business climate, 2) unanticipated competition, or 3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company first determines through qualitative analysis whether relevant events and circumstances indicate that it is more likely than not that a reporting unit’s goodwill balances is impaired as of the testing date. If the qualitative analysis does not indicate that an impairment of a reporting unit’s goodwill is more likely than not then no other specific quantitative impairment testing is required. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) If it is determined that it is more likely than not that impairment exists, the Company performs a quantitative assessment and compares its estimate of the fair value of the reporting unit to which the goodwill is assigned to the reporting unit’s carrying amount, including goodwill. The Company utilizes a fair value measurement (which includes a discounted cash flows analysis) to assess the carrying value of the reporting unit in consideration of the recoverability of the goodwill balance assigned to each reporting unit as of the measurement date. The cash flows used to determine the fair value of the Company’s reporting units are dependent on a number of significant assumptions. The Company’s estimates, w

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
SIGNIFICANT TRANSACTIONS	3. SIGNIFICANT TRANSACTIONS Captive Merger On October 1, 2020, as part of a corporate initiative to consolidate and simplify PLC’s reserve financing structures and reduce related financial and operational costs, Golden Gate II Captive Insurance Company ("Golden Gate II"), Golden Gate III Vermont Captive Insurance Company ("Golden Gate III"), Golden Gate IV Vermont Captive Insurance Company ("Golden Gate IV"), and Golden Gate V Vermont Captive Insurance Company ("Golden Gate V"), all of which are wholly owned captive insurance company subsidiaries of the Company (collectively the "Captives") merged with and into (the "Captive Merger") Golden Gate Captive Insurance Company ("Golden Gate"), a Vermont special purpose financial insurance company and a wholly owned subsidiary of the Company. In conjunction with the Captive Merger, Golden Gate and Steel City, LLC ("Steel City"), a wholly owned subsidiary of PLC, terminated the financing facility into which Golden Gate and Steel City had entered in 2016. This termination included redeeming the fixed maturity securities issued by Steel City to Golden Gate and the non-recourse funding obligation issued by Golden Gate to Steel City. This non cash transaction resulted in a reduction to the carrying value of fixed maturities, at amortized cost on the balance sheet as well as a reduction to the carrying value of non-recourse funding Investment Operations Debt and Other Obligations In conjunction with the Captive Merger, Golden Gate II redeemed the full outstanding principal amount of floating rate non-recourse funding obligations due July 15, 2052. These non-recourse funding obligations were previously marked to fair value in conjunction with the Merger. The redemption required the acceleration of the accretion of the discount associated with the non-recourse funding obligation. The impact of this non-cash acceleration was a $54 million reduction to income before taxes for the year ended December 31, 2020. Additionally, this redemption required a $330 million cash payment, of which $21 million was held by external parties and $309 million was held by nonconsolidated affiliates, to third parties in order to settle the outstanding principal associated with the non-recourse funding obligation. Refer to Note 14, Debt and Other Obligations Also in conjunction with the Captive Merger, Golden Gate V and Red Mountain, LLC ("Red Mountain"), a wholly owned subsidiary of the Company, terminated the financing facility into which Golden Gate V and Red Mountain had entered into in 2012. This termination included redeeming the $822 million of fixed maturity securities issued by Red Mountain to Golden Gate V and the $806 million of non-recourse funding obligation issued by Golden Gate V to Red Mountain. As a result of these redemptions, the amortization of premiums recorded against the fixed maturities and non-recourse funding obligations which were previously marked to fair value in conjunction with the Merger was accelerated. The net impact of this non-cash acceleration of amortization was a $16 million reduction to income before taxes for the year ended December 31, 2020. This net impact was comprised of a reduction to net investment income of $72 million and a reduction to other operating expenses of $56 million. Refer to Note 4, Investment Operations Debt and Other Obligations Also in conjunction with the Captive Merger, the interest support and YRT premium support agreements that were entered into with PLC by certain of the Company’s affiliates were terminated. As discussed in Note 5, Fair Value of Financial Instruments 3. SIGNIFICANT TRANSACTIONS – (Continued) On October 1, 2020, immediately following the Captive Merger, Golden Gate entered into a transaction with a term of 20 years, that may be extended to up to 25 years, to finance up to a maximum term of $5 billion of "XXX" and "AXXX" reserves related to the term life insurance business and universal life insurance with secondary guarantee business that is reinsured to Golden Gate by the Company and West Coast Life Insurance Company ("WCL"), an indirect wholly owned subsidiary, pursuant to an Excess of Loss Reinsurance Agreement (the "XOL Agreement") with Hannover Life Reassurance Company of America (Bermuda) Ltd., The Canada Life Assurance Company (Barbados Branch) and RGA Reinsurance Company (Barbados) Ltd. (collectively, the "Retrocessionaires"). Pursuant to the XOL Agreement, in exchange for periodic fees, the Retrocessionaires assume, on an excess of loss basis, the obligation to pay (the "XOL Payments") each quarter the lessor of a) the greater of (i) statutory reserves in excess of economic reserves and (ii) the financed amount and b) if total claims for such quarter exceed the available assets (as set forth in the XOL Agreement) of Golden Gate, the amount of such excess. The transaction is "non-recourse" to PLC, WCL, and the Company, meaning that none of these companies are liable to reimburse the Retrocessionaires for any XOL payments required to be made. As of December 31, 2020, the XOL Asset backing the difference in statutory and economic reserve liabilities was $4.58 billion. Great-West Life & Annuity Insurance Company On January 23, 2019, the Company entered into a Master Transaction Agreement (the "GWL&A Master Transaction Agreement") with Great-West Life & Annuity Insurance Company ("GWL&A"), Great-West Life & Annuity Insurance Company of New York ("GWL&A of NY"), The Canada Life Assurance Company ("CLAC") and The Great-West Life Assurance Company ("GWL" and, together with GWL&A, GWL&A of NY and CLAC, the "Sellers"), pursuant to which the Company will acquire via reinsurance (the "Transaction") substantially all of the Sellers’ individual life insurance and annuity business (the "GW Individual Life Business"). On June 3, 2019, the Company and PLAIC completed the Transaction (the "GWL&A Closing"). Pursuant to the GWL&A Master Transaction Agreement, the Company and PLAIC entered into reinsurance agreements (the "GWL&A Reinsurance Agreements") and related ancillary documents at the GWL&A Closing. On the terms and subject to the conditions of the GWL&A Reinsurance Agreements, the Sellers ceded to the Company and PLAIC, effective as of the date of the GWL&A Closing, substantially all of the insurance policies related to the Individual Life Business on a 100% indemnity basis net of reinsurance recoveries. The aggregate ceding commission for the reinsurance of the Individual Life Business paid at the GWL&A Closing was $766 million. All policies issued in states other than New York were ceded to the Company under reinsurance agreements between the applicable Seller and the Company, and all policies issued in New York were ceded to PLAIC under a reinsurance agreement between GWL&A of NY and PLAIC. On October 30, 2020, the Company reached a final settlement on all of the remaining pending items from the closing balance sheet. As the one year purchase price measurement period had concluded, the Company recognized $94 million in other income during the quarter ended December 31, 2020 related to the final settlement. Of the $94 million, $24 million was a cash settlement and $70 million resulted from reserve adjustments. To support its obligations under the GWL&A Reinsurance Agreements, the Company established trust accounts for the benefit of GWL&A, CLAC and GWL, and PLAIC established a trust account for the benefit of GWL&A of NY. The Sellers retained a block of participating policies, which are administered by the Company. The GWL&A Master Transaction Agreement and other transaction documents contain certain customary representations and warranties made by each of the parties, and certain customary covenants regarding the Sellers and the Individual Life Business, and provide for indemnification, among other things, for breaches of those representations, warranties, and covenants. The terms of the GWL&A Reinsurance Agreements resulted in an acquisition of the Individual Life Business by PLC in accordance with ASC Topic 805, Business Combinations 3. SIGNIFICANT TRANSACTIONS – (Continued) The following table details the final allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing. ​ ​ ​ ​ ​ ​ Fair Value ​ ​ As of ​ ​ June 1, 2019 ​ (Dollars In Millions) Assets ​ Fixed maturities ​ $ 8,698 Commercial mortgage loans ​ 1,386 Policy loans ​ 44 Other long-term investments ​ 1,522 Total investments ​ 11,650 Cash ​ 35 Accrued investment income ​ 101 Reinsurance receivables ​ — Accounts and premiums receivable ​ 2 Value of business acquired ​ 535 Other intangibles ​ 21 Other assets ​ 6 Assets related to separate accounts ​ 9,583 Total assets ​ $ 21,933 Liabilities ​ Future policy benefits and claims ​ $ 11,022 Annuity account balances ​ 220 Other policyholders' funds ​ 220 Other liabilities ​ 75 Liabilities related to separate accounts ​ 9,583 Total liabilities ​ 21,120 Net assets acquired ​ $ 813 ​ Assets related to separate accounts and liabilities related to separate accounts represent amounts receivable and payable for variable annuity and variable universal life products reinsured on a modified co-insurance basis. The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Individual Life Business were completed as of January 1, 2018. The unaudited pro forma condensed results of operations are presented solely for informational purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ For The Year Ended ​ ​ December 31, ​ (Recast) ​ 2019 2018 ​ (Dollars In Millions) Revenue ​ $ 6,165 ​ $ 5,592 Net income ​ $ 444 ​ $ 253 ​

INVESTMENT OPERATIONS

INVESTMENT OPERATIONS	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENT OPERATIONS	4. INVESTMENT OPERATIONS Major categories of net investment income are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Fixed maturities ​ $ 2,513 ​ $ 2,481 ​ $ 2,471 Equity securities ​ 27 ​ 24 ​ 31 Commercial mortgage loans ​ 505 ​ 443 ​ 389 Investment real estate ​ 1 ​ 1 ​ 1 Other investment income ​ 156 ​ 139 ​ 119 ​ ​ 3,202 ​ 3,088 ​ 3,011 Investment expenses ​ 220 ​ 199 ​ 186 Net investment income ​ $ 2,982 ​ $ 2,889 ​ $ 2,825 ​ Net gains (losses) — investments and derivatives are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Realized gains (losses) — investments, net ​ ​ ​ ​ Fixed maturities ​ $ 46 ​ $ 46 ​ $ 48 Equity securities ​ 4 ​ — ​ (3) Other investments ​ 20 ​ 45 ​ 9 Total realized gains (losses) — investments, net ​ 70 ​ 91 ​ 54 Modco trading portfolio ​ (103) ​ 130 ​ 243 Equity securities ​ (8) ​ 13 ​ 50 Change in net expected credit losses — fixed maturities(1) ​ 6 ​ (125) ​ — Net impairment losses recognized in operations(2) ​ — ​ — ​ (34) Commercial mortgage loans ​ 137 ​ (149) ​ (4) Gains (losses) — derivatives, net(3) ​ 48 ​ (195) ​ (368) Net gains (losses) — investments and derivatives ​ $ 150 ​ $ (235) ​ $ (59) (1) Represents net credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 320 (3) Refer to Note 6, Derivative Financial Instruments 4. INVESTMENT OPERATIONS – (Continued) The chart below summarizes the sales proceeds and gains (losses) realized on securities classified as AFS. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) (Recast) ​ (Dollars In Millions) Securities in an unrealized gain position: ​ ​ ​ ​ ​ ​ Sales proceeds ​ $ 1,537 ​ $ 2,000 ​ $ 2,514 Realized gains ​ $ 47 ​ $ 51 ​ $ 62 Securities in an unrealized loss position: ​ ​ ​ Sales proceeds ​ $ 35 ​ $ 34 ​ $ 547 Realized losses ​ $ (1) ​ $ (5) ​ $ (14) ​ The net gains (losses) from equity securities still held at period end, was ($8) million, $13 million, $50 million for the year ended December 31, 2021, 2020, and 2019, respectively. The Company recognized gains (losses) of $4 million and ($3) million on equity securities sold during the period for the year ended December 31, 2021 and 2020, respectively and immaterial gains for the year ended December 31, 2020. ​ 4. INVESTMENT OPERATIONS – (Continued) The amortized cost, gross unrealized gains, gross unrealized losses, allowance for expected credit losses, and fair value of the Company’s investments classified as AFS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance for ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Expected ​ ​ ​ ​ ​ Cost Gains Losses Credit Losses Fair Value ​ (Dollars In Millions) As of December 31, 2021 ​ ​ ​ ​ ​ Fixed maturities:(1) ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ 6,876 ​ $ 31 ​ $ (102) ​ $ — ​ $ 6,805 Commercial mortgage-backed securities ​ 2,239 ​ 75 ​ (7) ​ — ​ 2,307 Other asset-backed securities ​ 1,391 ​ 31 ​ (2) ​ — ​ 1,420 U.S. government-related securities ​ 821 ​ 12 ​ (25) ​ — ​ 808 Other government-related securities ​ 680 ​ 75 ​ (2) ​ — ​ 753 States, municipals, and political subdivisions ​ 3,747 ​ 410 ​ (1) ​ — ​ 4,156 Corporate securities ​ 49,211 ​ 4,645 ​ (156) ​ (1) ​ 53,699 Redeemable preferred stocks ​ 297 ​ 10 ​ — ​ — ​ 307 ​ ​ 65,262 ​ 5,289 ​ (295) ​ (1) ​ 70,255 Short-term investments ​ 780 ​ — ​ — ​ — ​ 780 ​ ​ $ 66,042 ​ $ 5,289 ​ $ (295) ​ $ (1) ​ $ 71,035 (1) Included in the total above, as of December 31, 2021, the Company had public utility securities that had an amortized cost and fair value of $6.5 billion and $7.0 billion, respectively and foreign government securities that had an amortized cost and fair value of $620 million and $687 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (Recast) ​ ​ ​ ​ ​ Fixed maturities:(2) ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ 6,510 ​ $ 159 ​ $ (1) ​ $ — ​ $ 6,668 Commercial mortgage-backed securities ​ 2,429 ​ 128 ​ (19) ​ (4) ​ 2,534 Other asset-backed securities ​ 1,546 ​ 40 ​ (7) ​ (1) ​ 1,578 U.S. government-related securities ​ 1,492 ​ 26 ​ (3) ​ — ​ 1,515 Other government-related securities ​ 622 ​ 96 ​ (1) ​ — ​ 717 States, municipals, and political subdivisions ​ 3,902 ​ 519 ​ (1) ​ — ​ 4,420 Corporate securities ​ 46,150 ​ 6,074 ​ (99) ​ (18) ​ 52,107 Redeemable preferred stocks ​ 183 ​ 11 ​ — ​ — ​ 194 ​ ​ 62,834 ​ 7,053 ​ (131) ​ (23) ​ 69,733 Short-term investments ​ 386 ​ — ​ — ​ — ​ 386 ​ ​ $ 63,220 ​ $ 7,053 ​ $ (131) ​ $ (23) ​ $ 70,119 (2) Included in the total above, as of December 31, 2020, the Company had public utility securities that had an amortized cost and fair value of $6.3 billion and $7.0 billion, respectively and foreign government securities that had an amortized cost and fair value of $557 million and $644 million, respectively. 4. INVESTMENT OPERATIONS – (Continued) The Company holds certain investments pursuant to certain modified coinsurance ("Modco") arrangements. The fixed maturities, equity securities, and short-term investments held as part of these arrangements are classified as trading securities. The fair value of the investments held pursuant to these Modco arrangements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Fixed maturities:(1) ​ ​ ​ Residential mortgage-backed securities ​ $ 133 ​ $ 209 Commercial mortgage-backed securities ​ 209 ​ 214 Other asset-backed securities ​ 185 ​ 163 U.S. government-related securities ​ 33 ​ 91 Other government-related securities ​ 64 ​ 30 States, municipals, and political subdivisions ​ 286 ​ 282 Corporate securities ​ 1,875 ​ 1,860 Redeemable preferred stocks ​ 8 ​ 13 ​ ​ 2,793 ​ 2,862 Equity securities ​ 13 ​ 20 Short-term investments ​ 82 ​ 76 ​ ​ $ 2,888 ​ $ 2,958 (1) Included in the total above, as of December 31, 2021, the Company had public utility and foreign government securities that had a fair value of $134 million and $44 million, respectively and as of December 31, 2020, the Company had public utility and foreign government securities that had a fair value of $144 million and $30 million, respectively. The amortized cost and fair value of available-for-sale fixed maturities as of December 31, 2021, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment. ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale ​ Amortized Fair ​ ​ Cost ​ Value ​ (Dollars In Millions) Due in one year or less ​ $ 1,707 ​ $ 1,719 Due after one year through five years ​ 11,046 ​ 11,453 Due after five years through ten years ​ 15,434 ​ 16,135 Due after ten years ​ 37,075 ​ 40,948 ​ ​ $ 65,262 ​ $ 70,255 ​ 4. INVESTMENT OPERATIONS – (Continued) The following chart is a rollforward of the allowance for expected credit losses on fixed maturities classified as AFS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, 2021 For The Year Ended December 31, 2020 ​ Corporate ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ Securities ​ CMBS ​ ABS ​ Total ​ Securities ​ CMBS ​ ABS ​ Total ​ (Dollars In Millions) ​ (Dollars In Millions) Beginning Balance ​ $ 18 ​ $ 4 ​ $ 1 ​ $ 23 ​ $ — ​ $ — ​ $ — ​ $ — Additions for securities for which an allowance was not previously recorded ​ — ​ — ​ — ​ — ​ 62 ​ 4 ​ 1 ​ 67 Adjustments on previously recorded allowances due to change in expected cash flows ​ (1) ​ (4) ​ — ​ (5) ​ 20 ​ — ​ 1 ​ 21 Reductions on previously recorded allowances due to disposal of security in the current period ​ — ​ — ​ (1) ​ (1) ​ (1) ​ — ​ (1) ​ (2) Write-offs of previously recorded allowances due to intent or requirement to sell ​ (16) ​ — ​ — ​ (16) ​ (63) ​ — ​ — ​ (63) Ending Balance ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ $ 18 ​ $ 4 ​ $ 1 ​ $ 23 ​ The following table includes the gross unrealized losses and fair value of the Company’s AFS fixed maturities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ ​ Value ​ Loss ​ Value ​ Loss ​ Value ​ Loss ​ ​ (Dollars In Millions) Residential mortgage-backed securities $ 4,615 $ (102) $ 15 $ — $ 4,630 $ (102) Commercial mortgage-backed securities ​ 129 ​ (1) ​ 88 ​ (6) ​ 217 ​ (7) Other asset-backed securities ​ 249 ​ (1) ​ 47 ​ (1) ​ 296 ​ (2) U.S. government-related securities ​ 306 ​ (13) ​ 158 ​ (12) ​ 464 ​ (25) Other government-related securities ​ 76 ​ (2) ​ — ​ — ​ 76 ​ (2) States, municipalities, and political subdivisions $ 37 $ (1) $ 4 $ — $ 41 $ (1) Corporate securities ​ 4,841 ​ (119) ​ 515 ​ (37) ​ 5,356 ​ (156) Redeemable preferred stocks ​ 20 ​ — ​ — ​ — ​ 20 ​ — ​ ​ $ 10,273 ​ $ (239) ​ $ 827 ​ $ (56) ​ $ 11,100 ​ $ (295) ​ The corporate securities category had gross unrealized losses greater than twelve months of $37 million as of December 31, 2021, excluding losses of $1 million that were considered credit related. These losses are deemed temporary due to positive factors supporting the recoverability of the respective investments. Positive factors considered include credit ratings, the financial health of the issuer, the continued access of the issuer to capital markets, interest rate movement, and other pertinent information. 4. INVESTMENT OPERATIONS – (Continued) As of December 31, 2021, the Company had a total of 742 positions that were in an unrealized loss position, including 5 positions for which an allowance for credit losses was established. For unrealized losses for which an allowance for credit losses was not established, the Company does not consider these unrealized loss positions to be credit related. This is based on the aggregate factors discussed previously and because the Company has the ability and intent to hold these investments until the fair values recover. The Company does not intend to sell or expect to be required to sell the securities before recovering the Company’s amortized cost of the securities. The following table includes the gross unrealized losses and fair value of the Company’s AFS fixed maturities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ ​ Value ​ Loss ​ Value ​ Loss ​ Value ​ Loss ​ ​ (Recast) ​ ​ (Dollars In Millions) Residential mortgage-backed securities $ 386 $ (1) $ 9 $ — $ 395 $ (1) Commercial mortgage-backed securities ​ 263 ​ (16) ​ 30 ​ (4) ​ 293 ​ (20) Other asset-backed securities ​ 146 ​ (2) ​ 326 ​ (5) ​ 472 ​ (7) U.S. government-related securities ​ 311 ​ (3) ​ 1 ​ — ​ 312 ​ (3) Other government-related securities ​ 19 ​ — ​ 7 ​ (1) ​ 26 ​ (1) States, municipalities, and political subdivisions ​ 34 ​ (1) ​ 5 ​ — ​ 39 ​ (1) Corporate securities $ 1,063 $ (33) $ 728 $ (66) $ 1,791 $ (99) Redeemable preferred stocks ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 2,222 ​ $ (56) ​ $ 1,106 ​ $ (76) ​ $ 3,328 ​ $ (132) ​ As of December 31, 2021, the Company had securities in its available-for-sale portfolio which were rated below investment grade with a fair value of $2.5 billion and had an amortized cost of $2.3 billion. In addition, included in the Company’s trading portfolio, the Company held $129 million of securities which were rated below investment grade. The Company held $550 million of the below investment grade securities that were not publicly traded. The change in unrealized gains (losses), net of allowance for expected credit losses and income taxes, on fixed maturities classified as AFS is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ (Recast) ​ (Recast) ​ ​ (Dollars In Millions) Fixed maturities $ (1,523) $ 3,271 $ 4,219 ​ The Company held $21 million and $28 million of non-income producing securities for the year ended December 31, 2021 and 2020, respectively. Included in the Company’s invested assets are $1.5 billion and $1.6 billion of policy loans as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the interest rates on standard policy loans range from 3.0% to 8.0% .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	5. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company determined the fair value of its financial instruments based on the fair value hierarchy established in FASB guidance referenced in the Fair Value Measurements and Disclosures Topic which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company has adopted the provisions from the FASB guidance that is referenced in the Fair Value Measurements and Disclosures Topic for non-financial assets and liabilities (such as property and equipment, goodwill, and other intangible assets) that are required to be measured at fair value on a periodic basis. The effect on the Company’s periodic fair value measurements for non-financial assets and liabilities was not material. The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized as follows: ● Level 1: Unadjusted quoted prices for identical assets or liabilities in an active market. ● Level 2 : Quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means. ● Level 3: Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Category ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities — AFS Residential mortgage-backed securities 4 ​ $ — ​ $ 6,765 ​ $ 40 ​ $ 6,805 Commercial mortgage-backed securities 4 ​ — ​ 2,127 ​ 180 ​ 2,307 Other asset-backed securities 4 ​ — ​ 905 ​ 515 ​ 1,420 U.S. government-related securities 4 ​ 411 ​ 397 ​ — ​ 808 State, municipalities, and political subdivisions 4 ​ — ​ 4,156 ​ — ​ 4,156 Other government-related securities 4 ​ — ​ 753 ​ — ​ 753 Corporate securities 4 ​ — ​ 52,117 ​ 1,582 ​ 53,699 Redeemable preferred stocks 4 ​ 307 ​ — ​ — ​ 307 Total fixed maturity securities — AFS ​ ​ 718 ​ 67,220 ​ 2,317 ​ 70,255 Fixed maturity securities — trading Residential mortgage-backed securities 3 ​ — ​ 133 ​ — ​ 133 Commercial mortgage-backed securities 3 ​ — ​ 209 ​ — ​ 209 Other asset-backed securities 3 ​ — ​ 92 ​ 93 ​ 185 U.S. government-related securities 3 ​ 27 ​ 6 ​ — ​ 33 State, municipalities, and political subdivisions 3 ​ — ​ 286 ​ — ​ 286 Other government-related securities 3 ​ — ​ 48 ​ 16 ​ 64 Corporate securities 3 ​ — ​ 1,867 ​ 8 ​ 1,875 Redeemable preferred stocks 3 ​ 8 ​ — ​ — ​ 8 Total fixed maturity securities — trading ​ ​ 35 ​ 2,641 ​ 117 ​ 2,793 Total fixed maturity securities ​ ​ ​ $ 753 ​ $ 69,861 ​ $ 2,434 ​ $ 73,048 Equity securities ​ 3 ​ ​ 633 ​ ​ 40 ​ ​ 155 ​ ​ 828 Other long-term investments(1) ​ 3&4 ​ ​ 59 ​ ​ 1,093 ​ ​ 295 ​ ​ 1,447 Short-term investments ​ 3 ​ ​ 683 ​ ​ 179 ​ ​ — ​ ​ 862 Total investments ​ ​ ​ ​ 2,128 ​ ​ 71,173 ​ ​ 2,884 ​ ​ 76,185 Cash ​ 3 ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 Assets related to separate accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable annuity ​ 3 ​ ​ 13,648 ​ ​ — ​ ​ — ​ ​ 13,648 Variable universal life ​ 3 ​ ​ 1,982 ​ ​ — ​ ​ — ​ ​ 1,982 Total assets measured at fair value on a recurring basis ​ ​ ​ $ 18,148 ​ $ 71,173 ​ $ 2,884 ​ $ 92,205 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ 3 ​ $ — ​ $ — ​ $ 63 ​ $ 63 Other liabilities(1) ​ 3&4 ​ ​ 20 ​ ​ 820 ​ ​ 1,939 ​ ​ 2,779 Total liabilities measured at fair value on a recurring basis ​ ​ $ 20 ​ $ 820 ​ $ 2,002 ​ $ 2,842 ​ Measurement category 3 represents fair value through net income and 4 represents fair value through other comprehensive income (loss). (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. ​ 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Category ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (Recast) ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities — AFS Residential mortgage-backed securities 4 ​ $ — ​ $ 6,668 ​ $ — ​ $ 6,668 Commercial mortgage-backed securities 4 ​ — ​ 2,502 ​ 32 ​ 2,534 Other asset-backed securities 4 ​ — ​ 1,143 ​ 435 ​ 1,578 U.S. government-related securities 4 ​ 1,014 ​ 501 ​ — ​ 1,515 State, municipalities, and political subdivisions 4 ​ — ​ 4,420 ​ — ​ 4,420 Other government-related securities 4 ​ — ​ 717 ​ — ​ 717 Corporate securities 4 ​ — ​ 50,675 ​ 1,432 ​ 52,107 Redeemable preferred stocks 4 ​ 125 ​ 69 ​ — ​ 194 Total fixed maturity securities — AFS ​ ​ 1,139 ​ 66,695 ​ 1,899 ​ 69,733 Fixed maturity securities — trading Residential mortgage-backed securities 3 ​ — ​ 209 ​ — ​ 209 Commercial mortgage-backed securities 3 ​ — ​ 214 ​ — ​ 214 Other asset-backed securities 3 ​ — ​ 92 ​ 71 ​ 163 U.S. government-related securities 3 ​ 79 ​ 12 ​ — ​ 91 State, municipalities, and political subdivisions 3 ​ — ​ 282 ​ — ​ 282 Other government-related securities 3 ​ — ​ 30 ​ — ​ 30 Corporate securities 3 ​ — ​ 1,842 ​ 18 ​ 1,860 Redeemable preferred stocks 3 ​ 13 ​ — ​ — ​ 13 Total fixed maturity securities — trading ​ ​ 92 ​ 2,681 ​ 89 ​ 2,862 Total fixed maturity securities ​ ​ ​ ​ 1,231 ​ ​ 69,376 ​ ​ 1,988 ​ ​ 72,595 Equity securities ​ 3 ​ ​ 566 ​ ​ — ​ ​ 101 ​ ​ 667 Other long-term investments(1) ​ 3&4 ​ ​ 52 ​ ​ 1,285 ​ ​ 298 ​ ​ 1,635 Short-term investments ​ 3 ​ ​ 403 ​ ​ 59 ​ ​ — ​ ​ 462 Total investments ​ ​ ​ ​ 2,252 ​ ​ 70,720 ​ ​ 2,387 ​ ​ 75,359 Cash ​ 3 ​ ​ 656 ​ ​ — ​ ​ — ​ ​ 656 Assets related to separate accounts Variable annuity ​ 3 ​ ​ 12,378 ​ ​ — ​ ​ — ​ ​ 12,378 Variable universal life ​ 3 ​ ​ 1,287 ​ ​ — ​ ​ — ​ ​ 1,287 Total assets measured at fair value on a recurring basis ​ ​ ​ $ 16,573 ​ $ 70,720 ​ $ 2,387 ​ $ 89,680 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ 3 ​ $ — ​ $ — ​ $ 67 ​ $ 67 Other liabilities(1) ​ 3&4 ​ ​ 14 ​ ​ 867 ​ ​ 2,239 ​ ​ 3,120 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ 14 ​ $ 867 ​ $ 2,306 ​ $ 3,187 ​ Measurement category 3 represents fair value through net income and 4 represents fair value through other comprehensive income (loss). (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. ​ 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) Determination of Fair Values The valuation methodologies used to determine the fair values of assets and liabilities reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and financial liabilities based on quoted market prices, where available. The Company also determines certain fair values based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments as listed in the above table. The fair value of fixed maturity, short-term, and equity securities is determined by management after considering one of three primary sources of information: third party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a "waterfall" approach whereby publicly available prices are first sought from third party pricing services, the remaining unpriced securities are submitted to independent brokers for non-binding prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Third party pricing services price 91.87% of the Company’s available-for-sale and trading fixed maturity securities. Based on the typical trading volumes and the lack of quoted market prices for available-for-sale and trading fixed maturities, third party pricing services derive the majority of security prices from observable market inputs such as recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information outlined above. If there are no recent reported trades, the third party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations. When using non-binding independent broker quotations, when available the Company obtains two quotes per security. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm’s length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third party pricing service or an independent broker quotation. The pricing matrix used by the Company begins with current spread levels to determine the market price for the security. The credit spreads, assigned by brokers, incorporate the issuer’s credit rating, liquidity discounts, weighted- average of contracted cash flows, risk premium, if warranted, due to the issuer’s industry, and the security’s time to maturity. The Company uses credit ratings provided by nationally recognized rating agencies. For securities that are priced via non-binding independent broker quotations, the Company assesses whether prices received from independent brokers represent a reasonable estimate of fair value. The Company’s assessment incorporates various metrics (yield curves, credit spreads, prepayment rates, etc.) along with other information available to the Company from both internal and external sources to determine the valuation of such holdings. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the analytics, the price received from the independent broker is adjusted accordingly. The Company did not adjust any quotes or prices received from brokers during the years ended December 31, 2021 and 2020. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The Company has analyzed the third party pricing services’ valuation methodologies and related inputs and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs that is in accordance with the Fair Value Measurements and Disclosures Topic of the ASC. Based on this evaluation and investment class analysis, each price was classified into Level 1, 2, or 3. Most prices provided by third party pricing services are classified into Level 2 because the significant inputs used in pricing the securities are market observable and the observable inputs are corroborated by the Company. Since the matrix pricing of certain debt securities includes significant non-observable inputs, they are classified as Level 3. Asset-Backed Securities This category mainly consists of RMBS, CMBS, and other asset-backed securities (collectively referred to as asset-backed securities or "ABS"). As of December 31, 2021, the Company held $10.2 billion of ABS classified as Level 2. These securities are priced from information provided by a third party pricing service and independent broker quotes. The third party pricing services and brokers mainly value securities using both a market and income approach to valuation. As part of this valuation process they consider the following characteristics of the item being measured to be relevant inputs: 1) weighted-average coupon rate, 2) weighted-average years to maturity, 3) types of underlying assets, 4) weighted-average coupon rate of the underlying assets, 5) weighted-average years to maturity of the underlying assets, 6) seniority level of the tranches owned, and 7) credit ratings of the securities. After reviewing these characteristics of the ABS, the third party pricing service and brokers use certain inputs to determine the value of the security. For ABS classified as Level 2, the valuation would consist of predominantly market observable inputs such as, but not limited to: 1) monthly principal and interest payments on the underlying assets, 2) average life of the security, 3) prepayment speeds, 4) credit spreads, 5) treasury and swap yield curves, and 6) discount margin. The Company reviews the methodologies and valuation techniques (including the ability to observe inputs) in assessing the information received from external pricing services and in consideration of the fair value presentation. As of December 31, 2021, the Company held $828 million of Level 3 ABS, which included $735 million of other asset-backed securities classified as available-for-sale and $93 million of other asset-backed securities classified as trading. These securities are predominantly ARS whose underlying collateral is at least 97% guaranteed by the FFELP. As a result of the ARS market collapse during 2008, the Company prices its ARS using an income approach valuation model. As part of the valuation process the Company reviews the following characteristics of the ARS in determining the relevant inputs: 1) weighted-average coupon rate, 2) weighted-average years to maturity, 3) types of underlying assets, 4) weighted-average coupon rate of the underlying assets, 5) weighted-average years to maturity of the underlying assets, 6) seniority level of the tranches owned, 7) credit ratings of the securities, 8) liquidity premium, and 9) paydown rate. In periods where market activity increases and there are transactions at a price that is not the result of a distressed or forced sale we consider those prices as part of our valuation. If the market activity during a period is solely the result of the issuer redeeming positions we consider those transactions in our valuation, but still consider them to be level three measurements due to the nature of the transaction. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) Corporate Securities, Redeemable Preferred Stocks, U.S. Government-Related Securities, States, Municipals, and Political Subdivisions, and Other Government Related Securities As of December 31, 2021, the Company classified $59.6 billion of corporate securities, redeemable preferred stocks, U.S. government-related securities, states, municipals, and political subdivisions, and other government-related securities as Level 2. The fair value of the Level 2 securities is predominantly priced by broker quotes and a third party pricing service. The Company has reviewed the valuation techniques of the brokers and third party pricing service and has determined that such techniques used Level 2 market observable inputs. The following characteristics of the securities are considered to be the primary relevant inputs to the valuation: 1) weighted-average coupon rate, 2) weighted-average years to maturity, 3) seniority, and 4) credit ratings. The Company reviews the methodologies and valuation techniques (including the ability to observe inputs) in assessing the information received from external pricing services and in consideration of the fair value presentation. The brokers and third party pricing service utilize valuation models that consist of a hybrid methodology that utilizes a cash flow analysis and market approach to valuation. The pricing models utilize the following inputs: 1) principal and interest payments, 2) treasury yield curve, 3) credit spreads from new issue and secondary trading markets, 4) dealer quotes with adjustments for issues with early redemption features, 5) liquidity premiums present on private placements, and 6) discount margins from dealers in the new issue market. As of December 31, 2021, the Company classified $1.6 billion of securities as Level 3 valuations. Level 3 securities primarily represent investments in illiquid bonds for which no price is readily available. To determine a price, the Company uses a discounted cash flow model with both observable and unobservable inputs. These inputs are entered into an industry standard pricing model to determine the final price of the security. These inputs include: 1) principal and interest payments, 2) coupon rate, 3) sector and issuer level spread over treasury, 4) underlying collateral, 5) credit ratings, 6) maturity, 7) embedded options, 8) recent new issuance, 9) comparative bond analysis, and 10) an illiquidity premium. Equities As of December 31, 2021, the Company held $155 million of equity securities classified as Level 3. Of this total, $148 million represents FHLB stock. The Company believes that the cost of the FHLB stock approximates fair value. Other Long-Term Investments and Other Liabilities Derivative Financial Instruments Other long-term investments and other liabilities include free-standing and embedded derivative financial instruments. Refer to Note 6, Derivative Financial Instruments Derivative instruments classified as Level 1 generally include futures and options, which are traded on active exchange markets. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) Derivative instruments classified as Level 2 primarily include swaps, options, and swaptions, which are traded over-the-counter. Level 2 also includes certain centrally cleared derivatives. These derivative valuations are determined using independent broker quotations, which are corroborated with observable market inputs. Derivative instruments classified as Level 3 were embedded derivatives and include at least one significant non-observable input. A derivative instrument containing Level 1 and Level 2 inputs will be classified as a Level 3 financial instrument in its entirety if it has at least one significant Level 3 input. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the changes in fair value on derivatives reported in Level 3 may not reflect the offsetting impact of the changes in fair value of the associated assets and liabilities. Embedded derivatives are carried at fair value in other long-term investments other liabilities net gains (losses) — investments and derivatives Derivative Financial Instruments The fair value of the GLWB embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using multiple risk neutral stochastic equity scenarios and policyholder behavior assumptions. The risk neutral scenarios are generated using the current swap curve and projected equity volatilities and correlations. The projected equity volatilities are based on a blend of historical volatility and near- term equity market implied volatilities. The equity correlations are based on historical price observations. For policyholder behavior assumptions, expected lapse and utilization assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the Ruark 2015 ALB table with attained age factors varying from 88% — 100% based on company experience. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR plus a credit spread (to represent the Company’s non-performance risk). For expected lapse and utilization, assumptions are used and updated for actual experience, as necessary, using an internal predictive model developed by the Company. As a result of using significant unobservable inputs, the GLWB embedded derivative is categorized as Level 3. Policyholder assumptions are reviewed on an annual basis. The balance of the FIA embedded derivative is impacted by policyholder cash flows associated with the FIA product that are allocated to the embedded derivative in addition to changes in the fair value of the embedded derivative during the reporting period. The fair value of the FIA embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using current index values and volatility, the hedge budget used to price the product, and policyholder assumptions (both elective and non-elective). For policyholder behavior assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the 2015 Ruark ALB mortality table, with attained age factors varying from 88% — 100% based on company experience. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR up to one year and constant maturity treasury rates plus a credit spread (to represent the Company’s non-performance risk) thereafter. Policyholder assumptions are reviewed on an annual basis. As a result of using significant unobservable inputs, the FIA embedded derivative is categorized as Level 3. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The balance of the indexed universal life ("IUL") embedded derivative is impacted by policyholder cash flows associated with the IUL product that are allocated to the embedded derivative in addition to changes in the fair value of the embedded derivative during the reporting period. The fair value of the IUL embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using current index values and volatility, the hedge budget used to price the product, and policyholder assumptions (both elective and non-elective). For policyholder behavior assumptions, expected lapse and withdrawal assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality factors varying from 43% — 110% that are applied to the base table, which is defined as 90% of 2015 VBT Primary Tables adjusted for 5.5 years of 2020 SOA HMI. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR up to one year and constant maturity treasury rates plus a credit spread (to represent the Company’s non-performance risk) thereafter. Policyholder assumptions are reviewed on an annual basis. As a result of using significant unobservable inputs, the IUL embedded derivative is categorized as Level 3. The Company has assumed and ceded certain blocks of policies under modified coinsurance agreements in which the investment results of the underlying portfolios inure directly to the reinsurers. Funds withheld arrangements related to such agreements contain embedded derivatives that are reported at fair value. Changes in their fair value are reported in net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives In conjunction with the Captive Merger, PLC terminated its interest support, yearly renewable term ("YRT") premium support, and portfolio maintenance agreements with Golden Gate, Golden Gate II, Golden Gate V, and WCL. The interest support agreement provided that PLC would make payments to Golden Gate II if actual investment income on certain of Golden Gate II’s asset portfolios fell below a calculated investment income amount as defined in the interest support agreement, the YRT premium support agreements provided that PLC would make payments to Golden Gate and Golden Gate II in the event that YRT premium rates increased, and the portfolio maintenance agreements provided that PLC would make payments to Golden Gate, Golden Gate V, and WCL in the event of other-than-temporary impairments on investments that exceeded defined thresholds. As part of the Captive Merger, PLC entered into a new portfolio maintenance agreement with Golden Gate. This agreement meets the definition of a derivative and is accounted for at fair value and is considered Level 3 valuation. The fair value of this derivative is included in Other long-term investments. For information regarding gains on these derivatives please refer to Note 6, Derivative Financial Instruments The portfolio maintenance agreement provides that PLC will make payments to Golden Gate in the event of credit losses on investments that exceed defined thresholds. The derivative is valued using an internal discounted cash flow model. The significant unobservable inputs are the projected probability and severity of credit losses used to project future cash flows on the investment portfolios. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The Funds Withheld derivative results from reinsurance agreements with Protective Life Reinsurance Bermuda LTD, a wholly owned subsidiary of PLC ("PL Re") where the economic performance of certain hedging instruments held by the Company are ceded to PL Re. The value of the Funds Withheld derivative is directly tied to the value of the hedging instruments held in the funds withheld accounts. The hedging instruments consist of derivative instruments, the fair values of which are classified as a Level 2 measurement; as such, the fair value of the Funds Withheld derivative has been classified as a Level 2 measurement. The fair value of the Funds Withheld derivative as of December 31, 2021, was a liability of $10 million. Annuity Account Balances The Company records a certain legacy block of FIA reserves at fair value. Based on the characteristics of these reserves, the Company believes that the fund value approximates fair value. The fair value measurement of these reserves is considered a Level 3 valuation due to the unobservable nature of the fund values. Separate Accounts Separate account variable annuity and variable life assets represent segregated funds that are invested for certain customers which are invested in open-ended mutual funds and are included in Level 1. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s consolidated balance sheets. ​ 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) Valuation of Level 3 Financial Instruments The following table presents the valuation method for material financial instruments included in Level 3 as of December 31, 2021, as well as the unobservable inputs used in the valuation of those financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Valuation ​ Unobservable ​ Range ​ ​ 2021 ​ Technique ​ Input ​ (Weighted Average) ​ ​ (Dollars In ​ ​ ​ ​ ​ ​ ​ ​ Millions) ​ ​ ​ ​ ​ ​ Assets: ​ Residential mortgage-backed securities ​ $ 40 Trade Price Spread 1.03% - 1.10% (1.07%) Commercial mortgage-backed securities ​ 180 Discounted cash flow Spread over treasury 1.04% - 2.47% (1.30%) Other asset-backed securities ​ 436 Liquidation Liquidation value ​ $98.63 - $99.75 ($99.07) ​ ​ ​ ​ Discounted cash flow Liquidity premium ​ 0.11% - 2.14% (1.54%) ​ ​ ​ ​ ​ ​ Paydown Rate ​ 11.20% - 13.41% (12.30%) ​ ​ ​ ​ ​ ​ Liquidation value ​ $60.00 - 113.88% (112.92%) Corporate securities ​ 1,588 Discounted cash flow Spread over treasury ​ 0.00% - 4.00% (1.50%) Liabilities:(1)(2) ​ ​ Embedded derivatives — GLWB ​ $ 475 Actuarial cash flow model Mortality ​ 88% to 100% of Ruark 2015 ALB Table ​ ​ ​ ​ ​ ​ Lapse ​ PL-RBA Predictive Model ​ ​ ​ ​ ​ ​ Utilization ​ PL-RBA Predictive Model ​ ​ Nonperformance risk ​ 0.19% - 0.82% Embedded derivative — FIA ​ 595 Actuarial cash flow model Expenses ​ $214 per policy ​ ​ ​ ​ ​ ​ Withdrawal rate ​ 0.4% - 2.4% prior to age 70 RMD for ages 70+ or WB withdrawal rate Assume underutilized RMD for nonWB policies ages 72 - 88 ​ ​ ​ ​ ​ ​ Mortality ​ 88% to 100% of Ruark 2015 ALB table ​ ​ ​ ​ ​ ​ Lapse ​ 0.2% - 50.0%, depending on duration/surrender charge period. Dynamically adjusted for WB moneyness and projected market rates vs credited rates. ​ ​ Nonperformance risk ​ 0.19% - 0.82% Embedded derivative — IUL ​ $ 269 Actuarial cash flow model Mortality ​ 43% - 110% of base table (90% of 2015 VBT Primary Tables adjusted for 5.5 years of 2020 SOA HMI) 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business ​ ​ ​ ​ ​ ​ Lapse ​ 0.375% - 7.5%, depending on duration/distribution channel and smoking class ​ ​ Nonperformance risk ​ 0.19% - 0.82% (1) Excludes modified coinsurance arrangements. (2) Fair value is presented as a net liability. The chart above excludes Level 3 financial instruments that are valued using broker quotes and those for which book value approximates fair value. Unobservable inputs were weighted by the relative fair value of instruments, except for other asset-backed securities which were weighted by the relative par amounts. 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The Company has considered all reasonably available quantitative inputs as of December 31, 2021, but the valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company. This resulted in $197 million of financial instruments being classified as Level 3 as of December 31, 2021. Of the $197 million, $172 million are other asset-backed securities, $3 million are corporate securities, $16 million are other government securities, and $6 million are equity securities. In certain cases the Company has determined that book value materially approximates fair value. As of December 31, 2021, the Company held $148 million of financial instruments where book value approximates fair value which are predominantly FHLB stock. The following table presents the valuation method for material financial instruments included in Level 3, as of December 31, 2020, as well as the unobservable inputs used in the valuation of those financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Valuation ​ Unobservable ​ Range ​ ​ 2020 ​ Technique ​ Input ​ (Weighted Average) ​ ​ (Recast) ​ ​ ​ ​ ​ ​ ​ ​ (Dollars In ​ ​ ​ ​ ​ ​ ​ ​ Millions) ​ ​ ​ ​ ​ ​ Assets: ​ Commercial mortgage-backed securities ​ $ 32 Discounted cash flow Spread over treasury 2.78% - 2.92% ( Other asset-backed securities ​ 435 Liquidation Liquidation value $95.00 - $97.00 ($96.19) ​ ​ ​ ​ Discounted cash flow Liquidity premium ​ 0.54% - 2.30% (1.63%) ​ ​ ​ ​ ​ ​ Paydown Rate ​ 8.79% - 12.49% (11.39%) Corporate securities ​ 1,432 Discounted cash flow Spread over treasury ​ 0.00% - 4.75% (1.89%) Liabilities:(1)(2) ​ ​ ​ ​ ​ ​ Embedded derivatives — GLWB ​ $ 822 Actuarial cash flow model Mortality ​ 88% to 100% of Ruark 2015 ALB Table ​ ​ ​

