Equitable Financial Life Insurance 10-K 1 Mar 21 2020 FY Annual report Financial data

COVER

COVER - shares	12 Months Ended
	Dec. 31, 2020	Mar. 01, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-20501
Entity Registrant Name	EQUITABLE FINANCIAL LIFE INSURANCE COMPANY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5570651
Entity Address, Address Line One	1290 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10104
City Area Code	212
Local Phone Number	554-1234
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,000,000
Documents Incorporated by Reference [Text Block]	Equitable Financial Life Insurance Company meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Central Index Key	0000727920

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $68,136 and $59,278) (allowance for credit losses of $13 at December 31, 2020)		$ 76,353	$ 62,362
Mortgage loans on real estate (net of allowance for credit losses of $81 at December 31, 2020)		13,142	12,090
Policy loans		3,635	3,270
Other equity investments	[1]	1,342	1,149
Trading securities, at fair value		5,340	6,598
Other invested assets		2,383	2,156
Total investments		102,195	87,625
Cash and cash equivalents		2,043	1,492
Deferred policy acquisition costs		3,816	4,222
Amounts due from reinsurers (allowance for credit losses of $5 at December 31, 2020)		3,053	3,002
Loans to affiliates		900	1,200
GMIB reinsurance contract asset, at fair value		2,859	2,466
Current and deferred income taxes		0	249
Other assets		3,078	3,050
Separate Accounts assets		133,350	124,646
Total Assets		251,294	227,952
LIABILITIES
Policyholders’ account balances		63,109	55,421
Future policy benefits and other policyholders' liabilities		40,151	33,979
Broker-dealer related payables		1,064	428
Amounts due to reinsurers		122	105
Current and deferred income taxes		234	0
Other liabilities		1,580	1,769
Separate Accounts liabilities		133,350	124,646
Total Liabilities		239,610	216,348
Redeemable noncontrolling interest	[2]	41	39
Commitments and contingent liabilities
Equity attributable to Equitable Financial:
Common stock, $1.25 par value; 2,000,000 shares authorized, issued and outstanding		2	2
Additional paid-in capital		7,841	7,809
Retained earnings		(795)	2,145
Accumulated other comprehensive income (loss)		4,595	1,596
Total equity attributable to Equitable Financial		11,643	11,552
Noncontrolling interest		0	13
Total Equity		11,643	11,565
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 251,294	$ 227,952
[1]	See Note 2 for details of balances with variable interest entities.
[2]	See Note 19 for details of Redeemable noncontrolling interest.

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fixed maturities available-for-sale, amortized cost	$ 68,123
Fixed maturities available-for-sale, allowance for credit losses	(13)	$ 0
Mortgage loans on real estate, valuation allowances	81
Reinsurance recoverable, allowance for credit loss	$ 5
Common stock par value (in dollars per share)	$ 1.25	$ 1.25
Common stock authorized (in shares)	2,000,000	2,000,000
Common stock issued (in shares)	2,000,000	2,000,000
Common stock outstanding (in shares)	2,000,000	2,000,000
Fixed maturities
Fixed maturities available-for-sale, amortized cost	$ 68,136	$ 59,278
Fixed maturities available-for-sale, allowance for credit losses	$ 13

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Policy charges and fee income	$ 3,464	$ 3,487	$ 3,515
Premiums	806	936	862
Net derivative gains (losses)	(1,541)	(3,831)	(1,034)
Net investment income (loss)	3,208	3,298	2,478
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	(58)	0	(37)
Other investment gains (losses), net	845	206	41
Total investment gains (losses), net	787	206	4
Investment management and service fees	1,010	1,022	1,029
Other income	57	56	64
Total revenues	7,791	5,174	6,918
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	4,951	4,088	2,960
Interest credited to policyholders’ account balances	1,118	1,149	979
Compensation and benefits	309	335	422
Commissions	636	629	625
Interest expense	0	4	34
Amortization of deferred policy acquisition costs	1,333	520	451
Other operating costs and expenses	830	912	2,919
Total benefits and other deductions	9,177	7,637	8,390
Income (loss) from continuing operations, before income taxes	(1,386)	(2,463)	(1,472)
Income tax (expense) benefit	627	579	456
Net income (loss)	(759)	(1,884)	(1,016)
Less: net income (loss) from discontinued operations, net of taxes and noncontrolling interest	0	0	(114)
Net income (loss)	(759)	(1,884)	(902)
Less: Net income (loss) attributable to the noncontrolling interest	0	5	(3)
Net income (loss) attributable to Equitable Financial	$ (759)	$ (1,889)	$ (899)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ (759)	$ (1,884)		$ (902)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	2,999	2,095		(1,221)
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment		0	2		(4)
Other comprehensive income (loss), net of income taxes		2,999	2,097		(1,225)
Comprehensive income (loss)		2,240	213	[2]	(2,127)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	[2]	0	5		(3)
Comprehensive income (loss) attributable to Equitable Financial		$ 2,240	$ 208		$ (2,124)
[1]	See Note 15 for details of change in unrealized gains (losses), net of adjustments.
[2]	Amounts for the years ended December 31, 2019 and 2018 were reclassified to conform to the current year’s presentation.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Parent	Equity	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Continuing OperationsNoncontrolling Interest	Discontinued OperationsNoncontrolling Interest	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentParent	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings	Cumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2017	$ 19,395	$ 16,300	$ 2	$ 6,859	$ 8,860	$ 579	$ 3,095	$ 19	$ 3,076
Beginning balance (Accounting Standards Update 2014-09) at Dec. 31, 2017										$ 8	$ 8	$ 8
Beginning balance (Accounting Standards Update 2018-12) at Dec. 31, 2017										0		(83)	$ 83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transfer for Deferred tax asset in GMxB Unwind	1,209	1,209		1,209
Settlement of intercompany payables in GMxB Unwind	(297)	(297)		(297)
Dividend to parent company	(1,672)	(1,672)			(1,672)
Distribution of discontinued subsidiary	(1,175)	(1,175)			(1,175)
Transfer of accumulated other comprehensive income to discontinued operations	62	62				62
Reclassification of net earnings (loss) attributable to redeemable noncontrolling interests	(2)						(2)	(2)
De-consolidation of real estate joint ventures	(8)						(8)	(8)
Transfer of AB Holding Units	(3,076)						(3,076)		(3,076)
Net income (loss)	(896)	(899)			(899)		3	3
Other comprehensive income (loss)	(1,225)	(1,225)				(1,225)
Other	36	36		36
Ending balance at Dec. 31, 2018	12,359	12,347	2	7,807	5,039	(501)	12	12	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(1,005)	(1,005)			(1,005)
Transfer of AB Holding Units	0								0
Net income (loss)	(1,889)	(1,889)			(1,889)
Other comprehensive income (loss)	2,097	2,097				2,097
Other	3	2		2			1	1
Ending balance at Dec. 31, 2019	11,565	11,552	2	7,809	2,145	1,596	13	13	0	$ (32)	$ (32)	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(2,149)	(2,149)			(2,149)
Net income (loss)	(760)	(759)			(759)		(1)	(1)
Other comprehensive income (loss)	2,999	2,999				2,999
Other	20	32		32			(12)	(12)
Ending balance at Dec. 31, 2020	$ 11,643	$ 11,643	$ 2	$ 7,841	$ (795)	$ 4,595	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update [extensible list]	efl:AccountingStandardsUpdate201603Member

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Net income (loss)	$ (759)	$ (1,884)	$ (339)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	1,118	1,149	979
Policy charges and fee income	(3,464)	(3,487)	(3,515)
Net derivative (gains) losses	1,541	3,831	1,034
Credit losses on AFS debt securities and loans	58	0	37
Investment (gains) losses, net	(845)	(206)	(40)
Realized and unrealized (gains) losses on trading securities	(106)	(429)	221
Non-cash long-term incentive compensation expense	29	3	218
Amortization of deferred cost of reinsurance asset	0	(7)	1,882
Amortization and depreciation	1,249	391	360
Cash received on the recapture of captive reinsurance	0	0	1,273
Equity (income) loss from limited partnerships	(74)	(73)	(120)
Changes in:
Net broker-dealer and customer related receivables/payables	0	4	838
Reinsurance recoverable	(283)	(183)	(390)
Segregated cash and securities, net	0	0	(345)
Capitalization of deferred policy acquisition costs	(565)	(648)	(592)
Future policy benefits	1,857	1,084	(330)
Current and deferred income taxes	(306)	(329)	(563)
Other, net	(218)	178	810
Net cash provided by (used in) operating activities	(768)	(606)	1,418
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	18,453	12,450	8,935
Mortgage loans on real estate	630	952	768
Trading account securities	1,913	10,209	9,298
Real estate joint ventures	55	5	139
Short-term investments	1,494	2,548	2,315
Other	973	253	190
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(26,402)	(28,537)	(11,110)
Mortgage loans on real estate	(1,747)	(1,240)	(1,642)
Trading account securities	(534)	(1,067)	(11,404)
Short-term investments	(1,098)	(2,762)	(1,852)
Other	(1,174)	(408)	(170)
Cash settlements related to derivative instruments, net	1,204	(961)	805
Issuance of loans to affiliates	0	(900)	(1,100)
Repayments of loans to affiliates	300	300	900
Cash disposed due to distribution of disposed subsidiary	0	0	(672)
Investment in capitalized software, leasehold improvements and EDP equipment	(66)	(65)	(115)
Other, net	(406)	(55)	(91)
Net cash provided by (used in) investing activities	(6,405)	(9,278)	(4,806)
Cash flows from financing activities:
Deposits	10,928	12,283	9,365
Withdrawals	(4,370)	(4,641)	(4,496)
Transfer (to) from Separate Accounts	2,517	1,869	1,809
Change in short-term financings	0	0	(26)
Change in collateralized pledged assets	(140)	(69)	1
Change in collateralized pledged liabilities	859	1,359	(291)
(Decrease) increase in overdrafts payable	0	0	3
Shareholder dividend paid	(2,149)	(1,005)	(1,672)
Repurchase of AB Holding Units	0	0	(267)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds	9	19	(472)
Distribution to noncontrolling interest of consolidated subsidiaries	0	0	(610)
Proceeds from loans from affiliates	0	0	572
Repayment of loans from affiliates	0	(572)	0
Increase (decrease) in securities sold under agreement to repurchase	0	(573)	(1,314)
Other, net	70	84	11
Net cash provided by (used in) financing activities	7,724	8,754	2,613
Effect of exchange rate changes on cash and cash equivalents	0	0	(12)
Change in cash and cash equivalents	551	(1,130)	(787)
Cash and cash equivalents, beginning of year	1,492	2,622	3,409
Cash and cash equivalents, end of year	2,043	1,492	2,622
Cash and cash equivalents of disposed subsidiary:
Beginning of year	0	0	1,009
End of year	0	0	0
Supplemental cash flow information:
Interest paid	0	(4)	0
Income taxes (refunded) paid	(323)	(252)	(8)
Cash flows of disposed subsidiary:
Net cash provided by (used in) operating activities	0	0	1,137
Net cash provided by (used in) investing activities	0	0	(102)
Net cash provided by (used in) financing activities	0	0	(1,360)
Effect of exchange rate changes on cash and cash equivalents	0	0	(12)
Non-cash transactions:
(Settlement) issuance of long-term debt	0	0	(202)
Transfer of assets to reinsurer	0	0	(604)
Repayments of loans from affiliates	$ 0	$ 0	$ 300