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Types of Derivative Instruments and Derivative Strategies The Company utilizes a risk management strategy that incorporates the use of derivative financial instruments to reduce exposure to certain risks, including but not limited to, interest rate risk, currency exchange risk, volatility risk, and equity market risk. These strategies are developed through the Company’s analysis of data from financial simulation models and other internal and industry sources, and are then incorporated into the Company’s risk management program. Derivative instruments expose the Company to credit and market risk and could result in material changes from period to period. The Company attempts to minimize its credit in connection with its overall asset/liability management programs and risk management strategies. In addition, all derivative programs are monitored by our risk management department. 6. DERIVATIVE FINANCIAL INSTRUMENTS – (Continued) Derivatives Related to Interest Rate Risk Management Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps, interest rate futures, interest rate caps, and interest rate swaptions. Derivatives Related to Foreign Currency Exchange Risk Management Derivative instruments that are used as part of the Company’s foreign currency exchange risk management strategy include foreign currency swaps, foreign currency futures, foreign equity futures, and foreign equity options. Derivatives Related to Risk Mitigation of Certain Annuity Contracts The Company may use the following types of derivative contracts to mitigate its exposure to certain guaranteed benefits related to VA contracts, fixed indexed annuities, and indexed universal life contracts: ● Foreign Currency Futures ● Variance Swaps ● Interest Rate Futures ● Equity Options ● Equity Futures ● Credit Derivatives ● Interest Rate Swaps ● Interest Rate Swaptions ● Volatility Futures ● Volatility Options ● Total Return Swaps Other Derivatives PLC terminated its derivatives with Golden Gate, Golden Gate II, Golden Gate V, and WCL as part of the Captive Merger and entered into a new portfolio maintenance agreement with Golden Gate, also as part of the Captive Merger. The derivatives terminated included an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements. The Company has funds withheld accounts that consist of various derivative instruments held by us that are used to hedge certain fixed indexed annuity products. The economic performance of derivatives in the funds withheld accounts are ceded PL Re. The funds withheld accounts are accounted for as a derivative financial instrument. We believe that our asset/liability management programs and procedures and certain product features provide protection against the effects of changes in interest rates under various scenarios. Additionally, we believe our asset/liability management programs and procedures provide sufficient liquidity to enable us to fulfill our obligation to pay benefits under our various insurance and deposit contracts. However, our asset/liability management programs and procedures incorporate assumptions about the relationship between short-term and long-term interest rates (i.e., the slope of the yield curve), relationships between risk-adjusted and risk-free interest rates, market liquidity, spread movements, implied volatility, policyholder behavior, and other factors, and the effectiveness of our asset/liability management programs and procedures may be negatively affected whenever actual results differ from those assumptions. 6. DERIVATIVE FINANCIAL INSTRUMENTS – (Continued) Accounting for Derivative Instruments GAAP requires that all derivative instruments be recognized in the balance sheet at fair value. The Company records its derivative financial instruments in the consolidated balance sheet in other long-term investments other liabilities It is the Company’s policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange ("CME") rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date. For a derivative financial instrument to be accounted for as an accounting hedge, it must be identified and documented as such on the date of designation. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged item impacts earnings. For fair value hedge derivatives, their gain or loss as well as the offsetting loss or gain attributable to the hedged risk of the hedged item is recognized in current earnings. Effectiveness of the Company’s hedge relationships is assessed on a quarterly basis. The Company reports changes in fair values of derivatives that are not part of a qualifying hedge relationship through operations in the period of change. Changes in the fair value of those derivatives are recognized in net gains (losses) — investments and derivatives Derivative Instruments Designated and Qualifying as Hedging Instruments Cash-Flow Hedges ● To hedge a fixed rate note denominated in a foreign currency, the Company entered into a fixed-to-fixed foreign currency swap in order to hedge the foreign currency exchange risk associated with the note. The cash flows received on the swap are identical to the cash flows paid on the note. ● To hedge a floating rate note, the Company entered into an interest rate swap to exchange the floating rate on the note for a fixed rate in order to hedge the interest rate risk associated with the note. The cash flows received on the swap are identical to the cash flow variability paid on the note. Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments The Company uses various other derivative instruments for risk management purposes that do not qualify for hedge accounting treatment. Changes in the fair value of these derivatives are recognized in net gains (losses) — investments and derivatives 6. DERIVATIVE FINANCIAL INSTRUMENTS – (Continued) Derivatives Related to Variable Annuity Contracts ● The Company uses equity futures, equity options, total return swaps, interest rate futures, interest rate swaps, interest rate swaptions, currency futures, currency options, volatility futures, volatility options, and variance swaps to mitigate the risk related to certain guaranteed minimum benefits, including GLWB, within its VA products. In general, the cost of such benefits varies with the level of equity and interest rate markets, foreign currency levels, and overall volatility. ● The Company markets certain VA products with a GLWB rider. The GLWB component is considered an embedded derivative, not considered to be clearly and closely related to the host contract. Derivatives Related to Fixed Indexed Annuity Contracts ● The Company uses equity futures and options to mitigate the risk within its fixed indexed annuity products. In general, the cost of such benefits varies with the level of equity and overall volatility. ● The Company markets certain fixed indexed annuity products. The FIA component is considered an embedded derivative as it is, not considered to be clearly and closely related to the host contract. ● The Company has a funds withheld account that consists of various derivative instruments held by the Company that are used to hedge the fixed indexed annuity products. The economic performance of derivatives in the funds withheld account is ceded to PL Re. The funds withheld account is accounted for as a derivative financial instrument. Derivatives Related to Indexed Universal Life Contracts ● The Company uses equity futures and options to mitigate the risk within its indexed universal life products. In general, the cost of such benefits varies with the level of equity markets. ● The Company markets certain IUL products. The IUL component is considered an embedded derivative, as it is not considered to be clearly and closely related to the host contract. Other Derivatives ● The Company uses various swaps and other types of derivatives to manage risk related to other exposures. ● The Company is involved in various modified coinsurance and funds withheld arrangements which contain embedded derivatives. Changes in their fair value are recorded in net gains (losses) — investments and derivatives . The investment portfolios that support the related modified coinsurance reserves and funds withheld arrangements had fair value changes which substantially offset the gains or losses on these embedded derivatives. ● Certain of the Company and its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into between Golden Gate and PLC on that date. 6. DERIVATIVE FINANCIAL INSTRUMENTS – (Continued) The following table sets forth net gains and losses for the periods shown: Gains (losses) — derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Recast) (Recast) ​ ​ (Dollars In Millions) Derivatives related to VA contracts: ​ ​ ​ Interest rate futures ​ $ 15 ​ $ — ​ $ (20) Equity futures ​ (12) ​ 109 ​ 5 Currency futures ​ 11 ​ (10) ​ 3 Equity options ​ (108) ​ (30) ​ (150) Interest rate swaps ​ (136) ​ 274 ​ 230 Total return swaps ​ (189) ​ (49) ​ (78) Embedded derivative — GLWB ​ 347 ​ (404) ​ (198) Total derivatives related to VA contracts ​ (72) ​ (110) ​ (208) Derivatives related to FIA contracts: ​ ​ ​ Embedded derivative ​ 3 ​ (69) ​ (86) Funds withheld derivative ​ (7) ​ (10) ​ — Equity futures ​ 5 ​ (4) ​ 2 Equity options ​ 72 ​ 49 ​ 84 Other derivatives ​ (3) ​ (1) ​ — Total derivatives related to FIA contracts ​ 70 ​ (35) ​ — Derivatives related to IUL contracts: ​ ​ ​ Embedded derivative ​ $ (28) ​ $ 4 ​ $ (13) Equity futures ​ — ​ (2) ​ — Equity options ​ 16 ​ 9 ​ 15 Total derivatives related to IUL contracts ​ (12) ​ 11 ​ 2 Embedded derivative — Modco reinsurance treaties ​ 64 ​ (99) ​ (187) Derivatives with PLC(1) ​ — ​ 23 ​ 27 Other derivatives ​ (2) ​ 15 ​ (2) Total gains (losses) — derivatives, net ​ $ 48 ​ $ (195) ​ $ (368) (1) The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date. Based on expected cash flows of the underlying hedged items, the Company expects to reclassify $1 million out of accumulated other comprehensive income (loss) into net gains (losses) — investments and derivatives 6. DERIVATIVE FINANCIAL INSTRUMENTS – (Continued) The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated financial statements for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Notional Fair Notional Fair ​ ​ Amount ​ Value ​ Amount ​ Value ​ ​ ​ ​ ​ ​ ​ ​ (Recast) ​ ​ (Dollars In Millions) Other long-term investments ​ ​ ​ ​ Derivatives not designated as hedging instruments: ​ ​ ​ ​ Interest rate swaps ​ $ 1,478 ​ $ 72 ​ $ 1,478 ​ $ 185 Total return swaps ​ 239 ​ 8 ​ 158 ​ 2 Derivatives with PLC(1) ​ 4,085 ​ — ​ 4,076 ​ — Embedded derivative — Modco reinsurance treaties ​ 1,268 ​ 62 ​ 1,249 ​ 101 Embedded derivative — GLWB ​ 3,066 ​ 169 ​ 2,067 ​ 138 Embedded derivative — FIA ​ 398 ​ 64 ​ 335 ​ 60 Interest rate futures ​ 561 ​ 5 ​ 690 ​ 4 Equity futures ​ 312 ​ 6 ​ 203 ​ 4 Currency futures ​ 27 ​ — ​ — ​ — Equity options ​ 8,852 ​ 1,061 ​ 7,208 ​ 1,142 ​ ​ $ 20,286 ​ $ 1,447 ​ $ 17,464 ​ $ 1,636 Other liabilities ​ ​ ​ ​ Cash flow hedges: ​ ​ ​ ​ Foreign currency swaps ​ $ 117 ​ $ 13 ​ $ 117 ​ $ 10 Derivatives not designated as hedging instruments: ​ ​ ​ ​ Interest rate swaps ​ 1,354 ​ — ​ 1,354 ​ — Total return swaps ​ 1,168 ​ 39 ​ 1,003 ​ 15 Embedded derivative — Modco reinsurance treaties ​ 2,974 ​ 280 ​ 2,911 ​ 389 Funds withheld derivative ​ 855 ​ 10 ​ 661 ​ 10 Embedded derivative — GLWB ​ 6,833 ​ 644 ​ 7,749 ​ 960 Embedded derivative — FIA ​ 4,372 ​ 659 ​ 3,889 ​ 633 Embedded derivative — IUL ​ 459 ​ 269 ​ 357 ​ 201 Interest rate futures ​ 729 ​ 4 ​ 415 ​ 3 Equity futures ​ 42 ​ 1 ​ 190 ​ 5 Currency futures ​ 158 ​ 2 ​ 264 ​ 4 Equity options ​ 7,044 ​ 771 ​ 5,499 ​ 834 Other ​ 448 ​ 87 ​ 304 ​ 55 ​ ​ $ 26,553 ​ $ 2,779 ​ $ 24,713 ​ $ 3,119 (1) The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date.

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
OFFSETTING OF ASSETS AND LIABILITIES	7. OFFSETTING OF ASSETS AND LIABILITIES Certain of the Company’s derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Company and a counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements associated with each master netting arrangement provide that the Company will receive or pledge financial collateral in the event either minimum thresholds, or in certain cases ratings levels, have been reached. Additionally, certain of the Company’s repurchase agreements provide for net settlement on termination of the agreement. Refer to Note 14, Debt and Other Obligations Collateral received includes both cash and non-cash collateral. Cash collateral received by the Company is recorded on the consolidated balance sheet as "cash", with a corresponding amount recorded in "other liabilities" to represent the Company’s obligation to return the collateral. Non-cash collateral received by the Company is not recognized on the consolidated balance sheet unless the Company exercises its right to sell or re-pledge the underlying asset. As of December 31, 2021 and 2020, there was no fair value of non-cash collateral received. The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ (Dollars In Millions) Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 1,152 ​ $ — ​ $ 1,152 ​ $ 806 ​ $ 178 ​ $ 168 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 1,152 ​ — ​ 1,152 ​ 806 ​ 178 ​ 168 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 62 ​ — ​ 62 ​ — ​ — ​ 62 Embedded derivative — GLWB ​ 169 ​ — ​ 169 ​ — ​ — ​ 169 Derivatives with PLC ​ — ​ — ​ — ​ — ​ — ​ — Embedded derivative — FIA ​ 64 ​ — ​ 64 ​ — ​ — ​ 64 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 295 ​ — ​ 295 ​ — ​ — ​ 295 Total derivatives ​ 1,447 ​ — ​ 1,447 ​ 806 ​ 178 ​ 463 Total Assets ​ $ 1,447 ​ $ — ​ $ 1,447 ​ $ 806 ​ $ 178 ​ $ 463 ​ 7. OFFSETTING OF ASSETS AND LIABILITIES – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ (Dollars In Millions) Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 830 ​ $ — ​ $ 830 ​ $ 806 ​ $ 22 ​ $ 2 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 830 ​ — ​ 830 ​ 806 ​ 22 ​ 2 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 280 ​ — ​ 280 ​ — ​ — ​ 280 Funds withheld derivative ​ 10 ​ — ​ 10 ​ — ​ — ​ 10 Embedded derivative — GLWB ​ 644 ​ — ​ 644 ​ — ​ — ​ 644 Embedded derivative — FIA ​ 659 ​ — ​ 659 ​ — ​ — ​ 659 Embedded derivative — IUL ​ 269 ​ — ​ 269 ​ — ​ — ​ 269 Other ​ 87 ​ — ​ 87 ​ — ​ — ​ 87 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 1,949 ​ — ​ 1,949 ​ — ​ — ​ 1,949 Total derivatives ​ 2,779 ​ — ​ 2,779 ​ 806 ​ 22 ​ 1,951 Repurchase agreements(1) ​ 1,393 ​ — ​ 1,393 ​ — ​ — ​ 1,393 Total Liabilities ​ $ 4,172 ​ $ — ​ $ 4,172 ​ $ 806 ​ $ 22 ​ $ 3,344 (1) Borrowings under repurchase agreements are for a term less than 90 days. ​ 7. OFFSETTING OF ASSETS AND LIABILITIES – (Continued) The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ ​ (Recast) ​ (Dollars In Millions) Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 1,337 ​ $ — ​ $ 1,337 ​ $ 865 ​ $ 290 ​ $ 182 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 1,337 ​ — ​ 1,337 ​ 865 ​ 290 ​ 182 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 101 ​ — ​ 101 ​ — ​ — ​ 101 Embedded derivative — GLWB ​ 138 ​ — ​ 138 ​ — ​ — ​ 138 Other ​ 60 ​ — ​ 60 ​ — ​ — ​ 60 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 299 ​ — ​ 299 ​ — ​ — ​ 299 Total derivatives ​ 1,636 ​ — ​ 1,636 ​ 865 ​ 290 ​ 481 Total Assets ​ $ 1,636 ​ $ — ​ $ 1,636 ​ $ 865 ​ $ 290 ​ $ 481 ​ ​ 7. OFFSETTING OF ASSETS AND LIABILITIES – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ ​ (Recast) ​ (Dollars In Millions) Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 871 ​ $ — ​ $ 871 ​ $ 865 ​ $ 4 ​ $ 2 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 871 ​ — ​ 871 ​ 865 ​ 4 ​ 2 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 389 ​ — ​ 389 ​ — ​ — ​ 389 Funds withheld derivative ​ 10 ​ — ​ 10 ​ — ​ — ​ 10 Embedded derivative — GLWB ​ 960 ​ — ​ 960 ​ — ​ — ​ 960 Embedded derivative — FIA ​ 633 ​ — ​ 633 ​ — ​ — ​ 633 Embedded derivative — IUL ​ 201 ​ — ​ 201 ​ — ​ — ​ 201 Other ​ 55 ​ — ​ 55 ​ — ​ — ​ 55 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 2,248 ​ — ​ 2,248 ​ — ​ — ​ 2,248 Total derivatives ​ 3,119 ​ — ​ 3,119 ​ 865 ​ 4 ​ 2,250 Repurchase agreements(1) ​ 437 ​ — ​ 437 ​ — ​ — ​ 437 Total Liabilities ​ $ 3,556 ​ $ — ​ $ 3,556 ​ $ 865 ​ $ 4 ​ $ 2,687 (1) Borrowings under repurchase agreements are for a term less than 90 days.

COMMERCIAL MORTGAGE LOANS

COMMERCIAL MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
COMMERCIAL MORTGAGE LOANS	8.COMMERCIAL MORTGAGE LOANS The Company invests a portion of its investment portfolio in commercial mortgage loans. As of December 31, 2021, the Company’s commercial mortgage loan holdings were $11.0 billion, or $10.9 billion net of allowance for credit losses. As of December 31, 2020, the Company’s commercial mortgage loan holdings were $10.2 billion, $10 billion net of allowance for credit losses. The Company specializes in making commercial mortgage loans on credit-oriented commercial properties. The Company’s underwriting procedures relative to its commercial mortgage loan portfolio are based, in the Company’s view, on a conservative and disciplined approach. The Company concentrates on a small number of commercial real estate asset types associated with the necessities of life (grocery anchored and credit tenant retail, industrial, multi-family, senior living, and credit tenant and medical office). The Company believes that these asset types tend to weather economic downturns better than other commercial asset classes in which it has chosen not to participate. The Company believes this disciplined approach has helped to maintain a relatively low delinquency and foreclosure rate throughout its history. The majority of the Company’s commercial mortgage loan portfolio was underwritten by the Company. From time to time, the Company may acquire commercial mortgage loans in conjunction with an acquisition. 8.COMMERCIAL MORTGAGE LOANS – (Continued) The following table includes a breakdown of the Company’s commercial mortgage loan portfolio by property type as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Commercial ​ ​ Mortgage Loans Type 2021 2020 ​ Retail 30.3 % 34.9 % Office buildings 13.8 15.1 ​ Apartments 17.2 12.7 ​ Warehouses 16.5 16.0 ​ Senior housing 17.0 16.2 ​ Other 5.2 5.1 ​ ​ 100.0 % 100.0 % ​ The Company specializes in making commercial mortgage loans on credit-oriented commercial properties. No single tenant’s exposure represents more than 0.9% of the commercial mortgage loan portfolio. The following states represent the primary locations of the Company’s commercial mortgage loans as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of Commercial Mortgage Loans State 2021 State 2020 ​ California 10.1 % California 11.3 % Texas 7.3 Texas 7.3 ​ Florida 7.2 Alabama 6.7 ​ Alabama 6.3 Florida 6.2 ​ North Carolina 5.6 Georgia 5.3 ​ Ohio 4.6 North Carolina 4.9 ​ Michigan 4.6 Ohio 4.7 ​ Georgia 4.2 Michigan 4.4 ​ Utah 4.0 Utah 4.2 ​ Tennessee 3.5 Tennessee 3.5 ​ ​ 57.4 % ​ ​ 58.5 % ​ During the year ended December 31, 2021, the Company funded $2.0 billion of new commercial mortgage loans, with an average commercial mortgage loan size of $11 million. The average size commercial mortgage loan in the portfolio as of December 31, 2021, was $6 million and the weighted-average interest rate was 4.1%. The largest single commercial mortgage loan at December 31, 2021 was $78 million. During the year ended December 31, 2020, the Company funded $1.4 billion of new commercial mortgage loans loans, with an average loan size of $8 million. The average size commercial mortgage loan in the portfolio as of December 31, 2020, was $6 million and the weighted-average interest rate was 4.3%. The largest single commercial mortgage loan at December 31, 2020 was $78 million. During the year ended December 31, 2019, the Company funded $1.2 billion of new commercial mortgage loans, with an average loan size of $8 million. The average size commercial mortgage loan in the portfolio as of December 31, 2019, was $5 million and the weighted-average interest rate was 4.5%. The largest single commercial mortgage loan at December 31, 2019 was $78 million. 8.COMMERCIAL MORTGAGE LOANS – (Continued) Certain of the commercial mortgage loans have call options that occur within the next eight years. However, if interest rates were to significantly increase, the Company may be unable to exercise the call options on its existing commercial mortgage loans commensurate with the significantly increased market rates. Assuming the commercial mortgage loans are called at their next call dates, $116 million would become due in 2022, $379 million in 2023 through 2027, and $6 million in 2028 through 2029. The Company offers a type of commercial mortgage loan under which the Company will permit a loan-to-value ratio of up to 85% in exchange for a participating interest in the cash flows from the underlying real estate. As of December 31, 2021 and 2020, $600 million and $806 million, respectively, of the Company’s total commercial mortgage loans principal balance have this participation feature. Cash flows received as a result of this participation feature are recorded as interest income. During the years ended December 31, 2021, 2020, and 2019, the Company recognized $54 million, $26 million, and $23 million of participation commercial mortgage loan income, respectively. As of December 31, 2021, the Company did not have any commercial mortgage loans that were nonperforming, restructured, or foreclosed and converted to real estate properties. As of December 31, 2020, $3 million of invested assets consisted of commercial mortgage loans that were nonperforming, restructured or foreclosed and converted to real estate properties. The Company does not expect these investments to adversely affect its liquidity or ability to maintain proper matching of assets and liabilities. For all commercial mortgage loans, the impact of troubled debt restructurings is reflected in our investment balance and in the allowance for commercial mortgage loan credit losses. During the years ended December 31, 2021, 2020, and 2019, the Company recognized one, four, and four troubled debt restructurings transactions, respectively, as a result of granting concessions to borrowers which included loan terms unavailable from other lenders. These concessions were the result of agreements between the creditor and the debtor. The Company did not identify any commercial mortgage loans whose principal was permanently impaired during the year ended December 31, 2021 and identified one loan that was permanently impaired during the year ended December 31, 2020. The Company provides certain relief under the Coronavirus Aid Relief, and Economic Security Act (the "CARES Act"), and the Consolidated Appropriations Act (the "CAA") under its COVID-19 Commercial Mortgage Loan Program (the "Loan Modification Program"). During the year ended December 31, 2021, the Company modified 23 commercial mortgage loans under the Loan Modification Program, representing $475 million in unpaid principal balance. As of December 31, 2021, since the inception of the CARES Act, there were 268 total commercial mortgage loans modified under the Loan Modification Program, representing $2.0 billion in unpaid principal balance. At December 31, 2021, $1.9 billion of these loans have resumed regular principal and interest payments in accordance with the terms of the modification agreements and the Company expects the remaining $69 million in unpaid principal on commercial mortgage loans to resume scheduled payments in accordance with the agreed upon terms. The modifications under this program include agreements to defer principal payments only and/or to defer principal and interest payments for a specified period of time. None of these modifications were considered troubled debt restructurings. 8.COMMERCIAL MORTGAGE LOANS – (Continued) As of December 31, 2021 and 2020, the amortized cost basis of the Company’s commercial mortgage loan receivables by origination year, net of the allowance, for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2021 2020 2019 2018 2017 Prior Total ​ ​ (Dollars In Millions) As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 2,063 ​ $ 1,439 ​ $ 2,034 ​ $ 1,404 ​ $ 1,224 ​ $ 2,802 ​ $ 10,966 Non-performing ​ — ​ — ​ — ​ — ​ — ​ — ​ — Amortized cost ​ $ 2,063 ​ $ 1,439 ​ $ 2,034 ​ $ 1,404 ​ $ 1,224 ​ $ 2,802 ​ $ 10,966 Allowance for credit losses ​ (12) ​ (10) ​ (21) ​ (18) ​ (12) ​ (30) ​ (103) Total commercial mortgage loans ​ $ 2,051 ​ $ 1,429 ​ $ 2,013 ​ $ 1,386 ​ $ 1,212 ​ $ 2,772 ​ $ 10,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2020 2019 2018 2017 2016 Prior Total ​ ​ (Dollars In Millions) As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 1,463 ​ $ 2,442 ​ $ 1,577 ​ $ 1,344 ​ $ 943 ​ $ 2,458 ​ $ 10,227 Non-performing ​ — ​ — ​ — ​ — ​ — ​ 1 ​ 1 Amortized cost ​ $ 1,463 ​ $ 2,442 ​ $ 1,577 ​ $ 1,344 ​ $ 943 ​ $ 2,459 ​ $ 10,228 Allowance for credit losses ​ (21) ​ (46) ​ (55) ​ (37) ​ (25) ​ (38) ​ (222) Total commercial mortgage loans ​ $ 1,442 ​ $ 2,396 ​ $ 1,522 ​ $ 1,307 ​ $ 918 ​ $ 2,421 ​ $ 10,006 ​ The following tables provide a comparative view of the key credit quality indicators of the loan-to-value and debt service coverage ratio ("DSCR") as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ ​ Amortized ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ Cost % of Total DSCR(2) Cost % of Total DSCR(2) ​ ​ (Dollars In Millions) Loan-to-value(1) Greater than 75% ​ $ 285 3 % 1.32 ​ $ 399 4 % 1.29 50% - 75% ​ 7,241 66 % 1.59 ​ 6,557 64 % 1.61 Less than 50% ​ 3,440 31 % 2.04 ​ 3,272 32 % 2.01 Total commercial mortgage loans ​ $ 10,966 100 % ​ ​ $ 10,228 ​ 100 % ​ (1) The loan-to-value ratio compares the current unpaid principal of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 54 % at both December 31, 2021 and December 31, 2020. (2) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio for December 31, 2021 and December 31, 2020 was 1.72 x and 1.72 x, respectively. 8.COMMERCIAL MORTGAGE LOANS – (Continued) The following provides a summary of the rollforward of the allowance for credit losses for funded commercial mortgage loans and unfunded commercial mortgage loan commitments for the periods included. ​ ​ ​ ​ ​ ​ ​ ​ ​ For The ​ For The ​ ​ Year Ended ​ Year Ended ​ December 31, 2021 December 31, 2020 ​ ​ (Dollars In Millions) Allowance for Funded Commercial Mortgage Loan Credit Losses ​ ​ Beginning balance ​ $ 222 ​ $ 5 Cumulative effect adjustment ​ — ​ 80 Charge offs ​ — ​ — Recoveries ​ (7) ​ (3) Provision ​ (112) ​ 140 Ending balance ​ $ 103 ​ $ 222 Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses ​ ​ Beginning balance ​ $ 22 ​ $ — Cumulative effect adjustment ​ — ​ 10 Charge offs ​ — ​ — Recoveries ​ — ​ — Provision ​ (17) ​ 12 Ending balance ​ $ 5 ​ $ 22 ​ As of December 31, 2021, the Company had one commercial mortgage loan of $28 million that was 30-59 days delinquent. As of December 31, 2020, the Company had one commercial mortgage loan of $1 million that was 60-89 days delinquent. The Company’s commercial mortgage loan portfolio consists of commercial mortgage loans that are collateralized by real estate. Due to the collateralized nature of the commercial mortgage loans, any assessment of impairment and ultimate loss given a default on the commercial mortgage loans is based upon a consideration of the estimated fair value of the real estate. The Company limits accrued interest income on commercial mortgage loans to ninety days of interest. For loans in nonaccrual status, interest income is recognized on a cash basis. For the year ended December 31, 2021, the Company did not have any of accrued interest was excluded from the amortized cost basis pursuant to the Company’s nonaccrual policy. As of December 31, 2021, the Company did not have any commercial mortgage loans in nonaccrual status. As of December 31, 2020, the Company had one commercial mortgage loan in nonaccrual status with no related allowance recorded. The recorded investment, unpaid principal balance, and average recorded investment was $1 million.

DEFERRED POLICY ACQUISITION COS

DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED	9. DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED Deferred Policy Acquisition Costs The balances and changes in DAC are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Balance, beginning of period $ 1,628 $ 1,480 Capitalization of commissions, sales, and issue expenses ​ 550 ​ 459 Amortization ​ (200) ​ (163) Change due to unrealized gains and losses ​ 105 ​ (152) Implementation of ASU 2016‑13 ​ — ​ 4 Balance, end of period ​ $ 2,083 ​ $ 1,628 ​ Value of Business Acquired The balances and changes in VOBA are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Balance, beginning of period $ 1,792 $ 2,040 Amortization ​ (109) ​ (45) Change due to unrealized gains and losses ​ 80 ​ (192) Other ​ 23 ​ (11) Balance, end of period ​ $ 1,786 ​ $ 1,792 ​ Based on the balance recorded as of December 31, 2021, the expected amortization of VOBA for the next five years is as follows: ​ ​ ​ ​ ​ ​ Expected Years Amortization ​ (Dollars In Millions) 2022 ​ $ 121 2023 ​ 123 2024 ​ 123 2025 ​ 116 2026 ​ 99 ​

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	10. GOODWILL The changes in the carrying value of goodwill by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Life ​ ​ Stable Value Asset Total ​ and Annuity ​ Acquisitions Products Protection Consolidated ​ (Dollars In Millions) Balance as of December 31, 2019 $ 559 $ 24 $ 114 $ 129 $ 826 Balance as of December 31, 2020 ​ 559 ​ 24 ​ 114 ​ 129 ​ 826 Impairment ​ (129) ​ — ​ — ​ — ​ (129) Balance as of December 31, 2021 ​ $ 430 ​ $ 24 ​ $ 114 ​ $ 129 ​ $ 697 ​ In connection with its annual goodwill impairment testing, the Company elected to perform a quantitative assessment of goodwill associated with the reporting units within the Retail Life and Annuity segment, in which the fair value of each reporting unit was compared to that reporting unit’s carrying amount, including goodwill. To estimate the fair value of the reporting units, the Company utilized the income (i.e. discounted cash flow) valuation approach. This quantitative assessment indicated that an impairment existed as of December 31, 2021 within the Retirement reporting unit primarily due to the impact of interest rates and a longer period of sustained equity volatility on the weighted-average cost of capital used to discount the reporting unit’s cash flows. Guidance in ASC 350-20, Intangibles-Goodwill and Other The Company also performed its annual qualitative evaluation of goodwill with respect to its other reporting units based on the circumstances that existed as of October 1, 2021 and determined that there was no indication that the goodwill was associated with the other reporting units more likely than not impaired and therefore no adjustment to impair goodwill was necessary. The Company has assessed whether events have occurred subsequent to October 1, 2021 that would impact the Company’s conclusions and no such events were identified.

CERTAIN NONTRADITIONAL LONG-DUR

CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS	12 Months Ended
	Dec. 31, 2021
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS	11. CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS The Company issues variable universal life and VA products 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. The Company also offers, for our VA products, certain GMDB riders. The most significant of these guarantees involve 1) return of the highest anniversary date account value, or 2) return of the greater of the highest anniversary date account value or the last anniversary date account value compounded at 5% interest or 3) return of premium. The GLWB rider provides the contract holder with protection against certain adverse market impacts on the amount they can withdraw and is classified as an embedded derivative and is carried at fair value on the Company’s balance sheet. The VA separate account balances subject to GLWB were $9.2 billion and $8.9 billion as of December 31, 2021 and 2020, respectively. For more information regarding the valuation of and income impact of GLWB, please refer to Note 2, Summary of Significant Accounting Policies Fair Value of Financial Instruments Derivative Financial Instruments The GMDB reserve is calculated by applying a benefit ratio, equal to the present value of total expected GMDB claims divided by the present value of total expected contract assessments, to cumulative contract assessments. This amount is then adjusted by the amount of cumulative GMDB claims paid and accrued interest. Assumptions used in the calculation of the GMDB reserve were as follows: mean investment performance of 6.73%, age-based mortality from the Ruark 2015 ALB table adjusted for company and industry experience, lapse rates determined by a dynamic formula, and an average discount rate of 4.85%. Changes in the GMDB reserve are included in benefits and settlement expenses in the accompanying consolidated statements of income. 11. CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS – (Continued) The VA separate account balances subject to GMDB were $14.6 billion and $14.8 billion as of December 31, 2021 and 2020, respectively. The total GMDB amount payable based on VA account balances as of December 31, 2021 and 2020, was $85 million and $126 million with a GMDB reserve of $38 million and $43 million, respectively. The average attained age of contract holders as of December 31, 2021 and 2020 for the Company was 73 and 72 . These amounts exclude certain VA business which has been 100% reinsured to Commonwealth Annuity and Life Insurance Company (formerly known as Allmerica Financial Life Insurance and Annuity Company) ("CALIC") under a Modco agreement. The guaranteed amount payable associated with the annuities reinsured to CALIC was $6 million and $6 million, as of December 31, 2021 and 2020, respectively. The average attained age of contract holders as of December 31, 2021 and 2020, was 69 and 69 . Activity relating to GMDB reserves (excluding those 100% ceded under the Modco agreement) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) (Recast) ​ (Dollars In Millions) Beginning balance $ 43 $ 46 $ 44 Great West beginning balance ​ — ​ — ​ 7 Incurred guarantee benefits ​ — ​ 2 ​ (1) Less: Paid guarantee benefits ​ 5 ​ 5 ​ 4 Ending balance ​ $ 38 ​ $ 43 ​ $ 46 ​ Account balances of variable annuities with guarantees invested in VA separate accounts are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Equity funds $ 9,732 $ 10,425 Fixed income funds ​ 5,236 ​ 4,631 Total ​ $ 14,968 ​ $ 15,056 ​ Certain of the Company’s fixed annuities and universal life products have a sales inducement in the form of a retroactive interest credit ("RIC"). In addition, certain annuity contracts provide a sales inducement in the form of a bonus interest credit. The Company maintains a reserve for all interest credits earned to date. The Company defers the expense associated with the RIC and bonus interest credits each period and amortizes these costs in a manner similar to that used for DAC. Activity in the Company’s deferred sales inducement asset, recorded on the balance sheet in other assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Deferred asset, beginning of period $ 41 $ 43 $ 40 Amounts deferred ​ 3 ​ 2 ​ 6 Amortization ​ (7) ​ (4) ​ (3) Deferred asset, end of period ​ $ 37 ​ $ 41 ​ $ 43 ​

MONY CLOSED BLOCK OF BUSINESS

MONY CLOSED BLOCK OF BUSINESS	12 Months Ended
	Dec. 31, 2021
Closed Block Disclosure [Abstract]
MONY CLOSED BLOCK OF BUSINESS	12. MONY CLOSED BLOCK OF BUSINESS In 1998, MONY Life Insurance Company ("MONY") converted from a mutual insurance company to a stock corporation ("demutualization"). In connection with its demutualization, an accounting mechanism known as a closed block (the "Closed Block") was established for certain individuals’ participating policies in force as of the date of demutualization. Assets, liabilities, and earnings of the Closed Block are specifically identified to support its participating policyholders. The Company acquired the Closed Block in conjunction with the acquisition of MONY in 2013. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block’s policyholders and will not revert to the benefit of MONY or the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of MONY’s general account, any of MONY’s separate accounts or any affiliate of MONY without the approval of the Superintendent of The New York State Department of Financial Services (the "Superintendent"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the general account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) at the acquisition date of October 1, 2013, represented the estimated maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. In connection with the acquisition of MONY, the Company developed an actuarial calculation of the expected timing of MONY’s Closed Block’s earnings as of October 1, 2013. Pursuant to the acquisition of the Company by Dai-ichi Life on February 1, 2015, this actuarial calculation of the expected timing of MONY’s Closed Block earnings was recalculated and reset on that date, along with the establishment of a policyholder dividend obligation as of such date. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in the Company’s net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of VOBA, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. 12. MONY CLOSED BLOCK OF BUSINESS – (Continued) Summarized financial information for the Closed Block is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars In Millions) Closed block liabilities ​ ​ Future policy benefits, policyholders’ account balances and other policyholder liabilities ​ $ 5,277 ​ $ 5,406 Policyholder dividend obligation ​ 401 ​ 580 Other liabilities ​ 10 ​ 7 Total closed block liabilities ​ 5,688 ​ 5,993 Closed block assets ​ ​ Fixed maturities, available-for-sale, at fair value ​ 4,633 ​ 4,903 Commercial mortgage loans on real estate ​ 68 ​ 68 Policy loans ​ 557 ​ 596 Cash and other invested assets ​ 73 ​ 46 Other assets ​ 83 ​ 91 Total closed block assets ​ 5,414 ​ 5,704 Excess of reported closed block liabilities over closed block assets ​ 274 ​ 289 Portion of above representing accumulated other comprehensive income: ​ ​ Net unrealized investments gains (losses) net of policyholder dividend obligation: $323 and $493; and net of income tax: $(68) and $(104) ​ — ​ — Future earnings to be recognized from closed block assets and closed block liabilities ​ $ 274 ​ $ 289 ​ Reconciliation of the policyholder dividend obligation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended ​ December 31, ​ 2021 2020 ​ (Dollars In Millions) Policyholder dividend obligation, beginning balance $ 580 $ 279 Applicable to net revenue ​ (9) ​ (25) Change in net unrealized investment gains allocated to policyholder dividend obligation ​ (170) ​ 326 Policyholder dividend obligation, ending balance ​ $ 401 ​ $ 580 ​ 12. MONY CLOSED BLOCK OF BUSINESS – (Continued) Closed Block revenues and expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Revenues ​ ​ ​ Premiums and other income ​ $ 144 ​ $ 154 ​ $ 162 Net investment income ​ 189 ​ 202 ​ 207 Net gains (losses) — investments and derivatives ​ 28 ​ (2) ​ (2) Total revenues ​ 361 ​ 354 ​ 367 Benefits and other deductions ​ ​ ​ Benefits and settlement expenses ​ 342 ​ 332 ​ 337 Other operating expenses ​ 1 ​ 2 ​ 1 Total benefits and other deductions ​ 343 ​ 334 ​ 338 Net revenues before income taxes ​ 18 ​ 20 ​ 29 Income tax expense ​ 5 ​ 4 ​ 6 Net revenues ​ $ 13 ​ $ 16 ​ $ 23 ​

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
REINSURANCE	13. REINSURANCE The Company reinsures certain of its risks with (cedes), and assumes risks from, other insurers under yearly renewable term, coinsurance, and modified coinsurance agreements. Under yearly renewable term agreements, the Company reinsures only the mortality risk, while under coinsurance the Company reinsures a proportionate share of all risks arising under the reinsured policy. Under coinsurance, the reinsurer receives a proportionate share of the premiums less commissions and is liable for a corresponding share of all benefit payments. Modified coinsurance is accounted for in a manner similar to coinsurance except that the liability for future policy benefits is held by the ceding company, and settlements are made on a net basis between the companies. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to us under the terms of the reinsurance agreements. The Company monitors the concentration of credit risk the Company has with any reinsurer, as well as the financial condition of its reinsurers. As of December 31, 2021, the Company had reinsured approximately 22% of the face value of its life insurance in-force. The Company has reinsured approximately 10% of the face value of its life insurance in-force with the following three reinsurers: ● Security Life of Denver Insurance Co. (currently administered by Hannover Re) ● Swiss Re Life & Health America Inc. ● The Lincoln National Life Insurance Co. (currently administered by Swiss Re Life & Health America Inc.) The Company has not experienced any credit losses for the years ended December 31, 2021, 2020, or 2019 related to these reinsurers. The Company has set limits on the amount of insurance retained on the life of any one person. The amount of insurance retained by the Company on any one life on traditional life insurance was $500,000 in years prior to mid-2005. In 2005, this retention amount was increased to $1,000,000 for certain policies, and during 2008, it was increased to $2,000,000 for certain policies. During 2016, the retention amount was increased to $5,000,000. 13. REINSURANCE – (Continued) Reinsurance premiums, commissions, expense reimbursements, benefits, and reserves related to reinsured long-duration contracts are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. The cost of reinsurance related to short-duration contracts is accounted for over the reinsurance contract period. Amounts recoverable from reinsurers, for both short- and long-duration reinsurance arrangements, are estimated in a manner consistent with the claim liabilities and policy benefits associated with reinsured policies. The following table presents total net life insurance in-force: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ (Dollars In Millions) Direct life insurance in-force ​ $ 829,253 ​ $ 785,197 ​ Amounts assumed from other companies ​ 191,110 ​ 206,050 ​ Amounts ceded to other companies ​ (222,865) ​ (244,588) ​ Net life insurance in-force ​ $ 797,498 ​ $ 746,659 ​ Percentage of amount assumed to net ​ 24 % 28 % ​ The following table reflects the effect of reinsurance on life, accident/health, and property and liability insurance premiums written and earned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumed ​ ​ ​ ​ ​ ​ ​ Ceded to ​ from ​ ​ ​ ​ ​ ​ Gross ​ Other ​ Other ​ Net ​ ​ ​ Amount ​ Companies ​ Companies ​ Amount ​ ​ ​ (Dollars In Millions) ​ For The Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,843 ​ $ (1,113) ​ $ 1,037 ​ $ 2,767 (1) Accident/health insurance ​ 32 ​ (19) ​ 28 ​ 41 Property and liability insurance ​ 281 ​ (188) ​ 1 ​ 94 Total ​ $ 3,156 ​ $ (1,320) ​ $ 1,066 ​ $ 2,902 For The Year Ended December 31, 2020 (Recast) ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,661 ​ $ (826) ​ $ 934 ​ $ 2,769 (1) Accident/health insurance ​ 37 ​ (23) ​ 90 ​ 104 Property and liability insurance ​ 279 ​ (178) ​ 2 ​ 103 Total ​ $ 2,977 ​ $ (1,027) ​ $ 1,026 ​ $ 2,976 For The Year Ended December 31, 2019 (Recast) ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,853 ​ $ (1,312) ​ $ 836 ​ $ 2,377 (1) Accident/health insurance ​ 42 ​ (90) ​ 41 ​ (7) Property and liability insurance ​ 281 ​ (106) ​ 3 ​ 178 Total ​ $ 3,176 ​ $ (1,508) ​ $ 880 ​ $ 2,548 (1) Includes annuity policy fees of $199 million, $163 million, and $164 million, for the years ended December 31, 2021, 2020, and 2019, respectively. 13. REINSURANCE – (Continued) As of December 31, 2021 and 2020, policy and claim reserves relating to insurance ceded of $4.6 billion and $4.7 billion, respectively, are included in reinsurance receivables. Should any of the reinsurers be unable to meet its obligation at the time of the claim, the Company would be obligated to pay such claims. As of December 31, 2021 and 2020, the Company had paid $157 million and $135 million, respectively, of ceded benefits which are recoverable from reinsurers. In addition, as of December 31, 2021 and 2020, the Company had receivables of $64 million and $64 million, respectively, related to insurance assumed. The Company’s third party reinsurance receivables amounted to $4.5 billion and $4.6 billion as of December 31, 2021 and 2020, respectively. These amounts include ceded reserve balances and ceded benefit payments. The ceded benefit payments are recoverable from reinsurers. The following table sets forth the receivables attributable to our more significant reinsurance partners: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Reinsurance A.M. Best Reinsurance A.M. Best ​ ​ Receivable ​ Rating ​ Receivable ​ Rating ​ ​ (Dollars In Millions) Security Life of Denver Insurance Company ​ $ 500.5 A- ​ $ 548.5 NR Swiss Re Life & Health America, Inc. ​ 480.1 A+ ​ 489.6 A+ Lincoln National Life Insurance Co. ​ 337.3 A+ ​ 370.7 A+ Somerset Re ​ 335.1 A- ​ 259.9 A- Transamerica Life Insurance Co. ​ 226.4 A ​ 240.3 A RGA Reinsurance Company ​ 204.6 A+ ​ 210.5 A+ American United Life Insurance Company ​ 187.6 A+ ​ 199.1 A+ Centre Reinsurance (Bermuda) Ltd ​ 149.3 A ​ 167.3 NR Employers Reassurance Corporation ​ 139.4 B+ ​ 162.0 NR The Canada Life Assurance Company ​ 123.2 A+ ​ 134.0 A+ ​ The Company’s reinsurance contracts typically do not have a fixed term. In general, the reinsurers’ ability to terminate coverage for existing cessions is limited to such circumstances as material breach of contract or non-payment of premiums by the ceding company. The reinsurance contracts generally contain provisions intended to provide the ceding company with the ability to cede future business on a basis consistent with historical terms. However, either party may terminate any of the contracts with respect to future business upon appropriate notice to the other party. Generally, the reinsurance contracts do not limit the overall amount of the loss that can be incurred by the reinsurer. The amount of liabilities ceded under contracts that provide for the payment of experience refunds is immaterial.

DEBT AND OTHER OBLIGATIONS

DEBT AND OTHER OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT AND OTHER OBLIGATIONS	14. DEBT AND OTHER OBLIGATIONS Under a revolving line of credit arrangement (the "Credit Facility"), PLC and the Company have the ability to borrow on an unsecured basis up to a combined aggregate principal amount of $1 billion. Under certain circumstances, the Credit Facility allows for a request that the commitment be increased up to a maximum principal amount of $1.5 billion. Balances outstanding under the Credit Facility accrue interest at a rate equal to, at the option of the Borrowers, (i) LIBOR plus a spread based on the ratings of PLC’s Senior Debt, or (ii) the sum of (A) a rate equal to the highest of (x) the Administrative Agent’s Prime rate, (y) 0.50% above the Funds rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC’s Senior Debt. The Credit Facility also provided for a facility fee at a rate that varies with the ratings of PLC’s Senior Debt and that is calculated on the aggregate amount of commitments under the Credit Facility, whether used or unused. The annual facility fee rate is 0.125% of the aggregate principal amount. The Credit 14. DEBT AND OTHER OBLIGATIONS – (Continued) Facility provides that PLC is liable for the full amount of any obligations for borrowings or letters of credit, including those of the Company, under the Credit Facility. The maturity date of the Credit Facility is May 3, 2023. The Company is not aware of any non-compliance with the financial debt covenants of the Credit Facility as of December 31, 2021. PLC had an outstanding balance of $275 million and $190 million as of December 31, 2021 and 2020. During 2018, the Company issued $110 million of Subordinated Funding Obligations as a rate of 3.55% due 2038. Secured Financing Transactions Repurchase Program Borrowings While the Company anticipates that the cash flows of its operating subsidiaries will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs for certain of its insurance subsidiaries to provide liquidity when needed. The Company expects that the rate received on its investments will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The fair value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturity securities, and the agreements provided for net settlement in the event of default or on termination of the agreements. As of December 31, 2021, the fair value of securities pledged under the repurchase program was $1,503 million and the repurchase obligation of $1,393 million was included in the Company’s consolidated balance sheets (at an average borrowing rate of 13 13 15 33 Securities Lending The Company participates in securities lending, primarily as an investment yield enhancement, whereby securities that are held as investments are loaned out to third parties for short periods of time. The Company requires collateral at least equal to 102% of the fair value of the loaned securities to be separately maintained. The loaned securities’ fair value is monitored on a daily basis and collateral is adjusted accordingly. The Company maintains ownership of the securities at all times and is entitled to receive from the borrower any payments for interest received on such securities during the loan term. Securities lending transactions are accounted for as secured borrowings. As of December 31, 2021 and 2020, securities with a fair value of $174 million and $57 million were loaned under this program. As collateral for the loaned securities, the Company receives cash, which is primarily reinvested in short term repurchase agreements, which are also collateralized by U.S. Government or U.S. Government Agency securities, and government money market funds. These investments are recorded in "short-term investments" with a corresponding liability recorded in "secured financing liabilities" to account for its obligation to return the collateral. As of December 31, 2021 and 2020, the fair value of the collateral related to this program was $179 million and $59 million, and the Company has an obligation to return $179 million and $59 million, respectively, of collateral to the securities borrowers. 14. DEBT AND OTHER OBLIGATIONS – (Continued) The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class, as of December 31, 2021 and 2020: Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Maturity of the Agreements ​ ​ As of December 31, 2021 ​ ​ (Dollars In Millions) ​ ​ Overnight and ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ Continuous ​ Up to 30 days ​ 30-90 days ​ 90 days ​ Total Repurchase agreements and repurchase-to-maturity transactions ​ ​ ​ ​ ​ U.S. Treasury and agency securities ​ $ 1,070 ​ $ — ​ $ — ​ $ — ​ $ 1,070 Corporate securities ​ 69 ​ — ​ — ​ — ​ 69 Commercial mortgage loans ​ 364 ​ — ​ — ​ — ​ 364 Total repurchase agreements and repurchase-to-maturity transactions ​ $ 1,503 ​ $ — ​ $ — ​ $ — ​ $ 1,503 Securities lending transactions ​ ​ ​ ​ ​ Fixed maturity securities ​ 171 ​ — ​ — ​ — ​ 171 Equity securities ​ 1 ​ — ​ — ​ — ​ 1 Redeemable preferred stocks ​ 2 ​ — ​ — ​ — ​ 2 Total securities lending transactions ​ 174 ​ — ​ — ​ — ​ 174 Total securities ​ $ 1,677 ​ $ — ​ $ — ​ $ — ​ $ 1,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Maturity of the Agreements ​ ​ As of December 31, 2020 ​ ​ (Dollars In Millions) ​ ​ Overnight and ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ Continuous ​ Up to 30 days ​ 30-90 days ​ 90 days ​ Total Repurchase agreements and repurchase-to-maturity transactions ​ ​ ​ ​ ​ U.S. Treasury and agency securities ​ $ 366 ​ $ 86 ​ $ — ​ $ — ​ $ 452 Commercial mortgage loans ​ — ​ — ​ — ​ — ​ — Total repurchase agreements and repurchase-to-maturity transactions ​ $ 366 ​ $ 86 ​ $ — ​ $ — ​ $ 452 Securities lending transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate securities ​ 49 ​ — ​ — ​ — ​ 49 Equity securities ​ 7 ​ — ​ — ​ — ​ 7 Redeemable preferred stocks ​ 1 ​ — ​ — ​ — ​ 1 Total securities lending transactions ​ ​ 57 ​ ​ — ​ ​ — ​ ​ — ​ ​ 57 Total securities ​ $ 423 ​ $ 86 ​ $ — ​ $ — ​ $ 509 ​ 14. DEBT AND OTHER OBLIGATIONS – (Continued) Golden Gate Captive Insurance Company On October 1, 2020, Golden Gate Captive Insurance Company ("Golden Gate"), a Vermont special purpose financial insurance company and a wholly owned subsidiary of the Company, entered into a transaction with a term of 20 years, that may be extended to a maximum of 25 years, to finance up to $5 billion of "XXX" and "AXXX" reserves related to the term life insurance business and universal life insurance with secondary guarantee business that is reinsured to Golden Gate by the Company and West Coast Life Insurance Company ("WCL"), a wholly owned subsidiary of the Company, pursuant to an Excess of Loss Reinsurance Agreement (the "XOL Agreement") with Hannover Life Reassurance Company of America (Bermuda) Ltd., The Canada Life Assurance Company (Barbados Branch) and RGA Reinsurance Company (Barbados) Ltd. (collectively, the "Retrocessionaires"). The transaction is "non-recourse" to the Company, WCL, and PLC, meaning that none of these companies are liable to reimburse the Retrocessionaires for any XOL payments required to be made. As of December 31, 2021, the XOL Asset backing the difference in statutory and economic reserve liabilities was $4.267 billion. Other Obligations The Company routinely receives from or pays to affiliates, under the control of PLC, reimbursements for expenses incurred on one another’s behalf. Receivables and payables among affiliates are generally settled monthly. Interest Expense Interest expense is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Dollars In Millions) Subordinated funding obligations $ 3.9 $ 3.9 $ 3.9 Non-recourse funding obligations, other obligations, and repurchase agreements ​ $ 11 ​ $ 133.2 ​ $ 175.8 Total interest expense ​ $ 14.9 ​ $ 137.1 ​ $ 179.7 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES The Company leases administrative and marketing office space as well as various office equipment. Most leases have terms ranging from two 15. COMMITMENTS AND CONTINGENCIES – (Continued) The Company had rental expense of $1 million, $4 million, and $6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following is a schedule by year of future minimum rental payments required under these leases: ​ ​ ​ ​ ​ Year Amount ​ ​ (Dollars In Millions) 2022 ​ $ 7 2023 ​ 4 2024 ​ 4 2025 ​ 2 2026 ​ 1 Thereafter ​ 8 ​ As of December 31, 2021 and 2020, the Company had outstanding commercial mortgage loan commitments of $994 million at an average rate of 3.58% and $801 million at an average rate of 3.90%, respectively. Under the insurance guaranty fund laws in most states, insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. From time to time, companies may be asked to contribute amounts beyond prescribed limits. It is possible that the Company could be assessed with respect to product lines not offered by the Company. In addition, legislation may be introduced in various states with respect to guaranty fund assessment laws related to insurance products, including long term care insurance and other specialty products, that increases the cost of future assessments or alters future premium tax offsets received in connection with guaranty fund assessments. The Company cannot predict the amount, nature or timing of any future assessments or legislation, any of which could have a material and adverse impact on the Company’s financial condition or results of operations. A number of civil jury verdicts have been returned against insurers, broker dealers and other providers of financial services involving sales, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or persons with whom the insurer does business, and other matters. Often these lawsuits have resulted in the award of substantial judgments that are disproportionate to the actual damages, including material amounts of punitive and non-economic compensatory damages. In some states, juries, judges, and arbitrators have substantial discretion in awarding punitive and non-economic compensatory damages which creates the potential for unpredictable material adverse judgments or awards in any given lawsuit or arbitration. Arbitration awards are subject to very limited appellate review. In addition, in some class action and other lawsuits, companies have made material settlement payments. The financial services and insurance industries in particular are also sometimes the target of law enforcement and regulatory investigations relating to the numerous laws and regulations that govern such companies. Some companies have been the subject of law enforcement or regulatory actions or other actions resulting from such investigations. The Company, in the ordinary course of business, is involved in such matters. The Company establishes liabilities for litigation and regulatory actions when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no liability is established. For such matters, the Company may provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company reviews relevant information with respect to litigation and regulatory matters on a quarterly and annual basis and updates its established liabilities, disclosures and estimates of reasonably possible losses or range of loss based on such reviews. 15. COMMITMENTS AND CONTINGENCIES – (Continued) Advance Trust & Life Escrow Services, LTA, as Securities Intermediary of Life Partners Position Holder Trust v. Protective Life Insurance Company, The Company is currently defending two cases, including one putative class action ( Beverly Allen v. Protective Life Insurance Company Beverly Allen v. Protective Life Insurance Company. McHugh v. Protective Life Insurance Company Scottish Re (U.S.), Inc. ("SRUS") was placed in rehabilitation on March 6, 2019 by the State of Delaware. Under the related order, the Insurance Commissioner of the State of Delaware has been appointed the receiver of SRUS (the "Receiver") and provided with authority to conduct and continue the business of SRUS in the interest of its cedents, creditors, and stockholder. The order was accompanied by an injunction requiring the continued payment of reinsurance premiums to SRUS and temporarily prohibiting cedents, including the Company, from offsetting premiums payable against receivables from SRUS. On June 20, 2019, the Delaware Court of Chancery (the "Court") entered an order approving a Revised Offset Plan, which allows cedents, including the Company, to offset premiums under certain circumstances. A proposed Rehabilitation Plan ("Original Rehabilitation Plan") was filed by the Receiver on June 30, 2020. The Original Rehabilitation Plan presents the following two options to each cedent: 1) remain in business with SRUS and be governed by the Rehabilitation Plan, or 2) recapture business ceded to SRUS. Due to SRUS’s financial status, neither option would pay 100% of the Company’s outstanding claims. The Original Rehabilitation Plan would impose certain financial terms and conditions on the cedents based on the election made, the type of business ceded, the manner in which the business is collateralized, and the amount of losses sustained by the cedent. On October 9, 2020, the Receiver filed a proposed order setting forth a schedule to present the Original Rehabilitation Plan for Court approval, which order contemplated possible modifications to the Rehabilitation Plan to be filed with the Court by March 16, 2021. The Court approved the order. On March 16, 2021, the Receiver filed a draft Amended Rehabilitation Plan ("Amended Plan"). The majority of the substance and form of the original Rehabilitation Plan, including its two option structure described above, remained in place. 15. COMMITMENTS AND CONTINGENCIES – (Continued) For much of 2020 and into early 2021, a group of interested parties collectively requested certain information and financial data from the Receiver that would allow them to more fully evaluate first the Original Rehabilitation Plan and then the Amended Plan. This group also had a number of conversations with counsel for the Receiver regarding concerns over the Plan. On July 26, 2021, the Receiver shared with interested parties an outline of a Modified Plan, along with a liquidation analysis. While there are significant changes proposed in the Modified Plan (as compared to the Original Rehabilitation Plan and the Amended Plan), much of the economic substance (including not paying claims in full) of the Original Rehabilitation Plan and the Amended Rehabilitation Plan are likely to be included in the Modified Plan. The Court has yet to rule further or to re-establish a schedule for pre-confirmation procedures or a hearing on confirmation. The Company continues to monitor SRUS and the actions of the Receiver through discussions with legal counsel and review of publicly available information. An allowance for credit losses related to SRUS is included in the overall reinsurance allowance for credit losses. As of December 31, 2021, management does not believe that the ultimate outcome of the rehabilitation process will have a material impact on our financial position or results of operations Certain insurance companies for which the Company has coinsured blocks of life insurance and annuity policies, are under audit for compliance with the unclaimed property laws of a number of states. The audits are being conducted on behalf of the treasury departments or unclaimed property administrators in such states. The focus of the audits is on whether there have been unreported deaths, maturities, or policies that have exceeded limiting age with respect to which death benefits or other payments under life insurance or annuity policies should be treated as unclaimed property that should be escheated to the state. The Company is presently unable to estimate the reasonably possible loss or range of loss that may result from the audits due to a number of factors, including the early stages of the audits being conducted, and uncertainty as to whether the Company or other companies are responsible for the liabilities, if any, arising in connection with certain co-insured policies. The Company will continue to monitor the matter for any developments that would make the loss contingency associated with the audits reasonably estimable.

SHAREOWNER'S EQUITY

SHAREOWNER'S EQUITY	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
SHAREOWNER'S EQUITY	16. SHAREOWNER’S EQUITY PLC owns all of the 2,000 shares of non-voting preferred stock issued by the Company’s subsidiary, PLAIC. The stock pays, when and if declared, noncumulative participating dividends to the extent PLAIC’s statutory earnings for the immediately preceding fiscal year exceeded $1 million. In 2021, 2020, and 2019, PLAIC paid no dividends to PLC on its preferred stock.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in the accumulated balances for each component of AOCI as of December 31, 2021, 2020, and 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Unrealized ​ Accumulated ​ Other ​ ​ Gains and Losses ​ Gain and Loss ​ Comprehensive ​ on Investments(2) on Derivatives Income (Loss) ​ ​ (Dollars In Millions, Net of Tax) Balance, December 31, 2018 (Recast) ​ $ (1,408) ​ $ — ​ $ (1,408) Other comprehensive income (loss) before reclassifications ​ 2,844 ​ (10) ​ 2,834 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings ​ (4) ​ — ​ (4) Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ (11) ​ 2 ​ (9) Balance, December 31, 2019 (Recast) ​ $ 1,421 ​ $ (8) ​ $ 1,413 Other comprehensive income (loss) before reclassifications ​ 2,048 ​ (2) ​ 2,046 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in operations ​ 24 ​ — ​ 24 Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ 63 ​ 2 ​ 65 Balance, December 31, 2020 (Recast) ​ $ 3,556 ​ $ (8) ​ $ 3,548 Other comprehensive income (loss) before reclassifications ​ (1,105) ​ — ​ (1,105) Other comprehensive income (loss) on investments for which a credit loss has been recognized in operations ​ (1) ​ — ​ (1) Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ (41) ​ 1 ​ (40) Balance, December 31, 2021 ​ $ 2,409 ​ $ (7) ​ $ 2,402 (1) See Reclassification table below for details. (2) As of December 31, 2019, 2020 and 2021, net unrealized losses reported in AOCI were offset by $ (777 ) million, $ (2.0 ) billion and $ (1.9 ) billion, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income. 17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – (Continued) The following tables summarize the reclassifications amounts out of AOCI for the years ended December 31, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected Line Item in the Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains/(losses) in net income: Statements of Income For The Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ (Dollars In Millions) Derivative instruments ​ Benefits and settlement expenses, net of reinsurance ceded(1) ​ $ (1) ​ $ (3) ​ $ (2) ​ Tax (expense) benefit ​ — ​ 1 ​ — ​ ​ ​ ​ $ (1) ​ $ (2) ​ $ (2) Unrealized gains and losses on available-for-sale securities Net gains (losses): investments ​ $ 46 ​ $ 46 ​ $ 48 ​ Net impairment losses recognized in earnings ​ 6 ​ (125) ​ (34) ​ Tax (expense) or benefit ​ (11) ​ 17 ​ (3) ​ ​ ​ ​ $ 41 ​ $ (62) ​ $ 11 (1) Refer to Note 6, Derivative Financial Instruments for additional information

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	18. INCOME TAXES The Company’s effective income tax rate related to continuing operations varied from the maximum federal income tax rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Recast) (Recast) Statutory federal income tax rate applied to pre-tax income 21.0 % 21.0 % 21.0 % State income taxes 0.2 ​ (0.4) ​ 0.5 ​ Investment income not subject to tax (5.1) ​ (3.6) ​ (2.1) ​ Prior period adjustments 0.5 ​ (0.7) ​ 0.1 ​ Goodwill impairment 7.3 ​ — ​ — ​ Other (0.7) ​ (0.9) ​ (1.0) ​ ​ 23.2 % 15.4 % 18.5 % ​ The annual provision for federal income tax in these financial statements differs from the annual amounts of income tax expense reported in the respective income tax returns. Certain significant revenues and expenses are appropriately reported in different years with respect to the financial statements and the tax returns. 18. INCOME TAXES – (Continued) The components of the Company’s income tax are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Recast) (Recast) ​ ​ (Dollars In Millions) Current income tax expense (benefit): ​ ​ ​ Federal ​ $ 129 ​ $ 123 ​ $ 378 State ​ 3 ​ (5) ​ 9 Total current ​ $ 132 ​ $ 118 ​ $ 387 Deferred income tax expense (benefit): ​ ​ ​ Federal ​ $ (44) ​ $ (79) ​ $ (284) State ​ (2) ​ 4 ​ (6) Total deferred ​ $ (46) ​ $ (75) ​ $ (290) ​ The components of the Company’s net deferred income tax liability are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ ​ ​ ​ (Recast) ​ ​ (Dollars In Millions) Deferred income tax assets: ​ ​ Loss and credit carryforwards ​ $ 168 ​ $ 146 Deferred compensation ​ 51 ​ 54 Deferred policy acquisition costs ​ 67 ​ 143 Valuation allowance ​ (10) ​ (9) ​ ​ 276 ​ 334 Deferred income tax liabilities: ​ ​ Premium receivables and policy liabilities ​ 200 ​ 250 VOBA and other intangibles ​ 552 ​ 582 Invested assets (other than unrealized gains (losses)) ​ 264 ​ 283 Net unrealized gains on investments ​ 640 ​ 945 Other ​ 48 ​ 53 ​ ​ 1,704 ​ 2,113 Net deferred income tax liability ​ $ (1,428) ​ $ (1,779) ​ The deferred tax assets reported above include certain deferred tax assets related to nonqualified deferred compensation and other employee benefit liabilities that were assumed by AXA and they were not acquired by the Company in connection with the acquisition of MONY. The future tax deductions stemming from these liabilities will be claimed by the Company on MONY’s tax returns in its post-acquisition periods. These deferred tax assets have been estimated as of the December 31, 2021 reporting date based on all available information. However, it is possible that these estimates may be adjusted in future reporting periods based on actuarial changes to the projected future payments associated with these liabilities. Any such adjustments will be recognized by the Company as an adjustment to income tax expense during the period in which they are realized. The CARES Act, as described in Note 8, Commercial Mortgage Loans 18. INCOME TAXES – (Continued) In management’s judgment, the gross deferred income tax asset as of December 31, 2021 will more likely than not be fully realized. The Company has recognized a valuation allowance of $10 million and $9 million as of December 31, 2021 and 2020, respectively, related to certain intercompany non-life federal NOL’s and state-based future deductible temporary differences that it has determined are more likely than not to expire unutilized. This resulting unfavorable change of $1 million, before the federal benefit of state income taxes, increased income tax expense in 2021 by the same amount. At December 31, 2021, the Company has intercompany loss carryforwards of $758 million that are available to offset future taxable income of certain non-life subsidiaries under the terms of the tax sharing agreement with PLC. Approximately $23 million of these loss carryforwards will expire between 2036 and 2038 and the remaining loss carryforwards of $735 million have no expiration. At December 31, 2020, the Company had intercompany loss carryforwards of $658 million that was available to offset future taxable income of certain non-life subsidiaries under the terms of the tax sharing agreement with PLC. $28 million of these loss carryforwards will expire between 2036 and 2037 and the remaining loss carryforwards of $630 million have no expiration. Included in the deferred income tax assets above are approximately $10 million in state net operating loss carryforwards attributable to certain jurisdictions, which are available to offset future taxable income in the respective state jurisdictions, expiring between 2022 and 2041. As of December 31, 2021 and 2020, some of the Company’s fixed maturities were reported at an unrealized loss, although the net amount is an unrealized gain as of December 31, 2021. If the Company were to realize a tax-basis net capital loss for a year, then such loss could not be deducted against that year’s other taxable income. However, such a loss could be carried back and forward against any prior year or future year tax-basis net capital gains. Therefore, the Company has relied upon a prudent and feasible tax-planning strategy regarding its fixed maturities that were reported at an unrealized loss. The Company has the ability and the intent to either hold such fixed maturities to maturity, thereby avoiding a realized loss, or to generate an offsetting realized gain from unrealized gain fixed maturities if such unrealized loss fixed maturities are sold at a loss prior to maturity. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Balance, beginning of period ​ $ 2 ​ $ 2 ​ $ 7 Additions for tax positions of the current year ​ — ​ — ​ — Additions for tax positions of prior years ​ — ​ — ​ — Reductions of tax positions of prior years: ​ ​ ​ Changes in judgment ​ — ​ — ​ — Settlements during the period ​ — ​ — ​ (5) Lapses of applicable statute of limitations ​ (2) ​ — ​ — Balance, end of period ​ $ — ​ $ 2 ​ $ 2 ​ Included in the end of period balances above, there were no unrecognized tax benefits for which the ultimate deductibility is certain but for which there is uncertainty about the timing of such deductions. The total amount of unrecognized tax benefits, if recognized, that would affect the effective income tax rate is none, $2 million, and $2 million, for the years ended December 31, 2021, 2020, and 2019, respectively. 18. INCOME TAXES – (Continued) Any accrued interest related to the unrecognized tax benefits and other accrued income taxes have been included in income tax expense. There were no amounts included in any period ending in 2021, 2020, or 2019, as PLC maintains responsibility for the interest on unrecognized tax benefits. The lapse of the 2017 statute of limitations is the reason for the reductions in the unrecognized tax benefits shown in the above chart. In general, the Company is no longer subject to income tax examinations by taxing authorities for tax years that began before 2018. Due to IRS adjustments to the Company’s 2014 through 2016 reported taxable income, the Company has amended certain of its 2014 through 2016 state income tax returns. Such amendments will cause such years to remain open, pending the states’ acceptances of the returns.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	19. SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Cash paid / (received) during the year: ​ ​ ​ ​ ​ ​ Interest expense ​ $ 15 ​ $ 177 ​ $ 182 Income taxes ​ 236 ​ 80 ​ 383 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS The Company provides furnished office space and computers to affiliates through an intercompany agreement. Revenues from this agreement were $9 million, $7 million, and $6 million, for the years ended December 31, 2021, 2020, and 2019, respectively. The Company purchases data processing, legal, investment, and management services from affiliates. The costs of such services were $330 million, $297 million, and $278 million, for the years ended December 31, 2021, 2020, and 2019, respectively. In addition, the Company has an intercompany payable with affiliates as of December 31, 2021 and 2020 of $49 million and $47 million, respectively. There was a $12 million and $13 million intercompany receivable balance as of December 31, 2021 and 2020, respectively. Certain corporations with which PLC’s directors were affiliated paid us premiums and policy fees or other amounts for various types of insurance and investment products, interest on bonds we own and commissions on securities underwritings in which our affiliates participated. Such amounts were immaterial for the years ended December 31, 2021 and 2020 and $6 million for the year ended December 31, 2019. The Company and/or PLC paid commissions, interest on debt and investment products, and fees to these same corporations totaling $2 million for the year ended December 31, 2019. The Company did not make any payments for the year ended December 31, 2021 and 2020. The Company has joint venture interests in real estate for which the Company holds the underlying real estate’s loan. During 2021, 2020, and 2019, the Company received $7 million, $5 million, and $23 million, respectively, in mortgage loan payments corresponding to the joint venture interests and $16 million in principal was collected on loans that paid off in December 2020. During the periods ending December 31, 2021, 2020, and 2019, PLC paid a management fee to Dai-ichi Life of $13 million, $12 million, and $11 million, respectively, for certain services provided to the company. 20. RELATED PARTY TRANSACTIONS – (Continued) PLC had guaranteed the Company’s obligations for borrowings or letters of credit under the revolving line of credit arrangement to which PLC is also a party. PLC had also issued guarantees, entered into support agreements and/or assumed a duty to indemnify its indirect wholly owned captive insurance companies in certain respects. In connection with the Captive Merger on October 1, 2020, certain captive related guarantees, support agreements and indemnification obligations were terminated, amended or replaced. The Company has agreements with certain of its subsidiaries under which it provides administrative services for a fee. These services include but are not limited to accounting, financial reporting, compliance, policy administration, reserve computations, and projections. In addition, the Company and its subsidiaries pay PLC for investment, legal and data processing services. The Company and/or certain of its affiliates have reinsurance agreements in place with companies owned by PLC. These agreements relate to certain portions of our service contract business which is included within the Asset Protection segment. These transactions are eliminated at the PLC consolidated level. The Company has reinsured certain riders related to its fixed and deferred annuity business to PL Re, a wholly owned subsidiary of PLC. PLC owns all of the shares of common stock issued by PL Re.

STATUTORY REPORTING PRACTICES A

STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS	12 Months Ended
	Dec. 31, 2021
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS	21. STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS The Company and its insurance subsidiaries prepare statutory financial statements for regulatory purposes in accordance with accounting practices prescribed by the National Association of Insurance Commissioners ("NAIC") and the applicable state insurance department laws and regulations. These financial statements vary materially from GAAP. Statutory accounting practices include publications of the NAIC, state laws, regulations, general administrative rules as well as certain permitted accounting practices granted by the respective state insurance department. Generally, the most significant differences are that statutory financial statements do not reflect 1) deferred acquisition costs and VOBA, 2) benefit liabilities that are calculated using Company estimates of expected mortality, interest, and withdrawals, 3) deferred income taxes that are not subject to statutory limits, 4) recognition of realized gains and losses on the sale of securities in the period they are sold, and 5) fixed maturities recorded at fair values, but instead at amortized cost. Statutory net income for the Company was $426 million, $692 million, and $(625) million for the years ended December 31, 2021, 2020, and 2019, respectively. Statutory capital and surplus for the Company was $5.3 billion and $5.4 billion as of December 31, 2021 and 2020, respectively. The Company and its insurance subsidiaries are subject to various state statutory and regulatory restrictions on the insurance subsidiaries’ ability to pay dividends to the Company and the Company’s ability to pay dividends to Protective Life Corporation. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval of the insurance commissioner of the state of domicile. Dividends in larger amounts are considered extraordinary and are subject to affirmative prior approval by such commissioner. The insurance subsidiaries may pay, without the approval of the Insurance Commissioners of the state of domicile, $136 million of distributions in 2022. Additionally, as of December 31, 2021, $1.8 billion of consolidated shareowner’s equity, excluding net unrealized gains on investments, represented restricted net assets of the Company and its insurance subsidiaries needed to maintain the minimum capital required by the insurance subsidiaries’ respective state insurance departments. 21. STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS – (Continued) State insurance regulators and the NAIC have adopted risk-based capital ("RBC") requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. A company’s risk-based statutory surplus is calculated by applying factors and performing calculations relating to various asset, premium, claim, expense, and reserve items. Regulators can then measure the adequacy of a company’s statutory surplus by comparing it to RBC. The Company manages its capital consumption by using the ratio of its total adjusted capital, as defined by the insurance regulators, to the Company’s action level RBC (known as the RBC ratio), also defined by insurance regulators. As of December 31, 2021 and 2020, the Company and its insurance subsidiaries all exceeded the minimum RBC requirements. Additionally, the Company has certain assets that are on deposit with state regulatory authorities and restricted from use. As of December 31, 2021, the Company and its insurance subsidiaries had on deposit with regulatory authorities, fixed maturity and short-term investments with a fair value of $43 million. The State of Tennessee has adopted certain prescribed accounting practices that differ from those found in NAIC Statutory Accounting Principles ("SAP"). Specifically, Tennessee Insurance Law requires that goodwill arising from the purchase of a subsidiary, controlled or affiliated entity is charged directly to surplus in the year it originates. In NAIC SAP, goodwill in amounts not to exceed 10% of an insurer’s capital and surplus may be capitalized and all amounts are amortized as a component of unrealized gains and losses on investments over periods not to exceed 10 years. Certain prescribed and permitted practices impact the statutory surplus of the Company. These practices include the non-admission of goodwill as an asset for statutory reporting. The favorable (unfavorable) effects on the Company and its statutory surplus, compared to NAIC statutory surplus, from the use of this prescribed practice was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Non-admission of goodwill ​ $ (66) ​ $ (105) Total (net) ​ $ (66) ​ $ (105) ​ PLC also has certain permitted practices which are applied at the subsidiary level and do not have a direct impact on the statutory surplus of the Company. These practices include permission to follow the actuarial guidelines of the domiciliary state of the ceding insurer for certain captive reinsurers, accounting for the XOL Asset Value, and a reserve difference related to a captive insurance company. The favorable (unfavorable) effects on the statutory surplus of the Company and its insurance subsidiaries, compared to NAIC statutory surplus, from the use of these permitted practices were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Accounting for XOL Asset Value as an admitted asset ​ $ 4,267 ​ $ 4,579 Reserving based on state specific actuarial practices ​ 101 ​ 94 Reserving difference related to a captive insurance company ​ — ​ (218) Total (net) ​ $ 4,368 ​ $ 4,455 ​

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
OPERATING SEGMENTS	22. OPERATING SEGMENTS The Company has several operating segments, each having a strategic focus. An operating segment is distinguished by products, channels of distribution, and/or other strategic distinctions. The Company periodically evaluates its operating segments and makes adjustments to its segment reporting as needed. A brief description of each segment follows. ● The Retail Life and Annuity segment primarily markets fixed UL, IUL, VUL, level premium term insurance ("traditional"), fixed annuity, and VA products on a national basis primarily through networks of independent insurance agents and brokers, broker-dealers, financial institutions, independent distribution organizations, and affinity groups. ● The Acquisitions segment focuses on acquiring, converting, and servicing policies and contracts acquired from other companies. The segment’s primary focus is on life insurance policies and annuity products that were sold to individuals. Additionally, this segment’s acquisition activity is predicated upon many factors, including available capital, operating capacity, potential return on capital, and market dynamics. Policies acquired through the Acquisitions segment are typically blocks of business where no new policies are being marketed, however, some recent acquisitions have included ongoing new business activities. Ongoing new product sales written by the Company from these acquisitions are included in the Retail Life and Annuity segment. As a result, earnings and account values are expected to decline as the result of lapses, deaths, and other terminations of coverage unless new acquisitions are made. ● The Stable Value Products segment sells fixed and floating rate funding agreements directly to the trustees of municipal bond proceeds, money market funds, bank trust departments, and other institutional investors. This segment also issues funding agreements to the FHLB, and markets GICs to 401(k) and other qualified retirement savings plans. The Company also has an unregistered funding agreement-backed notes program which provides for offers of notes to both domestic and international institutional investors. ● The Asset Protection segment markets extended service contracts, GAP products, and other specialized ancillary products to protect consumers’ investments in automobiles and recreational vehicles. GAP products are designed to cover the difference between the scheduled loan pay-off amount and an asset’s actual cash value in the case of a total loss. Each type of specialized ancillary product protects against damage or other loss to a particular aspect of the underlying asset. The Company previously marketed a credit life and disability product but exited that market at the beginning of 2021. ● The Corporate and Other segment primarily consists of net investment income on assets supporting our equity capital, unallocated corporate overhead and expenses not attributable to the segments above. This segment includes earnings from several non-strategic or runoff lines of business, various financing and investment related transactions, and the operations of several small subsidiaries. The Company’s management and Board of Directors analyzes and assesses the operating performance of each segment using pre-tax adjusted operating income (loss) after-tax adjusted operating income (loss) income (loss) before income tax ● gains and losses on investments and derivatives, ● losses from the impairment of intangible assets, 22. OPERATING SEGMENTS – (Continued) ● changes in the GLWB embedded derivatives exclusive of the portion attributable to the economic cost of the GLWB, ● actual GLWB incurred claims, ● immediate impacts from changes in current market conditions on estimates of future profitability on variable annuity and variable universal life products, including impacts on DAC, VOBA, reserves and other items, and ● the amortization of DAC, VOBA, and certain policy liabilities that is impacted by the exclusion of these items. After-tax adjusted operating income (loss) is derived from pre-tax adjusted operating income (loss) with the inclusion of income tax expense or benefits associated with pre-tax adjusted operating income. Income tax expense or benefits is allocated to the items excluded from pre-tax adjusted operating income (loss) at the statutory federal income tax rate for the associated period. Income tax expense or benefits allocated to after-tax adjusted operating income (loss) can vary period to period based on changes in the Company’s effective income tax rate. Pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) presented below are non-GAAP financial measures. The items excluded from adjusted operating income (loss) are important to understanding the overall results of operations. During the period ended December 31, 2021, the Company began excluding from pre-tax and after-tax adjusted operating income (loss) the impacts on DAC, VOBA, reserves and other items due to changes in estimated profitability of variable annuity and variable universal life products as a result of changes in current market conditions and non-cash charges incurred as a result of the impairment of intangible assets. Management believes this change enhances the understanding of the underlying performance trends of the Company’s core operations. Pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) are not substitutes for income before income taxes or net income (loss), respectively. These measures may not be comparable to similarly titled measures reported by other companies. Our belief is that pre-tax and after-tax adjusted operating income (loss) enhances management’s and the Board of Directors’ understanding of the ongoing operations, and the underlying profitability of each segment, and helps facilitate the allocation of resources. In determining the components of the pre-tax adjusted operating income (loss) for each segment, premiums and policy fees, other income, benefits and settlement expenses, and amortization of DAC and VOBA are attributed directly to each operating segment. Net investment income is allocated based on directly related assets required for transacting the business of that segment. Net gains (losses) — investments and derivatives There were no significant intersegment transactions during the years ended December 31, 2021, 2020, and 2019. 22. OPERATING SEGMENTS – (Continued) The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Revenues ​ ​ ​ ​ ​ Retail Life and Annuity ​ $ 2,823 ​ $ 2,440 ​ $ 2,161 Acquisitions ​ 2,984 ​ 3,282 ​ 2,902 Stable Value Products ​ 347 ​ 176 ​ 247 Asset Protection ​ 270 ​ 275 ​ 290 Corporate and Other ​ (11) ​ (5) ​ 131 Total revenues ​ $ 6,413 ​ $ 6,168 ​ $ 5,731 Pre-tax Adjusted Operating Income (Loss) ​ ​ ​ Retail Life and Annuity ​ $ (37) ​ $ 100 ​ $ 153 Acquisitions ​ 314 ​ 406 ​ 347 Stable Value Products ​ 171 ​ 90 ​ 93 Asset Protection ​ 40 ​ 41 ​ 37 Corporate and Other ​ (155) ​ (247) ​ (162) Pre-tax adjusted operating income ​ 333 ​ 390 ​ 468 Non-operating income (loss) ​ 38 ​ (113) ​ 56 Income before income tax ​ 371 ​ 277 ​ 524 Income tax expense (benefit) ​ 86 ​ 43 ​ 97 Net income ​ $ 285 ​ $ 234 ​ $ 427 Pre-tax adjusted operating income ​ $ 333 ​ $ 390 ​ $ 468 Adjusted operating income tax (expense) benefit ​ (51) ​ (66) ​ (86) After-tax adjusted operating income ​ 282 ​ 324 ​ 382 Non-operating income (loss) ​ 38 ​ (113) ​ 56 Income tax (expense) benefit on adjustments ​ (35) ​ 23 ​ (11) Net income ​ $ 285 ​ $ 234 ​ $ 427 Non-operating income (loss) ​ ​ ​ Derivative gains (losses), net ​ $ 48 ​ $ (195) ​ $ (368) Investment gains (losses), net ​ 102 ​ (40) ​ 309 VA/VUL market impacts(1) ​ 21 ​ — ​ — Goodwill impairment ​ (129) ​ — ​ — Less: related amortization(2) ​ 104 ​ (30) ​ (24) Less: VA GLWB economic cost ​ (100) ​ (92) ​ (91) Total non-operating income (loss) ​ $ 38 ​ $ (113) ​ $ 56 (1) Represents the immediate impacts on DAC, VOBA, reserves, and other non-cash items in current period results due to changes in current market conditions on estimates of profitability, which are excluded from pre-tax and after-tax adjusted operating income (loss) beginning in Q1 of 2021. (2) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by net gains (losses). ​ 22. OPERATING SEGMENTS – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Net Investment Income ​ ​ ​ Retail Life and Annuity ​ $ 1,110 ​ $ 1,015 ​ $ 945 Acquisitions ​ 1,590 ​ 1,648 ​ 1,533 Stable Value Products ​ 303 ​ 230 ​ 244 Asset Protection ​ 20 ​ 23 ​ 28 Corporate and Other ​ (41) ​ (27) ​ 75 Total net investment income ​ $ 2,982 ​ $ 2,889 ​ $ 2,825 Amortization of DAC and VOBA ​ ​ ​ Retail Life and Annuity ​ $ 222 ​ $ 116 ​ $ 100 Acquisitions ​ 19 ​ 24 ​ 11 Stable Value Products ​ 5 ​ 3 ​ 3 Asset Protection ​ 63 ​ 65 ​ 62 Corporate and Other ​ — ​ — ​ — Total amortization of DAC and VOBA ​ $ 309 ​ $ 208 ​ $ 176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segments ​ ​ As of December 31, 2021 ​ (Dollars In Millions) ​ Retail Life and ​ ​ Stable Value ​ ​ Annuity ​ Acquisitions Products Investments and other assets ​ $ 44,549 ​ $ 54,561 ​ $ 8,392 DAC and VOBA ​ 2,806 ​ 870 ​ 15 Other intangibles ​ 334 ​ 29 ​ 5 Goodwill ​ 430 ​ 24 ​ 114 Total assets ​ $ 48,119 ​ $ 55,484 ​ $ 8,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Corporate Total ​ ​ Protection ​ and Other ​ Consolidated Investments and other assets ​ $ 950 ​ $ 18,063 ​ $ 126,515 DAC and VOBA ​ 178 ​ — ​ 3,869 Other intangibles ​ 90 ​ 33 ​ 491 Goodwill ​ 129 ​ — ​ 697 Total assets ​ $ 1,347 ​ $ 18,096 ​ $ 131,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment Assets ​ ​ As of December 31, 2020 ​ (Recast) ​ (Dollars In Millions) ​ ​ Retail Life and ​ ​ ​ ​ Stable Value ​ ​ Annuity ​ Acquisitions ​ Products Investments and other assets ​ $ 40,194 ​ $ 55,628 ​ $ 5,928 DAC and VOBA ​ 2,480 ​ 762 ​ 8 Other intangibles ​ 367 ​ 33 ​ 6 Goodwill ​ 559 ​ 24 ​ 114 Total assets ​ $ 43,600 ​ $ 56,447 ​ $ 6,056 22. OPERATING SEGMENTS – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Corporate Total ​ ​ Protection ​ and Other ​ Consolidated Investments and other assets ​ $ 881 ​ $ 19,493 ​ $ 122,124 DAC and VOBA ​ 170 ​ — ​ 3,420 Other intangibles ​ 101 ​ 33 ​ 540 Goodwill ​ 129 ​ — ​ 826 Total assets ​ $ 1,281 ​ $ 19,526 ​ $ 126,910 ​

CONSOLIDATED QUARTERLY RESULTS

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED	23. CONSOLIDATED QUARTERLY RESULTS — UNAUDITED The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2021 and 2020 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management’s opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowner’s equity, and cash flows for a period of several quarters. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter(1) ​ (Dollars In Millions) For The Year Ended December 31, 2021 ​ ​ ​ ​ Gross premiums and policy fees ​ $ 1,095 ​ $ 1,026 ​ $ 1,054 ​ $ 1,047 Reinsurance ceded ​ (317) ​ (326) ​ (311) ​ (366) Net premiums and policy fees ​ 778 ​ 700 ​ 743 ​ 681 Net investment income ​ 720 ​ 742 ​ 753 ​ 767 Net gains (losses) — investments and derivatives ​ 127 ​ (33) ​ 67 ​ (11) Other income ​ 88 ​ 100 ​ 89 ​ 102 Total revenues ​ 1,713 ​ 1,509 ​ 1,652 ​ 1,539 Total benefits and expenses ​ 1,586 ​ 1,308 ​ 1,593 ​ 1,555 Income (loss) before income tax ​ 127 ​ 201 ​ 59 ​ (16) Income tax expense ​ 25 ​ 39 ​ 10 ​ 12 Net income (loss) ​ $ 102 ​ $ 162 ​ $ 49 ​ $ (28) ​ 23. CONSOLIDATED QUARTERLY RESULTS — UNAUDITED – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ (Dollars In Millions) For The Year Ended December 31, 2020 (Recast) ​ ​ ​ ​ Gross premiums and policy fees ​ $ 896 ​ $ 1,009 ​ $ 1,045 ​ $ 1,053 Reinsurance ceded ​ (36) ​ (360) ​ (287) ​ (344) Net premiums and policy fees ​ 860 ​ 649 ​ 758 ​ 709 Net investment income ​ 754 ​ 742 ​ 740 ​ 653 Net gains (losses) — investments and derivatives ​ (301) ​ (34) ​ 111 ​ (11) Other income ​ 128 ​ 111 ​ 115 ​ 184 Total revenues ​ 1,441 ​ 1,468 ​ 1,724 ​ 1,535 Total benefits and expenses ​ 1,600 ​ 1,294 ​ 1,564 ​ 1,433 Income (loss) before income tax ​ (159) ​ 174 ​ 160 ​ 102 Income tax (benefit) expense ​ (30) ​ 32 ​ 29 ​ 12 Net income (loss) ​ $ (129) ​ $ 142 ​ $ 131 ​ $ 90 (1) The Company recorded a non-cash impairment charge of $ 129 million Q4 2021. Refer to Note 10, Goodwill for additional information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	24. SUBSEQUENT EVENTS The Company has evaluated the effects of events subsequent to December 31, 2021, and through the date we filed our consolidated financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated financial statements.