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2020
Organization [Abstract]
ORGANIZATION	ORGANIZATION Equitable Financial’s (collectively with its consolidated subsidiaries, the “Company”) primary business is providing variable annuity, life insurance and employee benefit products to both individuals and businesses. The Company is an indirect, wholly-owned subsidiary of Holdings. Equitable Financial is a stock life insurance company organized in 1859 under the laws of the State of New York. The Company’s two principal subsidiaries include Equitable Distributors and EIM. Both Equitable Distributors and EIM are wholly-owned Delaware limited liability companies. Discontinued Operations In the fourth quarter of 2018, the Company transferred its economic interest in the business of AB Holding, ABLP, AllianceBernstein Corporation and their subsidiaries (collectively, “AB”) to a newly created wholly-owned subsidiary of Holdings (the “AB Business Transfer”). The results of AB are reflected in the Company’s consolidated financial statements as a discontinued operation and, therefore, are presented as net income (loss) from discontinued operations, net of taxes, on the consolidated statements of income (loss). Intercompany transactions between the Company and AB prior to the AB Business Transfer have been eliminated. Ongoing service transactions will be reported as related party transactions going forward. See Note 18 for information on discontinued operations and transactions with AB. As a result of the AB Business Transfer, the Company reassessed it's segment structure and concluded that the Company operates as a single reportable segment as information on a more segmented basis is not evaluated by the Chief Operating Decision Maker and as such there is only a single reporting segment.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those VIEs that meet the requirements for consolidation. Financial results in the historical consolidated financial statements may not be indicative of the results of operations, comprehensive income (loss), financial position, equity or cash flows that would have been achieved had we operated as a separate, standalone entity during the reporting periods presented. We believe that the consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. The years “2020”, “2019” and “2018” refer to the years ended December 31, 2020, 2019 and 2018, respectively. Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated CECL models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removal of disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. 2. Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain variable annuity guaranteed benefit (“GMxB”) features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in Other comprehensive income (“OCI”). For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company will implement the new income tax accounting guidance as of the date of adoption, January 1, 2021. Management currently anticipates that the standard will not have a material impact on retained earnings as of the date of adoption. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company is currently assessing the applicability of the optional expedients and exceptions provided under the ASU. Management is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Investments The carrying values of fixed maturities classified as AFS are reported at fair value. Changes in fair value are reported in OCI, net of allowance for credit losses, policy related amounts and deferred income taxes. Prior to January 1, 2020, the amortized cost of fixed maturities was adjusted for impairments in value deemed to be other than temporary which were recognized in Investment gains (losses), net. With the adoption of the new Financial Instruments-Credit Losses standard, changes in credit losses are recognized in investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REITs, perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance effective January 1, 2020. The remainder of the unrealized loss related to other factors, if any, is recognized in OCI. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s IUS Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist, as they were permitted to do prior to January 1, 2020. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings. Real estate held for the production of income is stated at depreciated cost less allowance for credit losses. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). COLI has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. As of December 31, 2020 and 2019, the carrying value of COLI was $989 million and $942 million, respectively, and is reported in other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including U.S. government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade-date basis. Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include equity, currency, and interest rate futures, total return and/or other equity swaps, interest rate swaps and floors, swaptions, variance swaps and equity options, all of which may be exchange-traded or contracted in the OTC market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “other invested assets” or as liabilities within “other liabilities”. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “net derivative gains (losses)” without considering changes in the fair value of the economically associated assets or liabilities. Securities Repurchase and Reverse Repurchase Agreements Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. Securities repurchase and reverse repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the requirements of each respective counterparty. Transfers of securities under these agreements to repurchase or resell are evaluated by the Company to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases with related forward repurchase or resale commitments. All of the Company’s securities repurchase transactions are accounted for as collateralized borrowings with the related obligations distinctly captioned in the consolidated balance sheets. Earnings from investing activities related to the cash received under the Company’s securities repurchase arrangements are reported in the consolidated statements of income (loss) as “net investment income (loss)” and the associated borrowing cost is reported as interest expense. There were no outstanding balances under securities repurchase agreements as of December 31, 2020 and 2019. The Company has not actively engaged in securities reverse repurchase transactions. Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the CECL model in order to provide for the risk of credit losses in the lending process. Prior to the adoption of CECL on January 1, 2020, mortgage loans were stated at unpaid principal balances, net of unamortized discounts, premiums and valuation allowances. Valuation allowances were based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan was collateral dependent. For commercial and agricultural mortgage loans, an allowance for credit loss was typically recommended when management believed it was probable that principal and interest would not be collected according to the contractual terms. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a PD / LGD model. The PD/LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including LTV ratios, DSC ratios, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery. For individually evaluated mortgages, the Company continues to recognize a valuation allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. The quantitative cumulative-effect of this change in the Company’s accounting policy on its loans portfolio for CECL is a $36 million pre-tax adjustment to the opening balance of retained earnings as of January 1, 2020. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • LTV ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • DSC ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as a TDR and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgage loans. Based on its monthly monitoring of mortgages, a class of potential problem mortgage loans are also identified, consisting of mortgage loans not currently classified as problem mortgage loans but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within other assets. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. Troubled Debt Restructuring The Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate and privately negotiated fixed maturities included in the balance sheet as fixed maturities AFS. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent Net Investment Income (Loss), Investment Gains (Losses), Net, and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. See Note 7 for additional information regarding determining the fair value of financial instruments. Recognition of Insurance Income and Related Expenses Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. DAC Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. In each reporting period, DAC amortization, net of the accrual of imputed interest on DAC balances, is recorded to amortization of deferred policy acquisition costs. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. The determination of DAC, including amortization and recoverability estimates, is based on models that involve numerous assumptions and subjective judgments, including those regarding policyholder behavior, surrender and withdrawal rates, mortality experience, and other inputs including financial market volatility and market rates of return. After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. Amortization Policy In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. DAC associated with certain variable annuity products is amortized based on estimated assessments, with DAC on the remainder of variable annuities, UL and investment-type products amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Accounts fees, mortality and expense margins and surrender charges based on historical and antic