SCHEDULE III - SUPPLEMENTARY IN

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION PROTECTIVE LIFE INSURANCE COMPANY AND SUBSIDIARIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ Stable Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of Deferred ​ ​ ​ ​ ​ ​ ​ ​ Policy ​ ​ ​ ​ ​ ​ ​ Products, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy ​ ​ ​ ​ ​ ​ ​ ​ Acquisition ​ Future ​ ​ ​ ​ Annuity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ Costs and ​ Policy ​ ​ ​ ​ Contracts and ​ Net ​ ​ ​ ​ Benefits ​ Costs and ​ ​ ​ ​ ​ ​ ​ ​ Value of ​ Benefits ​ ​ ​ ​ Other ​ Premiums ​ Net ​ and ​ Value of ​ Other ​ ​ ​ ​ ​ Businesses ​ and ​ Unearned ​ Policyholders' ​ and Policy ​ Investment ​ Settlement ​ Businesses ​ Operating ​ Premiums Segment Acquired Claims Premiums Funds Fees Income(1) Expenses Acquired Expenses(1) Written(2) ​ (Dollars In Millions) For The Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Life and Annuity ​ $ 2,806 ​ $ 19,506 $ — ​ $ 11,674 ​ $ 1,474 ​ $ 1,110 ​ $ 2,316 ​ $ 222 ​ $ 224 $ — Acquisitions ​ 870 ​ 34,478 1 ​ 5,914 ​ 1,320 ​ 1,590 ​ 2,411 ​ 19 ​ 234 28 Stable Value Products ​ 15 ​ — — ​ 8,526 ​ — ​ 303 ​ 124 ​ 5 ​ 3 — Asset Protection ​ 178 ​ 34 843 ​ — ​ 98 ​ 20 ​ 59 ​ 63 ​ 108 97 Corporate and Other ​ — ​ 46 1 ​ 78 ​ 10 ​ (41) ​ 14 ​ — ​ 111 10 Total ​ $ 3,869 ​ $ 54,064 $ 845 ​ $ 26,192 ​ $ 2,902 ​ $ 2,982 ​ $ 4,924 ​ $ 309 ​ $ 680 $ 135 For The Year Ended December 31, 2020 (Recast) ​ ​ ​ ​ ​ ​ ​ ​ Retail Life and Annuity ​ $ 2,480 ​ $ 18,483 $ — ​ $ 10,914 ​ $ 1,541 ​ $ 1,015 ​ $ 2,168 ​ $ 116 ​ $ 199 $ — Acquisitions ​ 762 ​ 35,537 2 ​ 6,361 ​ 1,317 ​ 1,648 ​ 2,510 ​ 24 ​ 267 90 Stable Value Products ​ 8 ​ — — ​ 6,056 ​ — ​ 230 ​ 133 ​ 3 ​ 4 — Asset Protection ​ 170 ​ 40 779 ​ — ​ 107 ​ 23 ​ 75 ​ 65 ​ 94 105 Corporate and Other ​ — ​ 47 1 ​ 68 ​ 11 ​ (27) ​ 15 ​ — ​ 218 11 Total ​ $ 3,420 ​ $ 54,107 $ 782 ​ $ 23,399 ​ $ 2,976 ​ $ 2,889 ​ $ 4,901 ​ $ 208 ​ $ 782 $ 206 For The Year Ended December 31, 2019 (Recast) ​ ​ ​ ​ ​ ​ ​ ​ Retail Life and Annuity ​ $ 2,417 ​ $ 17,674 $ — ​ $ 9,402 ​ $ 1,244 ​ $ 945 ​ $ 1,765 ​ $ 100 ​ $ 209 $ — Acquisitions ​ 924 ​ 36,176 2 ​ 6,387 ​ 1,173 ​ 1,533 ​ 2,237 ​ 11 ​ 232 42 Stable Value Products ​ 5 ​ — — ​ 5,444 ​ — ​ 244 ​ 144 ​ 3 ​ 4 — Asset Protection ​ 174 ​ 44 792 ​ — ​ 120 ​ 28 ​ 93 ​ 62 ​ 98 180 Corporate and Other ​ — ​ 51 1 ​ 78 ​ 11 ​ 75 ​ 17 ​ — ​ 232 12 Total ​ $ 3,520 ​ $ 53,945 $ 795 ​ $ 21,311 ​ $ 2,548 ​ $ 2,825 ​ $ 4,256 ​ $ 176 ​ $ 775 $ 234 (1) Allocations of Net Investment Income and Other Operating Expenses are based on a number of assumptions and estimates and results would change if different methods were applied. (2) Excludes Life Insurance. See the accompanying Report of Independent Registered Public Accounting Firm

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
SCHEDULE IV - REINSURANCE	PROTECTIVE LIFE INSURANCE COMPANY AND SUBSIDIARIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumed ​ ​ Percentage of ​ ​ ​ ​ ​ Ceded to ​ from ​ ​ ​ ​ Amount ​ ​ Gross ​ Other ​ Other ​ Net ​ Assumed to ​ ​ Amount ​ Companies ​ Companies ​ Amount ​ Net ​ (Dollars In Millions) ​ For The Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ Life insurance in-force ​ $ 829,253 ​ $ (222,865) ​ $ 191,110 ​ $ 797,498 ​ 24.0 % Premiums and policy fees: ​ ​ ​ ​ ​ ​ Life insurance ​ 2,843 ​ (1,113) ​ 1,037 ​ 2,767 (1) 37.5 % Accident/health insurance ​ 32 ​ (19) ​ 28 ​ 41 ​ 68.3 ​ Property and liability insurance ​ 281 ​ (188) ​ 1 ​ 94 ​ 1.1 ​ Total ​ $ 3,156 ​ $ (1,320) ​ $ 1,066 ​ $ 2,902 ​ ​ For The Year Ended December 31, 2020 (Recast): ​ ​ ​ ​ ​ ​ Life insurance in-force ​ $ 785,197 ​ $ (244,588) ​ $ 206,050 ​ $ 746,659 ​ 27.6 % Premiums and policy fees: ​ ​ ​ ​ ​ ​ Life insurance ​ 2,661 ​ (826) ​ 934 ​ 2,769 (1) 33.7 % Accident/health insurance ​ 37 ​ (23) ​ 90 ​ 104 ​ 86.5 ​ Property and liability insurance ​ 279 ​ (178) ​ 2 ​ 103 ​ 1.9 ​ Total ​ $ 2,977 ​ $ (1,027) ​ $ 1,026 ​ $ 2,976 ​ ​ For The Year Ended December 31, 2019 (Recast): ​ ​ ​ ​ ​ ​ Life insurance in-force ​ $ 766,197 ​ $ (271,601) ​ $ 212,574 ​ $ 707,170 ​ 30.1 % Premiums and policy fees: ​ ​ ​ ​ ​ ​ Life insurance ​ 2,853 ​ (1,312) ​ 836 ​ 2,377 (1) 35.2 % Accident/health insurance ​ 42 ​ (90) ​ 41 ​ (7) ​ (585.7) ​ Property and liability insurance ​ 281 ​ (106) ​ 3 ​ 178 ​ 1.7 ​ Total ​ $ 3,176 ​ $ (1,508) ​ $ 880 ​ $ 2,548 ​ ​ (1) Includes annuity policy fees of $ 199 million, $163 million, and $164 million, and for the years ended December 31, 2021, 2020, and 2019, respectively. See the accompanying Report of Independent Registered Public Accounting Firm

SCHEDULE V - VALUATION AND QUAL

SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS PROTECTIVE LIFE INSURANCE COMPANY AND SUBSIDIARIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ Balance Charged to Charges ​ ​ Balance ​ ​ at beginning ​ costs and ​ to other ​ ​ ​ ​ at end of Description ​ of period ​ expenses ​ accounts ​ Deductions ​ period ​ ​ (Dollars In Millions) As of December 31, 2021 ​ ​ ​ ​ ​ Allowance for funded commercial mortgage loan credit losses ​ $ 222 ​ $ — ​ $ — ​ $ (119) ​ $ 103 As of December 31, 2020 ​ ​ ​ ​ ​ Allowance for funded commercial mortgage loan credit losses ​ $ 5 ​ $ 140 ​ $ 80 ​ $ (3) ​ $ 222 ​ See the accompanying Report of Independent Registered Public Accounting Firm

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Protective Life Insurance Company (the "Company"), a stock life insurance company, was founded in 1907. The Company is a wholly owned subsidiary of Protective Life Corporation ("PLC"), an insurance holding company. PLC is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc., a kabushiki kaisha These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such accounting principles differ from statutory reporting practices used by insurance companies in reporting to state regulatory authorities (see also Note 21, Statutory Reporting Practices and Other Regulatory Matters The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to changing competition, economic conditions, interest rates, investment performance, insurance ratings, claims, persistency, and other factors.
Entities Included	Entities Included The consolidated financial statements include the accounts of Protective Life Insurance Company and its affiliate companies in which the Company holds a majority voting or economic interest. Intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization periods, goodwill recoverability, value of business acquired ("VOBA"), certain investments and certain derivatives fair values, the allowance for credit losses, other-than-temporary impairments, future policy benefits, pension and other postretirement benefits, provisions for income taxes, reserves for contingent liabilities, reinsurance risk transfer assessments, and reserves for losses in connection with unresolved legal matters. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Further, certain estimates and assumptions include the direct and indirect impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations. The economic impact of the pandemic on the Company’s business depends on its severity and duration, which in turn depend on highly uncertain factors such as the nature and extent of containment efforts and the timing and efficacy of vaccines. The high level of uncertainty regarding this economic impact means that management’s estimates and assumptions, specifically those related to investments and certain derivatives fair values, the allowance for credit losses, and future policy benefits are subject to change — perhaps substantial change — as the situation develops and new information becomes available.
Net Investment Income and Valuation of Investment Securities	Net Investment Income Investment income is recognized when earned, net of applicable management or other fees. Investment income on fixed maturity securities includes coupon interest, amortization of any premium and accretion of any discount. Investment income on equity securities includes dividend income and preferred coupons interest. Investment income on commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS"), and other asset-backed securities is initially based upon yield, cash flow and prepayment assumptions at the date of purchase. Subsequent revisions in those assumptions are recorded using the retrospective or prospective method. Under the retrospective method used primarily for mortgage-backed and asset-backed securities of high credit quality which cannot be contractually prepaid in such a manner that we would not recover a substantial portion of the initial investment, amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of purchase. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Valuation of Investment Securities The Company determines the appropriate classification of investment securities at the time of purchase and periodically re-evaluates such designations. Investment securities are classified as either trading, available-for-sale, or held-to-maturity securities. Investment securities classified as trading are recorded at fair value with changes in fair value recorded in net gains (losses) — investments and derivatives The fair value of fixed maturity, short-term, and equity securities is determined by management after considering one of three primary sources of information: third party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a "waterfall" approach whereby publicly available prices are first sought from third party pricing services, the remaining unpriced securities are submitted to independent brokers for non-binding prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Based on the typical trading volumes and the lack of quoted market prices for available-for-sale and trading fixed maturities, third party pricing services derive the majority of security prices from observable market inputs such as recent 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 recent reported trades, the third party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm’s length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third party service or an independent broker quotation. Included in the pricing of other asset-backed securities, collateralized mortgage obligations ("CMOs"), and mortgage-backed securities ("MBS") are estimates of the rate of future prepayments of principal and underlying collateral support over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and rates of prepayments previously experienced at the interest rate levels projected for the underlying collateral. The basis for the cost of securities sold was determined at the Committee on Uniform Securities Identification Procedures ("CUSIP") level on a first in first out basis. The committee supplies a unique nine-character identification, called a CUSIP number, for each class of security approved for trading in the U.S., to facilitate clearing and settlement. These numbers are used when any buy and sell orders are recorded.
Net gains (losses) - investments and derivatives	Net gains (losses) — investments and derivatives Net gains (losses) — investments and derivatives includes realized gains and losses from the sale of investments, which are calculated on the basis of specific identification on the trade date. It also includes gains and losses associated with the fair value changes of equity securities and net credit losses. In addition, it includes the gains and losses on free-standing and embedded derivatives.
Other Income	Other Income Other income consists primarily of advisory and administration service fees assessed on investment contract holder account values, marketing and distribution fees, rider charges associated with guaranteed benefits, distribution company revenues and other fees. In addition, any gains related to final settlements related to its acquisitions are included in other income.
Allowance for Credit Losses	Allowance for Credit Losses — Fixed Maturity and Structured Investments Each quarter the Company reviews investments with unrealized losses to determine whether such impairments are the result of credit losses. The Company analyzes various factors to make such determination including, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company’s intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security’s amortized cost, 5) an economic analysis of the issuer’s industry, and 6) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter to evaluate whether a credit loss has occurred. For securities which the Company does not intend to sell and does not expect to be required to sell before recovering the security’s amortized cost basis, analysis of expected cash flows is used to measure the amount of the credit loss. To the extent the amortized cost basis of the security exceeds the present value of future cash flows expected to be collected, this difference represents a credit loss. Credit losses are recorded in net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives The Company presents accrued interest receivable separately from other components of the amortized cost basis of its fixed maturity and structured investments and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. The Company’s policy is to write off uncollectible accrued interest receivables through a reversal of interest income in the period in which a credit loss is identified. Prior to January 1, 2020, the Company calculated a valuation allowance based on the analysis of specific loans that were believed to have a higher risk of credit impairment consistent with the applicable guidance for loan impairments in ASC Subtopic 310. Due to the Company’s loss experience and nature of the loan portfolio, the Company believed that a collectively evaluated allowance would be inappropriate. Since the Company used the specific identification method for calculating the allowance, it was necessary to review the economic situation of each borrower to determine those that had higher risk of credit impairment. The Company has a team of professionals that monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assessed the risk of each loan. When issues were identified, the severity of the issues was assessed and reviewed for possible credit impairment. If a loss was deemed probable, an expected loss calculation was performed and an allowance was established for that loan based on the expected loss. The expected loss was calculated as the excess carrying value of a loan over either the present value of expected future cash flows discounted at the loan’s original effective interest rate, or the current estimated fair value of the loan’s underlying collateral. A loan could be subsequently charged off at such point that the Company no longer expected to receive cash payments, the present value of future expected payments of the renegotiated loan was less than the current principal balance, or at such time that the Company was party to foreclosure or bankruptcy proceedings associated with the borrower and did not expect to recover the principal balance of the loan. Allowance for Credit Losses — Commercial Mortgage Loans and Unfunded Commitments Effective January 1, 2020, the ACL represents the Company’s best estimate of expected credit losses over the contractual term of the loans. The allowance for credit losses for unfunded loan commitments is recognized as a component of other liabilities net gains (losses) — investments and derivatives 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) The Company uses a loan-level probability of default ("PD") and loss given default ("LGD") model to calculate the allowance for credit losses for substantially all of its commercial mortgage loans and unfunded loan commitments. Guidance in FASB ASC Topic 326-20 — Credit Losses The CML Model incorporates both current conditions and reasonable and supportable forecasts when estimating the PD and LGD values that are used as the basis for calculating expected losses. Current conditions are incorporated by considering market-specific information, such as vacancy rates and property prices, to reflect the current position in the market cycle. To incorporate reasonable and supportable forecasts, loan-level risk parameters produced by the CML Model are conditioned by multiple probability-weighted macroeconomic forecast scenarios. CML Model results are also subject to adjustments based on other qualitative considerations to reflect management’s best estimate of the impact of future events and circumstances on the ACL. PDs and LGDs are forecasted over a reasonable and supportable forecast period, which is reassessed on a quarterly basis. After the reasonable and supportable forecast period, the CML Model reverts to the Company’s own historical loss history at a portfolio segment level. The historical loss data used for reversion will be assessed annually in the third quarter, along with certain other model inputs and assumptions. All or a portion of a loan may be written off at such point that a) the Company no longer expects to receive cash payments, b) the present value of future expected payments of a renegotiated loan is less than the current principal balance, or c) at such time that the Company is party to foreclosure or bankruptcy proceedings associated with the borrower and does not expect to recover the principal balance of the loan. A write-off is recorded by eliminating the allowance against the commercial mortgage loan and recording the renegotiated loan or the collateral property related to the loan as investment real estate on the balance sheet, which is carried at the lower of the appraised fair value of the property or the unpaid principal balance of the loan, less estimated selling costs associated with the property. Certain loans which meet the definition of collateral dependent are identified as part of the Company’s ongoing loan surveillance process. Loans are considered to be collateral dependent if foreclosure is deemed probable, or if a borrower is in financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral. The ACL for loans identified as collateral dependent is measured based on the fair value of the underlying collateral, less costs to sell. The Company presents accrued interest receivable separately from other components of the amortized cost basis of its commercial mortgage loans and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. It is the Company’s policy to cease to carry accrued interest on loans that are over 90 days delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. In each scenario, accrued income is reversed through investment income. Refer to Note 8, Commercial Mortgage Loans Allowance for Credit Losses — Reinsurance Receivables The Company establishes an allowance for current expected credit losses related to amounts receivable from reinsurers (the "Reinsurance ACL"). Changes in the Reinsurance ACL are recognized as a component of benefits and settlement expenses
Corporate-Owned Life Insurance	Corporate-Owned Life Insurance The Company has purchased corporate-owned life insurance ("COLI") on the lives of certain employees. COLI is carried at the cash surrender value of the policies, which is based upon the underlying fair value of the portfolio of assets. Changes in the cash surrender value are reported currently in earnings. COLI is included in other long-term investments
Derivative Financial Instruments	Derivative Financial Instruments The Company records its derivative financial instruments at fair value in the consolidated balance sheet in other long-term investments and other liabilities cash flow fair value net gains (losses) — investments and derivatives net gains (losses) — investments and derivatives Derivative Financial Instruments.
Commercial Mortgage Loans	Commercial Mortgage Loans The Company’s commercial mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of the allowance for credit losses ("ACL"). Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. Interest income, amortization of premiums and discounts and prepayment fees are reported in net investment income
Short-term Investments	Short-term Investments Short-term investments primarily consist of highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These securities and investments are generally carried at fair value or amortized cost that approximates fair value.
Cash	Cash Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. As a result of the Company’s cash management system, checks issued from a particular bank but not yet presented for payment may create negative book cash balances with the bank at certain reporting dates. Such negative balances are included in other liabilities and were $178 million and $185 million as of December 31, 2021 and 2020, respectively. The Company has deposits with certain financial institutions which exceed federally insured limits. The Company has reviewed the creditworthiness of these financial institutions and believes there is minimal risk of a material loss.
Policy Loans	Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs ("DAC") The incremental direct costs associated with successfully acquired insurance policies are deferred to the extent such costs are deemed recoverable from future profits. Such costs include commissions, costs of policy issuance and underwriting and certain other costs that are directly related to the successful acquisition of traditional life and health insurance, credit insurance, universal life insurance, and investment products. DAC is subject to recoverability testing at the end of each accounting period. Traditional life and health insurance acquisition costs are amortized over the premium-payment period of the related policies in proportion to the ratio of annual premium income to the present value of the total anticipated premium income. Credit insurance acquisition costs are being amortized in proportion to earned premium. Acquisition costs for universal life and investment products are amortized over the lives of the policies in relation to the present value of estimated gross profits before amortization. Acquisition costs for stable value contracts are amortized over the term of the contracts using the effective yield method. The Company makes certain assumptions regarding the mortality, persistency, expenses, and interest rates (equal to the rate used to compute liabilities for future policy benefits, currently 1.00% to 7.86%) the Company expects to experience in future periods when determining the present value of estimated gross profits ("EGPs"). These assumptions are best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. Additionally, DAC is also impacted by unrealized investment gains (losses) which would have been recognized if such gains and losses had been realized. The Company includes the impact of these credits or charges, net of tax, in accumulated other comprehensive income ("AOCI").
Value of Businesses Acquired	Value of Businesses Acquired ("VOBA") In conjunction with the Merger and the acquisition of insurance policies or investment contracts, a portion of the purchase price is allocated to the right to receive future gross profits from cash flows and earnings of associated insurance policies and investment contracts. This intangible asset, called VOBA, is based on the actuarially estimated present value of future cash flows from associated insurance policies and investment contracts acquired. The estimated present value of future cash flows used in the calculation of the VOBA is based on certain assumptions, including mortality, persistency, expenses, and interest rates that the Company believes to be those of a market participant. The Company amortizes VOBA in proportion to gross premiums for traditional life products, or estimated gross margins ("EGMs") for participating traditional life products within the MONY Life Insurance Company ("MONY") block. For interest sensitive products, the Company uses various amortization bases including EGPs, revenues, account values, or insurance in-force. VOBA is subject to annual recoverability testing. Included within the deferred policy acquisition costs and value of business acquired amortization is recorded in the amortization of deferred policy acquisition costs and value of business acquired line
Other Intangible Assets	Other Intangible Assets Other intangible assets with definite lives are amortized over the estimated useful life of the asset and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Amortizable intangible assets primarily consist of distribution relationships, trade names, technology, and software. Intangible assets with indefinite lives, primarily insurance licenses, are not amortized, but are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Software is generally amortized over a three — five year useful life.
Property and Equipment	Property and Equipment The Company depreciates its assets using the straight-line method over the estimated useful lives of the assets. The Company’s home office is depreciated over twenty-five years, furniture is depreciated over a ten year useful life, office equipment and machines are depreciated over a five year useful life, and computers are depreciated over a four year useful life. Land is not depreciated. Major repairs or improvements are capitalized and depreciated over the estimated useful lives of the assets. Other repairs are expensed as incurred. The cost and related accumulated depreciation of property and equipment sold or retired are removed from the accounts, and resulting gains or losses are included in income. Leases are recorded on the balance sheet as right-of-use assets and liabilities within property and equipment other liabilities
Separate Accounts	Separate Accounts The separate account assets represent funds for which the Company does not bear the investment risk. These assets are carried at fair value and are equal to the separate account liabilities, which represent the policyholder’s equity in those assets. The investment income and investment gains and losses on the separate account assets accrue directly to the policyholder. These amounts are reported separately as assets and liabilities related to separate accounts in the accompanying consolidated financial statements. Amounts assessed against policy account balances for the costs of insurance, policy administration, and other services are included in premiums and policy fees in the accompanying consolidated statements of income. Fees are generally based on the daily net assets of the policyholder’s account value and recognized as revenue when assessed. Assets and liabilities related to separate accounts include balances related to separate accounts assumed through reinsurance. These balances relate to variable annuity and variable life policies that we have reinsured on a modified coinsurance basis.
Stable Value Product Account Balances	Stable Value Product Account Balances The Stable Value Products segment sells fixed and floating rate funding agreements directly to qualified institutional investors. The segment also issues funding agreements to the Federal Home Loan Bank ("FHLB"), and markets guaranteed investment contracts ("GICs") to 401(k) and other qualified retirement savings plans. GICs are contracts which specify a return on deposits for a specified period and often provide flexibility for withdrawals at book value in keeping with the benefits provided by the plan. The Company records its stable value contract liabilities in the consolidated balance sheets in stable value product account balances The segment’s products complement the Company’s overall asset/liability management in that the terms may be tailored to the needs of the Company as the seller of the contracts. Stable value product account balances include GICs and funding agreements the Company has issued. As of December 31, 2021 and 2020, the Company had $6,573 million and $4,032 million, respectively, of stable value product account balances marketed through structured programs. Most GICs and funding agreements the Company has written have maturities of one to twelve years .
Insurance Liabilities and Reserves	Insurance Liabilities and Reserves Establishing an adequate liability for the Company’s obligations to policyholders requires the use of certain assumptions. Estimating liabilities for future policy benefits on life and health insurance products requires the use of assumptions relative to future investment yields, mortality, morbidity, persistency, and other assumptions based on the Company’s historical experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Determining liabilities for the Company’s property and casualty insurance products also requires the use of assumptions, including the projected levels of used vehicle prices, the frequency and severity of claims, and the effectiveness of internal processes designed to reduce the level of claims. The Company’s results depend significantly upon the extent to which its actual claims experience is consistent with the assumptions the Company used in determining its reserves and pricing its products. The Company’s reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. The Company cannot determine with precision the ultimate amounts that it will pay for actual claims or the timing of those payments.
Guaranteed Living Withdrawal Benefits	Guaranteed Living Withdrawal Benefits The Company also establishes reserves for guaranteed living withdrawal benefits ("GLWB") on its variable annuity ("VA") products. The GLWB is valued in accordance with FASB guidance under the ASC Derivatives and Hedging Topic which utilizes the valuation technique prescribed by the ASC Fair Value Measurements and Disclosures Topic, which requires the embedded derivative to be recorded at fair value using current interest rates and implied volatilities for the equity indices. The fair value of the GLWB is impacted by equity market conditions and can result in the GLWB embedded derivative being in an overall net asset or net liability position. In times of favorable equity market conditions the likelihood and severity of claims is reduced and expected fee income increases. Since claims are generally expected later than fees, these favorable equity market conditions can result in the present value of fees being greater than the present value of claims, which results in a net GLWB embedded derivative asset. In times of unfavorable equity market conditions the likelihood and severity of claims is increased and expected fee income decreases and can result in the present value of claims exceeding the present value of fees resulting in a net GLWB embedded derivative liability. The methods used to estimate the embedded derivative employ assumptions about mortality, lapses, policyholder behavior, equity market returns, interest rates, and market volatility. The Company assumes age-based mortality from the Ruark 2015 ALB table adjusted for company experience. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. As of December 31, 2021 and 2020, our net GLWB liability held was $475 million and $822 million, respectively.
Goodwill	Goodwill The balance recognized as goodwill is not amortized, but is reviewed for impairment on an annual basis, or more frequently as events or circumstances may warrant, including those circumstances which would more likely than not reduce the fair value of the Company’s reporting units below its carrying amount. Accounting for goodwill requires an estimate of the future profitability of the associated lines of business within the Company’s reporting units to assess the recoverability of the capitalized goodwill. The Company’s material goodwill balances are attributable to certain of its reportable segments. Each of the Company’s reportable segments are considered separate reporting units, with the exception of the Retail Life and Annuity segment. This reportable segment contains the Protection and Retirement divisions which are considered separate reporting units. The Company evaluates the carrying value of goodwill at the reporting units level at least annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such circumstances could include, but are not limited to: 1) a significant adverse change in legal factors or in business climate, 2) unanticipated competition, or 3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company first determines through qualitative analysis whether relevant events and circumstances indicate that it is more likely than not that a reporting unit’s goodwill balances is impaired as of the testing date. If the qualitative analysis does not indicate that an impairment of a reporting unit’s goodwill is more likely than not then no other specific quantitative impairment testing is required. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) If it is determined that it is more likely than not that impairment exists, the Company performs a quantitative assessment and compares its estimate of the fair value of the reporting unit to which the goodwill is assigned to the reporting unit’s carrying amount, including goodwill. The Company utilizes a fair value measurement (which includes a discounted cash flows analysis) to assess the carrying value of the reporting unit in consideration of the recoverability of the goodwill balance assigned to each reporting unit as of the measurement date. The cash flows used to determine the fair value of the Company’s reporting units are dependent on a number of significant assumptions. The Company’s estimates, which consider a market participant view of fair value, are subject to change given the inherent uncertainty in predicting future results and cash flows, which are impacted by such things as policyholder behavior, competitor pricing, capital limitations, new product introductions, and specific industry and market conditions. See Note 10, Goodwill
Income Taxes	Income Taxes The Company’s income tax returns are included in PLC’s consolidated U.S. income tax return. The Company uses the asset and liability method of accounting for income taxes. Generally, most items in pretax book income are also included in taxable income in the same year. However, some items are recognized for book purposes and for tax purposes in different years or are never recognized for either book or tax purposes. Those differences that will never be recognized for either book or tax purposes are permanent differences (e.g., investment income not subject to tax). As a result, the effective tax rate reflected in the financial statements may differ from the statutory rate reflected in the tax return. Those differences that are reported in different years for book and tax purposes are temporary and will reverse over time (e.g., the valuation of future policy benefits). These temporary differences are accounted for in the intervening periods as deferred tax assets and liabilities. Deferred tax assets generally represent revenue that is taxable before it is recognized in financial income and expenses that are deductible after they are recognized in financial income. Deferred tax liabilities generally represent revenues that are taxable after they are recognized in financial income or expenses or losses that are deductible before they are recognized in financial income. Components of AOCI are presented net of tax, and it is the Company’s policy to use the aggregate portfolio approach to clear the disproportionate tax effects that remain in AOCI as a result of tax rate changes and certain other events. Under the aggregate portfolio approach, disproportionate tax effects are cleared only when the portfolio of investments that gave rise to the deferred tax item is sold or otherwise disposed of in its entirety. The Company evaluates the recoverability of the Company’s deferred tax assets and establishes a valuation allowance, if necessary, to reduce the Company’s deferred tax assets to an amount that is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company may consider many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process, the first step being recognition. The Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step for the tax positions that meet the more likely than not criteria is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date. The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations expires. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards, the statute of limitations does not close until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. Refer to Note 18, Income Taxes
Policyholder Liabilities, Revenues and Benefits Expense	Policyholder Liabilities, Revenues, and Benefits Expense Future Policy Benefits and Claims Liabilities for life and annuity benefit reserves consist of liabilities for traditional life insurance, cash values associated with universal life insurance, immediate annuity benefit reserves, and other benefits associated with life and annuity benefits. The unpaid life claim liabilities consist of current pending claims as well as an estimate of incurred but not reported life insurance claims. Other policy benefit reserves consist of certain health insurance policies that are in runoff. The unpaid claim liabilities associated with other policy benefits includes current pending claims, the present value of estimated future claim payments for policies currently receiving benefits and an estimate of claims incurred but not yet reported. Traditional Life, Health, and Credit Insurance Products Traditional life insurance products consist principally of those products with fixed and guaranteed premiums and benefits, and they include whole life insurance policies, term and term-like life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies. In accordance with ASC 805, the liabilities for future policy benefits on traditional life insurance products, when combined with the associated VOBA, were recorded at fair value on the date of the Merger. These values, subsequent to the Merger, are computed using assumptions that include interest rates, mortality, lapse rates, expense estimates, and other assumptions based on the Company’s experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Liabilities for future policy benefits on traditional life insurance products have been computed using a net level method including assumptions as to investment yields, mortality, persistency, and other assumptions based on the Company’s experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Reserve investment yield assumptions on December 31, 2021, range from approximately 2.50% to 5.50%. The liability for future policy benefits and claims on traditional life, health, and credit insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. Policy claims are charged to expense in the period in which the claims are incurred. Traditional life insurance premiums are recognized as revenue when due. Health and credit insurance premiums are recognized as revenue over the terms of the policies. Benefits and expenses are associated with earned premiums so that profits are recognized over the life of the contracts. This is accomplished by means of the provision for liabilities for future policy benefits and the amortization of DAC and VOBA. Gross premiums in excess of net premiums related to immediate annuities are deferred and recognized over the life of the policy. Universal Life and Investment Products Universal life and investment products include universal life insurance, guaranteed investment contracts, guaranteed funding agreements, deferred annuities, and annuities without life contingencies. Premiums and policy fees for universal life and investment products consist of fees that have been assessed against policy account balances for the costs of insurance, policy administration, and surrenders. Such fees are recognized when assessed and earned. Benefit reserves for universal life and investment products represent policy account balances before applicable surrender charges plus certain deferred policy initiation fees that are recognized in income over the term of the policies. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest rates credited to universal life products ranged from 1.0% to 8.75% and investment products ranged from 0.05% to 9.81% in 2021. The Company establishes liabilities for fixed indexed annuity ("FIA") products. These products are deferred fixed annuities with a guaranteed minimum interest rate plus a contingent return based on equity market performance. The FIA product is considered a hybrid financial instrument under FASB ASC Topic 815 — Derivatives and Hedging Benefit and settlement expenses Annuity account balances Fair Value of Financial Instruments. Premiums and policy fees The Company currently markets a deferred fixed annuity with a guaranteed minimum interest rate plus a contingent return based on equity market performance and the products are considered hybrid financial instruments under the FASB’s ASC Topic 815 — Derivatives and Hedging Other liabilities net gains (losses) — investments and derivatives Fair Value of Financial Instruments Financial Services — Insurance Annuity account balances 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) The Company markets universal life products with a guaranteed minimum interest rate plus a contingent return based on equity market performance and the products are considered hybrid financial instruments under the FASB’s ASC Topic 815 — Derivatives and Hedging Other liabilities net gains (losses) — investments and derivatives Fair Value of Financial Instruments Financial Services — Insurance Future policy benefits and claims The Company’s accounting policies with respect to variable universal life ("VUL") and VA are identical to those noted above for universal life and investment products except that policy account balances (excluding account balances that earn a fixed rate) are valued at fair value and reported as components of assets and liabilities related to separate accounts. The Company establishes liabilities for guaranteed minimum death benefits ("GMDB") on its VA products. The methods used to estimate the liabilities employ assumptions about mortality and the performance of equity markets. The Company assumes age-based mortality from the Ruark 2015 ALB table adjusted for company experience. Future declines in the equity market would increase the Company’s GMDB liability. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. A portion of the Company’s GMDB is subject to a dollar-for-dollar reduction upon withdrawal of related annuity deposits on contracts issued prior to January 1, 2003. As of December 31, 2021 and 2020, the GMDB reserve was $38 million and $43 million. Annuity Account Balances and Other Policyholders’ Funds Annuity account balances consists of the fixed account value of deferred annuities and the host contract value of indexed annuities. Other policyholders’ funds consists of immediate benefit accounts and supplementary contracts without life contingencies. Property and Casualty Insurance Products Property and casualty insurance products include service contract business, surety bonds, and guaranteed asset protection ("GAP"). Premiums and fees associated with service contracts and GAP products are recognized based on expected claim patterns. For all other products, premiums are generally recognized over the terms of the contract on a pro-rata basis. Commissions and fee income associated with other products are recognized as earned when the related services are provided to the customer. Unearned premium reserves are maintained for the portion of the premiums that is related to the unexpired period of the policy. Such reserves are computed by pro rata methods or methods related to anticipated claims. Benefit reserves are recorded when insured events occur. Benefit reserves include case basis reserves for known but unpaid claims as of the balance sheet date as well as incurred but not reported ("IBNR") reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date. The case basis reserves and IBNR are calculated based on historical experience and on assumptions relating to claim severity and frequency, the level of used vehicle prices, and other factors. These assumptions are modified as necessary to reflect anticipated trends.
Reinsurance	Reinsurance The Company uses reinsurance extensively in certain of its segments and accounts for reinsurance and the recognition of the impact of reinsurance costs in accordance with the ASC Financial Services — Insurance Topic. The following summarizes some of the key aspects of the Company’s accounting policies for reinsurance. Reinsurance Accounting Methodology — The Company utilizes reinsurance on certain short duration insurance contracts (primarily issued through the Asset Protection segment). As part of these reinsurance transactions the Company receives reinsurance allowances which reimburse the Company for acquisition costs such as commissions and premium taxes. A ceding fee is also collected to cover other administrative costs and profits for the Company. As a component of reinsurance costs, reinsurance allowances are accounted for in accordance with the relevant provisions of ASC Financial Services — Insurance Topic, which state that reinsurance costs should be amortized over the contract period of the reinsurance if the contract is short-duration. Accordingly, reinsurance allowances received related to short-duration contracts are capitalized and charged to expense in proportion to premiums earned. Ceded unamortized acquisition costs are netted with direct unamortized acquisition costs in the balance sheet. Ceded premiums and policy fees on the Company’s fixed universal life ("UL"), VUL, bank-owned life insurance ("BOLI"), and annuity products reduce premiums and policy fees recognized by the Company. Ceded claims are treated as an offset to direct benefits and settlement expenses and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as an offset to benefits and settlement expenses and are recognized during the applicable valuation period. Since reinsurance treaties typically provide for allowance percentages that decrease over the lifetime of a policy, allowances in excess of the "ultimate" or final level allowance are capitalized. Amortization of capitalized reinsurance expense allowances are amortized based on future expected gross profits. Assumptions regarding mortality, lapses, and interest rates are continuously reviewed and may be periodically changed. These changes will result in "unlocking" that changes the balance in the ceded deferred acquisition cost and can affect the amortization of DAC and VOBA. Ceded unearned revenue liabilities are also amortized based on expected gross profits. Assumptions are based on the best current estimate of expected mortality, lapses and interest spread. The Company has also assumed certain policy risks written by other insurance companies through reinsurance agreements. Premiums and policy fees Benefits and settlement expenses 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Reinsurance Allowances — Long-Duration Contracts — Ultimate reinsurance allowances are defined as the lowest allowance percentage paid by the reinsurer in any policy duration over the lifetime of a universal life policy (or through the end of the level term period for a traditional life policy). Ultimate reinsurance allowances are determined during the negotiation of each reinsurance agreement and will differ between agreements. The Company determines its "cost of reinsurance" to include amounts paid to the reinsurer (ceded premiums) net of amounts reimbursed by the reinsurer (in the form of allowances). As noted within ASC 944, Financial Services — Insurance Topic Amortization of Reinsurance Allowances — Reinsurance Assets and Liabilities — Reinsurance receivables Liabilities for unpaid reinsurance claims are produced from claims and reinsurance system records, which contain the relevant terms of the individual reinsurance contracts. The Company monitors claims due from reinsurers to ensure that balances are settled on a timely basis. Incurred but not reported claims are reviewed to ensure that appropriate amounts are ceded. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) The Company analyzes and monitors the credit worthiness of each of its reinsurance partners to minimize collection issues. For newly executed reinsurance contracts with reinsurance companies that do not meet predetermined standards, the Company requires collateral such as assets held in trusts or letters of credit. Reinsurance assets and liabilities related to agreements with funds withheld at interest where no net risk is retained by the Company are presented on a net basis. Reinsurance receivables were presented net of approximately $2.3 billion in reinsurance liabilities as of December 31, 2021 and 2020, respectively. Components of Reinsurance Cost — Premiums and policy fees ("reinsurance ceded" on the Company’s financial statements) Benefits and settlement expenses Amortization of deferred acquisition cost and value of business acquired 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Other expenses The Company’s reinsurance programs do not materially impact the other income line of the Company’s income statement. In addition, net investment income generally has no direct impact on the Company’s reinsurance cost. However, it should be noted that by ceding business to the assuming companies, the Company forgoes investment income on the reserves ceded to the assuming companies. Conversely, the assuming companies will receive investment income on the reserves assumed which will increase the assuming companies’ profitability on business assumed from the Company.
Accounting Pronouncements Recently Adopted And Not Yet Adopted	Accounting Pronouncements Recently Adopted ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. Accounting Pronouncements Not Yet Adopted ASU No. 2018-12 — Financial Services — Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts. Financial Services — Insurance (Topic 944); Effective Date and Early Application

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Recasts	The following table presents the changes as a result of the merger of the entity under common control to previously reported amounts in the audited consolidated statements of operations for the years ended December 31, 2020 and 2019 included in the Company’s annual report on Form 10-K for the year ended December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ ​ ​ ​ ​ ​ Control ​ Total ​ ​ As Reported ​ Entity ​ (Recast) ​ ​ (In Millions) For The Year Ended December 31, 2020 ​ ​ ​ Net income ​ $ 342 ​ $ (108) ​ $ 234 Total comprehensive income ​ $ 2,471 ​ $ (102) ​ $ 2,369 For The Year Ended December 31, 2019 ​ ​ ​ Net income ​ $ 553 ​ $ (126) ​ $ 427 Total comprehensive income ​ $ 3,365 ​ $ (117) ​ $ 3,248