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Fixed Maturities AFS Accounting for credit impairments of fixed maturities classified as AFS has changed from a direct write-down, or OTTI approach to an allowance for credit loss model starting in 2020 upon adoption of CECL (see Note 2, Significant Accounting Policies – Investments). The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of December 31, 2020 was $499 million . There was no accrued interest written off for AFS fixed maturities for the year ended December 31, 2020. The following tables provide information relating to the Company’s fixed maturities classified as AFS. Comparative tables as of December 31, 2019 include OTTI, reported net of tax in OCI and in AOCI until realized. AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses (4) Gross Gross Fair Value (in millions) December 31, 2020: Fixed Maturities: Corporate (1) $ 48,501 $ 13 $ 4,703 $ 89 $ 53,102 U.S. Treasury, government and agency 12,644 — 3,304 5 15,943 States and political subdivisions 482 — 92 — 574 Foreign governments 1,011 — 98 6 1,103 Residential mortgage-backed (2) 119 — 12 — 131 Asset-backed (3) 3,633 — 28 5 3,656 Commercial mortgage-backed 1,148 — 55 — 1,203 Redeemable preferred stock 598 — 46 3 641 Total at December 31, 2020 $ 68,136 $ 13 $ 8,338 $ 108 $ 76,353 December 31, 2019: Fixed Maturities: Corporate (1) $ 42,347 $ — $ 2,178 $ 61 $ 44,464 U.S. Treasury, government and agency 14,385 — 1,151 305 15,231 States and political subdivisions 584 — 68 3 649 Foreign governments 460 — 35 5 490 Residential mortgage-backed (2) 161 — 12 — 173 Asset-backed (3) 843 — 3 2 844 Redeemable preferred stock 498 — 18 5 511 Total at December 31, 2019 $ 59,278 $ — $ 3,465 $ 381 $ 62,362 ______________ (1) Corporate fixed maturities include both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities. and other asset types. (4) Amounts represent the allowance for credit losses for 2020 - (see Note 2 Significant Accounting Policies - Investments). The contractual maturities of AFS fixed maturities as of December 31, 2020 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) December 31, 2020: Contractual maturities: Due in one year or less $ 3,342 $ 3,362 Due in years two through five 15,037 16,026 Due in years six through ten 17,786 19,607 Due after ten years 26,460 31,727 Subtotal 62,625 70,722 Residential mortgage-backed 119 131 Asset-backed 3,633 3,656 Commercial mortgage-backed 1,148 1,203 Redeemable preferred stock 598 641 Total at December 31, 2020 $ 68,123 $ 76,353 The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the years ended December 31, 2020, 2019 and 2018: Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Year Ended December 31, 2020 2019 2018 (in millions) Proceeds from sales $ 12,670 $ 8,702 $ 7,136 Gross gains on sales $ 854 $ 229 $ 145 Gross losses on sales $ (34) $ (28) $ (103) Credit losses (1) $ (13) $ — $ (37) ______________ (1) Commencing with the Company’s adoption of ASU 2016-13 on January 1, 2020, credit losses on AFS debt securities were recognized as an allowance for credit losses. Prior to this, credit losses on AFS fixed maturities were recognized as OTTI. The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts. AFS Fixed Maturities - Credit Loss Impairments Year Ended December 31, 2020 2019 (in millions) Balance, beginning of period $ 15 $ 46 Previously recognized impairments on securities that matured, paid, prepaid or sold — (31) Recognized impairments on securities impaired to fair value this period (1) — — Credit losses recognized this period on securities for which credit losses were not previously recognized 6 — Additional credit losses this period on securities previously impaired 7 — Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — Balance, end of period $ 28 $ 15 ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI. Net Unrealized Gains (Losses) on AFS Fixed Maturities Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 5,953 — — — 5,953 Reclassification adjustment: — Included in net income (loss) (802) — — — (802) Excluded from net income (loss) — — — — — Impact of net unrealized investment gains (losses) — 360 (1,623) (818) (2,081) Net unrealized investment gains (losses) excluding credit losses 8,235 (466) (1,815) (1,251) 4,703 Net unrealized investment gains (losses) with credit losses (5) — 1 1 (3) Balance, December 31, 2020 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Balance, January 1, 2019 $ (577) $ 37 $ (69) $ 125 $ (484) Net investment gains (losses) arising during the period 3,872 — — — 3,872 Reclassification adjustment: Included in net income (loss) (211) — — — (211) Excluded from net income (loss) — — — — — Impact of net unrealized investment gains (losses) — (863) (123) (558) (1,544) Net unrealized investment gains (losses) excluding credit losses 3,084 (826) (192) (433) 1,633 Net unrealized investment gains (losses) with credit losses (1) — — — — — Balance, December 31, 2019 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 ______________ (1) Credit losses for 2019 were OTTI losses. The following tables disclose the fair values and gross unrealized losses of the 537 issues as of December 31, 2020 and the 390 issues as of December 31, 2019 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) December 31, 2020: Fixed Maturities: Corporate $ 2,773 $ 52 $ 332 $ 32 $ 3,105 $ 84 U.S. Treasury, government and agency 881 5 — — 881 5 Foreign governments 153 2 20 4 173 6 Asset-backed 809 4 76 1 885 5 Redeemable preferred stock 53 1 11 2 64 3 Total at December 31, 2020 $ 4,669 $ 64 $ 439 $ 39 $ 5,108 $ 103 December 31, 2019: (1) Fixed Maturities: Corporate $ 2,669 $ 41 $ 366 $ 20 $ 3,035 $ 61 U.S. Treasury, government and agency 4,245 305 2 — 4,247 305 States and political subdivisions 123 3 — — 123 3 Foreign governments 11 — 47 5 58 5 Asset-backed 319 — 201 2 520 2 Redeemable preferred stock 29 — 49 5 78 5 Total at December 31, 2019 $ 7,396 $ 349 $ 665 $ 32 $ 8,061 $ 381 ______________ (1) Amounts represents fixed maturities in an unrealized loss position that are not deemed to be OTTI for 2019. The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.6% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of December 31, 2020 and 2019 were $338 million and $279 million, respectively, representing 2.9% and 2.4% of the consolidated equity of the Company. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of December 31, 2020 and 2019, respectively, approximately $2.4 billion and $1.4 billion, or 3.6% and 2.3%, of the $68.1 billion and $59.3 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $48 million and $21 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, respectively, the $39 million and $32 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2, the Company concluded that neither an adjustment to income for OTTI (prior to January 1, 2020) nor an allowance for credit losses (after January 1, 2020) for these securities was warranted at either December 31, 2020 or 2019. As of December 31, 2020 and 2019, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of December 31, 2020, the Company determined that the unrealized loss was primarily due to increases in credit spreads and changes in credit ratings. Mortgage Loans on Real Estate Accrued interest receivable on commercial and agricultural mortgage loans as of December 31, 2020 was $30 million and $28 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the year ended December 31, 2020. As of December 31, 2020, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses. Allowance for Credit Losses on Mortgage Loans The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the year ended December 31, 2020 was as follows: Year Ended December 31, 2020 (in millions) Allowance for credit losses on mortgage loans (1): Commercial mortgages: Balance, beginning of period $ 33 Current-period provision for expected credit losses 44 Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance 44 Balance, end of period $ 77 Agricultural mortgages: Balance, beginning of period $ 3 Current-period provision for expected credit losses 1 Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance 1 Balance, end of period $ 4 Total allowance for credit losses $ 81 ____________ (1) See Note 2 for discussion of the allowance of credit losses transition balance, which is included in the Balance, beginning of period. The change in the allowance for credit losses is attributable to: • increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; • changes in credit quality; and • changes in market assumptions primarily related to COVID-19 driven economic changes. Credit Quality Information The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2020. LTV Ratios (1) December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ 324 $ 170 $ 505 $ 999 50% - 70% 1,294 357 803 656 2,190 1,697 6,997 70% - 90% 321 457 452 219 203 538 2,190 90% plus — — 12 5 — 288 305 Total commercial $ 1,615 $ 814 $ 1,267 $ 1,204 $ 2,563 $ 3,028 $ 10,491 Agricultural: 0% - 50% $ 218 $ 135 $ 169 $ 157 $ 236 $ 652 $ 1,567 50% - 70% 277 129 161 102 124 351 1,144 70% - 90% — — 3 — — 18 21 90% plus — — — — — — — Total agricultural $ 495 $ 264 $ 333 $ 259 $ 360 $ 1,021 $ 2,732 Total mortgage loans: 0% - 50% $ 218 $ 135 $ 169 $ 481 $ 406 $ 1,157 $ 2,566 50% - 70% 1,571 486 964 758 2,314 2,048 8,141 70% - 90% 321 457 455 219 203 556 2,211 90% plus — — 12 5 — 288 305 Total mortgage loans $ 2,110 $ 1,078 $ 1,600 $ 1,463 $ 2,923 $ 4,049 $ 13,223 Debt Service Coverage Ratios (2) December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 1,230 $ 492 $ 772 $ 268 $ 1,942 $ 1,230 $ 5,934 1.8x to 2.0x 227 83 118 378 184 329 1,319 1.5x to 1.8x 98 138 187 479 437 616 1,955 1.2x to 1.5x 60 57 154 79 — 658 1,008 1.0x to 1.2x — 44 — — — 123 167 Less than 1.0x — — 36 — — 72 108 Total commercial $ 1,615 $ 814 $ 1,267 $ 1,204 $ 2,563 $ 3,028 $ 10,491 Agricultural Greater than 2.0x $ 67 $ 26 $ 36 $ 38 $ 71 $ 167 $ 405 1.8x to 2.0x 38 35 14 15 20 82 204 1.5x to 1.8x 117 38 41 45 52 209 502 1.2x to 1.5x 183 120 141 90 142 313 989 1.0x to 1.2x 86 35 93 70 57 233 574 December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Less than 1.0x 4 10 8 1 18 17 58 Total agricultural $ 495 $ 264 $ 333 $ 259 $ 360 $ 1,021 $ 2,732 Total mortgage loans Greater than 2.0x $ 1,297 $ 518 $ 808 $ 306 $ 2,013 $ 1,397 $ 6,339 1.8x to 2.0x 265 118 132 393 204 411 1,523 1.5x to 1.8x 215 176 228 524 489 825 2,457 1.2x to 1.5x 243 177 295 169 142 971 1,997 1.0x to 1.2x 86 79 93 70 57 356 741 Less than 1.0x 4 10 44 1 18 89 166 Total mortgage loans $ 2,110 $ 1,078 $ 1,600 $ 1,463 $ 2,923 $ 4,049 $ 13,223 _____________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. The following tables provide information relating to the LTV and DSC ratios for commercial and agricultural mortgage loans as of December 31, 2020 and 2019. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by LTV and DSC Ratios DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) December 31, 2020: Mortgage loans: Commercial: 0% - 50% $ 839 $ — $ 160 $ — $ — $ — $ 999 50% - 70% 4,095 870 1,452 555 25 — 6,997 70% - 90% 844 449 343 376 142 36 2,190 90% plus 156 — — 77 — 72 305 Total commercial $ 5,934 $ 1,319 $ 1,955 $ 1,008 $ 167 $ 108 $ 10,491 Agricultural: 0% - 50% $ 297 $ 108 $ 291 $ 520 $ 317 $ 34 $ 1,567 50% - 70% 108 94 211 450 257 24 1,144 70% - 90% — 2 — 19 — — 21 90% plus — — — — — — — Total agricultural $ 405 $ 204 $ 502 $ 989 $ 574 $ 58 $ 2,732 Total mortgage loans: 0% - 50% $ 1,136 $ 108 $ 451 $ 520 $ 317 $ 34 $ 2,566 50% - 70% 4,203 964 1,663 1,005 282 24 8,141 70% - 90% 844 451 343 395 142 36 2,211 90% plus 156 — — 77 — 72 305 DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) Total mortgage loans $ 6,339 $ 1,523 $ 2,457 $ 1,997 $ 741 $ 166 $ 13,223 December 31, 2019: Mortgage loans: Commercial: 0% - 50% $ 887 $ 38 $ 214 $ 24 $ — $ — $ 1,163 50% - 70% 4,097 1,195 1,118 795 242 — 7,447 70% - 90% 251 98 214 154 46 — 763 90% plus — — — — — — — Total commercial $ 5,235 $ 1,331 $ 1,546 $ 973 $ 288 $ — $ 9,373 Agricultural: 0% - 50% $ 322 $ 104 $ 241 $ 545 $ 321 $ 50 $ 1,583 50% - 70% 82 87 236 426 251 33 1,115 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 404 $ 191 $ 477 $ 990 $ 572 $ 83 $ 2,717 Total mortgage loans: 0% - 50% $ 1,209 $ 142 $ 455 $ 569 $ 321 $ 50 $ 2,746 50% - 70% 4,179 1,282 1,354 1,221 493 33 8,562 70% - 90% 251 98 214 173 46 — 782 90% plus — — — — — — — Total mortgage loans $ 5,639 $ 1,522 $ 2,023 $ 1,963 $ 860 $ 83 $ 12,090 ______________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis. Past-Due and Nonaccrual Mortgage Loan Status The following table provides information relating to the aging analysis of past-due mortgage loans as of December 31, 2020 and 2019, respectively: Age Analysis of Past Due Mortgage Loans (1) Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) December 31, 2020: Mortgage loans: Commercial $ 162 $ — $ — $ 162 $ 10,329 $ 10,491 $ — $ 10,491 $ — $ — Agricultural 76 7 29 112 2,620 2,732 — 2,732 — — Total $ 238 $ 7 $ 29 $ 274 $ 12,949 $ 13,223 $ — $ 13,223 $ — $ — December 31, 2019: Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) Mortgage loans: Commercial $ — $ — $ — $ — $ 9,373 $ 9,373 $ — $ 9,373 $ — $ — Agricultural 57 1 66 124 2,593 2,717 — 2,717 — — Total $ 57 $ 1 $ 66 $ 124 $ 11,966 $ 12,090 $ — $ 12,090 $ — $ — _______________ (1) Amounts presented at amortized cost basis. As of December 31, 2020 and 2019, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $0 million and $0 million, respectively. Troubled Debt Restructuring For the year ended December 31, 2020, the Company had one commercial mortgage loan on real estate accounted for as a TDR with a pre-modification cost basis of $75 million and post-modification carrying value of $75 million. The one commercial mortgage loan TDR is 0.07% of the Company’s total invested assets. For the year ended December 31, 2020, the Company had seven new privately negotiated fixed maturity TDRs with a pre-modification cost basis of $54 million and post-modification carrying value of $48 million. These TDRs did not have subsequent payment defaults nor additional commitments to lend. The seven privately negotiated fixed maturity TDRs are 0.05% of the Company’s total invested assets. There were no mortgage loan on real estate or fixed maturities accounted for as a TDR during 2019. Trading Securities As of December 31, 2020 and 2019, respectively, the fair value of the Company’s trading securities was $5.3 billion and $6.6 billion. As of December 31, 2020 and 2019, respectively, trading securities included the General Account’s investment in Separate Accounts, which had carrying values of $43 million and $58 million. The table below shows a breakdown of net investment income (loss) from trading securities during the years ended December 31, 2020, 2019 and 2018: Net Investment Income (Loss) from Trading Securities Year Ended December 31, 2020 2019 2018 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 96 $ 422 $ (174) Net investment gains (losses) recognized on securities sold during the period 10 7 (24) Unrealized and realized gains (losses) on trading securities 106 429 (198) Interest and dividend income from trading securities 206 283 326 Net investment income (loss) from trading securities $ 312 $ 712 $ 128 Net Investment Income (Loss) The following table breaks out net investment income (loss) by asset category: Year Ended December 31, 2020 2019 2018 (in millions) Fixed maturities $ 2,193 $ 1,902 $ 1,540 Mortgage loans on real estate 516 540 494 Other equity investments 79 72 117 Policy loans 198 198 201 Trading securities 312 712 128 Other investment income 49 18 69 Gross investment income (loss) 3,347 3,442 2,549 Investment expenses (139) (144) (71) Net investment income (loss) $ 3,208 $ 3,298 $ 2,478 Investment Gains (Losses), Net Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Fixed maturities $ 801 $ 203 $ 6 Mortgage loans on real estate (45) (1) — Other equity investments 30 3 — Other 1 1 (2) Investment gains (losses), net $ 787 $ 206 $ 4 For the years ended December 31, 2020, 2019 and 2018, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $2 million, $2 million and $3 million.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS, which is discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.) Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features The Company has issued and continues to offer variable annuity products with GMxB features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB derivative features liability is that under-performance of the financial markets could result in the GMxB derivative features’ benefits being higher than what accumulated policyholders’ account balances would support. For GMxB features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual experience versus expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of the GMIB features is accounted for as a derivative. The Company has in place an economic hedge program using interest rate swaps and U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates. Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility. Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk. Derivatives Used to Hedge ULSG Policy The Company implemented a hedge program using fixed income total return swaps to mitigate the interest rate exposure in the ULSG policy statutory liability. Derivatives Used for General Account Investment Portfolio The Company maintains a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of CDS. Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in net derivative gains (losses). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company generally transacts the sale of CDS in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at the counterparty’s option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads. To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDS. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dollar or euro-equivalent of the derivative’s notional amount. The standard North American CDS contract or standard European corporate contract under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative. The Company purchased 30-year TIPS and other sovereign bonds, both inflation-linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond. The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: Derivative Instruments by Category December 31, 2020 Year Ended December 31, 2020 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 4,267 $ — $ — $ (955) Swaps 22,404 6 — (3,353) Options 35,786 8,383 3,715 1,663 Interest rate contracts: Swaps 23,773 551 653 2,823 Futures 18,161 — — 1,745 Swaptions — — — 9 Credit contracts: Credit default swaps 919 8 1 — Other freestanding contracts: Foreign currency contracts 347 — — (2) Margin — 26 66 — Collateral — 212 3,835 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,859 — 472 GMxB derivative features liability (4) — — 10,936 (2,238) SCS, SIO, MSO and IUL indexed features (5) — — 4,378 (1,693) Total derivative instruments $ 105,657 $ 12,045 $ 23,584 Net derivative gains (losses) (6) $ (1,529) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in policyholders’ account balances in the consolidated balance sheets. (6) Investment fees of $12 million are reported in net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category December 31, 2019 Year Ended December 31, 2019 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 3,510 $ — $ — $ (1,294) Swaps 17,064 9 279 (2,405) Options 47,766 5,080 1,749 2,211 Interest rate contracts: Swaps 23,700 467 523 2,037 Futures 20,424 — — 139 Swaptions 3,201 16 — (35) Credit contracts: Credit default swaps 1,232 18 — 16 Other freestanding contracts: Foreign currency contracts 501 3 — (9) Margin — 140 — — Collateral — 72 3,001 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,466 — 500 GMxB derivative features liability (4) — — 8,316 (2,439) SCS, SIO, MSO and IUL indexed features (5) — — 3,150 (2,552) Total derivative instruments $ 117,398 $ 8,271 $ 17,018 Net derivative gains (losses) $ (3,831) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in policyholders’ account balances in the consolidated balance sheets. Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based and treasury futures contracts as of December 31, 2020 and 2019 are exchange-traded and net settled daily in cash. As of December 31, 2020 and 2019, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $135 million and $58 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $263 million and $165 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $35 million and $60 million. Collateral Arrangements The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of December 31, 2020 and 2019, respectively, the Company held $3.8 billion and $3.0 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $212 million and $72 million as of December 31, 2020 and 2019, respectively, in the normal operation of its collateral arrangements. The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of December 31, 2020 and 2019: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 2020 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 9,186 $ 8,206 $ 980 $ (53) $ 927 Other financial assets 1,403 — 1,403 — 1,403 Other invested assets $ 10,589 $ 8,206 $ 2,383 $ (53) $ 2,330 Liabilities: Derivative liabilities $ 8,218 $ 8,206 $ 12 $ — $ 12 Other financial liabilities 1,568 — 1,568 — 1,568 Other liabilities $ 9,786 $ 8,206 $ 1,580 $ — $ 1,580 ______________ (1) Financial instruments sent (held). The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of December 31, 2019. Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 2019 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,804 $ 5,429 $ 375 $ (77) $ 298 Other financial instruments 1,781 — 1,781 — 1,781 Other invested assets $ 7,585 $ 5,429 $ 2,156 $ (77) $ 2,079 Liabilities: Derivative liabilities $ 5,474 $ 5,429 $ 45 $ — $ 45 Other financial liabilities 1,724 — 1,724 — 1,724 Other liabilities $ 7,198 $ 5,429 $ 1,769 $ — $ 1,769 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK

CLOSED BLOCK	12 Months Ended
	Dec. 31, 2020
Closed Block Disclosure [Abstract]
CLOSED BLOCK	CLOSED BLOCKAs a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the NYDFS. 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) represents the expected 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. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in 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 DAC, 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. Summarized financial information for the Company’s Closed Block is as follows: December 31, 2020 2019 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,201 $ 6,478 Policyholder dividend obligation 160 2 Other liabilities 39 38 Total Closed Block liabilities 6,400 6,518 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,359 and $3,558) (allowance for credit losses of $0 at December 31, 2020) 3,718 3,754 Mortgage loans on real estate (net of allowance for credit losses of $6 at December 31, 2020) 1,773 1,759 Policy loans 648 706 Cash and other invested assets 28 82 Other assets 169 145 Total assets designated to the Closed Block 6,336 6,446 Excess of Closed Block liabilities over assets designated to the Closed Block 64 72 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $160 and $2; and net of income tax: $(42) and $(41) 167 164 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 231 $ 236 The Company’s Closed Block revenues and expenses were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Revenues: Premiums and other income $ 157 $ 182 $ 194 Net investment income (loss) 251 278 291 Investment gains (losses), net — (1) (3) Total revenues 408 459 482 Benefits and Other Deductions: Policyholders’ benefits and dividends 399 439 471 Other operating costs and expenses 1 2 3 Total benefits and other deductions 400 441 474 Net income (loss), before income taxes 8 18 8 Income tax (expense) benefit (2) (2) (3) Net income (loss) $ 6 $ 16 $ 5 A reconciliation of the Company’s policyholder dividend obligation follows: December 31, 2020 2019 2018 (in millions) Balance, beginning of year $ 2 $ — $ 19 Unrealized investment gains (losses) 158 2 (19) Balance, end of year $ 160 $ 2 $ —