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of indefinite-lived intangible assets	Other intangible assets recognized by the Company included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Estimated ​ 2021 2020 Useful Life ​ ​ (Dollars In Millions) ​ (In Years) Distribution relationships ​ $ 314 ​ $ 340 14 22 Trade names ​ 58 ​ 65 13 17 Technology ​ 56 ​ 71 7 14 Other ​ 31 ​ 32 Total intangible assets subject to amortization ​ 459 ​ 508 Insurance licenses ​ 32 ​ 32 Indefinite Total other intangible assets ​ $ 491 ​ $ 540
Schedule of future estimated aggregate amortization expense	​ ​ ​ ​ ​ Year Amount ​ ​ (Dollars In Millions) 2022 ​ $ 54 2023 ​ 51 2024 ​ 48 2025 ​ 43 2026 ​ 43
Schedule of property and equipment	Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ (Dollars In Millions) Home office building ​ $ 160 ​ $ 159 Data processing equipment ​ 39 ​ 36 Capital leases ​ 36 ​ 25 Other, principally furniture and equipment ​ 22 ​ 20 Total property and equipment subject to depreciation ​ 257 ​ 240 Accumulated depreciation ​ (79) ​ (61) Land ​ 25 ​ 25 Total property and equipment ​ $ 203 ​ $ 204
Schedule of future maturities of stable value products	As of December 31, 2021, future maturities of stable value products were as follows: ​ ​ ​ ​ ​ Year of ​ ​ Maturity ​ Amount ​ ​ (Dollars In Millions) 2022 ​ $ 2,559 2023-2024 ​ 3,551 2025-2026 ​ 1,347 Thereafter ​ 1,069

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Summary of fair values of the net assets acquired	The following table details the final allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing. ​ ​ ​ ​ ​ ​ Fair Value ​ ​ As of ​ ​ June 1, 2019 ​ (Dollars In Millions) Assets ​ Fixed maturities ​ $ 8,698 Commercial mortgage loans ​ 1,386 Policy loans ​ 44 Other long-term investments ​ 1,522 Total investments ​ 11,650 Cash ​ 35 Accrued investment income ​ 101 Reinsurance receivables ​ — Accounts and premiums receivable ​ 2 Value of business acquired ​ 535 Other intangibles ​ 21 Other assets ​ 6 Assets related to separate accounts ​ 9,583 Total assets ​ $ 21,933 Liabilities ​ Future policy benefits and claims ​ $ 11,022 Annuity account balances ​ 220 Other policyholders' funds ​ 220 Other liabilities ​ 75 Liabilities related to separate accounts ​ 9,583 Total liabilities ​ 21,120 Net assets acquired ​ $ 813
Pro forma information	The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Individual Life Business were completed as of January 1, 2018. The unaudited pro forma condensed results of operations are presented solely for informational purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ For The Year Ended ​ ​ December 31, ​ (Recast) ​ 2019 2018 ​ (Dollars In Millions) Revenue ​ $ 6,165 ​ $ 5,592 Net income ​ $ 444 ​ $ 253

INVESTMENT OPERATIONS (Tables)

INVESTMENT OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of major categories of net investment income	Major categories of net investment income are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Fixed maturities ​ $ 2,513 ​ $ 2,481 ​ $ 2,471 Equity securities ​ 27 ​ 24 ​ 31 Commercial mortgage loans ​ 505 ​ 443 ​ 389 Investment real estate ​ 1 ​ 1 ​ 1 Other investment income ​ 156 ​ 139 ​ 119 ​ ​ 3,202 ​ 3,088 ​ 3,011 Investment expenses ​ 220 ​ 199 ​ 186 Net investment income ​ $ 2,982 ​ $ 2,889 ​ $ 2,825
Summary of net realized investment and derivative gains (losses)	Net gains (losses) — investments and derivatives are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Realized gains (losses) — investments, net ​ ​ ​ ​ Fixed maturities ​ $ 46 ​ $ 46 ​ $ 48 Equity securities ​ 4 ​ — ​ (3) Other investments ​ 20 ​ 45 ​ 9 Total realized gains (losses) — investments, net ​ 70 ​ 91 ​ 54 Modco trading portfolio ​ (103) ​ 130 ​ 243 Equity securities ​ (8) ​ 13 ​ 50 Change in net expected credit losses — fixed maturities(1) ​ 6 ​ (125) ​ — Net impairment losses recognized in operations(2) ​ — ​ — ​ (34) Commercial mortgage loans ​ 137 ​ (149) ​ (4) Gains (losses) — derivatives, net(3) ​ 48 ​ (195) ​ (368) Net gains (losses) — investments and derivatives ​ $ 150 ​ $ (235) ​ $ (59) (1) Represents net credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 320 (3) Refer to Note 6, Derivative Financial Instruments
Schedule of fair value (proceeds) and gains (losses) on securities in an unrealized gain or loss position	The chart below summarizes the sales proceeds and gains (losses) realized on securities classified as AFS. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) (Recast) ​ (Dollars In Millions) Securities in an unrealized gain position: ​ ​ ​ ​ ​ ​ Sales proceeds ​ $ 1,537 ​ $ 2,000 ​ $ 2,514 Realized gains ​ $ 47 ​ $ 51 ​ $ 62 Securities in an unrealized loss position: ​ ​ ​ Sales proceeds ​ $ 35 ​ $ 34 ​ $ 547 Realized losses ​ $ (1) ​ $ (5) ​ $ (14) The following table includes the gross unrealized losses and fair value of the Company’s AFS fixed maturities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ ​ Value ​ Loss ​ Value ​ Loss ​ Value ​ Loss ​ ​ (Dollars In Millions) Residential mortgage-backed securities $ 4,615 $ (102) $ 15 $ — $ 4,630 $ (102) Commercial mortgage-backed securities ​ 129 ​ (1) ​ 88 ​ (6) ​ 217 ​ (7) Other asset-backed securities ​ 249 ​ (1) ​ 47 ​ (1) ​ 296 ​ (2) U.S. government-related securities ​ 306 ​ (13) ​ 158 ​ (12) ​ 464 ​ (25) Other government-related securities ​ 76 ​ (2) ​ — ​ — ​ 76 ​ (2) States, municipalities, and political subdivisions $ 37 $ (1) $ 4 $ — $ 41 $ (1) Corporate securities ​ 4,841 ​ (119) ​ 515 ​ (37) ​ 5,356 ​ (156) Redeemable preferred stocks ​ 20 ​ — ​ — ​ — ​ 20 ​ — ​ ​ $ 10,273 ​ $ (239) ​ $ 827 ​ $ (56) ​ $ 11,100 ​ $ (295) The following table includes the gross unrealized losses and fair value of the Company’s AFS fixed maturities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ ​ Value ​ Loss ​ Value ​ Loss ​ Value ​ Loss ​ ​ (Recast) ​ ​ (Dollars In Millions) Residential mortgage-backed securities $ 386 $ (1) $ 9 $ — $ 395 $ (1) Commercial mortgage-backed securities ​ 263 ​ (16) ​ 30 ​ (4) ​ 293 ​ (20) Other asset-backed securities ​ 146 ​ (2) ​ 326 ​ (5) ​ 472 ​ (7) U.S. government-related securities ​ 311 ​ (3) ​ 1 ​ — ​ 312 ​ (3) Other government-related securities ​ 19 ​ — ​ 7 ​ (1) ​ 26 ​ (1) States, municipalities, and political subdivisions ​ 34 ​ (1) ​ 5 ​ — ​ 39 ​ (1) Corporate securities $ 1,063 $ (33) $ 728 $ (66) $ 1,791 $ (99) Redeemable preferred stocks ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 2,222 ​ $ (56) ​ $ 1,106 ​ $ (76) ​ $ 3,328 ​ $ (132)
Schedule of amortized cost and fair value of the Company's investments classified as available-for-sale	The amortized cost, gross unrealized gains, gross unrealized losses, allowance for expected credit losses, and fair value of the Company’s investments classified as AFS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance for ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Expected ​ ​ ​ ​ ​ Cost Gains Losses Credit Losses Fair Value ​ (Dollars In Millions) As of December 31, 2021 ​ ​ ​ ​ ​ Fixed maturities:(1) ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ 6,876 ​ $ 31 ​ $ (102) ​ $ — ​ $ 6,805 Commercial mortgage-backed securities ​ 2,239 ​ 75 ​ (7) ​ — ​ 2,307 Other asset-backed securities ​ 1,391 ​ 31 ​ (2) ​ — ​ 1,420 U.S. government-related securities ​ 821 ​ 12 ​ (25) ​ — ​ 808 Other government-related securities ​ 680 ​ 75 ​ (2) ​ — ​ 753 States, municipals, and political subdivisions ​ 3,747 ​ 410 ​ (1) ​ — ​ 4,156 Corporate securities ​ 49,211 ​ 4,645 ​ (156) ​ (1) ​ 53,699 Redeemable preferred stocks ​ 297 ​ 10 ​ — ​ — ​ 307 ​ ​ 65,262 ​ 5,289 ​ (295) ​ (1) ​ 70,255 Short-term investments ​ 780 ​ — ​ — ​ — ​ 780 ​ ​ $ 66,042 ​ $ 5,289 ​ $ (295) ​ $ (1) ​ $ 71,035 (1) Included in the total above, as of December 31, 2021, the Company had public utility securities that had an amortized cost and fair value of $6.5 billion and $7.0 billion, respectively and foreign government securities that had an amortized cost and fair value of $620 million and $687 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (Recast) ​ ​ ​ ​ ​ Fixed maturities:(2) ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ 6,510 ​ $ 159 ​ $ (1) ​ $ — ​ $ 6,668 Commercial mortgage-backed securities ​ 2,429 ​ 128 ​ (19) ​ (4) ​ 2,534 Other asset-backed securities ​ 1,546 ​ 40 ​ (7) ​ (1) ​ 1,578 U.S. government-related securities ​ 1,492 ​ 26 ​ (3) ​ — ​ 1,515 Other government-related securities ​ 622 ​ 96 ​ (1) ​ — ​ 717 States, municipals, and political subdivisions ​ 3,902 ​ 519 ​ (1) ​ — ​ 4,420 Corporate securities ​ 46,150 ​ 6,074 ​ (99) ​ (18) ​ 52,107 Redeemable preferred stocks ​ 183 ​ 11 ​ — ​ — ​ 194 ​ ​ 62,834 ​ 7,053 ​ (131) ​ (23) ​ 69,733 Short-term investments ​ 386 ​ — ​ — ​ — ​ 386 ​ ​ $ 63,220 ​ $ 7,053 ​ $ (131) ​ $ (23) ​ $ 70,119 (2) Included in the total above, as of December 31, 2020, the Company had public utility securities that had an amortized cost and fair value of $6.3 billion and $7.0 billion, respectively and foreign government securities that had an amortized cost and fair value of $557 million and $644 million, respectively.
Schedule of fair value of trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Fixed maturities:(1) ​ ​ ​ Residential mortgage-backed securities ​ $ 133 ​ $ 209 Commercial mortgage-backed securities ​ 209 ​ 214 Other asset-backed securities ​ 185 ​ 163 U.S. government-related securities ​ 33 ​ 91 Other government-related securities ​ 64 ​ 30 States, municipals, and political subdivisions ​ 286 ​ 282 Corporate securities ​ 1,875 ​ 1,860 Redeemable preferred stocks ​ 8 ​ 13 ​ ​ 2,793 ​ 2,862 Equity securities ​ 13 ​ 20 Short-term investments ​ 82 ​ 76 ​ ​ $ 2,888 ​ $ 2,958 (1) Included in the total above, as of December 31, 2021, the Company had public utility and foreign government securities that had a fair value of $134 million and $44 million, respectively and as of December 31, 2020, the Company had public utility and foreign government securities that had a fair value of $144 million and $30 million, respectively.
Schedule of amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities, by expected maturity	The amortized cost and fair value of available-for-sale fixed maturities as of December 31, 2021, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment. ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale ​ Amortized Fair ​ ​ Cost ​ Value ​ (Dollars In Millions) Due in one year or less ​ $ 1,707 ​ $ 1,719 Due after one year through five years ​ 11,046 ​ 11,453 Due after five years through ten years ​ 15,434 ​ 16,135 Due after ten years ​ 37,075 ​ 40,948 ​ ​ $ 65,262 ​ $ 70,255
Schedule of allowance for credit losses on fixed maturities	The following chart is a rollforward of the allowance for expected credit losses on fixed maturities classified as AFS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, 2021 For The Year Ended December 31, 2020 ​ Corporate ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ Securities ​ CMBS ​ ABS ​ Total ​ Securities ​ CMBS ​ ABS ​ Total ​ (Dollars In Millions) ​ (Dollars In Millions) Beginning Balance ​ $ 18 ​ $ 4 ​ $ 1 ​ $ 23 ​ $ — ​ $ — ​ $ — ​ $ — Additions for securities for which an allowance was not previously recorded ​ — ​ — ​ — ​ — ​ 62 ​ 4 ​ 1 ​ 67 Adjustments on previously recorded allowances due to change in expected cash flows ​ (1) ​ (4) ​ — ​ (5) ​ 20 ​ — ​ 1 ​ 21 Reductions on previously recorded allowances due to disposal of security in the current period ​ — ​ — ​ (1) ​ (1) ​ (1) ​ — ​ (1) ​ (2) Write-offs of previously recorded allowances due to intent or requirement to sell ​ (16) ​ — ​ — ​ (16) ​ (63) ​ — ​ — ​ (63) Ending Balance ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ $ 18 ​ $ 4 ​ $ 1 ​ $ 23
Summary of change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale	The change in unrealized gains (losses), net of allowance for expected credit losses and income taxes, on fixed maturities classified as AFS is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ (Recast) ​ (Recast) ​ ​ (Dollars In Millions) Fixed maturities $ (1,523) $ 3,271 $ 4,219

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Category ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities — AFS Residential mortgage-backed securities 4 ​ $ — ​ $ 6,765 ​ $ 40 ​ $ 6,805 Commercial mortgage-backed securities 4 ​ — ​ 2,127 ​ 180 ​ 2,307 Other asset-backed securities 4 ​ — ​ 905 ​ 515 ​ 1,420 U.S. government-related securities 4 ​ 411 ​ 397 ​ — ​ 808 State, municipalities, and political subdivisions 4 ​ — ​ 4,156 ​ — ​ 4,156 Other government-related securities 4 ​ — ​ 753 ​ — ​ 753 Corporate securities 4 ​ — ​ 52,117 ​ 1,582 ​ 53,699 Redeemable preferred stocks 4 ​ 307 ​ — ​ — ​ 307 Total fixed maturity securities — AFS ​ ​ 718 ​ 67,220 ​ 2,317 ​ 70,255 Fixed maturity securities — trading Residential mortgage-backed securities 3 ​ — ​ 133 ​ — ​ 133 Commercial mortgage-backed securities 3 ​ — ​ 209 ​ — ​ 209 Other asset-backed securities 3 ​ — ​ 92 ​ 93 ​ 185 U.S. government-related securities 3 ​ 27 ​ 6 ​ — ​ 33 State, municipalities, and political subdivisions 3 ​ — ​ 286 ​ — ​ 286 Other government-related securities 3 ​ — ​ 48 ​ 16 ​ 64 Corporate securities 3 ​ — ​ 1,867 ​ 8 ​ 1,875 Redeemable preferred stocks 3 ​ 8 ​ — ​ — ​ 8 Total fixed maturity securities — trading ​ ​ 35 ​ 2,641 ​ 117 ​ 2,793 Total fixed maturity securities ​ ​ ​ $ 753 ​ $ 69,861 ​ $ 2,434 ​ $ 73,048 Equity securities ​ 3 ​ ​ 633 ​ ​ 40 ​ ​ 155 ​ ​ 828 Other long-term investments(1) ​ 3&4 ​ ​ 59 ​ ​ 1,093 ​ ​ 295 ​ ​ 1,447 Short-term investments ​ 3 ​ ​ 683 ​ ​ 179 ​ ​ — ​ ​ 862 Total investments ​ ​ ​ ​ 2,128 ​ ​ 71,173 ​ ​ 2,884 ​ ​ 76,185 Cash ​ 3 ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 Assets related to separate accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable annuity ​ 3 ​ ​ 13,648 ​ ​ — ​ ​ — ​ ​ 13,648 Variable universal life ​ 3 ​ ​ 1,982 ​ ​ — ​ ​ — ​ ​ 1,982 Total assets measured at fair value on a recurring basis ​ ​ ​ $ 18,148 ​ $ 71,173 ​ $ 2,884 ​ $ 92,205 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ 3 ​ $ — ​ $ — ​ $ 63 ​ $ 63 Other liabilities(1) ​ 3&4 ​ ​ 20 ​ ​ 820 ​ ​ 1,939 ​ ​ 2,779 Total liabilities measured at fair value on a recurring basis ​ ​ $ 20 ​ $ 820 ​ $ 2,002 ​ $ 2,842 ​ Measurement category 3 represents fair value through net income and 4 represents fair value through other comprehensive income (loss). (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. ​ 5. FAIR VALUE OF FINANCIAL INSTRUMENTS – (Continued) The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Category ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (Recast) ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities — AFS Residential mortgage-backed securities 4 ​ $ — ​ $ 6,668 ​ $ — ​ $ 6,668 Commercial mortgage-backed securities 4 ​ — ​ 2,502 ​ 32 ​ 2,534 Other asset-backed securities 4 ​ — ​ 1,143 ​ 435 ​ 1,578 U.S. government-related securities 4 ​ 1,014 ​ 501 ​ — ​ 1,515 State, municipalities, and political subdivisions 4 ​ — ​ 4,420 ​ — ​ 4,420 Other government-related securities 4 ​ — ​ 717 ​ — ​ 717 Corporate securities 4 ​ — ​ 50,675 ​ 1,432 ​ 52,107 Redeemable preferred stocks 4 ​ 125 ​ 69 ​ — ​ 194 Total fixed maturity securities — AFS ​ ​ 1,139 ​ 66,695 ​ 1,899 ​ 69,733 Fixed maturity securities — trading Residential mortgage-backed securities 3 ​ — ​ 209 ​ — ​ 209 Commercial mortgage-backed securities 3 ​ — ​ 214 ​ — ​ 214 Other asset-backed securities 3 ​ — ​ 92 ​ 71 ​ 163 U.S. government-related securities 3 ​ 79 ​ 12 ​ — ​ 91 State, municipalities, and political subdivisions 3 ​ — ​ 282 ​ — ​ 282 Other government-related securities 3 ​ — ​ 30 ​ — ​ 30 Corporate securities 3 ​ — ​ 1,842 ​ 18 ​ 1,860 Redeemable preferred stocks 3 ​ 13 ​ — ​ — ​ 13 Total fixed maturity securities — trading ​ ​ 92 ​ 2,681 ​ 89 ​ 2,862 Total fixed maturity securities ​ ​ ​ ​ 1,231 ​ ​ 69,376 ​ ​ 1,988 ​ ​ 72,595 Equity securities ​ 3 ​ ​ 566 ​ ​ — ​ ​ 101 ​ ​ 667 Other long-term investments(1) ​ 3&4 ​ ​ 52 ​ ​ 1,285 ​ ​ 298 ​ ​ 1,635 Short-term investments ​ 3 ​ ​ 403 ​ ​ 59 ​ ​ — ​ ​ 462 Total investments ​ ​ ​ ​ 2,252 ​ ​ 70,720 ​ ​ 2,387 ​ ​ 75,359 Cash ​ 3 ​ ​ 656 ​ ​ — ​ ​ — ​ ​ 656 Assets related to separate accounts Variable annuity ​ 3 ​ ​ 12,378 ​ ​ — ​ ​ — ​ ​ 12,378 Variable universal life ​ 3 ​ ​ 1,287 ​ ​ — ​ ​ — ​ ​ 1,287 Total assets measured at fair value on a recurring basis ​ ​ ​ $ 16,573 ​ $ 70,720 ​ $ 2,387 ​ $ 89,680 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ 3 ​ $ — ​ $ — ​ $ 67 ​ $ 67 Other liabilities(1) ​ 3&4 ​ ​ 14 ​ ​ 867 ​ ​ 2,239 ​ ​ 3,120 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ 14 ​ $ 867 ​ $ 2,306 ​ $ 3,187 ​ Measurement category 3 represents fair value through net income and 4 represents fair value through other comprehensive income (loss). (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities.
Schedule of the valuation method for material financial instruments included in level 3	The following table presents the valuation method for material financial instruments included in Level 3 as of December 31, 2021, as well as the unobservable inputs used in the valuation of those financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Valuation ​ Unobservable ​ Range ​ ​ 2021 ​ Technique ​ Input ​ (Weighted Average) ​ ​ (Dollars In ​ ​ ​ ​ ​ ​ ​ ​ Millions) ​ ​ ​ ​ ​ ​ Assets: ​ Residential mortgage-backed securities ​ $ 40 Trade Price Spread 1.03% - 1.10% (1.07%) Commercial mortgage-backed securities ​ 180 Discounted cash flow Spread over treasury 1.04% - 2.47% (1.30%) Other asset-backed securities ​ 436 Liquidation Liquidation value ​ $98.63 - $99.75 ($99.07) ​ ​ ​ ​ Discounted cash flow Liquidity premium ​ 0.11% - 2.14% (1.54%) ​ ​ ​ ​ ​ ​ Paydown Rate ​ 11.20% - 13.41% (12.30%) ​ ​ ​ ​ ​ ​ Liquidation value ​ $60.00 - 113.88% (112.92%) Corporate securities ​ 1,588 Discounted cash flow Spread over treasury ​ 0.00% - 4.00% (1.50%) Liabilities:(1)(2) ​ ​ Embedded derivatives — GLWB ​ $ 475 Actuarial cash flow model Mortality ​ 88% to 100% of Ruark 2015 ALB Table ​ ​ ​ ​ ​ ​ Lapse ​ PL-RBA Predictive Model ​ ​ ​ ​ ​ ​ Utilization ​ PL-RBA Predictive Model ​ ​ Nonperformance risk ​ 0.19% - 0.82% Embedded derivative — FIA ​ 595 Actuarial cash flow model Expenses ​ $214 per policy ​ ​ ​ ​ ​ ​ Withdrawal rate ​ 0.4% - 2.4% prior to age 70 RMD for ages 70+ or WB withdrawal rate Assume underutilized RMD for nonWB policies ages 72 - 88 ​ ​ ​ ​ ​ ​ Mortality ​ 88% to 100% of Ruark 2015 ALB table ​ ​ ​ ​ ​ ​ Lapse ​ 0.2% - 50.0%, depending on duration/surrender charge period. Dynamically adjusted for WB moneyness and projected market rates vs credited rates. ​ ​ Nonperformance risk ​ 0.19% - 0.82% Embedded derivative — IUL ​ $ 269 Actuarial cash flow model Mortality ​ 43% - 110% of base table (90% of 2015 VBT Primary Tables adjusted for 5.5 years of 2020 SOA HMI) 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business ​ ​ ​ ​ ​ ​ Lapse ​ 0.375% - 7.5%, depending on duration/distribution channel and smoking class ​ ​ Nonperformance risk ​ 0.19% - 0.82% (1) Excludes modified coinsurance arrangements. (2) Fair value is presented as a net liability. The following table presents the valuation method for material financial instruments included in Level 3, as of December 31, 2020, as well as the unobservable inputs used in the valuation of those financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Valuation ​ Unobservable ​ Range ​ ​ 2020 ​ Technique ​ Input ​ (Weighted Average) ​ ​ (Recast) ​ ​ ​ ​ ​ ​ ​ ​ (Dollars In ​ ​ ​ ​ ​ ​ ​ ​ Millions) ​ ​ ​ ​ ​ ​ Assets: ​ Commercial mortgage-backed securities ​ $ 32 Discounted cash flow Spread over treasury 2.78% - 2.92% ( Other asset-backed securities ​ 435 Liquidation Liquidation value $95.00 - $97.00 ($96.19) ​ ​ ​ ​ Discounted cash flow Liquidity premium ​ 0.54% - 2.30% (1.63%) ​ ​ ​ ​ ​ ​ Paydown Rate ​ 8.79% - 12.49% (11.39%) Corporate securities ​ 1,432 Discounted cash flow Spread over treasury ​ 0.00% - 4.75% (1.89%) Liabilities:(1)(2) ​ ​ ​ ​ ​ ​ Embedded derivatives — GLWB ​ $ 822 Actuarial cash flow model Mortality ​ 88% to 100% of Ruark 2015 ALB Table ​ ​ ​ ​ ​ ​ Lapse ​ PL RBA Predictive Model ​ ​ ​ ​ ​ ​ Utilization ​ PL RBA Predictive Model ​ ​ Nonperformance risk ​ 0.19% - 0.81% Embedded derivative — FIA ​ 573 Actuarial cash flow model Expenses ​ $207 per policy ​ ​ ​ ​ ​ ​ Withdrawal rate ​ 0.4% - 2.4% prior to age 70 RMD for ages 70+ or WB withdrawal rate. Assume underutilized RMD for non WB policies age 72 - 88 ​ ​ ​ ​ ​ ​ Mortality ​ 88% to 100% of Ruark 2015 ALB table ​ ​ ​ ​ ​ ​ Lapse ​ 0.2% - 50.0%, depending on duration/surrender charge period. Dynamically adjusted for WB moneyness and projected market rates vs credited rates. ​ ​ Nonperformance risk ​ 0.19% - 0.81% Embedded derivative — IUL ​ $ 201 Actuarial cash flow model Mortality ​ 36% - 161% of 2015 VBT Primary Tables. 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business ​ ​ ​ ​ ​ ​ Lapse ​ 0.375% - 10%, depending on duration/distribution channel and smoking class ​ ​ Nonperformance risk ​ 0.19% - 0.81% (1) Excludes modified coinsurance arrangements. (2) Fair value is presented as a net liability.
Schedule of reconciliation of the beginning and ending balances for fair value measurements, for which the Company has used significant unobservable inputs (Level 3)	The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2021, for which the Company has used significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ ​ ​ ​ ​ Realized and Unrealized ​ Realized and Unrealized ​ ​ ​ ​ ​ Gains ​ Losses ​ ​ ​ ​ ​ ​ ​ ​ Included in ​ ​ ​ ​ Included in ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ Other ​ ​ Beginning ​ Included in ​ Comprehensive ​ Included in ​ Comprehensive ​ Balance Net Income Income Net Income Income ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ Fixed maturity securities AFS ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Commercial mortgage-backed securities ​ 32 ​ — ​ — ​ — ​ (2) Other asset-backed securities ​ 435 ​ — ​ 3 ​ — ​ (1) Corporate securities ​ 1,432 ​ — ​ 11 ​ — ​ (34) Total fixed maturity securities — AFS ​ 1,899 ​ — ​ 14 ​ — ​ (37) Fixed maturity securities — trading ​ ​ ​ ​ ​ Other asset-backed securities ​ 71 ​ — ​ 3 ​ — ​ — Other government-related securities ​ — ​ — ​ — ​ — ​ — Corporate securities ​ 18 ​ — ​ — ​ — ​ (1) Total fixed maturity securities — trading ​ 89 ​ — ​ 3 ​ — ​ (1) Total fixed maturity securities ​ 1,988 ​ — ​ 17 ​ — ​ (38) Equity securities ​ 101 ​ — ​ — ​ — ​ — Other long-term investments(1) ​ 298 ​ 185 ​ — ​ (188) ​ — Total investments ​ 2,387 ​ 185 ​ 17 ​ (188) ​ (38) Total assets measured at fair value on a recurring basis ​ $ 2,387 ​ $ 185 ​ $ 17 ​ $ (188) ​ $ (38) Liabilities: ​ ​ ​ ​ ​ Annuity account balances(2) ​ $ 67 ​ $ — ​ $ — ​ $ (4) ​ $ — Other liabilities(1) ​ 2,239 ​ 877 ​ — ​ (577) ​ — Total liabilities measured at fair value on a recurring basis ​ $ 2,306 ​ $ 877 ​ $ — ​ $ (581) ​ $ — (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (losses) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Still Held at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in/out of ​ ​ ​ ​ Ending ​ the Reporting ​ Purchases Sales Issuances Settlements Level 3 Other Balance Date ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities AFS ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage-backed securities ​ $ 40 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 40 ​ $ — Commercial mortgage-backed securities ​ — ​ — ​ — ​ — ​ 150 ​ — ​ 180 ​ — Other asset-backed securities ​ 67 ​ (4) ​ — ​ — ​ 14 ​ 1 ​ 515 ​ — Corporate securities ​ 274 ​ (212) ​ — ​ — ​ 112 ​ (1) ​ 1,582 ​ — Total fixed maturity securities — AFS ​ 381 ​ (216) ​ — ​ — ​ 276 ​ — ​ 2,317 ​ — Fixed maturity securities — trading ​ ​ ​ ​ ​ ​ ​ ​ Other asset-backed securities ​ 22 ​ (19) ​ — ​ — ​ 16 ​ — ​ 93 ​ — Other government-related securities ​ — ​ — ​ — ​ — ​ 16 ​ — ​ 16 ​ — Corporate securities ​ 2 ​ (6) ​ — ​ — ​ (5) ​ — ​ 8 ​ — Total fixed maturity securities — trading ​ 24 ​ (25) ​ — ​ — ​ 27 ​ — ​ 117 ​ — Total fixed maturity securities ​ 405 ​ (241) ​ — ​ — ​ 303 ​ — ​ 2,434 ​ — Equity securities ​ 91 ​ (32) ​ — ​ — ​ (5) ​ — ​ 155 ​ — Other long-term investments(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ 295 ​ (3) Total investments ​ 496 ​ (273) ​ — ​ — ​ 298 ​ — ​ 2,884 ​ (3) Total assets measured at fair value on a recurring basis ​ $ 496 ​ $ (273) ​ $ — ​ $ — ​ $ 298 ​ $ — ​ $ 2,884 ​ $ (3) Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 63 ​ $ — Other liabilities(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ 1,939 ​ 300 Total liabilities measured at fair value on a recurring basis ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 2,002 ​ $ 300 The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2020, for which the Company has used significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Total ​ ​ ​ ​ ​ Realized and Unrealized ​ Realized and Unrealized ​ ​ ​ ​ ​ Gains ​ Losses ​ ​ ​ ​ ​ ​ ​ ​ Included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ Included In ​ ​ Beginning ​ Included in ​ Comprehensive ​ Included in ​ Other Comprehensive ​ Balance Net Income Income Net Income Income ​ ​ (Recast) ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ Fixed maturity securities AFS ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ 10 ​ $ — ​ $ 1 ​ $ — ​ $ (1) Other asset-backed securities ​ 421 ​ — ​ 8 ​ — ​ (13) Corporate securities ​ 1,374 ​ — ​ 135 ​ — ​ (83) Total fixed maturity securities — AFS ​ 1,805 ​ — ​ 144 ​ — ​ (97) Fixed maturity securities — trading ​ ​ ​ ​ ​ Other asset-backed securities ​ 65 ​ 6 ​ — ​ (9) ​ — Corporate securities ​ 11 ​ 1 ​ — ​ — ​ — Total fixed maturity securities — trading ​ 76 ​ 7 ​ — ​ (9) ​ — Total fixed maturity securities ​ 1,881 ​ 7 ​ 144 ​ (9) ​ (97) Equity securities ​ 73 ​ 1 ​ — ​ — ​ — Other long-term investments(1) ​ 292 ​ 404 ​ — ​ (300) ​ — Total investments ​ 2,246 ​ 412 ​ 144 ​ (309) ​ (97) Total assets measured at fair value on a recurring basis ​ $ 2,246 ​ $ 412 ​ $ 144 ​ $ (309) ​ $ (97) Liabilities: ​ ​ ​ ​ ​ Annuity account balances(2) ​ $ 70 ​ $ — ​ $ — ​ $ (3) ​ $ — Other liabilities(1) ​ 1,332 ​ 926 ​ — ​ (1,833) ​ — Total liabilities measured at fair value on a recurring basis ​ $ 1,402 ​ $ 926 ​ $ — ​ $ (1,836) ​ $ — (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (losses) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Still Held at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in/out of ​ ​ ​ ​ Ending ​ the Reporting ​ ​ Purchases ​ Sales ​ Issuances ​ Settlements ​ Level 3 ​ Other ​ Balance ​ Date ​ ​ (Recast) ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities AFS ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 22 ​ $ — ​ $ 32 ​ $ — Other asset-backed securities ​ — ​ (2) ​ — ​ — ​ 22 ​ (1) ​ 435 ​ — Corporate securities ​ 436 ​ (562) ​ — ​ — ​ 135 ​ (3) ​ 1,432 ​ — Total fixed maturity securities — AFS ​ 436 ​ (564) ​ — ​ — ​ 179 ​ (4) ​ 1,899 ​ — Fixed maturity securities — trading ​ ​ ​ ​ ​ ​ ​ ​ Other asset-backed securities ​ 12 ​ (2) ​ — ​ — ​ (1) ​ — ​ 71 ​ 2 Corporate securities ​ 8 ​ (2) ​ — ​ — ​ — ​ — ​ 18 ​ — Total fixed maturity securities — trading ​ 20 ​ (4) ​ — ​ — ​ (1) ​ — ​ 89 ​ 2 Total fixed maturity securities ​ 456 ​ (568) ​ — ​ — ​ 178 ​ (4) ​ 1,988 ​ 2 Equity securities ​ 27 ​ (5) ​ — ​ — ​ 5 ​ — ​ 101 ​ — Other long-term investments(1) ​ 41 ​ (135) ​ — ​ (4) ​ — ​ — ​ 298 ​ 81 Total investments ​ 524 ​ (708) ​ — ​ (4) ​ 183 ​ (4) ​ 2,387 ​ 83 Total assets measured at fair value on a recurring basis ​ $ 524 ​ $ (708) ​ $ — ​ $ (4) ​ $ 183 ​ $ (4) ​ $ 2,387 ​ $ 83 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Annuity account balances(2) ​ $ — ​ $ — ​ $ — ​ $ 6 ​ $ — ​ $ — ​ $ 67 ​ $ — Other liabilities(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,239 ​ (906) Total liabilities measured at fair value on a recurring basis ​ $ — ​ $ — ​ $ — ​ $ 6 ​ $ — ​ $ — ​ $ 2,306 ​ $ (906)
Schedule of the carrying amounts and estimated fair value of the Company's financial instruments	The carrying amounts and estimated fair values of the Company’s financial instruments that are not reported at fair value as of the periods shown below are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2021 ​ 2020 ​ Fair Value Carrying ​ ​ Carrying ​ ​ ​ ​ Level ​ Amounts ​ Fair Values ​ Amounts ​ Fair Values ​ ​ (Dollars In Millions) Assets: ​ ​ ​ ​ Commercial mortgage loans(1) 3 ​ $ 10,863 ​ $ 11,386 ​ $ 10,006 ​ $ 10,788 Policy loans 3 ​ 1,527 ​ 1,527 ​ 1,593 ​ 1,593 Other long-term investments(2) 3 ​ 1,930 ​ 1,990 ​ 1,186 ​ 1,283 Liabilities: ​ ​ ​ ​ Stable value product account balances 3 ​ $ 8,526 ​ $ 8,598 ​ $ 6,056 ​ $ 6,231 Future policy benefits and claims(3) 3 ​ 1,457 ​ 1,504 ​ 1,580 ​ 1,603 Other policyholders' funds(4) 3 ​ 102 ​ 108 ​ 102 ​ 108 Debt:(5) ​ ​ ​ ​ Subordinated funding obligations 3 ​ $ 110 ​ $ 116 ​ $ 110 ​ $ 121 ​ Except as noted below, fair values were estimated using quoted market prices. (1) The carrying amount is net of allowance for credit losses. (2) Other long-term investments represents a modco receivable, which is related to invested assets such as fixed income and structured securities, which are legally owned by the ceding company. The fair value is determined in a manner consistent with other similar invested assets held by the Company. In addition, it includes the cash surrender value of the Company’s COLI policy. (3) Single premium immediate annuity without life contingencies. (4) Supplementary contracts without life contingencies. (5) Excludes immaterial capital lease obligations.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of realized investment gains (losses) - derivative financial instruments	The following table sets forth net gains and losses for the periods shown: Gains (losses) — derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Recast) (Recast) ​ ​ (Dollars In Millions) Derivatives related to VA contracts: ​ ​ ​ Interest rate futures ​ $ 15 ​ $ — ​ $ (20) Equity futures ​ (12) ​ 109 ​ 5 Currency futures ​ 11 ​ (10) ​ 3 Equity options ​ (108) ​ (30) ​ (150) Interest rate swaps ​ (136) ​ 274 ​ 230 Total return swaps ​ (189) ​ (49) ​ (78) Embedded derivative — GLWB ​ 347 ​ (404) ​ (198) Total derivatives related to VA contracts ​ (72) ​ (110) ​ (208) Derivatives related to FIA contracts: ​ ​ ​ Embedded derivative ​ 3 ​ (69) ​ (86) Funds withheld derivative ​ (7) ​ (10) ​ — Equity futures ​ 5 ​ (4) ​ 2 Equity options ​ 72 ​ 49 ​ 84 Other derivatives ​ (3) ​ (1) ​ — Total derivatives related to FIA contracts ​ 70 ​ (35) ​ — Derivatives related to IUL contracts: ​ ​ ​ Embedded derivative ​ $ (28) ​ $ 4 ​ $ (13) Equity futures ​ — ​ (2) ​ — Equity options ​ 16 ​ 9 ​ 15 Total derivatives related to IUL contracts ​ (12) ​ 11 ​ 2 Embedded derivative — Modco reinsurance treaties ​ 64 ​ (99) ​ (187) Derivatives with PLC(1) ​ — ​ 23 ​ 27 Other derivatives ​ (2) ​ 15 ​ (2) Total gains (losses) — derivatives, net ​ $ 48 ​ $ (195) ​ $ (368) (1) The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date.
Notional amounts and fair values of derivative financial instruments	The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated financial statements for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Notional Fair Notional Fair ​ ​ Amount ​ Value ​ Amount ​ Value ​ ​ ​ ​ ​ ​ ​ ​ (Recast) ​ ​ (Dollars In Millions) Other long-term investments ​ ​ ​ ​ Derivatives not designated as hedging instruments: ​ ​ ​ ​ Interest rate swaps ​ $ 1,478 ​ $ 72 ​ $ 1,478 ​ $ 185 Total return swaps ​ 239 ​ 8 ​ 158 ​ 2 Derivatives with PLC(1) ​ 4,085 ​ — ​ 4,076 ​ — Embedded derivative — Modco reinsurance treaties ​ 1,268 ​ 62 ​ 1,249 ​ 101 Embedded derivative — GLWB ​ 3,066 ​ 169 ​ 2,067 ​ 138 Embedded derivative — FIA ​ 398 ​ 64 ​ 335 ​ 60 Interest rate futures ​ 561 ​ 5 ​ 690 ​ 4 Equity futures ​ 312 ​ 6 ​ 203 ​ 4 Currency futures ​ 27 ​ — ​ — ​ — Equity options ​ 8,852 ​ 1,061 ​ 7,208 ​ 1,142 ​ ​ $ 20,286 ​ $ 1,447 ​ $ 17,464 ​ $ 1,636 Other liabilities ​ ​ ​ ​ Cash flow hedges: ​ ​ ​ ​ Foreign currency swaps ​ $ 117 ​ $ 13 ​ $ 117 ​ $ 10 Derivatives not designated as hedging instruments: ​ ​ ​ ​ Interest rate swaps ​ 1,354 ​ — ​ 1,354 ​ — Total return swaps ​ 1,168 ​ 39 ​ 1,003 ​ 15 Embedded derivative — Modco reinsurance treaties ​ 2,974 ​ 280 ​ 2,911 ​ 389 Funds withheld derivative ​ 855 ​ 10 ​ 661 ​ 10 Embedded derivative — GLWB ​ 6,833 ​ 644 ​ 7,749 ​ 960 Embedded derivative — FIA ​ 4,372 ​ 659 ​ 3,889 ​ 633 Embedded derivative — IUL ​ 459 ​ 269 ​ 357 ​ 201 Interest rate futures ​ 729 ​ 4 ​ 415 ​ 3 Equity futures ​ 42 ​ 1 ​ 190 ​ 5 Currency futures ​ 158 ​ 2 ​ 264 ​ 4 Equity options ​ 7,044 ​ 771 ​ 5,499 ​ 834 Other ​ 448 ​ 87 ​ 304 ​ 55 ​ ​ $ 26,553 ​ $ 2,779 ​ $ 24,713 ​ $ 3,119 (1) The Company and certain of its subsidiaries had an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC through October 1, 2020. These agreements were terminated as part of the Captive Merger and a new portfolio maintenance agreement was entered into with PLC on that date.