DAC AND POLICYHOLDER BONUS INTE

DAC AND POLICYHOLDER BONUS INTEREST CREDITS	12 Months Ended
	Dec. 31, 2020
Contract holder Bonus Interest Credits [Abstract]
DAC AND POLICYHOLDER BONUS INTEREST CREDITS	DAC AND POLICYHOLDER BONUS INTEREST CREDITS Changes in the DAC asset for the years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of year (1) $ 4,225 $ 4,959 $ 4,443 Capitalization of commissions, sales and issue expenses 564 646 591 Amortization: Impact of assumptions updates and model changes (866) 77 165 All other (467) (597) (616) Total amortization (1,333) (520) (451) Change in unrealized investment gains and losses 360 (863) 376 Balance, end of year $ 3,816 $ 4,222 $ 4,959 _______________ (1) December 31, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL. The deferred asset for policyholder bonus interest credits is reported in other assets in the consolidated balance sheets and changes in the deferred asset for policyholder bonus Interest credits are reported in interest credited to policyholders’ account balances. For the years ended December 31, 2020, 2019 and 2018 changes were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of year $ 431 $ 448 $ 472 Amortization charged to income (26) (17) (24) Balance, end of year $ 405 $ 431 $ 448

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of December 31, 2020 and 2019, no assets or liabilities were required to be measured at fair value on a non-recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 51,415 $ 1,687 $ 53,102 U.S. Treasury, government and agency — 15,943 — 15,943 States and political subdivisions — 535 39 574 Foreign governments — 1,103 — 1,103 Residential mortgage-backed (2) — 131 — 131 Asset-backed (3) — 3,636 20 3,656 Commercial mortgage-backed — 1,203 — 1,203 Redeemable preferred stock 402 239 — 641 Total fixed maturities, AFS 402 74,205 1,746 76,353 Other equity investments 13 — 2 15 Trading securities 285 5,055 — 5,340 Other invested assets: Short-term investments — 82 1 83 Assets of consolidated VIEs/VOEs — — 12 12 Swaps — (96) — (96) Credit default swaps — 7 — 7 Options — 4,668 — 4,668 Total other invested assets — 4,661 13 4,674 Cash equivalents 1,183 287 — 1,470 GMIB reinsurance contracts asset — — 2,859 2,859 Separate Accounts assets (4) 130,106 2,668 1 132,775 Total Assets $ 131,989 $ 86,876 $ 4,621 $ 223,486 Liabilities: GMxB derivative features’ liability $ — $ — $ 10,936 $ 10,936 SCS, SIO, MSO and IUL indexed features’ liability — 4,378 — 4,378 Total Liabilities $ — $ 4,378 $ 10,936 $ 15,314 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2020 the fair value of such investments was $356 million. Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,218 $ 1,246 $ 44,464 U.S. Treasury, government and agency — 15,231 — 15,231 States and political subdivisions — 610 39 649 Foreign governments — 490 — 490 Residential mortgage-backed (2) — 173 — 173 Asset-backed (3) — 744 100 844 Redeemable preferred stock 237 274 — 511 Total fixed maturities, AFS 237 60,740 1,385 62,362 Other equity investments 13 — — 13 Trading securities 321 6,277 — 6,598 Other invested assets: Short-term investments — 468 — 468 Assets of consolidated VIEs/VOEs — — 16 16 Swaps — (326) — (326) Credit default swaps — 18 — 18 Options — 3,331 — 3,331 Total other invested assets — 3,491 16 3,507 Cash equivalents 1,155 — — 1,155 GMIB reinsurance contracts asset — — 2,466 2,466 Separate Accounts assets (4) 121,184 2,878 — 124,062 Total Assets $ 122,910 $ 73,386 $ 3,867 $ 200,163 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,316 $ 8,316 SCS, SIO, MSO and IUL indexed features’ liability — 3,150 — 3,150 Total Liabilities $ — $ 3,150 $ 8,316 $ 11,466 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2019 the fair value of such investments was $356 million. Public Fixed Maturities The fair values of the Company’s public fixed maturities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Private Fixed Maturities The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. Freestanding Derivative Positions The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. Level Classifications of the Company’s Financial Instruments Financial Instruments Classified as Level 1 Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature. Financial Instruments Classified as Level 2 Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. Certain Company products, such as the SCS and EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers. Financial Instruments Classified as Level 3 The Company’s investments classified as Level 3 primarily include corporate debt securities, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. Level 3 also includes the GMIB reinsurance contract assets which are accounted for as derivative contracts. The GMIB reinsurance contract asset and liabilities’ fair value reflects the present value of reinsurance premiums, net of recoveries, and risk margins over a range of market consistent economic scenarios while GMxB derivative features liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to GMxB derivative features’ liability over a range of market-consistent economic scenarios. The valuations of the GMIB reinsurance contract asset and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the swap curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset and liabilities and GMIBNLG feature to reflect the claims-paying ratings of counterparties and the Company. Equity and fixed income volatilities were modeled to reflect current market volatilities. Due to the unique, long duration of the GMIBNLG feature, adjustments were made to the equity volatilities to remove the illiquidity bias associated with the longer tenors and risk margins were applied to the non-capital markets inputs to the GMIBNLG valuations. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $160 million and $175 million as of December 31, 2020 and 2019, respectively, to recognize incremental counterparty non-performance risk. Lapse rates are adjusted at the contract level based on a comparison of the actuarial calculated guaranteed values and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. For valuing the embedded derivative, lapse rates vary throughout the period over which cash flows are projected. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities. Transfers of Financial Instruments Between Levels 2 and 3 During the year ended December 31, 2020, AFS fixed maturities with fair values of $103 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $184 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 2.5% of total equity as of December 31, 2020. During the year ended December 31, 2019, AFS fixed maturities with fair values of $540 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $14 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 4.8% of total equity as of December 31, 2019. The tables below present reconciliations for all Level 3 assets and liabilities for the years ended December 31, 2020, 2019 and 2018, respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2020 $ 1,246 $ 39 $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — Investment gains (losses), net (16) — — Subtotal (12) — — Other comprehensive income (loss) (17) 2 — Purchases 513 — 20 Sales (224) (2) — Transfers into Level 3 (1) 184 — — Transfers out of Level 3 (1) (3) — (100) Balance, December 31, 2020 $ 1,687 $ 39 $ 20 Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2019 $ 1,174 $ 38 $ 519 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — Investment gains (losses), net — — — Subtotal 4 — — Other comprehensive income (loss) 5 3 1 Purchases 273 — 100 Sales (120) (2) (84) Transfers into Level 3 (1) 14 — — Transfers out of Level 3 (1) (104) — (436) Balance, December 31, 2019 $ 1,246 $ 39 $ 100 Balance, January 1, 2018 $ 1,139 $ 40 $ 8 Total gains (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 7 — (2) Investment gains (losses), net (8) — — Subtotal (1) — (2) Other comprehensive income (loss) (20) (1) (7) Purchases 322 — 550 Sales (321) (1) (30) Transfers into Level 3 (1) 83 — — Transfers out of Level 3 (1) (28) — — Balance, December 31, 2018 $ 1,174 $ 38 $ 519 ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Other Equity Investments GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2020 $ 16 $ 2,466 $ — $ (8,316) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) (1) — 472 — (2,238) Total realized and unrealized gains (losses) — 472 — (2,238) Purchases (2) 3 45 1 (441) Sales (3) — (79) — 59 Settlements — — — — Change in estimate (4) — (45) — — Activity related to consolidated VIEs/VOEs (4) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, December 31, 2020 $ 15 $ 2,859 $ 1 $ (10,936) Balance, January 1, 2019 $ 48 $ 1,993 $ 21 $ (5,491) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) — 500 — (2,439) Total realized and unrealized gains (losses) — 500 — (2,439) Purchases (2) — 45 (417) Sales (3) — (72) (1) 31 Settlements — — (2) — Activity related to consolidated VIEs/VOEs (3) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) (29) — (18) — Balance, December 31, 2019 $ 16 $ 2,466 $ — $ (8,316) Balance, January 1, 2018 $ 25 $ 10,495 $ 22 $ (4,297) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) — (8,536) — (805) Total realized and unrealized gains (losses) — (8,536) — (805) Purchases (2) 29 96 5 (402) Sales (3) — (61) (1) 14 Settlements — — (5) — Activity related to consolidated VIEs/VOEs (6) — — — Transfers into Level 3 (4) 5 — — — Transfers out of Level 3 (4) (5) — — — Balance, December 31, 2018 $ 48 $ 1,993 $ 21 $ (5,491) ______________ (1) The Company’s non-performance risk impact of $(758) million for GMxB Derivative Features Liability and $14 million for the GMIB Reinsurance Contract Asset the twelve months ended December 2020, respectively, is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GMxB derivative features liability, represents benefits paid. (4) For the GMIB reinsurance contract asset, represents a transfer from amounts due from reinsurers. (5) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018 by category for Level 3 assets and liabilities still held as of December 31, 2020, 2019, and 2018, respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at December 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (18) State and political subdivisions — 2 Total fixed maturities, AFS — (16) GMIB reinsurance contracts 472 — GMxB derivative features liability (2,238) — Total $ (1,766) $ (16) Held at December 31, 2019: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 3 State and political subdivisions — 3 Asset-backed — — Total fixed maturities, AFS — 6 GMIB reinsurance contracts 500 — Separate Account assets — — GMxB derivative features liability (2,439) — Total $ (1,939) $ 6 Held at December 31, 2018: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (18) State and political subdivisions — (1) Commercial mortgage-backed — — Asset-backed — (7) Subtotal — (26) GMIB reinsurance contracts (8,536) — GMxB derivative features liability (805) — Total $ (9,341) $ (26) Quantitative and Qualitative Information about Level 3 Fair Value Measurements The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2020 and 2019, respectively. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2020 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 28 Matrix pricing Spread over Benchmark 45 - 195 bps 152 bps 1,148 Market EBITDA multiples Other equity investments 2 Market comparable companies Revenue multiple 9.7x - 26.4x 18.5x GMIB reinsurance contract asset 2,859 Discounted cash flow Non-performance risk 43 - 85 bps 50 bps Liabilities: GMIBNLG 10,713 Discounted cash flow Non-performance risk 96.0 bps GWBL/GMWB 190 Discounted cash flow Non-performance risk 96.0 bps GIB 31 Discounted cash flow Non-performance risk 96.0 bps GMAB 2 Discounted cash flow Non-performance risk 96.0 bps ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2) For lapses, withdrawals, and utilizations the rates were weighted by counts, for mortality weighted average rates are shown for all ages combined and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 51 Matrix pricing model Spread over benchmark 65 - 580 bps 186 bps 1,025 Market comparable companies EBITDA multiples 3.3x - 56.7x 14.3x GMIB reinsurance contract asset 2,466 Discounted cash flow Non-performance risk 55 - 109 bps Liabilities: GMIBNLG 8,135 Discounted cash flow Non-performance risk 124 bps GWBL/GMWB 172 Discounted cash flow Non-performance risk 124 bps GIB 5 Discounted cash flow Non-performance risk 124 bps GMAB 4 Discounted cash flow Lapse rates 1.0% - 10.0% ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. Level 3 Financial Instruments for which Quantitative Inputs are Not Available Certain Privately Placed Debt Securities with Limited Trading Activity Excluded from the tables above as of December 31, 2020 and 2019, respectively, are approximately $586 million and $325 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. • The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. • Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of December 31, 2020 and 2019, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities. • Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of December 31, 2020 and 2019, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements. GMIB Reinsurance Contract Asset and GMxB Derivative Features Liability Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using Company data. The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset. Fair value measurement of the GMIB reinsurance contract asset and liabilities includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset and liabilities. The significant unobservable inputs used in the fair value measurement of the Company’s GMIBNLG liability are lapse rates, withdrawal rates, GMIB utilization rates, adjustment for non-performance risk and NLG forfeiture rates. NLG forfeiture rates are caused by excess withdrawals above the annual GMIB accrual rate that cause the NLG to expire. Significant decreases in lapse rates, NLG forfeiture rates, adjustment for non-performance risk and GMIB uti

INSURANCE LIABILITIES

INSURANCE LIABILITIES	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
INSURANCE LIABILITIES	INSURANCE LIABILITIES Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following: • Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); • Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); • Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; • Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or • Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. Liabilities for Variable Annuity Contracts with GMDB and GMIB Features without NLG Rider Feature The change in the liabilities for variable annuity contracts with GMDB and GMIB features and without a NLG feature are summarized in the tables below. The amounts for the direct contracts (before reinsurance ceded) and assumed contracts are reflected in the consolidated balance sheets in future policy benefits and other policyholders’ liabilities. The amounts for the ceded contracts are reflected in the consolidated balance sheets in amounts due from reinsurers. The amounts for the ceded IB are reflected in the consolidated balance sheets in GMIB reinsurance contract asset, at fair value. Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature Year Ended December 31, 2020, 2019 and 2018 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2018 $ 4,056 $ (102) $ 4,765 $ (10,495) Paid guarantee benefits (394) 70 (153) 61 Other changes in reserve 995 (75) (868) 8,441 Balance, December 31, 2018 4,657 (107) 3,744 (1,993) Paid guarantee benefits (438) 14 (256) 72 Other changes in reserve 556 (6) 1,183 (545) Balance, December 31, 2019 4,775 (99) 4,671 (2,466) Paid guarantee benefits (495) 15 (293) 79 Other changes in reserve 813 — 1,647 (472) Balance, December 31, 2020 $ 5,093 $ (84) $ 6,025 $ (2,859) Liabilities for Embedded and Freestanding Insurance Related Derivatives The liability for the GMxB derivative features, the liability for SCS, SIO, MSO and IUL indexed features and the asset and liability for the GMIB reinsurance contracts are considered embedded or freestanding insurance derivatives and are reported at fair value. For the fair value of the assets and liabilities associated with these embedded or freestanding insurance derivatives, see Note 7 Fair Value Disclosures. Account Values and Net Amount at Risk Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2020 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive. Direct Variable Annuity Contracts with GMDB and GMIB Features as of December 31, 2020 Guarantee Type Return of Premium Ratchet Roll-Up Combo Total (in millions, except age and interest rate) Variable annuity contracts with GMDB features Account Values invested in: General Account $ 15,434 $ 88 $ 54 $ 167 $ 15,743 Separate Accounts 53,877 9,550 3,299 33,794 100,520 Total Account Values $ 69,311 $ 9,638 $ 3,353 $ 33,961 $ 116,263 NAR, gross $ 97 $ 33 $ 1,604 $ 17,047 $ 18,781 NAR, net of amounts reinsured $ 97 $ 31 $ 1,125 $ 17,047 $ 18,300 Average attained age of policyholders (in years) 51.3 68.3 74.9 70.2 55.3 Percentage of policyholders over age 70 11.2 % 48.4 % 70.3 % 54.2 % 20.2 % Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 16 $ 217 $ 233 Separate Accounts — — 24,956 36,230 61,186 Total Account Values $ — $ — $ 24,972 $ 36,447 $ 61,419 NAR, gross $ — $ — $ 877 $ 11,219 $ 12,096 NAR, net of amounts reinsured $ — $ — $ 281 $ 10,189 $ 10,470 Average attained age of policyholders (in years) N/A N/A 64.2 70.2 68.0 Weighted average years remaining until annuitization N/A N/A 5.6 0.6 2.5 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% For more information about the reinsurance programs of the Company’s GMDB and GMIB exposure, see “Reinsurance” in Note 10. Separate Accounts Investments by Investment Category Underlying Variable Annuity Contracts with GMDB and GMIB Features The total Account Values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Variable Insurance Trust Mutual Funds December 31, 2020 2019 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 46,850 $ 18,771 $ 42,489 $ 17,941 Fixed income 5,506 2,701 5,263 2,699 Balanced 47,053 39,439 45,871 38,445 Other 1,111 275 865 263 Total $ 100,520 $ 61,186 $ 94,488 $ 59,348 The Company has a program intended to hedge certain risks associated first with the GMDB feature and with the GMIB feature of the Accumulator series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not externally reinsured. These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net derivative gains (losses) in the period in which they occur, and may contribute to income (loss) volatility. Variable and Interest-Sensitive Life Insurance Policies - NLG The NLG feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The NLG remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below. Direct Liability Reinsurance Ceded Net (in millions) Balance, January 1, 2018 $ 678 $ (664) $ 14 Paid guarantee benefits (23) — (23) Other changes in reserves 133 (70) 63 Balance, December 31, 2018 788 (734) 54 Paid guarantee benefits (20) — (20) Other changes in reserves 126 (74) 52 Balance, December 31, 2019 894 (808) 86 Paid guarantee benefits (40) — (40) Other changes in reserves 162 (75) 87 Balance, December 31, 2020 $ 1,016 $ (883) $ 133

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
LEASES	LEASES On January 1, 2019, the Company adopted the new leases standard using the simplified modified retrospective transition method, as of the adoption date. The Company does not record leases with an initial term of 12 months or less in its consolidated balance sheets, but instead recognizes lease expense for these leases on a straight-line basis over the lease term. For leases with a term greater than one year, the Company records in its consolidated balance sheets at the time of lease commencement or modification a RoU operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the consolidated statements of income (loss) over the lease term on a straight-line basis. RoU operating lease assets represent the Company’s right to use an underlying asset for the lease term and RoU operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company's operating leases primarily consist of real estate leases for office space. The Company also has operating leases for various types of office furniture and equipment. For certain equipment leases, the Company applies a portfolio approach to effectively account for the RoU operating lease assets and liabilities. For certain lease agreements entered into after the adoption of ASC 842 or for lease agreements for which the lease term or classification was reassessed after the occurrence of a change in the lease terms or a modification of the lease that did not result in a separate contract, the Company elected to combine the lease and related non-lease components for its operating leases; however, the non-lease components associated with the Company’s operating leases are primarily variable in nature and as such are not included in the determination of the RoU operating lease asset and lease liability, but are recognized in the period in which the obligation for those payments is incurred. The Company’s operating leases may include options to extend or terminate the lease, which are not included in the determination of the RoU operating asset or lease liability unless they are reasonably certain to be exercised. The Company's operating leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases. The Company typically does not include its renewal options in its lease terms for calculating its RoU operating lease asset and lease liability as the renewal options allow the Company to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options until close to the initial end date of the lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As the Company's operating leases do not provide an implicit rate, the Company’s incremental borrowing rate, based on the information available at the lease commencement date, is used in determining the present value of lease payments. The Company primarily subleases floor space within its New Jersey and New York lease properties to various third parties. The lease term for these subleases typically corresponds to the original lease term. Balance Sheet Classification of Operating Lease Assets and Liabilities December 31, Balance Sheet Line Item 2020 2019 (in millions) Assets Operating lease assets Other assets $ 272 $ 324 Liabilities Operating lease liabilities Other liabilities $ 350 $ 415 The table below summarizes the components of lease costs for the years ended December 31, 2020 and 2019. Lease Costs Year Ended December 31, 2020 2019 (in millions) Operating lease cost $ 77 $ 77 Variable operating lease cost 11 10 Sublease income (18) (16) Short-term lease expense — 2 Net lease cost $ 70 $ 72 Maturities of lease liabilities as of December 31, 2020 are as follows: Maturities of Lease Liabilities December 31, 2020 (in millions) Operating Leases: 2021 $ 96 2022 95 2023 85 2024 26 2025 29 Thereafter 195 Total lease payments 526 Less: Interest (176) Present value of lease liabilities $ 350 During December 2020, Equitable Financial signed a lease which is expected to commence in 2023 once certain conditions of the lease are met, relating to approximately 130,000 square feet of space in New York City. Equitable Financial currently has an option to decrease the square footage by up to approximately 41,000 square feet, with such option expiring in October 2021, subject to acceleration to June 2021 pursuant to the terms of the lease. The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate. Weighted Averages - Remaining Operating Lease Term and Discount Rate December 31, 2020 2019 Weighted-average remaining operating lease term 5 years 6 years Weighted-average discount rate for operating leases 3.00 % 3.10 % Supplemental cash flow information related to leases was as follows: Lease Liabilities Information Year Ended December 31, 2020 2019 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 94 $ 87 Non-cash transactions: Leased assets obtained in exchange for new operating lease liabilities $ 20 $ 50