OFFSETTING OF ASSETS AND LIAB_2

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Schedule of derivative assets	The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ (Dollars In Millions) Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 1,152 ​ $ — ​ $ 1,152 ​ $ 806 ​ $ 178 ​ $ 168 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 1,152 ​ — ​ 1,152 ​ 806 ​ 178 ​ 168 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 62 ​ — ​ 62 ​ — ​ — ​ 62 Embedded derivative — GLWB ​ 169 ​ — ​ 169 ​ — ​ — ​ 169 Derivatives with PLC ​ — ​ — ​ — ​ — ​ — ​ — Embedded derivative — FIA ​ 64 ​ — ​ 64 ​ — ​ — ​ 64 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 295 ​ — ​ 295 ​ — ​ — ​ 295 Total derivatives ​ 1,447 ​ — ​ 1,447 ​ 806 ​ 178 ​ 463 Total Assets ​ $ 1,447 ​ $ — ​ $ 1,447 ​ $ 806 ​ $ 178 ​ $ 463 ​ The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ ​ (Recast) ​ (Dollars In Millions) Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 1,337 ​ $ — ​ $ 1,337 ​ $ 865 ​ $ 290 ​ $ 182 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 1,337 ​ — ​ 1,337 ​ 865 ​ 290 ​ 182 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 101 ​ — ​ 101 ​ — ​ — ​ 101 Embedded derivative — GLWB ​ 138 ​ — ​ 138 ​ — ​ — ​ 138 Other ​ 60 ​ — ​ 60 ​ — ​ — ​ 60 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 299 ​ — ​ 299 ​ — ​ — ​ 299 Total derivatives ​ 1,636 ​ — ​ 1,636 ​ 865 ​ 290 ​ 481 Total Assets ​ $ 1,636 ​ $ — ​ $ 1,636 ​ $ 865 ​ $ 290 ​ $ 481 ​
Schedule of derivative liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ (Dollars In Millions) Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 830 ​ $ — ​ $ 830 ​ $ 806 ​ $ 22 ​ $ 2 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 830 ​ — ​ 830 ​ 806 ​ 22 ​ 2 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 280 ​ — ​ 280 ​ — ​ — ​ 280 Funds withheld derivative ​ 10 ​ — ​ 10 ​ — ​ — ​ 10 Embedded derivative — GLWB ​ 644 ​ — ​ 644 ​ — ​ — ​ 644 Embedded derivative — FIA ​ 659 ​ — ​ 659 ​ — ​ — ​ 659 Embedded derivative — IUL ​ 269 ​ — ​ 269 ​ — ​ — ​ 269 Other ​ 87 ​ — ​ 87 ​ — ​ — ​ 87 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 1,949 ​ — ​ 1,949 ​ — ​ — ​ 1,949 Total derivatives ​ 2,779 ​ — ​ 2,779 ​ 806 ​ 22 ​ 1,951 Repurchase agreements(1) ​ 1,393 ​ — ​ 1,393 ​ — ​ — ​ 1,393 Total Liabilities ​ $ 4,172 ​ $ — ​ $ 4,172 ​ $ 806 ​ $ 22 ​ $ 3,344 (1) Borrowings under repurchase agreements are for a term less than 90 days. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ Gross Amounts ​ ​ ​ ​ ​ Gross ​ Amounts ​ Presented in ​ Not Offset ​ ​ ​ ​ Amounts Off Offset in the the ​ in the Balance Sheet ​ ​ ​ ​ ​ Recognized Balance Balance ​ Financial ​ Collateral ​ ​ ​ ​ Assets Sheet Sheet Instruments Received Net Amount ​ ​ (Recast) ​ (Dollars In Millions) Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: ​ ​ ​ ​ ​ ​ Free-Standing derivatives ​ $ 871 ​ $ — ​ $ 871 ​ $ 865 ​ $ 4 ​ $ 2 Total derivatives, subject to a master netting arrangement or similar arrangement ​ 871 ​ — ​ 871 ​ 865 ​ 4 ​ 2 Derivatives not subject to a master netting arrangement or similar arrangement ​ ​ ​ ​ ​ ​ Embedded derivative — Modco reinsurance treaties ​ 389 ​ — ​ 389 ​ — ​ — ​ 389 Funds withheld derivative ​ 10 ​ — ​ 10 ​ — ​ — ​ 10 Embedded derivative — GLWB ​ 960 ​ — ​ 960 ​ — ​ — ​ 960 Embedded derivative — FIA ​ 633 ​ — ​ 633 ​ — ​ — ​ 633 Embedded derivative — IUL ​ 201 ​ — ​ 201 ​ — ​ — ​ 201 Other ​ 55 ​ — ​ 55 ​ — ​ — ​ 55 Total derivatives, not subject to a master netting arrangement or similar arrangement ​ 2,248 ​ — ​ 2,248 ​ — ​ — ​ 2,248 Total derivatives ​ 3,119 ​ — ​ 3,119 ​ 865 ​ 4 ​ 2,250 Repurchase agreements(1) ​ 437 ​ — ​ 437 ​ — ​ — ​ 437 Total Liabilities ​ $ 3,556 ​ $ — ​ $ 3,556 ​ $ 865 ​ $ 4 ​ $ 2,687 (1) Borrowings under repurchase agreements are for a term less than 90 days.

COMMERCIAL MORTGAGE LOANS (Tabl

COMMERCIAL MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of the breakdown of the commercial mortgage loan portfolio by property type	The following table includes a breakdown of the Company’s commercial mortgage loan portfolio by property type as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Commercial ​ ​ Mortgage Loans Type 2021 2020 ​ Retail 30.3 % 34.9 % Office buildings 13.8 15.1 ​ Apartments 17.2 12.7 ​ Warehouses 16.5 16.0 ​ Senior housing 17.0 16.2 ​ Other 5.2 5.1 ​ ​ 100.0 % 100.0 % ​
Schedule of mortgage loans by location of properties	The following states represent the primary locations of the Company’s commercial mortgage loans as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of Commercial Mortgage Loans State 2021 State 2020 ​ California 10.1 % California 11.3 % Texas 7.3 Texas 7.3 ​ Florida 7.2 Alabama 6.7 ​ Alabama 6.3 Florida 6.2 ​ North Carolina 5.6 Georgia 5.3 ​ Ohio 4.6 North Carolina 4.9 ​ Michigan 4.6 Ohio 4.7 ​ Georgia 4.2 Michigan 4.4 ​ Utah 4.0 Utah 4.2 ​ Tennessee 3.5 Tennessee 3.5 ​ ​ 57.4 % ​ ​ 58.5 % ​
Schedule of commercial mortgage loans receivable by origination year	As of December 31, 2021 and 2020, the amortized cost basis of the Company’s commercial mortgage loan receivables by origination year, net of the allowance, for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2021 2020 2019 2018 2017 Prior Total ​ ​ (Dollars In Millions) As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 2,063 ​ $ 1,439 ​ $ 2,034 ​ $ 1,404 ​ $ 1,224 ​ $ 2,802 ​ $ 10,966 Non-performing ​ — ​ — ​ — ​ — ​ — ​ — ​ — Amortized cost ​ $ 2,063 ​ $ 1,439 ​ $ 2,034 ​ $ 1,404 ​ $ 1,224 ​ $ 2,802 ​ $ 10,966 Allowance for credit losses ​ (12) ​ (10) ​ (21) ​ (18) ​ (12) ​ (30) ​ (103) Total commercial mortgage loans ​ $ 2,051 ​ $ 1,429 ​ $ 2,013 ​ $ 1,386 ​ $ 1,212 ​ $ 2,772 ​ $ 10,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Amortized Cost Basis by Origination Year ​ 2020 2019 2018 2017 2016 Prior Total ​ ​ (Dollars In Millions) As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 1,463 ​ $ 2,442 ​ $ 1,577 ​ $ 1,344 ​ $ 943 ​ $ 2,458 ​ $ 10,227 Non-performing ​ — ​ — ​ — ​ — ​ — ​ 1 ​ 1 Amortized cost ​ $ 1,463 ​ $ 2,442 ​ $ 1,577 ​ $ 1,344 ​ $ 943 ​ $ 2,459 ​ $ 10,228 Allowance for credit losses ​ (21) ​ (46) ​ (55) ​ (37) ​ (25) ​ (38) ​ (222) Total commercial mortgage loans ​ $ 1,442 ​ $ 2,396 ​ $ 1,522 ​ $ 1,307 ​ $ 918 ​ $ 2,421 ​ $ 10,006 ​ The following tables provide a comparative view of the key credit quality indicators of the loan-to-value and debt service coverage ratio ("DSCR") as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ ​ Amortized ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ Cost % of Total DSCR(2) Cost % of Total DSCR(2) ​ ​ (Dollars In Millions) Loan-to-value(1) Greater than 75% ​ $ 285 3 % 1.32 ​ $ 399 4 % 1.29 50% - 75% ​ 7,241 66 % 1.59 ​ 6,557 64 % 1.61 Less than 50% ​ 3,440 31 % 2.04 ​ 3,272 32 % 2.01 Total commercial mortgage loans ​ $ 10,966 100 % ​ ​ $ 10,228 ​ 100 % ​ (1) The loan-to-value ratio compares the current unpaid principal of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 54 % at both December 31, 2021 and December 31, 2020. (2) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio for December 31, 2021 and December 31, 2020 was 1.72 x and 1.72 x, respectively.
Schedule of changes in the allowance for mortgage loan credit losses	The following provides a summary of the rollforward of the allowance for credit losses for funded commercial mortgage loans and unfunded commercial mortgage loan commitments for the periods included. ​ ​ ​ ​ ​ ​ ​ ​ ​ For The ​ For The ​ ​ Year Ended ​ Year Ended ​ December 31, 2021 December 31, 2020 ​ ​ (Dollars In Millions) Allowance for Funded Commercial Mortgage Loan Credit Losses ​ ​ Beginning balance ​ $ 222 ​ $ 5 Cumulative effect adjustment ​ — ​ 80 Charge offs ​ — ​ — Recoveries ​ (7) ​ (3) Provision ​ (112) ​ 140 Ending balance ​ $ 103 ​ $ 222 Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses ​ ​ Beginning balance ​ $ 22 ​ $ — Cumulative effect adjustment ​ — ​ 10 Charge offs ​ — ​ — Recoveries ​ — ​ — Provision ​ (17) ​ 12 Ending balance ​ $ 5 ​ $ 22 ​

DEFERRED POLICY ACQUISITION C_2

DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Schedule of balances and changes in DAC	The balances and changes in DAC are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Balance, beginning of period $ 1,628 $ 1,480 Capitalization of commissions, sales, and issue expenses ​ 550 ​ 459 Amortization ​ (200) ​ (163) Change due to unrealized gains and losses ​ 105 ​ (152) Implementation of ASU 2016‑13 ​ — ​ 4 Balance, end of period ​ $ 2,083 ​ $ 1,628 ​
Schedule of balances and changes in VOBA	The balances and changes in VOBA are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Balance, beginning of period $ 1,792 $ 2,040 Amortization ​ (109) ​ (45) Change due to unrealized gains and losses ​ 80 ​ (192) Other ​ 23 ​ (11) Balance, end of period ​ $ 1,786 ​ $ 1,792 ​
Schedule of estimated amortization of VOBA for the next five years	Based on the balance recorded as of December 31, 2021, the expected amortization of VOBA for the next five years is as follows: ​ ​ ​ ​ ​ ​ Expected Years Amortization ​ (Dollars In Millions) 2022 ​ $ 121 2023 ​ 123 2024 ​ 123 2025 ​ 116 2026 ​ 99

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying value of goodwill by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Life ​ ​ Stable Value Asset Total ​ and Annuity ​ Acquisitions Products Protection Consolidated ​ (Dollars In Millions) Balance as of December 31, 2019 $ 559 $ 24 $ 114 $ 129 $ 826 Balance as of December 31, 2020 ​ 559 ​ 24 ​ 114 ​ 129 ​ 826 Impairment ​ (129) ​ — ​ — ​ — ​ (129) Balance as of December 31, 2021 ​ $ 430 ​ $ 24 ​ $ 114 ​ $ 129 ​ $ 697 ​

CERTAIN NONTRADITIONAL LONG-D_2

CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2021
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Schedule of activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement)	Activity relating to GMDB reserves (excluding those 100% ceded under the Modco agreement) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ (Recast) (Recast) ​ (Dollars In Millions) Beginning balance $ 43 $ 46 $ 44 Great West beginning balance ​ — ​ — ​ 7 Incurred guarantee benefits ​ — ​ 2 ​ (1) Less: Paid guarantee benefits ​ 5 ​ 5 ​ 4 Ending balance ​ $ 38 ​ $ 43 ​ $ 46 ​
Schedule of account balances of variable annuities with guarantees invested in variable annuity separate accounts	Account balances of variable annuities with guarantees invested in VA separate accounts are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Equity funds $ 9,732 $ 10,425 Fixed income funds ​ 5,236 ​ 4,631 Total ​ $ 14,968 ​ $ 15,056 ​
Schedule of activity in the Company's deferred sales inducement asset	Activity in the Company’s deferred sales inducement asset, recorded on the balance sheet in other assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Deferred asset, beginning of period $ 41 $ 43 $ 40 Amounts deferred ​ 3 ​ 2 ​ 6 Amortization ​ (7) ​ (4) ​ (3) Deferred asset, end of period ​ $ 37 ​ $ 41 ​ $ 43

MONY CLOSED BLOCK OF BUSINESS (

MONY CLOSED BLOCK OF BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2021
Closed Block Disclosure [Abstract]
Summary of financial information for the Closed Block	Summarized financial information for the Closed Block is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars In Millions) Closed block liabilities ​ ​ Future policy benefits, policyholders’ account balances and other policyholder liabilities ​ $ 5,277 ​ $ 5,406 Policyholder dividend obligation ​ 401 ​ 580 Other liabilities ​ 10 ​ 7 Total closed block liabilities ​ 5,688 ​ 5,993 Closed block assets ​ ​ Fixed maturities, available-for-sale, at fair value ​ 4,633 ​ 4,903 Commercial mortgage loans on real estate ​ 68 ​ 68 Policy loans ​ 557 ​ 596 Cash and other invested assets ​ 73 ​ 46 Other assets ​ 83 ​ 91 Total closed block assets ​ 5,414 ​ 5,704 Excess of reported closed block liabilities over closed block assets ​ 274 ​ 289 Portion of above representing accumulated other comprehensive income: ​ ​ Net unrealized investments gains (losses) net of policyholder dividend obligation: $323 and $493; and net of income tax: $(68) and $(104) ​ — ​ — Future earnings to be recognized from closed block assets and closed block liabilities ​ $ 274 ​ $ 289 ​
Schedule of reconciliation of the policyholder dividend obligation	Reconciliation of the policyholder dividend obligation is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended ​ December 31, ​ 2021 2020 ​ (Dollars In Millions) Policyholder dividend obligation, beginning balance $ 580 $ 279 Applicable to net revenue ​ (9) ​ (25) Change in net unrealized investment gains allocated to policyholder dividend obligation ​ (170) ​ 326 Policyholder dividend obligation, ending balance ​ $ 401 ​ $ 580 ​
Schedule of Closed Block revenues and expenses	Closed Block revenues and expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Revenues ​ ​ ​ Premiums and other income ​ $ 144 ​ $ 154 ​ $ 162 Net investment income ​ 189 ​ 202 ​ 207 Net gains (losses) — investments and derivatives ​ 28 ​ (2) ​ (2) Total revenues ​ 361 ​ 354 ​ 367 Benefits and other deductions ​ ​ ​ Benefits and settlement expenses ​ 342 ​ 332 ​ 337 Other operating expenses ​ 1 ​ 2 ​ 1 Total benefits and other deductions ​ 343 ​ 334 ​ 338 Net revenues before income taxes ​ 18 ​ 20 ​ 29 Income tax expense ​ 5 ​ 4 ​ 6 Net revenues ​ $ 13 ​ $ 16 ​ $ 23

REINSURANCE (Tables)

REINSURANCE (Tables)	12 Months Ended
	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Schedule of net life insurance in-force	The following table presents total net life insurance in-force: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ (Dollars In Millions) Direct life insurance in-force ​ $ 829,253 ​ $ 785,197 ​ Amounts assumed from other companies ​ 191,110 ​ 206,050 ​ Amounts ceded to other companies ​ (222,865) ​ (244,588) ​ Net life insurance in-force ​ $ 797,498 ​ $ 746,659 ​ Percentage of amount assumed to net ​ 24 % 28 %
Schedule of effect of reinsurance on life insurance premiums written and earned	The following table reflects the effect of reinsurance on life, accident/health, and property and liability insurance premiums written and earned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumed ​ ​ ​ ​ ​ ​ ​ Ceded to ​ from ​ ​ ​ ​ ​ ​ Gross ​ Other ​ Other ​ Net ​ ​ ​ Amount ​ Companies ​ Companies ​ Amount ​ ​ ​ (Dollars In Millions) ​ For The Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,843 ​ $ (1,113) ​ $ 1,037 ​ $ 2,767 (1) Accident/health insurance ​ 32 ​ (19) ​ 28 ​ 41 Property and liability insurance ​ 281 ​ (188) ​ 1 ​ 94 Total ​ $ 3,156 ​ $ (1,320) ​ $ 1,066 ​ $ 2,902 For The Year Ended December 31, 2020 (Recast) ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,661 ​ $ (826) ​ $ 934 ​ $ 2,769 (1) Accident/health insurance ​ 37 ​ (23) ​ 90 ​ 104 Property and liability insurance ​ 279 ​ (178) ​ 2 ​ 103 Total ​ $ 2,977 ​ $ (1,027) ​ $ 1,026 ​ $ 2,976 For The Year Ended December 31, 2019 (Recast) ​ ​ ​ ​ Premiums and policy fees: ​ ​ ​ ​ Life insurance ​ $ 2,853 ​ $ (1,312) ​ $ 836 ​ $ 2,377 (1) Accident/health insurance ​ 42 ​ (90) ​ 41 ​ (7) Property and liability insurance ​ 281 ​ (106) ​ 3 ​ 178 Total ​ $ 3,176 ​ $ (1,508) ​ $ 880 ​ $ 2,548 (1) Includes annuity policy fees of $199 million, $163 million, and $164 million, for the years ended December 31, 2021, 2020, and 2019, respectively.
Schedule of receivables attributable to more significant reinsurance partners	The following table sets forth the receivables attributable to our more significant reinsurance partners: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Reinsurance A.M. Best Reinsurance A.M. Best ​ ​ Receivable ​ Rating ​ Receivable ​ Rating ​ ​ (Dollars In Millions) Security Life of Denver Insurance Company ​ $ 500.5 A- ​ $ 548.5 NR Swiss Re Life & Health America, Inc. ​ 480.1 A+ ​ 489.6 A+ Lincoln National Life Insurance Co. ​ 337.3 A+ ​ 370.7 A+ Somerset Re ​ 335.1 A- ​ 259.9 A- Transamerica Life Insurance Co. ​ 226.4 A ​ 240.3 A RGA Reinsurance Company ​ 204.6 A+ ​ 210.5 A+ American United Life Insurance Company ​ 187.6 A+ ​ 199.1 A+ Centre Reinsurance (Bermuda) Ltd ​ 149.3 A ​ 167.3 NR Employers Reassurance Corporation ​ 139.4 B+ ​ 162.0 NR The Canada Life Assurance Company ​ 123.2 A+ ​ 134.0 A+

DEBT AND OTHER OBLIGATIONS (Tab

DEBT AND OTHER OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of collateral pledged for repurchase agreements	The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class, as of December 31, 2021 and 2020: Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Maturity of the Agreements ​ ​ As of December 31, 2021 ​ ​ (Dollars In Millions) ​ ​ Overnight and ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ Continuous ​ Up to 30 days ​ 30-90 days ​ 90 days ​ Total Repurchase agreements and repurchase-to-maturity transactions ​ ​ ​ ​ ​ U.S. Treasury and agency securities ​ $ 1,070 ​ $ — ​ $ — ​ $ — ​ $ 1,070 Corporate securities ​ 69 ​ — ​ — ​ — ​ 69 Commercial mortgage loans ​ 364 ​ — ​ — ​ — ​ 364 Total repurchase agreements and repurchase-to-maturity transactions ​ $ 1,503 ​ $ — ​ $ — ​ $ — ​ $ 1,503 Securities lending transactions ​ ​ ​ ​ ​ Fixed maturity securities ​ 171 ​ — ​ — ​ — ​ 171 Equity securities ​ 1 ​ — ​ — ​ — ​ 1 Redeemable preferred stocks ​ 2 ​ — ​ — ​ — ​ 2 Total securities lending transactions ​ 174 ​ — ​ — ​ — ​ 174 Total securities ​ $ 1,677 ​ $ — ​ $ — ​ $ — ​ $ 1,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Maturity of the Agreements ​ ​ As of December 31, 2020 ​ ​ (Dollars In Millions) ​ ​ Overnight and ​ ​ ​ ​ ​ ​ ​ Greater Than ​ ​ ​ ​ ​ Continuous ​ Up to 30 days ​ 30-90 days ​ 90 days ​ Total Repurchase agreements and repurchase-to-maturity transactions ​ ​ ​ ​ ​ U.S. Treasury and agency securities ​ $ 366 ​ $ 86 ​ $ — ​ $ — ​ $ 452 Commercial mortgage loans ​ — ​ — ​ — ​ — ​ — Total repurchase agreements and repurchase-to-maturity transactions ​ $ 366 ​ $ 86 ​ $ — ​ $ — ​ $ 452 Securities lending transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate securities ​ 49 ​ — ​ — ​ — ​ 49 Equity securities ​ 7 ​ — ​ — ​ — ​ 7 Redeemable preferred stocks ​ 1 ​ — ​ — ​ — ​ 1 Total securities lending transactions ​ ​ 57 ​ ​ — ​ ​ — ​ ​ — ​ ​ 57 Total securities ​ $ 423 ​ $ 86 ​ $ — ​ $ — ​ $ 509
Interest income and interest expense	Interest expense is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Dollars In Millions) Subordinated funding obligations $ 3.9 $ 3.9 $ 3.9 Non-recourse funding obligations, other obligations, and repurchase agreements ​ $ 11 ​ $ 133.2 ​ $ 175.8 Total interest expense ​ $ 14.9 ​ $ 137.1 ​ $ 179.7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments for operating leases	The following is a schedule by year of future minimum rental payments required under these leases: ​ ​ ​ ​ ​ Year Amount ​ ​ (Dollars In Millions) 2022 ​ $ 7 2023 ​ 4 2024 ​ 4 2025 ​ 2 2026 ​ 1 Thereafter ​ 8

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Summary of changes in the accumulated balances for each component of accumulated other comprehensive income (loss)	The following table summarizes the changes in the accumulated balances for each component of AOCI as of December 31, 2021, 2020, and 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Unrealized ​ Accumulated ​ Other ​ ​ Gains and Losses ​ Gain and Loss ​ Comprehensive ​ on Investments(2) on Derivatives Income (Loss) ​ ​ (Dollars In Millions, Net of Tax) Balance, December 31, 2018 (Recast) ​ $ (1,408) ​ $ — ​ $ (1,408) Other comprehensive income (loss) before reclassifications ​ 2,844 ​ (10) ​ 2,834 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings ​ (4) ​ — ​ (4) Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ (11) ​ 2 ​ (9) Balance, December 31, 2019 (Recast) ​ $ 1,421 ​ $ (8) ​ $ 1,413 Other comprehensive income (loss) before reclassifications ​ 2,048 ​ (2) ​ 2,046 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in operations ​ 24 ​ — ​ 24 Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ 63 ​ 2 ​ 65 Balance, December 31, 2020 (Recast) ​ $ 3,556 ​ $ (8) ​ $ 3,548 Other comprehensive income (loss) before reclassifications ​ (1,105) ​ — ​ (1,105) Other comprehensive income (loss) on investments for which a credit loss has been recognized in operations ​ (1) ​ — ​ (1) Amounts reclassified from accumulated other comprehensive income (loss)(1) ​ (41) ​ 1 ​ (40) Balance, December 31, 2021 ​ $ 2,409 ​ $ (7) ​ $ 2,402 (1) See Reclassification table below for details. (2) As of December 31, 2019, 2020 and 2021, net unrealized losses reported in AOCI were offset by $ (777 ) million, $ (2.0 ) billion and $ (1.9 ) billion, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
Schedule of reclassifications amounts out of AOCI	The following tables summarize the reclassifications amounts out of AOCI for the years ended December 31, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected Line Item in the Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains/(losses) in net income: Statements of Income For The Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ (Dollars In Millions) Derivative instruments ​ Benefits and settlement expenses, net of reinsurance ceded(1) ​ $ (1) ​ $ (3) ​ $ (2) ​ Tax (expense) benefit ​ — ​ 1 ​ — ​ ​ ​ ​ $ (1) ​ $ (2) ​ $ (2) Unrealized gains and losses on available-for-sale securities Net gains (losses): investments ​ $ 46 ​ $ 46 ​ $ 48 ​ Net impairment losses recognized in earnings ​ 6 ​ (125) ​ (34) ​ Tax (expense) or benefit ​ (11) ​ 17 ​ (3) ​ ​ ​ ​ $ 41 ​ $ (62) ​ $ 11 (1) Refer to Note 6, Derivative Financial Instruments for additional information

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of reconciliation of effective income tax rate related to continuing operations	The Company’s effective income tax rate related to continuing operations varied from the maximum federal income tax rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Recast) (Recast) Statutory federal income tax rate applied to pre-tax income 21.0 % 21.0 % 21.0 % State income taxes 0.2 ​ (0.4) ​ 0.5 ​ Investment income not subject to tax (5.1) ​ (3.6) ​ (2.1) ​ Prior period adjustments 0.5 ​ (0.7) ​ 0.1 ​ Goodwill impairment 7.3 ​ — ​ — ​ Other (0.7) ​ (0.9) ​ (1.0) ​ ​ 23.2 % 15.4 % 18.5 %
Schedule of components of income tax	The components of the Company’s income tax are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Recast) (Recast) ​ ​ (Dollars In Millions) Current income tax expense (benefit): ​ ​ ​ Federal ​ $ 129 ​ $ 123 ​ $ 378 State ​ 3 ​ (5) ​ 9 Total current ​ $ 132 ​ $ 118 ​ $ 387 Deferred income tax expense (benefit): ​ ​ ​ Federal ​ $ (44) ​ $ (79) ​ $ (284) State ​ (2) ​ 4 ​ (6) Total deferred ​ $ (46) ​ $ (75) ​ $ (290)
Schedule of components of the Company's net deferred income tax liability	The components of the Company’s net deferred income tax liability are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ ​ ​ ​ ​ (Recast) ​ ​ (Dollars In Millions) Deferred income tax assets: ​ ​ Loss and credit carryforwards ​ $ 168 ​ $ 146 Deferred compensation ​ 51 ​ 54 Deferred policy acquisition costs ​ 67 ​ 143 Valuation allowance ​ (10) ​ (9) ​ ​ 276 ​ 334 Deferred income tax liabilities: ​ ​ Premium receivables and policy liabilities ​ 200 ​ 250 VOBA and other intangibles ​ 552 ​ 582 Invested assets (other than unrealized gains (losses)) ​ 264 ​ 283 Net unrealized gains on investments ​ 640 ​ 945 Other ​ 48 ​ 53 ​ ​ 1,704 ​ 2,113 Net deferred income tax liability ​ $ (1,428) ​ $ (1,779)
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Balance, beginning of period ​ $ 2 ​ $ 2 ​ $ 7 Additions for tax positions of the current year ​ — ​ — ​ — Additions for tax positions of prior years ​ — ​ — ​ — Reductions of tax positions of prior years: ​ ​ ​ Changes in judgment ​ — ​ — ​ — Settlements during the period ​ — ​ — ​ (5) Lapses of applicable statute of limitations ​ (2) ​ — ​ — Balance, end of period ​ $ — ​ $ 2 ​ $ 2

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	The following table sets forth supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ (Dollars In Millions) Cash paid / (received) during the year: ​ ​ ​ ​ ​ ​ Interest expense ​ $ 15 ​ $ 177 ​ $ 182 Income taxes ​ 236 ​ 80 ​ 383

STATUTORY REPORTING PRACTICES_2

STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 2021
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS
Schedule of favorable (unfavorable) effects of the Company's statutory surplus, compared to NAIC statutory surplus	The favorable (unfavorable) effects on the Company and its statutory surplus, compared to NAIC statutory surplus, from the use of this prescribed practice was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Non-admission of goodwill ​ $ (66) ​ $ (105) Total (net) ​ $ (66) ​ $ (105)
Schedule of favorable (unfavorable) effects on the statutory surplus of the Company's insurance subsidiaries, compared to NAIC statutory surplus	The favorable (unfavorable) effects on the statutory surplus of the Company and its insurance subsidiaries, compared to NAIC statutory surplus, from the use of these permitted practices were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 ​ (Dollars In Millions) Accounting for XOL Asset Value as an admitted asset ​ $ 4,267 ​ $ 4,579 Reserving based on state specific actuarial practices ​ 101 ​ 94 Reserving difference related to a captive insurance company ​ — ​ (218) Total (net) ​ $ 4,368 ​ $ 4,455

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of financial information for the Company's segments	The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Revenues ​ ​ ​ ​ ​ Retail Life and Annuity ​ $ 2,823 ​ $ 2,440 ​ $ 2,161 Acquisitions ​ 2,984 ​ 3,282 ​ 2,902 Stable Value Products ​ 347 ​ 176 ​ 247 Asset Protection ​ 270 ​ 275 ​ 290 Corporate and Other ​ (11) ​ (5) ​ 131 Total revenues ​ $ 6,413 ​ $ 6,168 ​ $ 5,731 Pre-tax Adjusted Operating Income (Loss) ​ ​ ​ Retail Life and Annuity ​ $ (37) ​ $ 100 ​ $ 153 Acquisitions ​ 314 ​ 406 ​ 347 Stable Value Products ​ 171 ​ 90 ​ 93 Asset Protection ​ 40 ​ 41 ​ 37 Corporate and Other ​ (155) ​ (247) ​ (162) Pre-tax adjusted operating income ​ 333 ​ 390 ​ 468 Non-operating income (loss) ​ 38 ​ (113) ​ 56 Income before income tax ​ 371 ​ 277 ​ 524 Income tax expense (benefit) ​ 86 ​ 43 ​ 97 Net income ​ $ 285 ​ $ 234 ​ $ 427 Pre-tax adjusted operating income ​ $ 333 ​ $ 390 ​ $ 468 Adjusted operating income tax (expense) benefit ​ (51) ​ (66) ​ (86) After-tax adjusted operating income ​ 282 ​ 324 ​ 382 Non-operating income (loss) ​ 38 ​ (113) ​ 56 Income tax (expense) benefit on adjustments ​ (35) ​ 23 ​ (11) Net income ​ $ 285 ​ $ 234 ​ $ 427 Non-operating income (loss) ​ ​ ​ Derivative gains (losses), net ​ $ 48 ​ $ (195) ​ $ (368) Investment gains (losses), net ​ 102 ​ (40) ​ 309 VA/VUL market impacts(1) ​ 21 ​ — ​ — Goodwill impairment ​ (129) ​ — ​ — Less: related amortization(2) ​ 104 ​ (30) ​ (24) Less: VA GLWB economic cost ​ (100) ​ (92) ​ (91) Total non-operating income (loss) ​ $ 38 ​ $ (113) ​ $ 56 (1) Represents the immediate impacts on DAC, VOBA, reserves, and other non-cash items in current period results due to changes in current market conditions on estimates of profitability, which are excluded from pre-tax and after-tax adjusted operating income (loss) beginning in Q1 of 2021. (2) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by net gains (losses). ​ 22. OPERATING SEGMENTS – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ (Recast) ​ (Recast) ​ (Dollars In Millions) Net Investment Income ​ ​ ​ Retail Life and Annuity ​ $ 1,110 ​ $ 1,015 ​ $ 945 Acquisitions ​ 1,590 ​ 1,648 ​ 1,533 Stable Value Products ​ 303 ​ 230 ​ 244 Asset Protection ​ 20 ​ 23 ​ 28 Corporate and Other ​ (41) ​ (27) ​ 75 Total net investment income ​ $ 2,982 ​ $ 2,889 ​ $ 2,825 Amortization of DAC and VOBA ​ ​ ​ Retail Life and Annuity ​ $ 222 ​ $ 116 ​ $ 100 Acquisitions ​ 19 ​ 24 ​ 11 Stable Value Products ​ 5 ​ 3 ​ 3 Asset Protection ​ 63 ​ 65 ​ 62 Corporate and Other ​ — ​ — ​ — Total amortization of DAC and VOBA ​ $ 309 ​ $ 208 ​ $ 176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segments ​ ​ As of December 31, 2021 ​ (Dollars In Millions) ​ Retail Life and ​ ​ Stable Value ​ ​ Annuity ​ Acquisitions Products Investments and other assets ​ $ 44,549 ​ $ 54,561 ​ $ 8,392 DAC and VOBA ​ 2,806 ​ 870 ​ 15 Other intangibles ​ 334 ​ 29 ​ 5 Goodwill ​ 430 ​ 24 ​ 114 Total assets ​ $ 48,119 ​ $ 55,484 ​ $ 8,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Corporate Total ​ ​ Protection ​ and Other ​ Consolidated Investments and other assets ​ $ 950 ​ $ 18,063 ​ $ 126,515 DAC and VOBA ​ 178 ​ — ​ 3,869 Other intangibles ​ 90 ​ 33 ​ 491 Goodwill ​ 129 ​ — ​ 697 Total assets ​ $ 1,347 ​ $ 18,096 ​ $ 131,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment Assets ​ ​ As of December 31, 2020 ​ (Recast) ​ (Dollars In Millions) ​ ​ Retail Life and ​ ​ ​ ​ Stable Value ​ ​ Annuity ​ Acquisitions ​ Products Investments and other assets ​ $ 40,194 ​ $ 55,628 ​ $ 5,928 DAC and VOBA ​ 2,480 ​ 762 ​ 8 Other intangibles ​ 367 ​ 33 ​ 6 Goodwill ​ 559 ​ 24 ​ 114 Total assets ​ $ 43,600 ​ $ 56,447 ​ $ 6,056 22. OPERATING SEGMENTS – (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Corporate Total ​ ​ Protection ​ and Other ​ Consolidated Investments and other assets ​ $ 881 ​ $ 19,493 ​ $ 122,124 DAC and VOBA ​ 170 ​ — ​ 3,420 Other intangibles ​ 101 ​ 33 ​ 540 Goodwill ​ 129 ​ — ​ 826 Total assets ​ $ 1,281 ​ $ 19,526 ​ $ 126,910

CONSOLIDATED QUARTERLY RESULT_2

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of unaudited consolidated quarterly operating data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter(1) ​ (Dollars In Millions) For The Year Ended December 31, 2021 ​ ​ ​ ​ Gross premiums and policy fees ​ $ 1,095 ​ $ 1,026 ​ $ 1,054 ​ $ 1,047 Reinsurance ceded ​ (317) ​ (326) ​ (311) ​ (366) Net premiums and policy fees ​ 778 ​ 700 ​ 743 ​ 681 Net investment income ​ 720 ​ 742 ​ 753 ​ 767 Net gains (losses) — investments and derivatives ​ 127 ​ (33) ​ 67 ​ (11) Other income ​ 88 ​ 100 ​ 89 ​ 102 Total revenues ​ 1,713 ​ 1,509 ​ 1,652 ​ 1,539 Total benefits and expenses ​ 1,586 ​ 1,308 ​ 1,593 ​ 1,555 Income (loss) before income tax ​ 127 ​ 201 ​ 59 ​ (16) Income tax expense ​ 25 ​ 39 ​ 10 ​ 12 Net income (loss) ​ $ 102 ​ $ 162 ​ $ 49 ​ $ (28) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ (Dollars In Millions) For The Year Ended December 31, 2020 (Recast) ​ ​ ​ ​ Gross premiums and policy fees ​ $ 896 ​ $ 1,009 ​ $ 1,045 ​ $ 1,053 Reinsurance ceded ​ (36) ​ (360) ​ (287) ​ (344) Net premiums and policy fees ​ 860 ​ 649 ​ 758 ​ 709 Net investment income ​ 754 ​ 742 ​ 740 ​ 653 Net gains (losses) — investments and derivatives ​ (301) ​ (34) ​ 111 ​ (11) Other income ​ 128 ​ 111 ​ 115 ​ 184 Total revenues ​ 1,441 ​ 1,468 ​ 1,724 ​ 1,535 Total benefits and expenses ​ 1,600 ​ 1,294 ​ 1,564 ​ 1,433 Income (loss) before income tax ​ (159) ​ 174 ​ 160 ​ 102 Income tax (benefit) expense ​ (30) ​ 32 ​ 29 ​ 12 Net income (loss) ​ $ (129) ​ $ 142 ​ $ 131 ​ $ 90 (1) The Company recorded a non-cash impairment charge of $ 129 million Q4 2021. Refer to Note 10, Goodwill for additional information.

BASIS OF PRESENTATION - Additio

BASIS OF PRESENTATION - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of reinsured vehicle service contracts	$ (4,596)	$ (4,543)
Revision of Prior Period, Reclassification, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of reinsured vehicle service contracts	63
Common Control Entity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in non-cash investing and financing activities	$ 195

BASIS OF PRESENTATION - Schedul

BASIS OF PRESENTATION - Schedule of Recasts (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ (28)	$ 49	$ 162	$ 102	$ 90	$ 131	$ 142	$ (129)	$ 285	$ 234	$ 427
Total comprehensive income									$ (861)	2,369	3,248
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income										342	553
Total comprehensive income										2,471	3,365
Common Control Entity
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income										(108)	(126)
Total comprehensive income										$ (102)	$ (117)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Valuation of investment securities
Number of primary sources of information used for determining fair value	1
Total number of primary sources of information available for determining fair value	3
Cash surrender value of corporate owned life insurance | $	$ 710	$ 179
Cash
Negative balances due to outstanding checks and drafts | $	$ 178	$ 185
Minimum
Valuation of investment securities
Number of primary sources of information used for determining fair value	1
Deferred Policy Acquisition Costs
Interest rate assumptions to compute liabilities for future policy benefits	1.00%
Maximum
Valuation of investment securities
Number of primary sources of information used for determining fair value	3
Deferred Policy Acquisition Costs
Interest rate assumptions to compute liabilities for future policy benefits	7.86%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 459	$ 508
Total other intangible assets	491	540
Distribution relationships
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets	314	340
Trade names
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets	58	65
Technology
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 56	71
Finite-lived intangible assets, estimated useful life	7 years
Other
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 31	32
Insurance licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 32	$ 32
Minimum | Software
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	3 years	3 years
Minimum | Distribution relationships
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	14 years
Minimum | Trade names
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	13 years
Maximum | Software
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	5 years	5 years
Maximum | Distribution relationships
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	22 years
Maximum | Trade names
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	17 years
Maximum | Technology
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful life	14 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Future Estimated Aggregate Amortization Expense (Details) $ in Millions	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
2022	$ 54
2023	51
2024	48
2025	43
2026	$ 43

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Capital leases	$ 36	$ 25
Total property and equipment subject to depreciation	257	240
Accumulated depreciation	(79)	(61)
Land	25	25
Total property and equipment	203	204
Home office building
Property and Equipment
Property and equipment subject to depreciation, gross	$ 160	$ 159
Useful life	25 years	25 years
Furniture
Property and Equipment
Useful life	10 years	10 years
Office equipment and machines
Property and Equipment
Useful life	5 years	5 years
Computers
Property and Equipment
Useful life	4 years	4 years
Data processing equipment
Property and Equipment
Property and equipment subject to depreciation, gross	$ 39	$ 36
Other, principally furniture and equipment
Property and Equipment
Property and equipment subject to depreciation, gross	$ 22	$ 20

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stable Value Product Account Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summarized financial information for the company's segments
Stable value product account balances marketed through structured programs	$ 6,573	$ 4,032
Future maturities of stable value products
2022	2,559
2023 - 2024	3,551
2025 - 2026	1,347
Thereafter	$ 1,069
Minimum
Summarized financial information for the company's segments
Maturities of GICs and funding agreements	1 year
Maximum
Summarized financial information for the company's segments
Maturities of GICs and funding agreements	12 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Guaranteed Living Withdrawal Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable annuity | Guaranteed living withdrawal benefits (GLWB)
Guaranteed Minimum Withdrawal Benefits
Guaranteed living withdrawal benefits liability held, net	$ 475	$ 822

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Traditional Life, Health, and Credit Insurance Products & Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for unpaid claims and claims adjustment expense
Impact of reinsurance	$ 38	$ 43	$ 46	$ 44
Minimum
Liability for unpaid claims and claims adjustment expense
Interest rate assumptions to compute liabilities for future policy benefits	1.00%
Maximum
Liability for unpaid claims and claims adjustment expense
Interest rate assumptions to compute liabilities for future policy benefits	7.86%
Traditional Life Insurance | Minimum
Liability for unpaid claims and claims adjustment expense
Interest rate assumptions to compute liabilities for future policy benefits	2.50%
Traditional Life Insurance | Maximum
Liability for unpaid claims and claims adjustment expense
Interest rate assumptions to compute liabilities for future policy benefits	5.50%
Universal Life | Minimum
Liability for unpaid claims and claims adjustment expense
Interest rate credited to policy account balances	1.00%
Universal Life | Maximum
Liability for unpaid claims and claims adjustment expense
Interest rate credited to policy account balances	8.75%
Investments Product Line | Minimum
Liability for unpaid claims and claims adjustment expense
Interest rate credited to policy account balances	0.05%
Investments Product Line | Maximum
Liability for unpaid claims and claims adjustment expense
Interest rate credited to policy account balances	9.81%
Variable annuity | Guaranteed minimum death benefits (GMDB)
Liability for unpaid claims and claims adjustment expense
Impact of reinsurance	$ 38	$ 43

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reinsurance Receivable and Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance liabilities	$ 2,300	$ 2,300
Reinsurance allowance, allowance for credit loss	92	94
Reinsurance recoverable, write-offs	0	$ 0
Gross reinsurance receivables	$ 4,500
Concentrated credit risk | Ceded Credit Risk, Secured | Reinsurance Recoverable Including Reinsurance Premium Paid
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	11.00%
Concentrated credit risk | AM Best Rating | Ceded Credit Risk, Secured | Reinsurance Recoverable Including Reinsurance Premium Paid
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	84.00%
Concentrated credit risk | A Plus | Ceded Credit Risk, Secured | Reinsurance Recoverable Including Reinsurance Premium Paid
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	54.00%
Concentrated credit risk | A | Ceded Credit Risk, Secured | Reinsurance Recoverable Including Reinsurance Premium Paid
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	16.00%
Concentrated credit risk | AM Best, A- Rating | Ceded Credit Risk, Secured | Reinsurance Recoverable Including Reinsurance Premium Paid
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	30.00%

SIGNIFICANT TRANSACTIONS - Addi

SIGNIFICANT TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	Oct. 30, 2020	Oct. 01, 2020	Jun. 03, 2019	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination Segment Allocation [Line Items]
Reduction to net investment income				$ (767)	$ (753)	$ (742)	$ (720)	$ (653)	$ (740)	$ (742)	$ (754)	$ (2,982)	$ (2,889)	$ (2,825)
Decrease in other ceded operating expenses												(680)	(782)	(775)
Excess of loss reinsurance asset, amount backing economic reserve liability				4,580								4,580
Other income				$ 102	$ 89	$ 100	$ 88	$ 184	$ 115	$ 111	$ 128	$ 379	$ 538	$ 417
Golden Gate
Business Combination Segment Allocation [Line Items]
Merger agreement term		20 years
Merger agreement extension term		25 years
Maximum commitment amount		$ 5,000
Individual Life Business
Business Combination Segment Allocation [Line Items]
Coinsurance basis percentage			100.00%
Ceded commissions for reinsurance			$ 766
Other income	$ 94		$ 94
Cash settlement	24
Reserve adjustments	$ 70
Golden Gate, Captive Merger
Business Combination Segment Allocation [Line Items]
Reduction in fixed maturities at amortized cost		1,858
Increase (decrease) in non-recourse funding obligations		(1,858)
Reduction in income before taxes		54
Payments to settle outstanding principal with third parties		330
Payments to settle outstanding principal with third parties, amount held by external parties		21
Golden Gate, Captive Merger | Nonconsolidated Affiliates
Business Combination Segment Allocation [Line Items]
Payments to settle outstanding principal with third parties		309
Golden Gate, Captive Merger | PLC
Business Combination Segment Allocation [Line Items]
Payments to settle merger obligations		135
Golden Gate V and Red Mountain
Business Combination Segment Allocation [Line Items]
Increase (decrease) in non-recourse funding obligations		806
Reduction in income before taxes		16
Reduction to net investment income		72
Decrease in other ceded operating expenses		56
Fixed maturities, held-to-maturity		$ 822