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
REINSURANCE	REINSURANCE The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The following table summarizes the effect of reinsurance: Year Ended December 31, 2020 2019 2018 (in millions) Direct premiums $ 764 $ 868 $ 836 Reinsurance assumed 195 194 186 Reinsurance ceded (153) (126) (160) Premiums $ 806 $ 936 $ 862 Direct charges and fee income $ 2,684 $ 2,721 $ 3,981 Reinsurance ceded 780 766 (466) Policy charges and fee income $ 3,464 $ 3,487 $ 3,515 Direct policyholders’ benefits $ 5,233 $ 4,298 $ 2,804 Reinsurance assumed 218 217 219 Reinsurance ceded (500) (427) (63) Policyholders’ benefits $ 4,951 $ 4,088 $ 2,960 Ceded Reinsurance The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases. Effective February 1, 2018, Equitable Financial entered into a coinsurance reinsurance agreement (the “Coinsurance Agreement”) to cede 90% of its single premium deferred annuities products issued between 1978-2001 and its guaranteed growth annuity single premium deferred annuity products issued between 2001-2014. As a result of this agreement, Equitable Financial transferred securities with a market value of $604 million and cash of $31 million to equal the statutory reserves of approximately $635 million. As the risks transferred by Equitable Financial to the reinsurer under the Coinsurance Agreement are not considered insurance risks and therefore do not qualify for reinsurance accounting, Equitable Financial applied deposit accounting. Accordingly, Equitable Financial recorded the transferred assets of $635 million as a deposit asset recorded in other assets, net of the ceding commissions paid to the reinsurer. As of December 31, 2020 and 2019, the Company had reinsured with non-affiliates in the aggregate approximately 2.6% and 2.8%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 13.4% and 14.2% of its current liability exposure, respectively, resulting from the GMIB feature. For additional information, see Note 8. Based on management’s estimates of future contract cash flows and experience, the estimated net fair values of the ceded GMIB reinsurance contracts, considered derivatives were $2.9 billion and $2.5 billion as of December 31, 2020 and 2019, respectively. The estimated fair values increased $393 million and $475 million during 2020 and 2019, respectively, and decreased $8.5 billion during 2018. As of December 31, 2020 and 2019, third-party reinsurance recoverables related to insurance contracts amounted to $2.2 billion and $2.2 billion. Additionally, $1.6 billion and $1.6 billion of the amounts due from reinsurers related to two specific reinsurers, Zurich Insurance Company Ltd. (AA- rating by S&P), and Paul Revere Life Insurance Company (A rating by S&P). Third-party reinsurance payables related to insurance contracts were $113 million and $90 million, as of December 31, 2020 and 2019, respectively. The Company cedes substantially all of its group health business to a third-party insurer. Insurance liabilities ceded totaled $48 million and $56 million as of December 31, 2020 and 2019, respectively. The Company also cedes a portion of its extended term insurance and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements. Assumed Reinsurance In addition to the sale of insurance products, the Company currently acts as a professional retrocessionaire by assuming risk from professional reinsurers. The Company assumes accident, life, health, aviation, special risk and space risks by participating in or reinsuring various reinsurance pools and arrangements. Reinsurance assumed reserves were $721 million and $735 million as of December 31, 2020 and 2019, respectively. For reinsurance agreements with affiliates, see “Related Party Transactions” in Note 11.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Since transactions with related parties may raise potential or actual conflicts of interest between the related party and the Company, Holdings has implemented a related party transaction policy that requires related party transactions to be reviewed and approved by its Audit Committee. Following the decrease in AXA’s ownership interest in the Company from approximately 39% to approximately 10% on November 13, 2019 (the “November Offering”), AXA and its affiliates (collectively, “AXA Affiliates”) are no longer considered related parties of the Company. Transactions with AXA Affiliates continue to be reported as related party transactions for periods prior to the November Offering. The Company also had entered into related party transactions with other related parties that are described herein. Cost Sharing and General Service Agreements In the second quarter of 2018, Equitable Financial entered into a general services agreement with Holdings whereby Equitable Financial will benefit from the services received by Holdings from AXA Affiliates for a limited period following the Holdings IPO under a transition services agreement. The general services agreement with Holdings replaces existing cost-sharing and general service agreements with various AXA Affiliates. Equitable Financial continues to provide services to Holdings and various AXA Affiliates under a separate existing general services agreement with Holdings. Costs allocated to the Company from Holdings totaled $41 million, $73 million and $138 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are allocated based on cost center tracking of expenses. The cost centers are approved annually and are updated based on business area needs throughout the year. Investment Management and Service Fees and Expenses EIM, a subsidiary of Equitable Financial, provides investment management and administrative services to EQAT, EQ Premier VIP Trust, 1290 Funds and Other AXA Trusts, all of which are considered related parties. Investment management and service fees earned are calculated as a percentage of assets under management and are recorded as revenue as the related services are performed. AXA Investment Managers Inc. (“AXA IM”) and AXA Rosenberg Investment Management LLC (“AXA Rosenberg”) provide sub-advisory services with respect to certain portfolios of EQAT, EQ Premier VIP Trust and the Other AXA Trusts. Also, AXA IM and AXA Real Estate Investment Managers (“AXA REIM”) manage certain General Account investments. Fees paid to these affiliates are based on investment advisory service agreements with each affiliate. Effective December 31, 2018, Equitable Financial transferred its interest in ABLP, AB Holdings and the General Partner to a newly formed subsidiary and distributed the shares of the subsidiary to its direct parent which subsequently distributed the shares to Holdings (the “AB Business Transfer”). Accordingly, AB’s related party transactions with AXA Affiliates and mutual funds sponsored by AB are reflected as a discontinued operation in the Company’s consolidated financial statements for the year ended December 31, 2018. Investment management and other services provided by AB prior to the AB Business Transfer will continue based upon the Company’s business needs. The Company recorded investment management fee expense from AllianceBernstein of $97 million and $102 million for the years ended December 31, 2020 and 2019, respectively. See Note 18 for further details of the AB Business Transfer and the discontinued operation. As of December 31, 2020 and 2019, respectively, the Company held approximately $64 million and $30 million of invested assets in the form of equity interests issued in non-corporate legal entities that were determined by the Company to be VIEs, as further described in Note 2. These legal entities are related parties of Equitable Financial. The Company reflects these equity interest in the consolidated Balance Sheets as other equity investments. The net assets of these unconsolidated VIEs are approximately $623 million and $974 million as of December 31, 2020 and 2019, respectively. The Company also has approximately $90 million and $20 million of unfunded commitments as of December 31, 2020 and 2019, respectively with these legal entities. Distribution Revenue and Expenses with Affiliates Equitable Distributors receives commissions and fee revenue from Equitable America for sales of its insurance products. The commissions and fees earned from Equitable America are based on the various selling agreements. Equitable Financial pays commissions and fees to Equitable Distribution Holding Corporation and its subsidiaries (“Equitable Distribution”) for sales of insurance products. The commissions and fees paid to Equitable Distribution are based on various selling agreements. Insurance-Related Transactions with Affiliates GMxB Unwind Prior to April 2018, Equitable Financial ceded the following to AXA RE Arizona, an indirect, wholly-owned subsidiary of Holdings: (i) a 100% quota share of all liabilities for variable annuities with GMxB riders issued on or after January 1, 2006 and in-force on September 30, 2008 (the “GMxB Business”); (ii) a 100% quota share of all liabilities for variable annuities with GMIB riders issued on or after May 1, 1999 through August 31, 2005 in excess of the liability assumed by two unaffiliated reinsurers, which are subject to certain maximum amounts or limitations on aggregate claims; and (iii) a 90% quota share of level premium term insurance issued by Equitable Financial on or after March 1, 2003 through December 31, 2008 and lapse protection riders under certain series of universal life insurance policies issued by Equitable Financial on or after June 1, 2003 through June 30, 2007. On April 12, 2018, Equitable Financial completed the unwind of the reinsurance previously provided to Equitable Financial by AXA RE Arizona for certain variable annuities with GMxB features (the “GMxB Unwind”). Accordingly, all of the business previously ceded to AXA RE Arizona, with the exception of the GMxB Business, was novated to EQ AZ Life Re Company (“EQ AZ Life Re”), a newly formed captive insurance company organized under the laws of Arizona, which is an indirect wholly-owned subsidiary of Holdings. Following the novation of business to EQ AZ Life Re, AXA RE Arizona was merged with and into Equitable Financial. Following AXA RE Arizona’s merger with and into Equitable Financial, the GMxB Business is not subject to any new internal or third-party reinsurance arrangements, though in the future Equitable Financial may reinsure the GMxB Business with third parties. AXA RE Arizona novated the Life Business from AXA RE Arizona to EQ AZ Life Re as part of the GMxB Unwind. As a result, EQ AZ Life Re reinsures a 90% quota share of level premium term insurance issued by Equitable Financial on or after March 1, 2003 through December 31, 2008 and lapse protection riders under UL insurance policies issued by Equitable Financial on or after June 1, 2003 through June 30, 2007 and the Excess Risks. The GMxB Unwind was considered a pre-existing relationship required to be effectively settled at fair value. The loss relating to this relationship resulted from the settlement of the reinsurance contracts at fair value and the write-off of previously recorded assets and liabilities related to this relationship recorded in the Company’s historical accounts. The pre-tax loss recognized in the second quarter of 2018 was $2.6 billion ($2.1 billion net of tax). The Company wrote-off a $1.8 billion deferred cost of reinsurance asset which was previously reported in other assets. Additionally, the remaining portion of the loss was determined by calculating the difference between the fair value of the assets received compared to the fair value of the assets and liabilities already recorded within the Company’s consolidated financial statements. The Company’s primary assets previously recorded were reinsurance recoverables, including the reinsurance recoverable associated with GMDB business. There was an approximate $400 million difference between the fair value of the GMDB recoverable compared to its carrying value which is accounted for under ASC 944. The assets received and the assets removed were as follows: As of April 12, 2018 (in millions) Assets Received Assets Removed Assets at fair value: Fixed income securities $ 7,083 Short-term investments 205 Money market funds 2 Accrued interest 43 Derivatives 282 Cash and cash equivalents 1,273 Total $ 8,888 Deferred cost of reinsurance asset $ 1,839 GMDB ceded reserves 2,317 GMIB reinsurance contract asset 7,463 Payable to AXA RE Arizona 270 Total $ 11,889 Significant non-cash transactions involved in the GMxB Unwind included: (a) the increase in total investments includes non-cash activities of $7.6 billion for assets received related to the recapture transaction; (b) cancellation of the $300 million surplus note between the Company and AXA RE Arizona; and (c) settlement of the intercompany receivables/payables to AXA RE Arizona of $270 million. In addition, upon merging the remaining assets of AXA Re Arizona into Equitable Financial, $1.2 billion of deferred tax assets were recorded on the balance sheet through an adjustment to Capital in excess of par value. The reinsurance arrangements with EQ AZ Life Re provide important capital management benefits to Equitable Financial. As of December 31, 2020, the Company’s GMIB reinsurance contract asset with EQ AZ Life Re had carrying values of $327 million and is reported in GMIB contract reinsurance asset, at fair value in the consolidated balance sheets. Ceded premiums and policy fee income in 2020, 2019 and 2018 totaled approximately $51 million, $62 million and $100 million, respectively. Ceded claims paid in 2020, 2019 and 2018 were $72 million, $52 million and $78 million, respectively. Reinsurance Assumed from AXA Affiliates Prior to 2019, AGL retroceded a quota share portion of certain life and health risks of various AXA Affiliates to Equitable Financial and Equitable America on a one-year term basis. The agreement was closed effective December 31, 2018. Also, AXA Life Insurance Company Ltd. cedes a portion of its variable deferred annuity business to Equitable Financial. Premiums earned in 2019 and 2018 were $19 million and $20 million, respectively. Claims and expenses paid in 2019 and 2018 were $6 million and $8 million, respectively. Reinsurance Ceded to AXA Affiliates Equitable Financial entered into a stop loss reinsurance agreement with AGL to protect Equitable Financial with respect to a deterioration in its claims experience following the occurrence of an extreme mortality event. Equitable Financial also accepts certain retrocession policies through reinsurance agreements with various reinsurers and retrocedes to AGL the excess of its first retention layer. The Company’s subsidiaries entered into a Life Catastrophe Excess of Loss Reinsurance Agreement (the “Excess of Loss Agreement”) with a number of subscribing reinsurers, which included AGL. AGL participated as a subscribing reinsurer with 5% of the pool, pro rata, across the upper and lower layers through the contract period ending March 31, 2018. Premiums and expenses paid for the above agreements in 2019 and 2018 were $3 million and $4 million, respectively. On September 12, 2018, AXA Group acquired XL Catlin. Prior to the acquisition, Equitable Financial had ceded part of its disability income business to XL Catlin and as of December 31, 2019, the reserves ceded were $104 million. Investments in Unconsolidated Equity Interests in AXA Affiliates As of December 31, 2020 and 2019, respectively, the Company held approximately $218 million and $229 million of invested assets in the form of equity interests issued in non-corporate legal entities that were determined by the Company to be VIEs, as further described in Note 2. These legal entities are related parties of Equitable Financial. The Company reflects these equity interest in the consolidated Balance Sheets as other equity investments. The net assets of these unconsolidated VIEs are approximately $13 billion and $10 billion as of December 31, 2020 and 2019, respectively. The Company also has approximately $163 million and $205 million of unfunded commitments as of December 31, 2020 and 2019, respectively with these legal entities. Loans Issued to Holdings In April 2018, Equitable Financial made a $800 million loan to Holdings. The loan has an interest rate of 3.69% and matures in April 2021. During the years ended December 2020, 2019 and 2018 Holdings repaid $300 million, $200 million, and $300 million in principal, respectively. As of December 31, 2020, the loan was repaid in full with no amount outstanding. In November 2019, Equitable Financial made a $900 million loan to Holdings. The loan has an interest rate of one-month LIBOR plus 1.33%. The loan matures on November 24, 2024. As of December 31, 2020, the amount outstanding was $900 million. Assumption by Holdings of Obligations of AXA Financial to Equitable Financial On October 1, 2018, AXA Financial merged with and into its direct parent, Holdings, with Holdings continuing as the surviving entity. As a result, Holdings assumed AXA Financial’s obligations with respect to the Company, including obligations related to certain benefit plans. In March 2018, Equitable Financial sold its interest in two consolidated real estate joint ventures to AXA France for a total purchase price of approximately $143 million, which resulted in a pre-tax loss of $0.2 million for the year ended December 31, 2018. Revenues and Expenses Transactions with AXA Affiliates The table below summarizes the expenses reimbursed to/from the Company and the fees received/paid by the Company in connection with certain services described above for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2019 2018 (in millions) Revenue received or accrued for: General services provided to affiliates (1) 460 463 Total $ 460 $ 463 Expenses paid or accrued for: General services provided by affiliates (1) 76 109 Investment management services provided by AXA IM, AXA REIM and AXA Rosenberg 5 2 Total $ 81 $ 111 ____________ (1) Includes AXA Affiliates and affiliates of Holdings. Revenues and Expenses Transactions with Equitable Affiliates The table below summarizes the fees received/paid by the Company and the expenses reimbursed to/from the Company in connection with certain services described above for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 (in millions) Revenue received or accrued for: Investment management and administrative services provided to EQAT, EQ Premier VIP Trust, 1290 Funds and Other AXA Trusts $ 724 $ 669 $ 727 Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products 38 39 44 Total $ 762 $ 708 $ 771 Expenses paid or accrued for: Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network $ 625 $ 573 $ 613 Total $ 625 $ 573 $ 613 Contribution to the Equitable Foundation The company made no funding contribution the years ended 2020. For the year 2019, Equitable Financial made a funding contribution to the of $25 million. The Equitable Foundation is the philanthropic arm of Equitable Financial.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Equitable Financial sponsors the following employee benefit plans: 401(k) Plan Equitable Financial sponsors the Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for a company contribution, a company matching contribution and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $19 million, $22 million and $19 million for the years ended December 31, 2020, 2019 and 2018, respectively. Pension Plan Equitable Financial sponsors the Equitable Retirement Plan (the “ Equitable Financial QP”), a frozen qualified defined benefit pension plan covering its eligible employees and financial professionals. This pension plan is non-contributory, and its benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period in the plan. Effective December 31, 2015, primary liability for the obligations of Equitable Financial under the Equitable Financial QP was transferred from Equitable Financial to AXA Financial, and upon the merger of AXA Financial into Holdings, Holdings assumes primary liability under terms of an Assumption Agreement. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. The Equitable Financial QP is not governed by a collective-bargaining agreement and is not under a financial improvement plan or a rehabilitation plan. For the years ended December 31, 2020, 2019 and 2018, expenses related to the plan were $9 million, $21 million and $60 million, respectively. The following table presents the funded status of the plan: December 31, 2020 2019 (in millions) Equitable Retirement Plan Total plan assets $ 2,341 $ 2,159 Accumulated benefit obligation $ 2,239 $ 2,160 Funded status 104.5 % 99.9 % Other Benefit Plans Equitable Financial also sponsors a non-qualified retirement plan, a medical and life retiree plan, a post-employment plan and deferred compensation plan. The expenses related to these plans were $32 million, $47 million and $70 million for the years ended December 31, 2020, 2019 and 2018, respectively.