SIGNIFICANT TRANSACTIONS - Purc

SIGNIFICANT TRANSACTIONS - Purchase Consideration and Pro Forma (Details) - Individual Life Business - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 01, 2019
ASSETS
Fixed maturities			$ 8,698
Commercial mortgage loans			1,386
Policy loans			44
Other long-term investments			1,522
Total investments			11,650
Cash			35
Accrued investment income			101
Reinsurance receivables			0
Accounts and premiums receivable			2
Value of business acquired			535
Other intangibles			21
Other assets			6
Assets related to separate accounts			9,583
Total assets			21,933
LIABILITIES
Future policy benefits and claims			11,022
Annuity account balances			220
Other policyholders' funds			220
Other liabilities			75
Liabilities related to separate accounts			9,583
Total liabilities			21,120
NET ASSETS ACQUIRED			$ 813
Business Acquisition, Pro Forma Information [Abstract]
Revenue	$ 6,165	$ 5,592
Net Income	$ 444	$ 253

INVESTMENT OPERATIONS - Summary

INVESTMENT OPERATIONS - Summary of Major Categories of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									$ 3,202	$ 3,088	$ 3,011
Investment expenses									220	199	186
Net investment income	$ 767	$ 753	$ 742	$ 720	$ 653	$ 740	$ 742	$ 754	2,982	2,889	2,825
Fixed maturities
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									2,513	2,481	2,471
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									27	24	31
Commercial mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									505	443	389
Investment real estate
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									1	1	1
Other investment income
Debt and Equity Securities, FV-NI [Line Items]
Investment income before other investment expenses									$ 156	$ 139	$ 119

INVESTMENT OPERATIONS - Summa_2

INVESTMENT OPERATIONS - Summary of Net Realized Investment and Derivative Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Realized gains (losses) - investments, net
Fixed maturities	$ 46	$ 46	$ 48
Equity securities	4	0	(3)
Other investments	20	45	9
Total realized gains (losses) - investments, net	70	91	54
Modco trading portfolio	(103)	130	243
Equity securities	(8)	13	50
Change in net expected credit losses - fixed maturities	6	(125)	0
Net impairment losses recognized in operations	0	0	(34)
Commercial mortgage loans	137	(149)	(4)
Gains (losses) - derivatives, net	48	(195)	(368)
Net gains (losses) - investments and derivatives	$ 150	$ (235)	$ (59)

INVESTMENT OPERATIONS - Schedul

INVESTMENT OPERATIONS - Schedule of Fair Value (Proceeds) and Gains/Losses Realized on Securities Sold in an Unrealized Gain/Loss Position (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Securities in an unrealized gain position:
Sales proceeds	$ 1,537	$ 2,000	$ 2,514
Realized gains	47	51	62
Securities in an unrealized loss position:
Sales proceeds	35	34	547
Realized losses	$ (1)	$ (5)	$ (14)

INVESTMENT OPERATIONS - Additio

INVESTMENT OPERATIONS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)position	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Available-for-sale securities
Net gains (losses) from equity securities still held at period end	$ (8)	$ 13	$ 50
Gains from equity securities sold	4	0	$ (3)
Continuous unrealized loss position, 12 months or longer	$ 56	76
Number of positions in unrealized loss position | position	742
Number of positions in unrealized loss position with allowance established | position	5
Fixed maturity securities - AFS	$ 71,035	70,119
Available-for-sale securities, amortized cost	66,042	63,220
Securities in trading portfolio	2,888	2,958
Non-income producing investments	21	28
Policy loans	1,527	1,593
Total fixed maturity securities - AFS
Available-for-sale securities
Fixed maturity securities - AFS	70,255	69,733
Available-for-sale securities, amortized cost	65,262	62,834
Securities in trading portfolio	2,793	2,862
Commercial mortgage-backed securities
Available-for-sale securities
Continuous unrealized loss position, 12 months or longer	6	4
Fixed maturity securities - AFS	2,307	2,534
Available-for-sale securities, amortized cost	2,239	2,429
Securities in trading portfolio	209	214
Other asset-backed securities
Available-for-sale securities
Continuous unrealized loss position, 12 months or longer	1	5
Fixed maturity securities - AFS	1,420	1,578
Available-for-sale securities, amortized cost	1,391	1,546
Securities in trading portfolio	185	163
Corporate securities
Available-for-sale securities
Continuous unrealized loss position, 12 months or longer	37	66
Fixed maturity securities - AFS	53,699	52,107
Available-for-sale securities, amortized cost	49,211	46,150
Securities in trading portfolio	1,875	$ 1,860
Below investment grade
Available-for-sale securities
Fixed maturity securities - AFS	2.5
Available-for-sale securities, amortized cost	2.3
Securities in trading portfolio	129
Securities not publicly traded	550
Below investment grade | Corporate securities
Available-for-sale securities
Unrealized losses, greater than twelve months, credit related	$ 1
Below investment grade | Minimum
Available-for-sale securities
Interest rate on standard policy loans (as a percent)	3.00%	3.00%
Below investment grade | Maximum
Available-for-sale securities
Interest rate on standard policy loans (as a percent)	8.00%	8.00%

INVESTMENT OPERATIONS - Amortiz

INVESTMENT OPERATIONS - Amortized Cost and Fair Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	$ 66,042	$ 63,220
Gross Unrealized Gains	5,289	7,053
Gross Unrealized Losses	(295)	(131)
Allowance for Expected Credit Losses	(1)	(23)
Fair Value	71,035	70,119
Residential mortgage-backed securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	6,876	6,510
Gross Unrealized Gains	31	159
Gross Unrealized Losses	(102)	(1)
Allowance for Expected Credit Losses	0	0
Fair Value	6,805	6,668
Commercial mortgage-backed securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	2,239	2,429
Gross Unrealized Gains	75	128
Gross Unrealized Losses	(7)	(19)
Allowance for Expected Credit Losses	0	(4)	$ 0
Fair Value	2,307	2,534
Other asset-backed securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	1,391	1,546
Gross Unrealized Gains	31	40
Gross Unrealized Losses	(2)	(7)
Allowance for Expected Credit Losses	0	(1)	0
Fair Value	1,420	1,578
U.S. government-related securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	821	1,492
Gross Unrealized Gains	12	26
Gross Unrealized Losses	(25)	(3)
Allowance for Expected Credit Losses	0	0
Fair Value	808	1,515
Other government-related securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	680	622
Gross Unrealized Gains	75	96
Gross Unrealized Losses	(2)	(1)
Allowance for Expected Credit Losses	0	0
Fair Value	753	717
States, municipals, and political subdivisions
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	3,747	3,902
Gross Unrealized Gains	410	519
Gross Unrealized Losses	(1)	(1)
Allowance for Expected Credit Losses	0	0
Fair Value	4,156	4,420
Corporate securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	49,211	46,150
Gross Unrealized Gains	4,645	6,074
Gross Unrealized Losses	(156)	(99)
Allowance for Expected Credit Losses	(1)	(18)	0
Fair Value	53,699	52,107
Preferred Stock
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	297	183
Gross Unrealized Gains	10	11
Gross Unrealized Losses	0	0
Allowance for Expected Credit Losses	0	0
Fair Value	307	194
Total fixed maturity securities - AFS
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	65,262	62,834
Gross Unrealized Gains	5,289	7,053
Gross Unrealized Losses	(295)	(131)
Allowance for Expected Credit Losses	(1)	(23)	$ 0
Fair Value	70,255	69,733
Short-term investments
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	780	386
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Allowance for Expected Credit Losses	0	0
Fair Value	780	386
Public utility securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	6,500	6,300
Fair Value	7,000	7,000
Foreign government securities
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	620	557
Fair Value	$ 687	$ 644

INVESTMENT OPERATIONS - Sched_2

INVESTMENT OPERATIONS - Schedule of Fair Value of Trading Securities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	$ 2,888	$ 2,958
Residential mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	133	209
Commercial mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	209	214
Other asset-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	185	163
U.S. government-related securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	33	91
Other government-related securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	64	30
States, municipals, and political subdivisions
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	286	282
Corporate securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	1,875	1,860
Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	8	13
Total fixed maturity securities - AFS
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	2,793	2,862
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	13	20
Short-term investments
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	82	76
Public utility securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	134	144
Foreign government securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities - trading	$ 44	$ 30

INVESTMENT OPERATIONS - Sched_3

INVESTMENT OPERATIONS - Schedule of Amortized Cost and Fair Value of Available-For-Sale by Maturity Date (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale Amortized Cost
Amortized Cost	$ 66,042	$ 63,220
Available-for-sale Fair Value
Fair Value	71,035	70,119
Total fixed maturity securities - AFS
Available-for-sale Amortized Cost
Due in one year or less	1,707
Due after one year through five years	11,046
Due after five years through ten years	15,434
Due after ten years	37,075
Amortized Cost	65,262	62,834
Available-for-sale Fair Value
Due in one year or less	1,719
Due after one year through five years	11,453
Due after five years through ten years	16,135
Due after ten years	40,948
Fair Value	$ 70,255	$ 69,733

INVESTMENT OPERATIONS - Sched_4

INVESTMENT OPERATIONS - Schedule of Available-for-Sale Credit Losses on Fixed Maturities with Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 23
Ending Balance	1	$ 23
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	18	0
Additions for securities for which an allowance was not previously recorded	0	62
Adjustments on previously recorded allowances due to change in expected cash flows	(1)	20
Reductions on previously recorded allowances due to disposal of security in the current period	0	(1)
Write-offs of previously recorded allowances due to intent or requirement to sell	(16)	(63)
Ending Balance	1	18
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	4	0
Additions for securities for which an allowance was not previously recorded	0	4
Adjustments on previously recorded allowances due to change in expected cash flows	(4)	0
Reductions on previously recorded allowances due to disposal of security in the current period	0	0
Write-offs of previously recorded allowances due to intent or requirement to sell	0	0
Ending Balance	0	4
Other asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	1	0
Additions for securities for which an allowance was not previously recorded	0	1
Adjustments on previously recorded allowances due to change in expected cash flows	0	1
Reductions on previously recorded allowances due to disposal of security in the current period	(1)	(1)
Write-offs of previously recorded allowances due to intent or requirement to sell	0	0
Ending Balance	0	1
Total fixed maturity securities - AFS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	23	0
Additions for securities for which an allowance was not previously recorded	0	67
Adjustments on previously recorded allowances due to change in expected cash flows	(5)	21
Reductions on previously recorded allowances due to disposal of security in the current period	(1)	(2)
Write-offs of previously recorded allowances due to intent or requirement to sell	(16)	(63)
Ending Balance	$ 1	$ 23

INVESTMENT OPERATIONS - Sched_5

INVESTMENT OPERATIONS - Schedule of Gross Unrealized Losses and Fair Value of Investments Not Deemed to be Other-Than-Temporary (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Less Than 12 Months	$ 10,273	$ 2,222
12 Months or More	827	1,106
Total	11,100	3,328
Unrealized Loss
Less Than 12 Months	(239)	(56)
12 Months or More	(56)	(76)
Total	(295)	(132)
Residential mortgage-backed securities
Fair Value
Less Than 12 Months	4,615	386
12 Months or More	15	9
Total	4,630	395
Unrealized Loss
Less Than 12 Months	(102)	(1)
12 Months or More	0
Total	(102)	(1)
Commercial mortgage-backed securities
Fair Value
Less Than 12 Months	129	263
12 Months or More	88	30
Total	217	293
Unrealized Loss
Less Than 12 Months	(1)	(16)
12 Months or More	(6)	(4)
Total	(7)	(20)
Other asset-backed securities
Fair Value
Less Than 12 Months	249	146
12 Months or More	47	326
Total	296	472
Unrealized Loss
Less Than 12 Months	(1)	(2)
12 Months or More	(1)	(5)
Total	(2)	(7)
U.S. government-related securities
Fair Value
Less Than 12 Months	306	311
12 Months or More	158	1
Total	464	312
Unrealized Loss
Less Than 12 Months	(13)	(3)
12 Months or More	(12)
Total	(25)	(3)
Other government-related securities
Fair Value
Less Than 12 Months	76	19
12 Months or More	0	7
Total	76	26
Unrealized Loss
Less Than 12 Months	(2)
12 Months or More	0	(1)
Total	(2)	(1)
States, municipals, and political subdivisions
Fair Value
Less Than 12 Months	37	34
12 Months or More	4	5
Total	41	39
Unrealized Loss
Less Than 12 Months	(1)	(1)
12 Months or More	0
Total	(1)	(1)
Corporate securities
Fair Value
Less Than 12 Months	4,841	1,063
12 Months or More	515	728
Total	5,356	1,791
Unrealized Loss
Less Than 12 Months	(119)	(33)
12 Months or More	(37)	(66)
Total	(156)	$ (99)
Redeemable preferred stocks
Fair Value
Less Than 12 Months	20
12 Months or More	0
Total	20
Unrealized Loss
Less Than 12 Months	0
12 Months or More	0
Total	$ 0

INVESTMENT OPERATIONS - Change

INVESTMENT OPERATIONS - Change in Unrealized Gains (Losses) on Investments Classified as Available-for-Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total fixed maturity securities - AFS
Net Investment Income [Line Items]
Change in unrealized gains (losses) net of income tax	$ (1,523)	$ 3,271	$ 4,219

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Fixed maturity securities - AFS	$ 71,035	$ 70,119
Fixed maturity securities - trading	2,888	2,958
Total fixed maturity securities	73,048	72,595
Equity securities	828	667
Other long-term investments	1,447	1,636
Short-term investments	862	462
Assets related to separate accounts
Variable annuity	13,648	12,378
Variable universal life	1,982	1,286
Residential mortgage-backed securities
Assets:
Fixed maturity securities - AFS	6,805	6,668
Fixed maturity securities - trading	133	209
Commercial mortgage-backed securities
Assets:
Fixed maturity securities - AFS	2,307	2,534
Fixed maturity securities - trading	209	214
Other asset-backed securities
Assets:
Fixed maturity securities - AFS	1,420	1,578
Fixed maturity securities - trading	185	163
States, municipals, and political subdivisions
Assets:
Fixed maturity securities - AFS	4,156	4,420
Fixed maturity securities - trading	286	282
Other government-related securities
Assets:
Fixed maturity securities - AFS	753	717
Fixed maturity securities - trading	64	30
Corporate securities
Assets:
Fixed maturity securities - AFS	53,699	52,107
Fixed maturity securities - trading	1,875	1,860
Total fixed maturity securities - AFS
Assets:
Fixed maturity securities - AFS	70,255	69,733
Fixed maturity securities - trading	2,793	2,862
Level 3 | Residential mortgage-backed securities
Assets:
Total investments	40
Level 3 | Commercial mortgage-backed securities
Assets:
Total investments	180	32
Level 3 | Other asset-backed securities
Assets:
Total investments	436	435
Level 3 | Corporate securities
Assets:
Total investments	1,588	1,432
Measured at fair value on a recurring basis
Assets:
Total fixed maturity securities	73,048	72,595
Equity securities	828	667
Other long-term investments	1,447	1,635
Short-term investments	862	462
Total investments	76,185	75,359
Cash	390	656
Assets related to separate accounts
Variable annuity	13,648	12,378
Variable universal life	1,982	1,287
Total assets measured at fair value on a recurring basis	92,205	89,680
Liabilities:
Annuity account balances	63	67
Other liabilities	2,779	3,120
Total liabilities measured at fair value on a recurring basis	2,842	3,187
Measured at fair value on a recurring basis | Residential mortgage-backed securities
Assets:
Fixed maturity securities - AFS	6,805	6,668
Fixed maturity securities - trading	133	209
Measured at fair value on a recurring basis | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - AFS	2,307	2,534
Fixed maturity securities - trading	209	214
Measured at fair value on a recurring basis | Other asset-backed securities
Assets:
Fixed maturity securities - AFS	1,420	1,578
Fixed maturity securities - trading	185	163
Measured at fair value on a recurring basis | U.S. government-related securities
Assets:
Fixed maturity securities - AFS	808	1,515
Fixed maturity securities - trading	33	91
Measured at fair value on a recurring basis | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - AFS	4,156	4,420
Fixed maturity securities - trading	286	282
Measured at fair value on a recurring basis | Other government-related securities
Assets:
Fixed maturity securities - AFS	753	717
Fixed maturity securities - trading	64	30
Measured at fair value on a recurring basis | Corporate securities
Assets:
Fixed maturity securities - AFS	53,699	52,107
Fixed maturity securities - trading	1,875	1,860
Measured at fair value on a recurring basis | Redeemable preferred stocks
Assets:
Fixed maturity securities - AFS	307	194
Fixed maturity securities - trading	8	13
Measured at fair value on a recurring basis | Total fixed maturity securities - AFS
Assets:
Fixed maturity securities - AFS	70,255	69,733
Fixed maturity securities - trading	2,793	2,862
Measured at fair value on a recurring basis | Level 1
Assets:
Total fixed maturity securities	753	1,231
Equity securities	633	566
Other long-term investments	59	52
Short-term investments	683	403
Total investments	2,128	2,252
Cash	390	656
Assets related to separate accounts
Variable annuity	13,648	12,378
Variable universal life	1,982	1,287
Total assets measured at fair value on a recurring basis	18,148	16,573
Liabilities:
Annuity account balances	0	0
Other liabilities	20	14
Total liabilities measured at fair value on a recurring basis	20	14
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | U.S. government-related securities
Assets:
Fixed maturity securities - AFS	411	1,014
Fixed maturity securities - trading	27	79
Measured at fair value on a recurring basis | Level 1 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Other government-related securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Corporate securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Redeemable preferred stocks
Assets:
Fixed maturity securities - AFS	307	125
Fixed maturity securities - trading	8	13
Measured at fair value on a recurring basis | Level 1 | Total fixed maturity securities - AFS
Assets:
Fixed maturity securities - AFS	718	1,139
Fixed maturity securities - trading	35	92
Measured at fair value on a recurring basis | Level 2
Assets:
Total fixed maturity securities	69,861	69,376
Equity securities	40	0
Other long-term investments	1,093	1,285
Short-term investments	179	59
Total investments	71,173	70,720
Cash	0	0
Assets related to separate accounts
Variable annuity	0	0
Variable universal life	0	0
Total assets measured at fair value on a recurring basis	71,173	70,720
Liabilities:
Annuity account balances	0	0
Other liabilities	820	867
Total liabilities measured at fair value on a recurring basis	820	867
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - AFS	6,765	6,668
Fixed maturity securities - trading	133	209
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - AFS	2,127	2,502
Fixed maturity securities - trading	209	214
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturity securities - AFS	905	1,143
Fixed maturity securities - trading	92	92
Measured at fair value on a recurring basis | Level 2 | U.S. government-related securities
Assets:
Fixed maturity securities - AFS	397	501
Fixed maturity securities - trading	6	12
Measured at fair value on a recurring basis | Level 2 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - AFS	4,156	4,420
Fixed maturity securities - trading	286	282
Measured at fair value on a recurring basis | Level 2 | Other government-related securities
Assets:
Fixed maturity securities - AFS	753	717
Fixed maturity securities - trading	48	30
Measured at fair value on a recurring basis | Level 2 | Corporate securities
Assets:
Fixed maturity securities - AFS	52,117	50,675
Fixed maturity securities - trading	1,867	1,842
Measured at fair value on a recurring basis | Level 2 | Redeemable preferred stocks
Assets:
Fixed maturity securities - AFS	0	69
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 2 | Total fixed maturity securities - AFS
Assets:
Fixed maturity securities - AFS	67,220	66,695
Fixed maturity securities - trading	2,641	2,681
Measured at fair value on a recurring basis | Level 3
Assets:
Total fixed maturity securities	2,434	1,988
Equity securities	155	101
Other long-term investments	295	298
Short-term investments	0	0
Total investments	2,884	2,387
Cash	0	0
Assets related to separate accounts
Variable annuity	0	0
Variable universal life	0	0
Total assets measured at fair value on a recurring basis	2,884	2,387
Liabilities:
Annuity account balances	63	67
Other liabilities	1,939	2,239
Total liabilities measured at fair value on a recurring basis	2,002	2,306
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - AFS	40	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - AFS	180	32
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities
Assets:
Fixed maturity securities - AFS	515	435
Fixed maturity securities - trading	93	71
Measured at fair value on a recurring basis | Level 3 | U.S. government-related securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Other government-related securities
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	16	0
Measured at fair value on a recurring basis | Level 3 | Corporate securities
Assets:
Fixed maturity securities - AFS	1,582	1,432
Fixed maturity securities - trading	8	18
Measured at fair value on a recurring basis | Level 3 | Redeemable preferred stocks
Assets:
Fixed maturity securities - AFS	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Total fixed maturity securities - AFS
Assets:
Fixed maturity securities - AFS	2,317	1,899
Fixed maturity securities - trading	$ 117	$ 89

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Determination of Fair Values Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Determination of fair values
Number of primary sources of information used for determining fair value | item	1
Total number of primary sources of information available for determining fair value | item	3
Minimum percentage of the Company's fixed maturity securities priced by third party pricing services	91.87%
Number of independent non-binding broker quotes obtained per security | item	2
Minimum percentage of underlying collateral guaranteed by third party	97.00%
Percentage of derivatives excluding embedded derivatives that were priced using exchange prices or independent broker quotations	83.90%
Other long-term investments	$ 1,447	$ 1,636
Minimum
Determination of fair values
Number of primary sources of information used for determining fair value | item	1
Maximum
Determination of fair values
Number of primary sources of information used for determining fair value | item	3
Level 3
Determination of fair values
Annuity account balances	$ 2,002	2,306	$ 1,402
Asset-Backed Securities | Level 2
Determination of fair values
Fair value, assets	10,200
Asset-Backed Securities | Level 3
Determination of fair values
Fair value, assets	828
Other asset-backed securities | Level 3
Determination of fair values
Fair value, assets	436	435
Other asset-backed securities | Level 3 | Available-for-sale securities
Determination of fair values
Fair value, assets	735
Other asset-backed securities | Level 3 | Trading securities
Determination of fair values
Fair value, assets	93
Equity securities | Level 2
Determination of fair values
Fair value, assets	155
Federal home loan bank stock	$ 148
Embedded derivative - GLWB | Minimum
Determination of fair values
Mortality rate	88.00%
Embedded derivative - GLWB | Maximum
Determination of fair values
Mortality rate	100.00%
Funds withheld derivative | Level 2
Determination of fair values
Fair value, derivative liability	$ 10
Corporate securities | Level 3
Determination of fair values
Fair value, assets	1,588	1,432
Corporate Bonds And Securities | Level 2
Determination of fair values
Fair value, assets	59,600
Corporate Bonds And Securities | Level 3
Determination of fair values
Fair value, assets	$ 1,600
Actuarial cash flow model | Embedded derivative-FIA | Level 3 | Minimum
Determination of fair values
Mortality rate	88.00%
Actuarial cash flow model | Embedded derivative-FIA | Level 3 | Maximum
Determination of fair values
Mortality rate	100.00%
Actuarial cash flow model | Embedded derivative - IUL | Level 3 | Minimum
Determination of fair values
Mortality rate	43.00%
Actuarial cash flow model | Embedded derivative - IUL | Level 3 | Maximum
Determination of fair values
Mortality rate	110.00%
Variable annuity | Level 3
Determination of fair values
Annuity account balances	$ 63	$ 67	$ 70

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Level 3 Financial Instruments (Details)	Dec. 31, 2021USD ($)policy	Dec. 31, 2020USD ($)policy
Assets and liabilities measured at fair value on a recurring basis
Derivative liability	$ 2,779,000,000	$ 3,119,000,000
Level 3
Assets and liabilities measured at fair value on a recurring basis
Financial instruments that are valued using broker quotes	197,000,000	116,000,000
Financial instruments with book value approximating fair value	148,000,000	90,000,000
Level 3 | Residential mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Fair value, assets	40,000,000
Level 3 | Commercial mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Fair value, assets	180,000,000	32,000,000
Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Fair value, assets	436,000,000	435,000,000
Financial instruments that are valued using broker quotes	172,000,000	88,000,000
Level 3 | Corporate securities
Assets and liabilities measured at fair value on a recurring basis
Fair value, assets	1,588,000,000	1,432,000,000
Financial instruments that are valued using broker quotes	3,000,000	17,000,000
Level 3 | Embedded derivative - GLWB
Assets and liabilities measured at fair value on a recurring basis
Derivative liability	475,000,000	822,000,000
Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Derivative liability	595,000,000	573,000,000
Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Derivative liability	269,000,000	201,000,000
Level 3 | Other government-related securities
Assets and liabilities measured at fair value on a recurring basis
Financial instruments that are valued using broker quotes	16,000,000
Level 3 | Equity securities
Assets and liabilities measured at fair value on a recurring basis
Financial instruments that are valued using broker quotes	$ 6,000,000	$ 11,000,000
Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input | policy	214	207
Spread over treasury | Minimum | Discounted cash flow | Level 3 | Residential mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.03
Spread over treasury | Minimum | Discounted cash flow | Level 3 | Commercial mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.04	2.78
Spread over treasury | Minimum | Discounted cash flow | Level 3 | Corporate securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	0	0
Spread over treasury | Maximum | Discounted cash flow | Level 3 | Residential mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.10
Spread over treasury | Maximum | Discounted cash flow | Level 3 | Commercial mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	2.47	2.92
Spread over treasury | Maximum | Discounted cash flow | Level 3 | Corporate securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	4	4.75
Spread over treasury | Weighted Average | Discounted cash flow | Level 3 | Residential mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.07
Spread over treasury | Weighted Average | Discounted cash flow | Level 3 | Commercial mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.30	2.87
Spread over treasury | Weighted Average | Discounted cash flow | Level 3 | Corporate securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.50	1.89
Liquidation value | Minimum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input, value	$ 60
Liquidation value | Minimum | Liquidation | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input, value	$ 98.63	$ 95
Liquidation value | Maximum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	113.88
Liquidation value | Maximum | Liquidation | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input, value	$ 99.75	97
Liquidation value | Weighted Average | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	112.92
Liquidation value | Weighted Average | Liquidation | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input, value	$ 99.07	$ 96.19
Liquidity premium | Minimum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	0.11	0.54
Liquidity premium | Maximum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	2.14	2.30
Liquidity premium | Weighted Average | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	1.54	1.63
Paydown Rate | Minimum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	11.20	8.79
Paydown Rate | Maximum | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	13.41	12.49
Paydown Rate | Weighted Average | Discounted cash flow | Level 3 | Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Debt securities, measurement input	12.30	11.39
Mortality | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - GLWB
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	88	88
Mortality | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	88	88
Mortality | Minimum | Actuarial cash flow model, vbt primary tables | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	43	36
Mortality | Minimum | Actuarial cash flow model, vbt primary tables, duration scale | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	94	94
Mortality | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - GLWB
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	100	100
Mortality | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	100	100
Mortality | Maximum | Actuarial cash flow model, vbt primary tables | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	110	161
Mortality | Maximum | Actuarial cash flow model, vbt primary tables, duration scale | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	248	248
Nonperformance risk | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - GLWB
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.19	0.19
Nonperformance risk | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input		0.19
Nonperformance risk | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.19	0.19
Nonperformance risk | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - GLWB
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.82	0.81
Nonperformance risk | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input		0.81
Nonperformance risk | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.82	0.81
Withdrawal rate prior to age 70 | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.4	0.4
Withdrawal rate prior to age 70 | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	2.4	2.4
Lapse | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.2	0.2
Lapse | Minimum | Actuarial cash flow model | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	0.375	0.375
Lapse | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - FIA
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	50	50
Lapse | Maximum | Actuarial cash flow model | Level 3 | Embedded derivative - IUL
Assets and liabilities measured at fair value on a recurring basis
Embedded derivative liability, measurement input	7.5	10

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of Fair Value Measurements for Level 3 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Transfers
Securities transferred into Level 3	$ 336	$ 184
Transferred out of Level 3	38	1
Level 3
Assets:
Beginning Balance	2,387	2,246
Total Realized and Unrealized Gains Included in Net Income	185	412
Total Realized and Unrealized Gains Included in Other Comprehensive Income	17	144
Total Realized and Unrealized Losses Included in Net Income	(188)	(309)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(38)	(97)
Purchases	496	524
Sales	(273)	(708)
Issuances	0	0
Settlements	0	(4)
Transfers in/out of Level 3	298	183
Other	0	(4)
Ending Balance	2,884	2,387
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	(3)	83
Liabilities:
Beginning Balance	2,306	1,402
Total Realized and Unrealized Gains Included in Net Income	877	926
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	(581)	(1,836)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	8	6
Transfers in/out of Level 3	0	0
Other	0	0
Ending Balance	2,002	2,306
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	300	(906)
Level 3 | Variable annuity
Liabilities:
Beginning Balance	67	70
Total Realized and Unrealized Gains Included in Net Income	0	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	(4)	(3)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	8	6
Transfers in/out of Level 3	0	0
Other	0	0
Ending Balance	63	67
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Other liabilities
Liabilities:
Beginning Balance	2,239	1,332
Total Realized and Unrealized Gains Included in Net Income	877	926
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	(577)	(1,833)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	0	0
Other	0	0
Ending Balance	1,939	2,239
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	300	(906)
Level 3 | Total investments
Assets:
Beginning Balance	2,387	2,246
Total Realized and Unrealized Gains Included in Net Income	185	412
Total Realized and Unrealized Gains Included in Other Comprehensive Income	17	144
Total Realized and Unrealized Losses Included in Net Income	(188)	(309)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(38)	(97)
Purchases	496	524
Sales	(273)	(708)
Issuances	0	0
Settlements	0	(4)
Transfers in/out of Level 3	298	183
Other	0	(4)
Ending Balance	2,884	2,387
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	(3)	83
Level 3 | Total fixed maturity securities - AFS
Assets:
Beginning Balance	1,988	1,881
Total Realized and Unrealized Gains Included in Net Income	0	7
Total Realized and Unrealized Gains Included in Other Comprehensive Income	17	144
Total Realized and Unrealized Losses Included in Net Income	0	(9)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(38)	(97)
Purchases	405	456
Sales	(241)	(568)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	303	178
Other	0	(4)
Ending Balance	2,434	1,988
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	2
Level 3 | Total fixed maturity securities - AFS | Available-for-sale securities
Assets:
Beginning Balance	1,899	1,805
Total Realized and Unrealized Gains Included in Net Income	0	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	14	144
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(37)	(97)
Purchases	381	436
Sales	(216)	(564)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	276	179
Other	0	(4)
Ending Balance	2,317	1,899
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Total fixed maturity securities - AFS | Trading Securities
Assets:
Beginning Balance	89	76
Total Realized and Unrealized Gains Included in Net Income	0	7
Total Realized and Unrealized Gains Included in Other Comprehensive Income	3	0
Total Realized and Unrealized Losses Included in Net Income	0	(9)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(1)	0
Purchases	24	20
Sales	(25)	(4)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	27	(1)
Other	0	0
Ending Balance	117	89
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	2
Level 3 | Residential mortgage-backed securities | Available-for-sale securities
Assets:
Beginning Balance	0
Total Realized and Unrealized Gains Included in Net Income	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0
Total Realized and Unrealized Losses Included in Net Income	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0
Purchases	40
Sales	0
Issuances	0
Settlements	0
Transfers in/out of Level 3	0
Other	0
Ending Balance	40	0
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0
Level 3 | Commercial mortgage-backed securities | Available-for-sale securities
Assets:
Beginning Balance	32	10
Total Realized and Unrealized Gains Included in Net Income	0	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	1
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(2)	(1)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	150	22
Other	0	0
Ending Balance	180	32
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Other asset-backed securities | Available-for-sale securities
Assets:
Beginning Balance	435	421
Total Realized and Unrealized Gains Included in Net Income	0	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	3	8
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(1)	(13)
Purchases	67	0
Sales	(4)	(2)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	14	22
Other	1	(1)
Ending Balance	515	435
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Other asset-backed securities | Trading Securities
Assets:
Beginning Balance	71	65
Total Realized and Unrealized Gains Included in Net Income	0	6
Total Realized and Unrealized Gains Included in Other Comprehensive Income	3	0
Total Realized and Unrealized Losses Included in Net Income	0	(9)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	22	12
Sales	(19)	(2)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	16	(1)
Other	0	0
Ending Balance	93	71
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	2
Level 3 | Other government-related securities | Trading Securities
Assets:
Beginning Balance	0
Total Realized and Unrealized Gains Included in Net Income	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0
Total Realized and Unrealized Losses Included in Net Income	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0
Purchases	0
Sales	0
Issuances	0
Settlements	0
Transfers in/out of Level 3	16
Other	0
Ending Balance	16	0
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0
Level 3 | Corporate securities | Available-for-sale securities
Assets:
Beginning Balance	1,432	1,374
Total Realized and Unrealized Gains Included in Net Income	0	0
Total Realized and Unrealized Gains Included in Other Comprehensive Income	11	135
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(34)	(83)
Purchases	274	436
Sales	(212)	(562)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	112	135
Other	(1)	(3)
Ending Balance	1,582	1,432
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Corporate securities | Trading Securities
Assets:
Beginning Balance	18	11
Total Realized and Unrealized Gains Included in Net Income	0	1
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	(1)	0
Purchases	2	8
Sales	(6)	(2)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	(5)	0
Other	0	0
Ending Balance	8	18
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Equity securities
Assets:
Beginning Balance	101	73
Total Realized and Unrealized Gains Included in Net Income	0	1
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	0	0
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	91	27
Sales	(32)	(5)
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	(5)	5
Other	0	0
Ending Balance	155	101
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	0	0
Level 3 | Other long-term investments
Assets:
Beginning Balance	298	292
Total Realized and Unrealized Gains Included in Net Income	185	404
Total Realized and Unrealized Gains Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Losses Included in Net Income	(188)	(300)
Total Realized and Unrealized Losses Included in Other Comprehensive Income	0	0
Purchases	0	41
Sales	0	(135)
Issuances	0	0
Settlements	0	(4)
Transfers in/out of Level 3	0	0
Other	0	0
Ending Balance	295	298
Total Gains (losses) included in Net Income related to Instruments still held at the Reporting Date	$ (3)	$ 81

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Commercial mortgage loan holdings, net	$ 10,863	$ 10,006
Policy loans	1,527	1,593
Other long-term investments	3,646	3,251
Liabilities:
Stable value product account balances	8,526	6,056
Future policy benefits and claims	15,846	15,478
Other policyholders' funds	1,820	1,865
Fair Value | Level 3
Assets:
Commercial mortgage loan holdings, net	11,386	10,788
Policy loans	1,527	1,593
Other long-term investments	1,990	1,283
Liabilities:
Stable value product account balances	8,598	6,231
Future policy benefits and claims	1,504	1,603
Other policyholders' funds	108	108
Debt
Subordinated funding obligations	116	121
Amounts receivable under certain modified coinsurance agreements included in other long-term investments	1,200
Cash surrender value of COLI policies included in other long-term investments	710
Reported Value Measurement [Member] | Level 3
Assets:
Commercial mortgage loan holdings, net	10,863	10,006
Policy loans	1,527	1,593
Other long-term investments	1,930	1,186
Liabilities:
Stable value product account balances	8,526	6,056
Future policy benefits and claims	1,457	1,580
Other policyholders' funds	102	102
Debt
Subordinated funding obligations	$ 110	$ 110

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Realized Investment Gains (Losses) Derivative Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	$ 48	$ (195)	$ (368)
Amount expected to be reclassified out of accumulated comprehensive income into earnings	1
Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	48	(195)	(368)
Derivatives not designated as hedging instruments | Embedded derivative - Modco reinsurance treaties
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	64	(99)	(187)
Derivatives not designated as hedging instruments | Derivatives with PLC
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	0	23	27
Derivatives not designated as hedging instruments | Other
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(2)	15	(2)
Variable annuity | Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(72)	(110)	(208)
Variable annuity | Derivatives not designated as hedging instruments | Interest rate futures
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	15	0	(20)
Variable annuity | Derivatives not designated as hedging instruments | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(12)	109	5
Variable annuity | Derivatives not designated as hedging instruments | Currency futures
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	11	(10)	3
Variable annuity | Derivatives not designated as hedging instruments | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(108)	(30)	(150)
Variable annuity | Derivatives not designated as hedging instruments | Interest rate swaps
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(136)	274	230
Variable annuity | Derivatives not designated as hedging instruments | Total return swaps
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(189)	(49)	(78)
Variable annuity | Derivatives not designated as hedging instruments | Embedded derivative - GLWB
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	347	(404)	(198)
FIA | Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	70	(35)	0
FIA | Derivatives not designated as hedging instruments | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	5	(4)	2
FIA | Derivatives not designated as hedging instruments | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	72	49	84
FIA | Derivatives not designated as hedging instruments | Funds withheld derivative
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(7)	(10)	0
FIA | Derivatives not designated as hedging instruments | Embedded derivative - FIA
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	3	(69)	(86)
FIA | Derivatives not designated as hedging instruments | Other
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(3)	(1)	0
Universal Life | Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	(12)	11	2
Universal Life | Derivatives not designated as hedging instruments | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	0	(2)	0
Universal Life | Derivatives not designated as hedging instruments | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	16	9	15
Universal Life | Derivatives not designated as hedging instruments | Embedded derivative - IUL
Notional amount and fair value of the entity's derivative financial instruments
Total gains (losses) - derivatives, net	$ (28)	$ 4	$ (13)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Nature and Accounting Treatment of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	$ 20,286	$ 17,464
Derivative asset, fair value	1,447	1,636
Derivative liability, notional amount	26,553	24,713
Derivative liability, fair value	2,779	3,119
Interest rate swaps | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	1,478	1,478
Derivative asset, fair value	72	185
Derivative liability, notional amount	1,354	1,354
Derivative liability, fair value	0	0
Total return swaps | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	239	158
Derivative asset, fair value	8	2
Derivative liability, notional amount	1,168	1,003
Derivative liability, fair value	39	15
Derivatives with PLC
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, fair value	0
Derivatives with PLC | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	4,085	4,076
Derivative asset, fair value	0	0
Embedded derivative - Modco reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, fair value	62	101
Derivative liability, fair value	280	389
Embedded derivative - Modco reinsurance treaties | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	1,268	1,249
Derivative asset, fair value	62	101
Derivative liability, notional amount	2,974	2,911
Derivative liability, fair value	280	389
Funds withheld derivative
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, fair value	10	10
Funds withheld derivative | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, notional amount	855	661
Derivative liability, fair value	10	10
Embedded derivative - GLWB
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, fair value	169	138
Derivative liability, fair value	644	960
Embedded derivative - GLWB | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	3,066	2,067
Derivative asset, fair value	169	138
Derivative liability, notional amount	6,833	7,749
Derivative liability, fair value	644	960
Embedded derivative - FIA
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, fair value	659	633
Embedded derivative - FIA | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	398	335
Derivative asset, fair value	64	60
Derivative liability, notional amount	4,372	3,889
Derivative liability, fair value	659	633
Embedded derivative - IUL
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, fair value	269	201
Embedded derivative - IUL | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, notional amount	459	357
Derivative liability, fair value	269	201
Interest rate futures | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	561	690
Derivative asset, fair value	5	4
Derivative liability, notional amount	729	415
Derivative liability, fair value	4	3
Equity futures | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	312	203
Derivative asset, fair value	6	4
Derivative liability, notional amount	42	190
Derivative liability, fair value	1	5
Currency futures | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	27	0
Derivative asset, fair value	0	0
Derivative liability, notional amount	158	264
Derivative liability, fair value	2	4
Equity options | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional a mount	8,852	7,208
Derivative asset, fair value	1,061	1,142
Derivative liability, notional amount	7,044	5,499
Derivative liability, fair value	771	834
Other | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, notional amount	448	304
Derivative liability, fair value	87	55
Cash flow hedges | Foreign currency swaps | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability, notional amount	117	117
Derivative liability, fair value	$ 13	$ 10

OFFSETTING OF ASSETS AND LIAB_3

OFFSETTING OF ASSETS AND LIABILITIES - Offsetting of Derivative Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Offsetting of Derivative Assets
Other long-term investments	$ 1,447	$ 1,636
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	1,447	1,636
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	178	290
Net Amount	463	481
Free-Standing derivatives
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets, subject to master netting arrangement	1,152	1,337
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	1,152	1,337
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	178	290
Net Amount	168	182
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets, subject to master netting arrangement	1,152	1,337
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	1,152	1,337
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	178	290
Net Amount	168	182
Embedded derivative - Modco reinsurance treaties
Offsetting of Derivative Assets
Other long-term investments	62	101
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	62	101
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	0	0
Net Amount	62	101
Embedded derivative - GLWB
Offsetting of Derivative Assets
Other long-term investments	169	138
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	169	138
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	0	0
Net Amount	169	138
Derivatives with PLC
Offsetting of Derivative Assets
Other long-term investments	0
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	0
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	0
Net Amount	0
Embedded derivative - FIA
Offsetting of Derivative Assets
Other long-term investments	64	60
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	64	60
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	0	0
Net Amount	64	60
Total derivatives, not subject to a master netting arrangement or similar arrangement
Offsetting of Derivative Assets
Other long-term investments	295	299
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet, Including not subject to master netting arrangement	295	299
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Received	0	0
Net Amount	$ 295	$ 299

OFFSETTING OF ASSETS AND LIAB_4

OFFSETTING OF ASSETS AND LIABILITIES - Offsetting of Derivative Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	$ 2,779	$ 3,119
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	2,779	3,119
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	22	4
Net Amount	1,951	2,250
Repurchase agreements
Gross Amounts of Recognized Liabilities	1,393	437
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	1,393	437
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted	0	0
Net Amount	1,393	437
Total Liabilities
Gross Amounts of Recognized Liabilities	4,172	3,556
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	4,172	3,556
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted	22	4
Net Amount	3,344	2,687
Free-Standing derivatives
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, subject to a master netting arrangement	830	871
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	830	871
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	22	4
Net Amount	2	2
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, subject to a master netting arrangement	830	871
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	830	871
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, subject to master netting arrangement	806	865
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	22	4
Net Amount	2	2
Embedded derivative - Modco reinsurance treaties
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	280	389
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	280	389
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	280	389
Funds withheld derivative
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	10	10
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	10	10
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	10	10
Embedded derivative - GLWB
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	644	960
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	644	960
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	644	960
Embedded derivative - FIA
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	659	633
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	659	633
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	659	633
Embedded derivative - IUL
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	269	201
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	269	201
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	269	201
Embedded derivative - FIA
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	87	55
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	87	55
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	87	55
Total derivatives, not subject to a master netting arrangement or similar arrangement
Offsetting of Derivative Liabilities:
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	1,949	2,248
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position, Including not subject to master netting arrangement	1,949	2,248
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments, not subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Balance Sheet, Collateral Posted, including not subject to master netting arrangement	0	0
Net Amount	$ 1,949	$ 2,248

COMMERCIAL MORTGAGE LOANS - Loa

COMMERCIAL MORTGAGE LOANS - Loan Portfolio and Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Mortgage loans
Commercial mortgage loan holdings, net	$ 10,863	$ 10,006
Percentage of mortgage loans on real estate	100.00%	100.00%
Number of single tenants whose exposure represents more than 1.7% of mortgage loans	0
Amount of new loans funded	$ 2,000	$ 1,400	$ 1,200
Average loan size of new loans funded	11	8	8
Average loan size of portfolio	$ 6	$ 6	$ 5
Weighted-average interest rate on mortgage loans (as a percent)	4.10%	4.30%	4.50%
Largest single mortgage loan	$ 78	$ 78	$ 78
Amount that would become due in 2022, if loans are called at their next call dates	116
Amount that would become due in 2023 through 2027, if loans are called at their next call dates	379
Amount that would become due in 2028 through 2029, if loans are called at their next call dates	6
Allowance for credit losses	103	222	5
Commercial Mortgage Loans
Mortgage loans
Commercial mortgage loan holdings, before allowance	10,966	10,228
Commercial mortgage loan holdings, net	10,863	10,006
Allowance for credit losses	$ 103	$ 222
Commercial Mortgage Loans | Financial Asset, 60 to 89 Days Past Due
Mortgage loans
Number of loans past due | loan		1
Value of loans in delinquency		$ 1
Commercial Mortgage Loans | Financial Asset, 30 to 59 Days Past Due
Mortgage loans
Number of loans past due | loan	1
Value of loans in delinquency	$ 28
Commercial Mortgage Loans | Financial Asset, Equal to or Greater than 90 Days Past Due
Mortgage loans
Number of loans past due | loan		1
Value of loans in delinquency		$ 1
Commercial Mortgage Loans | Coronavirus Aid, Relief, and Economic Security Act, Payment Deferrals, Loan Modification Program
Mortgage loans
Commercial mortgage loan holdings, before allowance	$ 2,000
Number of loans modified and not considered troubled debt restructuring | loan	23
Loans modified during period and not considered troubled debt restructuring	$ 475
Number of loans in modification and not considered troubled debt restructuring | loan	268
Commercial Mortgage Loans | Coronavirus Aid, Relief, and Economic Security Act, Not In Payment Deferral, Loan Modification Program
Mortgage loans
Commercial mortgage loan holdings, before allowance	$ 1,900
Commercial Mortgage Loans | Coronavirus Aid, Relief, and Economic Security Act, Loan Modification Program, Loans In Payment
Mortgage loans
Commercial mortgage loan holdings, before allowance	$ 69
CALIFORNIA
Mortgage loans
Percentage of mortgage loans on real estate	10.10%	11.30%
TEXAS
Mortgage loans
Percentage of mortgage loans on real estate	7.30%	7.30%
ALABAMA
Mortgage loans
Percentage of mortgage loans on real estate	6.30%	6.20%
FLORIDA
Mortgage loans
Percentage of mortgage loans on real estate	7.20%	6.70%
GEORGIA
Mortgage loans
Percentage of mortgage loans on real estate	4.20%	4.40%
NORTH CAROLINA
Mortgage loans
Percentage of mortgage loans on real estate	5.60%	5.30%
OHIO
Mortgage loans
Percentage of mortgage loans on real estate	4.60%	4.90%
UTAH
Mortgage loans
Percentage of mortgage loans on real estate	4.00%	4.20%
MICHIGAN
Mortgage loans
Percentage of mortgage loans on real estate	4.60%	4.70%
TENNESSEE
Mortgage loans
Percentage of mortgage loans on real estate	3.50%	3.50%
All identified states
Mortgage loans
Percentage of mortgage loans on real estate	57.40%	58.50%
Retail
Mortgage loans
Percentage of mortgage loans on real estate	30.30%	34.90%
Office buildings
Mortgage loans
Percentage of mortgage loans on real estate	13.80%	15.10%
Apartments
Mortgage loans
Percentage of mortgage loans on real estate	17.20%	12.70%
Warehouses
Mortgage loans
Percentage of mortgage loans on real estate	16.50%	16.00%
Senior housing
Mortgage loans
Percentage of mortgage loans on real estate	17.00%	16.20%
Other
Mortgage loans
Percentage of mortgage loans on real estate	5.20%	5.10%
Maximum
Mortgage loans
Single tenant's exposure as a percentage of mortgage loans	0.90%
Commercial mortgage loans
Mortgage loans
Mortgage loans having participation feature	$ 600	$ 806
Income recognized on participating mortgage loans	$ 54	26	$ 23
Loans not subject to pooling and servicing agreement, non performing or restructured amount		$ 3
Number of troubled debt restructurings	1	4	4
Commercial mortgage loans | Maximum
Mortgage loans
Period for exercise of call options or interest rate reset options	8 years
Loan-to-value ratio with participating interest (as a percent) (up to)	85.00%

COMMERCIAL MORTGAGE LOANS - Sch

COMMERCIAL MORTGAGE LOANS - Schedule of Commercial Mortgage Loans Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Credit Loss
Allowance for credit losses	$ (103)	$ (222)	$ (5)
Total Commercial Loans
Total commercial mortgage loans	10,863	10,006
Commercial Mortgage Loans
Amortized Cost
Current fiscal year	2,063	1,463
Year prior to current fiscal year	1,439	2,442
Two years prior to current fiscal year	2,034	1,577
Three years prior to current fiscal year	1,404	1,344
Four years prior to current fiscal year	1,224	943
Prior	2,802	2,459
Amortized cost	10,966	10,228
Allowance for Credit Loss
Current fiscal year	(12)	(21)
Year prior to current fiscal year	(10)	(46)
Two years prior to current fiscal year	(21)	(55)
Three years prior to current fiscal year	(18)	(37)
Four years prior to current fiscal year	(12)	(25)
Prior	(30)	(38)
Allowance for credit losses	(103)	(222)
Total Commercial Loans
Current fiscal year	2,051	1,442
Year prior to current fiscal year	1,429	2,396
Two years prior to current fiscal year	2,013	1,522
Three years prior to current fiscal year	1,386	1,307
Four years prior to current fiscal year	1,212	918
Prior	2,772	2,421
Total commercial mortgage loans	10,863	10,006
Commercial Mortgage Loans | Performing
Amortized Cost
Current fiscal year	2,063	1,463
Year prior to current fiscal year	1,439	2,442
Two years prior to current fiscal year	2,034	1,577
Three years prior to current fiscal year	1,404	1,344
Four years prior to current fiscal year	1,224	943
Prior	2,802	2,458
Amortized cost	10,966	10,227
Commercial Mortgage Loans | Non-performing
Amortized Cost
Current fiscal year	0	0
Year prior to current fiscal year	0	0
Two years prior to current fiscal year	0	0
Three years prior to current fiscal year	0	0
Four years prior to current fiscal year	0	0
Prior	0	1
Amortized cost	$ 0	$ 1

COMMERCIAL MORTGAGE LOANS - S_2

COMMERCIAL MORTGAGE LOANS - Schedule of Key Quality Indicators (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Loan-to-value ratio with participating interest (as a percent)	54.00%	54.00%
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	$ 10,966	$ 10,228
Commercial Mortgage Loans | Financing Receivable, Before Allowance For Credit Loss | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Total	100.00%	100.00%
Commercial Mortgage Loans | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Debt service coverage ratio	1.72	1.72
Commercial Mortgage Loans | Greater than 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	$ 285	$ 399
Commercial Mortgage Loans | Greater than 75% | Financing Receivable, Before Allowance For Credit Loss | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Total	3.00%	4.00%
Commercial Mortgage Loans | Greater than 75% | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Debt service coverage ratio	1.32	1.29
Commercial Mortgage Loans | 50% - 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	$ 7,241	$ 6,557
Commercial Mortgage Loans | 50% - 75% | Financing Receivable, Before Allowance For Credit Loss | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Total	66.00%	64.00%
Commercial Mortgage Loans | 50% - 75% | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Debt service coverage ratio	1.59	1.61
Commercial Mortgage Loans | Less than 50%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	$ 3,440	$ 3,272
Commercial Mortgage Loans | Less than 50% | Financing Receivable, Before Allowance For Credit Loss | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Total	31.00%	32.00%
Commercial Mortgage Loans | Less than 50% | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Debt service coverage ratio	2.04	2.01

COMMERCIAL MORTGAGE LOANS - S_3

COMMERCIAL MORTGAGE LOANS - Schedule of Allowance for Credit Losses on Funded and Unfunded Mortgages (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance	$ 222	$ 5
Cumulative effect adjustment	0	80
Charge offs	0	0
Recoveries	(7)	(3)
Provision	(112)	140
Ending balance	103	222
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance	22	0
Cumulative effect adjustment	0	10
Charge offs	0	0
Recoveries	0	0
Provision	(17)	12
Ending balance	$ 5	$ 22

DEFERRED POLICY ACQUISITION C_3

DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balances and changes in DAC
Balance, beginning of period	$ 1,628	$ 1,480
Capitalization of commissions, sales, and issue expenses	550	459
Amortization	(200)	(163)
Change due to unrealized gains and losses	105	(152)
Implementation of ASU 2016-13	0	4
Balance, end of period	2,083	1,628
Balances and changes in VOBA
Balance, beginning of period	1,792	2,040
Amortization	(109)	(45)
Change due to unrealized gains and losses	80	(192)
Other	23	(11)
Balance, end of period	1,786	$ 1,792
Expected amortization of VOBA for the next five years
2022	121
2023	123
2024	123
2025	116
2026	$ 99

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balance		$ 826	$ 826
Impairment	$ (129)	(129)	0	$ 0
Ending balance	697	697	826	826
Operating Segments
Goodwill [Roll Forward]
Beginning balance		114
Ending balance			114
Retail Life and Annuity | Operating Segments
Goodwill [Roll Forward]
Beginning balance		559	559
Impairment		(129)
Ending balance	430	430	559	559
Acquisitions | Operating Segments
Goodwill [Roll Forward]
Beginning balance		24	24
Impairment		0
Ending balance	24	24	24	24
Stable Value Products | Operating Segments
Goodwill [Roll Forward]
Beginning balance		114	114
Impairment		0
Ending balance	114	114	114	114
Asset Protection | Operating Segments
Goodwill [Roll Forward]
Beginning balance		129	129
Impairment		0
Ending balance	$ 129	$ 129	$ 129	$ 129

CERTAIN NONTRADITIONAL LONG-D_3

CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS - Activity During Period (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Separate account balances	$ 13,648	$ 12,378
Guaranteed amount payable with GMDB reserve	38	43	$ 46
Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement)
Beginning balance	43	46	44
Great West beginning balance	0	0	7
Incurred guarantee benefits	0	2	(1)
Less: Paid guarantee benefits	5	5	4
Ending balance	$ 38	$ 43	$ 46
Annuity account | CALIC
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Average attained age of contract holders	69 years	69 years
Percentage of variable annuity business reinsured	100.00%
Annuity account | Acquisitions | CALIC
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Guaranteed amount payable	$ 6	$ 6
Guaranteed minimum death benefits (GMDB) | Annuity account
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Interest rate at which last anniversary date account value is compounded (as a percent)	5.00%
Separate account balances	$ 14,600	14,800
Mean investment performance (as a percent)	6.73%
Average discount rate (as a percent)	4.85%
Guaranteed amount payable	$ 85	126
Guaranteed amount payable with GMDB reserve	$ 38	$ 43
Average attained age of contract holders	73 years	72 years
Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement)
Beginning balance	$ 43
Ending balance	38	$ 43
Guaranteed living withdrawal benefits (GLWB) | Annuity account
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS
Separate account balances	$ 9,200	$ 8,900

CERTAIN NONTRADITIONAL LONG-D_4

CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS - Account Balances and Deferred Sales Inducement Asset (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Certain Nontraditional Long-duration Contracts
Account balances of variable annuities with guarantees invested in variable annuity separate accounts	$ 14,968	$ 15,056
Activity in the Company's deferred sales inducement asset
Deferred asset, beginning of period	41	43	$ 40
Amounts deferred	3	2	6
Amortization	(7)	(4)	(3)
Deferred asset, end of period	37	41	$ 43
Equity funds
Certain Nontraditional Long-duration Contracts
Account balances of variable annuities with guarantees invested in variable annuity separate accounts	9,732	10,425
Fixed income funds
Certain Nontraditional Long-duration Contracts
Account balances of variable annuities with guarantees invested in variable annuity separate accounts	$ 5,236	$ 4,631

MONY CLOSED BLOCK OF BUSINESS_2

MONY CLOSED BLOCK OF BUSINESS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Closed block liabilities
Future policy benefits, policyholders' account balances and other policyholder liabilities	$ 5,277	$ 5,406
Policyholder dividend obligation	401	580	$ 279
Other liabilities	10	7
Total closed block liabilities	5,688	5,993
Closed block assets
Fixed maturities, available-for-sale, at fair value	4,633	4,903
Commercial mortgage loans on real estate	68	68
Policy loans	557	596
Cash and other invested assets	73	46
Other assets	83	91
Total closed block assets	5,414	5,704
Excess of reported closed block liabilities over closed block assets	274	289
Portion of above representing accumulated other comprehensive income:
Net unrealized investments gains (losses) net of policyholder dividend obligation: $323 and $493; and net of income tax: $(68) and $(104)	0	0
Future earnings to be recognized from closed block assets and closed block liabilities	274	289
Policyholder dividend obligation	323	493
Policyholder dividend obligation, deferred income tax	(68)	(104)
Reconciliation of the policyholder dividend obligation
Policyholder dividend obligation, beginning balance	580	279
Applicable to net revenue	(9)	(25)
Change in net unrealized investment gains allocated to policyholder dividend obligation	(170)	326
Policyholder dividend obligation, ending balance	401	580	279
Revenues
Premiums and other income	144	154	162
Net investment income	189	202	207
Net gains (losses) - investments and derivatives	28	(2)	(2)
Total revenues	361	354	367
Benefits and other deductions
Benefits and settlement expenses	342	332	337
Other operating expenses	1	2	1
Total benefits and other deductions	343	334	338
Net revenues before income taxes	18	20	29
Income tax expense	5	4	6
Net revenues	$ 13	$ 16	$ 23

REINSURANCE - Additional Inform

REINSURANCE - Additional Information (Details)	6 Months Ended	12 Months Ended			30 Months Ended
	Jun. 30, 2006USD ($)	Dec. 31, 2021item	Dec. 31, 2016USD ($)	Dec. 31, 2008USD ($)	Dec. 31, 2007USD ($)
REINSURANCE
Percentage of the face value of life insurance in-force reinsured		22.00%
Single insured life
REINSURANCE
Amount of insurance retained - certain newly issued traditional life products | $	$ 500,000		$ 5,000,000	$ 2,000,000	$ 1,000,000
Concentrated credit risk
REINSURANCE
Percentage of the face value of life insurance in-force reinsured		10.00%
Life insurance in-force reinsured, concentrated number of reinsurers | item		3

REINSURANCE - Life Insurance In

REINSURANCE - Life Insurance In-Force and Effect of Reinsurance on Premiums Written and Earned (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net life insurance in-force
Direct life insurance in-force	$ 829,253	$ 785,197	$ 766,197
Amounts assumed from other companies	191,110	206,050	212,574
Amounts ceded to other companies	(222,865)	(244,588)	(271,601)
Net Amount	$ 797,498	$ 746,659	$ 707,170
Percentage of amount assumed to net	24.00%	27.60%	30.10%
Effect of reinsurance on premiums written and earned
Gross Amount	$ 3,156	$ 2,977	$ 3,176
Ceded to Other Companies	(1,320)	(1,027)	(1,508)
Assumed from Other Companies	1,066	1,026	880
Net Amount	2,902	2,976	2,548
Reinsurance receivables	4,600	4,700
Ceded benefits which are recoverable from reinsurers	157	135
Receivables related to insurance assumed	64	64
Life insurance
Effect of reinsurance on premiums written and earned
Gross Amount	2,843	2,661	2,853
Ceded to Other Companies	(1,113)	(826)	(1,312)
Assumed from Other Companies	1,037	934	836
Net Amount	2,767	2,769	2,377
Annuity policy fees	199	163	164
Accident/health insurance
Effect of reinsurance on premiums written and earned
Gross Amount	32	37	42
Ceded to Other Companies	(19)	(23)	(90)
Assumed from Other Companies	28	90	41
Net Amount	41	104	(7)
Property and liability insurance
Effect of reinsurance on premiums written and earned
Gross Amount	281	279	281
Ceded to Other Companies	(188)	(178)	(106)
Assumed from Other Companies	1	2	3
Net Amount	$ 94	$ 103	$ 178

REINSURANCE - Receivables (Deta

REINSURANCE - Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Reinsurance
Reinsurance Receivable	$ 4,543	$ 4,596
Concentrated credit risk | Security Life of Denver Insurance Company
Reinsurance
Reinsurance Receivable		548.5
Concentrated credit risk | Security Life of Denver Insurance Company | A Minus
Reinsurance
Reinsurance Receivable	500.5
Concentrated credit risk | Swiss Re Life & Health America, Inc. | A Plus
Reinsurance
Reinsurance Receivable	480.1	489.6
Concentrated credit risk | Lincoln National Life Insurance Co. | A Plus
Reinsurance
Reinsurance Receivable	337.3	370.7
Concentrated credit risk | Somerset Re | A Minus
Reinsurance
Reinsurance Receivable	335.1	259.9
Concentrated credit risk | Transamerica Life Insurance Co. | A
Reinsurance
Reinsurance Receivable	226.4	240.3
Concentrated credit risk | RGA Reinsurance Company | A Plus
Reinsurance
Reinsurance Receivable	204.6	210.5
Concentrated credit risk | American United Life Insurance Company | A Plus
Reinsurance
Reinsurance Receivable	187.6	199.1
Concentrated credit risk | Centre Reinsurance (Bermuda) Ltd
Reinsurance
Reinsurance Receivable		167.3
Concentrated credit risk | Centre Reinsurance (Bermuda) Ltd | A
Reinsurance
Reinsurance Receivable	149.3
Concentrated credit risk | Employers Reassurance Corporation
Reinsurance
Reinsurance Receivable		162
Concentrated credit risk | Employers Reassurance Corporation | B Plus
Reinsurance
Reinsurance Receivable	139.4
Concentrated credit risk | The Canada Life Assurance Company | A Plus
Reinsurance
Reinsurance Receivable	$ 123.2	$ 134

DEBT AND OTHER OBLIGATIONS - Ad

DEBT AND OTHER OBLIGATIONS - Additional Informatoin (Details) - USD ($) $ in Millions	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Secured borrowings, percent of initial collateral required		102.00%
Securities lending transactions		$ 174	$ 57
Securities loaned, fair value of collateral		179	59
Repurchase Program Borrowings
Debt Instrument [Line Items]
Fair value of securities pledged under the repurchase program		1,503	452
Secured financing liabilities		$ 1,393	$ 437
Reverse repurchase liability average interest rate (percent)		0.13%	0.15%
Reverse repurchase maximum balance outstanding		$ 1,799	$ 825
Reverse repurchase average daily balance		$ 775	$ 143
Reverse repurchase average daily balance at average interest rate (percent)		0.13%	0.33%
Maximum | Repurchase Program Borrowings
Debt Instrument [Line Items]
Debt term		90 days
Amended Line Of Credit
Debt Instrument [Line Items]
Principal amount		$ 1,000
Maximum borrowing capacity		$ 1,500
Facility fee rate		0.125%
Amended Line Of Credit | PLC
Debt Instrument [Line Items]
Outstanding balance		$ 275	$ 190
Amended Line Of Credit | Base Rate
Debt Instrument [Line Items]
Variable rate		0.50%
Amended Line Of Credit | LIBOR
Debt Instrument [Line Items]
Variable rate		1.00%
Subordinated Debentures 3.55 Percent Due 2038 | Subordinated Debt
Debt Instrument [Line Items]
Outstanding principal				$ 110
Interest rate				3.55%
Financing Agreement With Golden Gate Captive Insurance Company
Debt Instrument [Line Items]
Financing capacity under the agreement	$ 5,000
XOL asset backing difference in statutory and economic reserve liabilities		$ 4,267
Financing Agreement With Golden Gate Captive Insurance Company | Maximum
Debt Instrument [Line Items]
Reserve funding agreement, term	25 years
Financing Agreement With Golden Gate Captive Insurance Company | Minimum
Debt Instrument [Line Items]
Reserve funding agreement, term	20 years

DEBT AND OTHER OBLIGATIONS - Re

DEBT AND OTHER OBLIGATIONS - Repurchase Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	$ 1,503	$ 452
Securities lending transactions	174	57
Total securities	1,677	509
U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	1,070	452
Corporate securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	69
Securities lending transactions		49
Commercial mortgage loans
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	364	0
Fixed maturity securities
Debt Instrument [Line Items]
Securities lending transactions	171
Equity securities
Debt Instrument [Line Items]
Securities lending transactions	1	7
Redeemable preferred stocks
Debt Instrument [Line Items]
Securities lending transactions	2	1
Overnight and Continuous
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	1,503	366
Securities lending transactions	174	57
Total securities	1,677	423
Overnight and Continuous | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	1,070	366
Overnight and Continuous | Corporate securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	69
Securities lending transactions		49
Overnight and Continuous | Commercial mortgage loans
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	364	0
Overnight and Continuous | Fixed maturity securities
Debt Instrument [Line Items]
Securities lending transactions	171
Overnight and Continuous | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	1	7
Overnight and Continuous | Redeemable preferred stocks
Debt Instrument [Line Items]
Securities lending transactions	2	1
Up to 30 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	86
Securities lending transactions	0	0
Total securities	0	86
Up to 30 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	86
Up to 30 days | Corporate securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0
Securities lending transactions		0
Up to 30 days | Commercial mortgage loans
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Up to 30 days | Fixed maturity securities
Debt Instrument [Line Items]
Securities lending transactions	0
Up to 30 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
Up to 30 days | Redeemable preferred stocks
Debt Instrument [Line Items]
Securities lending transactions	0	0
30 - 90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Securities lending transactions	0	0
Total securities	0	0
30 - 90 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
30 - 90 days | Corporate securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0
Securities lending transactions		0
30 - 90 days | Commercial mortgage loans
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
30 - 90 days | Fixed maturity securities
Debt Instrument [Line Items]
Securities lending transactions	0
30 - 90 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
30 - 90 days | Redeemable preferred stocks
Debt Instrument [Line Items]
Securities lending transactions	0	0
Greater Than 90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Securities lending transactions	0	0
Total securities	0	0
Greater Than 90 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Greater Than 90 days | Corporate securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0
Securities lending transactions		0
Greater Than 90 days | Commercial mortgage loans
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Greater Than 90 days | Fixed maturity securities
Debt Instrument [Line Items]
Securities lending transactions	0
Greater Than 90 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
Greater Than 90 days | Redeemable preferred stocks
Debt Instrument [Line Items]
Securities lending transactions	$ 0	$ 0

DEBT AND OTHER OBLIGATIONS - Sc

DEBT AND OTHER OBLIGATIONS - Schedule of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Subordinated funding obligations	$ 3.9	$ 3.9	$ 3.9
Non-recourse funding obligations, other obligations, and repurchase agreements	11	133.2	175.8
Total interest expense	$ 14.9	$ 137.1	$ 179.7

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)case	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Operating leased assets
Rent expense | $	$ 1	$ 4	$ 6
Outstanding mortgage loan commitments | $	$ 994	$ 801
Average rate (as a percent)	3.58%	3.90%
Beverly Allen v. Protective Life Insurance Company | Pending Litigation
Operating leased assets
Number of pending cases | case	2
Number of pending class action cases | case	1
Administrative and marketing office space | Minimum
Operating leased assets
Lease term	2 years
Administrative and marketing office space | Maximum
Operating leased assets
Lease term	25 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) - Administrative and marketing office space $ in Millions	Dec. 31, 2021USD ($)
Future minimum retail payments required under operating leases
2022	$ 7
2023	4
2024	4
2025	2
2026	1
Thereafter	$ 8

SHAREOWNER'S EQUITY (Details)

SHAREOWNER'S EQUITY (Details) - PLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SHAREOWNER'S EQUITY
Number of shares of non-voting preferred stock owned in the subsidiary, PL&A (in shares)	2,000
Amount of PL&A statutory earnings in immediately the preceding fiscal year, which must be exceeded for preferred stock to pay noncumulative participating dividends	$ 1
Dividends received by PLC on preferred stock holdings in PL & A	$ 0	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Beginning balance	$ 13,625	$ 11,274	$ 7,226
Ending balance	12,764	13,625	11,274
Unrealized Gains and Losses on Investments
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Beginning balance	3,556	1,421	(1,408)
Other comprehensive income (loss) before reclassifications	(1,105)	2,048	2,844
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	(1)	24	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	(41)	63	(11)
Ending balance	2,409	3,556	1,421
Offset of net unrealized losses in AOCI due to impact of net unrealized (loss) on insurance assets and liabilities if recognized as income	(1,900)	(2,000)	(777)
Accumulated Gain and Loss on Derivatives
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Beginning balance	(8)	(8)	0
Other comprehensive income (loss) before reclassifications	0	(2)	(10)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	1	2	2
Ending balance	(7)	(8)	(8)
Total Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Beginning balance	3,548	1,413	(1,408)
Other comprehensive income (loss) before reclassifications	(1,105)	2,046	2,834
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	(1)	24	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	(40)	65	(9)
Ending balance	$ 2,402	$ 3,548	$ 1,413

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Benefits and settlement expenses, net of reinsurance ceded									$ (4,924)	$ (4,901)	$ (4,256)
Net gains (losses): investments									150	(235)	(59)
Tax (expense) benefit	$ (12)	$ (10)	$ (39)	$ (25)	$ (12)	$ (29)	$ (32)	$ 30	(86)	(43)	(97)
Net income (loss)	$ (28)	$ 49	$ 162	$ 102	$ 90	$ 131	$ 142	$ (129)	285	234	427
Gains and losses on derivative instruments | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Benefits and settlement expenses, net of reinsurance ceded									(1)	(3)	(2)
Tax (expense) benefit									0	1	0
Net income (loss)									(1)	(2)	(2)
Unrealized gains and losses on available-for-sale securities | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Net gains (losses): investments									46	46	48
Net impairment losses recognized in earnings									6	(125)	(34)
Tax (expense) benefit									(11)	17	(3)
Net income (loss)									$ 41	$ (62)	$ 11

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate and Components of Income Tax and Deferred Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective income tax rate related to continuing operations
Statutory federal income tax rate applied to pre-tax income	21.00%	21.00%	21.00%
State income taxes	0.20%	(0.40%)	0.50%
Investment income not subject to tax	(5.10%)	(3.60%)	(2.10%)
Prior period adjustments	0.50%	(0.70%)	0.10%
Goodwill impairment	7.30%	0.00%	0.00%
Other	(0.70%)	(0.90%)	(1.00%)
Effective income tax rate	23.20%	15.40%	18.50%
Current income tax expense (benefit):
Federal	$ 129	$ 123	$ 378
State	3	(5)	9
Total current	132	118	387
Deferred income tax expense (benefit):
Federal	(44)	(79)	(284)
State	(2)	4	(6)
Total deferred	(46)	(75)	(290)
Deferred income tax assets:
Loss and credit carryforwards	168	146
Deferred compensation	51	54
Deferred policy acquisition costs	67	143
Valuation allowance	(10)	(9)
Deferred income tax assets	276	334
Deferred income tax liabilities:
Premium receivables and policy liabilities	200	250
VOBA and other intangibles	552	582
Invested assets (other than unrealized gains (losses))	264	283
Net unrealized gains on investments	640	945
Other	48	53
Deferred income tax liabilities	1,704	2,113
Net deferred income tax liability	(1,428)	(1,779)
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance, beginning of period	2	2	7
Additions for tax positions of the current year	0	0	0
Additions for tax positions of prior years	0	0	0
Reductions of tax positions of prior years:
Changes in judgment	0	0	0
Settlements during the period	0	0	(5)
Lapses of applicable statute of limitations	(2)	0	0
Balance, end of period	$ 0	$ 2	$ 2

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 10	$ 9
Loss carryforwards	758	658
Loss carryforward, subject to expiration	23	28
Loss carryforward, not subject to expiration	735	630
Amount of unrecognized tax benefits that would affect the effective income tax rate if recognized	0	2	$ 2
Accrued interest related to the unrecognized tax benefits included in income tax expense	0	$ 0	$ 0
State jurisdiction
Operating Loss Carryforwards [Line Items]
Valuation allowance	1
Deferred tax asset, operating loss carryforwards	$ 10

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid / (received) during the year:
Interest expense	$ 15	$ 177	$ 182
Income taxes	$ 236	$ 80	$ 383

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Mortgage loan payments received	$ 1,415	$ 749	$ 1,017
Affiliates
RELATED PARTY TRANSACTIONS
Lease revenues	9	7	6
Cost of services	330	297	278
Intercompany payables	49	47
Intercompany receivables	12	13
Certain corporations with which the parent's directors were affiliated
RELATED PARTY TRANSACTIONS
Premiums and policy fees or other amounts for insurance and investment products, interest on bonds and commissions on securities underwriting	0	0	6
Joint Venture
RELATED PARTY TRANSACTIONS
Mortgage loan payments received	7	5	23
Proceeds from collection of principal payments on mortgage loans	16
Payment of Management Fee | Affiliates
RELATED PARTY TRANSACTIONS
Management fee for certain services provided	13	12	11
PLC | Certain corporations with which the parent's directors were affiliated
RELATED PARTY TRANSACTIONS
Commission, interest on debt and investment products and fees	$ 0	$ 0	$ 2

STATUTORY REPORTING PRACTICES_3

STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Statutory net income	$ 426	$ 692	$ (625)
Statutory capital and surplus	5,300	$ 5,400
Consolidated shareowners' equity which represented net assets of the Company's insurance subsidiaries that is required to be maintained as minimum capital	1,800
Market value of fixed maturity and short-term investments of the company's subsidiaries deposited with regulatory authorities	$ 43
Scenario, Forecast
Statutory Accounting Practices [Line Items]
Net assets of the Company's insurance subsidiaries that are restricted from transfer (in dollars)				$ 136

STATUTORY REPORTING PRACTICES_4

STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS - Schedule of Effects on Statutory Surplus (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices Disclosure of Favorable (Unfavorable) Effects of Statutory Surplus [Abstract]
Non-admission of goodwill	$ (66)	$ (105)
Total (net)	(66)	(105)
Insurance subsidiaries
Statutory Accounting Practices Disclosure of Favorable (Unfavorable) Effects of Statutory Surplus [Abstract]
Total (net)	4,368	4,455
Statutory Accounting Practices Disclosure of Favorable (Unfavorable) Effects on Statutory Surplus of Insurance Subsidiaries [Abstract]
Accounting for XOL Asset Value as an admitted asset	4,267	4,579
Reserving based on state specific actuarial practices	101	94
Reserving difference related to a captive insurance company	$ 0	$ (218)

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summarized financial information for the company's segments
Revenues	$ 1,539	$ 1,652	$ 1,509	$ 1,713	$ 1,535	$ 1,724	$ 1,468	$ 1,441	$ 6,413	$ 6,168	$ 5,731
Pre-tax Adjusted Operating Income (Loss)									333	390	468
Non-operating income (loss)									38	(113)	56
Income (loss) before income tax	(16)	59	201	127	102	160	174	(159)	371	277	524
Income tax expense (benefit)	12	10	39	25	12	29	32	(30)	86	43	97
Net income (loss)	(28)	49	162	102	90	131	142	(129)	285	234	427
Adjusted operating income tax (expense) benefit									(51)	(66)	(86)
After-tax adjusted operating income									(282)	(324)	(382)
Income tax (expense) benefit on adjustments									(35)	23	(11)
Non-operating income (loss)
Derivative gains (losses), net									48	(195)	(368)
Investment gains (losses), net									102	(40)	309
VA/VUL market impacts									21	0	0
Goodwill impairment	(129)								(129)	0	0
Less: related amortization									104	(30)	(24)
Less: VA GLWB economic cost									(100)	(92)	(91)
Net investment income	767	$ 753	$ 742	$ 720	653	$ 740	$ 742	$ 754	2,982	2,889	2,825
Amortization of deferred policy acquisition costs and value of business acquired									309	208	176
Operating Segment Assets
Investments and other assets	126,515				122,124				126,515	122,124
DAC and VOBA	3,869				3,420				3,869	3,420	3,520
Other intangibles	491				540				491	540
Goodwill	697				826				697	826	826
Total assets	131,572				126,910				131,572	126,910
Retail Life and Annuity
Non-operating income (loss)
Net investment income									1,110	1,015	945
Amortization of deferred policy acquisition costs and value of business acquired									222	116	100
Operating Segment Assets
DAC and VOBA	2,806				2,480				2,806	2,480	2,417
Acquisitions
Non-operating income (loss)
Net investment income									1,590	1,648	1,533
Amortization of deferred policy acquisition costs and value of business acquired									19	24	11
Operating Segment Assets
DAC and VOBA	870				762				870	762	924
Stable Value Products
Non-operating income (loss)
Net investment income									303	230	244
Amortization of deferred policy acquisition costs and value of business acquired									5	3	3
Operating Segment Assets
DAC and VOBA	15				8				15	8	5
Asset Protection
Non-operating income (loss)
Net investment income									20	23	28
Amortization of deferred policy acquisition costs and value of business acquired									63	65	62
Operating Segment Assets
DAC and VOBA	178				170				178	170	174
Corporate and Other
Non-operating income (loss)
Net investment income									(41)	(27)	75
Amortization of deferred policy acquisition costs and value of business acquired									0	0	0
Operating Segment Assets
DAC and VOBA	0				0				0	0	0
Operating Segments
Summarized financial information for the company's segments
Revenues									6,413	6,168	5,731
Pre-tax Adjusted Operating Income (Loss)									333	390	468
Operating Segment Assets
Investments and other assets					5,928					5,928
DAC and VOBA					8					8
Other intangibles					6					6
Goodwill					114					114
Total assets					6,056					6,056
Operating Segments | Retail Life and Annuity
Summarized financial information for the company's segments
Revenues									2,823	2,440	2,161
Pre-tax Adjusted Operating Income (Loss)									(37)	100	153
Non-operating income (loss)
Goodwill impairment									(129)
Operating Segment Assets
Investments and other assets	44,549				40,194				44,549	40,194
DAC and VOBA	2,806				2,480				2,806	2,480
Other intangibles	334				367				334	367
Goodwill	430				559				430	559	559
Total assets	48,119				43,600				48,119	43,600
Operating Segments | Acquisitions
Summarized financial information for the company's segments
Revenues									2,984	3,282	2,902
Pre-tax Adjusted Operating Income (Loss)									314	406	347
Non-operating income (loss)
Goodwill impairment									0
Operating Segment Assets
Investments and other assets	54,561				55,628				54,561	55,628
DAC and VOBA	870				762				870	762
Other intangibles	29				33				29	33
Goodwill	24				24				24	24	24
Total assets	55,484				56,447				55,484	56,447
Operating Segments | Stable Value Products
Summarized financial information for the company's segments
Revenues									347	176	247
Pre-tax Adjusted Operating Income (Loss)									171	90	93
Non-operating income (loss)
Goodwill impairment									0
Operating Segment Assets
Investments and other assets	8,392								8,392
DAC and VOBA	15								15
Other intangibles	5								5
Goodwill	114				114				114	114	114
Total assets	8,526								8,526
Operating Segments | Asset Protection
Summarized financial information for the company's segments
Revenues									270	275	290
Pre-tax Adjusted Operating Income (Loss)									40	41	37
Non-operating income (loss)
Goodwill impairment									0
Operating Segment Assets
Investments and other assets	950				881				950	881
DAC and VOBA	178				170				178	170
Other intangibles	90				101				90	101
Goodwill	129				129				129	129	129
Total assets	1,347				1,281				1,347	1,281
Operating Segments | Corporate and Other
Summarized financial information for the company's segments
Revenues									(11)	(5)	131
Pre-tax Adjusted Operating Income (Loss)									(155)	(247)	$ (162)
Operating Segment Assets
Investments and other assets	18,063				19,493				18,063	19,493
DAC and VOBA	0				0				0	0
Other intangibles	33				33				33	33
Goodwill	0				0				0	0
Total assets	$ 18,096				$ 19,526				$ 18,096	$ 19,526

CONSOLIDATED QUARTERLY RESULT_3

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Gross premiums and policy fees	$ 1,047	$ 1,054	$ 1,026	$ 1,095	$ 1,053	$ 1,045	$ 1,009	$ 896	$ 4,222	$ 4,003	$ 4,056
Reinsurance ceded	(366)	(311)	(326)	(317)	(344)	(287)	(360)	(36)	(1,320)	(1,027)	(1,508)
Net premiums and policy fees	681	743	700	778	709	758	649	860	2,902	2,976	2,548
Net investment income	767	753	742	720	653	740	742	754	2,982	2,889	2,825
Net gains (losses) - investments and derivatives	(11)	67	(33)	127	(11)	111	(34)	(301)
Other income	102	89	100	88	184	115	111	128	379	538	417
Total revenues	1,539	1,652	1,509	1,713	1,535	1,724	1,468	1,441	6,413	6,168	5,731
Total benefits and expenses	1,555	1,593	1,308	1,586	1,433	1,564	1,294	1,600	6,042	5,891	5,207
Income (loss) before income tax	(16)	59	201	127	102	160	174	(159)	371	277	524
Income tax (benefit) expense	12	10	39	25	12	29	32	(30)	86	43	97
Net income (loss)	(28)	$ 49	$ 162	$ 102	$ 90	$ 131	$ 142	$ (129)	285	234	427
Non-cash impairment charge	$ 129								$ 129	$ 0	$ 0

SCHEDULE III - SUPPLEMENTARY _2

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	$ 3,869				$ 3,420				$ 3,869	$ 3,420	$ 3,520
Future Policy Benefits and Claims	54,064				54,107				54,064	54,107	53,945
Unearned Premiums	845				782				845	782	795
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	26,192				23,399				26,192	23,399	21,311
Net Premiums and Policy Fees	681	$ 743	$ 700	$ 778	709	$ 758	$ 649	$ 860	2,902	2,976	2,548
Net Investment Income									2,982	2,889	2,825
Benefits and Settlement Expenses									4,924	4,901	4,256
Amortization of deferred acquisition costs and value of business acquired									309	208	176
Other Operating Expenses									680	782	775
Premiums Written									135	206	234
Retail Life and Annuity
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	2,806				2,480				2,806	2,480	2,417
Future Policy Benefits and Claims	19,506				18,483				19,506	18,483	17,674
Unearned Premiums	0				0				0	0	0
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	11,674				10,914				11,674	10,914	9,402
Net Premiums and Policy Fees									1,474	1,541	1,244
Net Investment Income									1,110	1,015	945
Benefits and Settlement Expenses									2,316	2,168	1,765
Amortization of deferred acquisition costs and value of business acquired									222	116	100
Other Operating Expenses									224	199	209
Premiums Written									0	0	0
Acquisitions
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	870				762				870	762	924
Future Policy Benefits and Claims	34,478				35,537				34,478	35,537	36,176
Unearned Premiums	1				2				1	2	2
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	5,914				6,361				5,914	6,361	6,387
Net Premiums and Policy Fees									1,320	1,317	1,173
Net Investment Income									1,590	1,648	1,533
Benefits and Settlement Expenses									2,411	2,510	2,237
Amortization of deferred acquisition costs and value of business acquired									19	24	11
Other Operating Expenses									234	267	232
Premiums Written									28	90	42
Stable Value Products
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	15				8				15	8	5
Future Policy Benefits and Claims	0				0				0	0	0
Unearned Premiums	0				0				0	0	0
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	8,526				6,056				8,526	6,056	5,444
Net Premiums and Policy Fees									0	0	0
Net Investment Income									303	230	244
Benefits and Settlement Expenses									124	133	144
Amortization of deferred acquisition costs and value of business acquired									5	3	3
Other Operating Expenses									3	4	4
Premiums Written									0	0	0
Asset Protection
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	178				170				178	170	174
Future Policy Benefits and Claims	34				40				34	40	44
Unearned Premiums	843				779				843	779	792
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	0				0				0	0	0
Net Premiums and Policy Fees									98	107	120
Net Investment Income									20	23	28
Benefits and Settlement Expenses									59	75	93
Amortization of deferred acquisition costs and value of business acquired									63	65	62
Other Operating Expenses									108	94	98
Premiums Written									97	105	180
Corporate and Other
Supplementary insurance information
Deferred Policy Acquisition Costs and Value of Businesses Acquired	0				0				0	0	0
Future Policy Benefits and Claims	46				47				46	47	51
Unearned Premiums	1				1				1	1	1
Stable Value Products, Annuity Contracts and Other Policyholders' Funds	$ 78				$ 68				78	68	78
Net Premiums and Policy Fees									10	11	11
Net Investment Income									(41)	(27)	75
Benefits and Settlement Expenses									14	15	17
Amortization of deferred acquisition costs and value of business acquired									0	0	0
Other Operating Expenses									111	218	232
Premiums Written									$ 10	$ 11	$ 12

SCHEDULE IV - REINSURANCE (Deta

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Life insurance in-force
Gross Amount	$ 829,253	$ 785,197	$ 766,197
Ceded to Other Companies	(222,865)	(244,588)	(271,601)
Assumed from Other Companies	191,110	206,050	212,574
Net Amount	$ 797,498	$ 746,659	$ 707,170
Percentage of Amount Assumed to Net	24.00%	27.60%	30.10%
Premiums and policy fees:
Gross Amount	$ 3,156	$ 2,977	$ 3,176
Ceded to Other Companies	(1,320)	(1,027)	(1,508)
Assumed from Other Companies	1,066	1,026	880
Net Amount	2,902	2,976	2,548
Life insurance
Premiums and policy fees:
Gross Amount	2,843	2,661	2,853
Ceded to Other Companies	(1,113)	(826)	(1,312)
Assumed from Other Companies	1,037	934	836
Net Amount	$ 2,767	$ 2,769	$ 2,377
Percentage of Amount Assumed to Net	37.50%	33.70%	35.20%
Annuity policy fees	$ 199	$ 163	$ 164
Accident/health insurance
Premiums and policy fees:
Gross Amount	32	37	42
Ceded to Other Companies	(19)	(23)	(90)
Assumed from Other Companies	28	90	41
Net Amount	$ 41	$ 104	$ (7)
Percentage of Amount Assumed to Net	68.30%	86.50%	(585.70%)
Property and liability insurance
Premiums and policy fees:
Gross Amount	$ 281	$ 279	$ 281
Ceded to Other Companies	(188)	(178)	(106)
Assumed from Other Companies	1	2	3
Net Amount	$ 94	$ 103	$ 178
Percentage of Amount Assumed to Net	1.10%	1.90%	1.70%

SCHEDULE V - VALUATION AND QU_2

SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in valuation and qualifying accounts
Balance at beginning of period	$ 222	$ 5
Additions, Charged to costs and expenses	0	140
Additions, Charges to other accounts	0	80
Deductions	(119)	(3)
Balance at end of period	$ 103	$ 222