SHARE-BASED COMPENSATION PROGRA

SHARE-BASED COMPENSATION PROGRAMS	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PROGRAMS	SHARE-BASED COMPENSATION PROGRAMS Compensation costs for years ended December 31, 2020, 2019 and 2018 for share-based payment arrangements as further described herein are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Performance Shares $ 13 $ 10 $ 12 Stock Options 5 3 2 Restricted Stock Unit Awards 18 15 16 Total Compensation Expenses $ 36 $ 28 $ 30 Income Tax Benefit 7 10 8 Since 2018, Holdings has granted equity awards under the Equitable Holdings, Inc. 2018 Omnibus Incentive Plan and the Equitable Holdings, Inc. 2019 Omnibus Incentive Plan (together the “Omnibus Plans”) which were adopted by Holdings on April 25, 2018 and February 28, 2019 respectively. Awards under the Omnibus Plans are linked to Holdings’ common stock. As of December 31, 2020, the common stock reserved and available for issuance under the Omnibus Plans was 23.4 million shares. Holdings may issue new shares or use common stock held in treasury for awards linked to Holdings’ common stock. Equitable Financial’s Participation in Holdings’ Equity Award Plans Equitable Financial’s employees, financial professionals and directors in 2019 and 2018 were granted equity awards under the Omnibus Plans with the exception of the Holdings restricted stock units (“Holdings RSUs”) granted to financial professionals in 2018. All grants discussed in this section will be settled in shares of Holdings’ common stock except for the RSUs granted to financial professionals in 2019 and 2018 which will be settled in cash. For awards with graded vesting schedules and service-only vesting conditions, including Holdings RSUs and other forms of share-based payment awards, Holdings applies a straight-line expense attribution policy for the recognition of compensation cost. Actual forfeitures with respect to the 2020, 2019 and 2018 grants were considered immaterial in the recognition of compensation cost. Annual Awards Each year, the Compensation Committee of the Holdings’ Board of Directors approves an equity-based award program with awards under the program granted at its regularly scheduled meeting in February. Annual awards under Holdings’ equity programs for 2020, 2019 and 2018 consisted of a mix of equity vehicles including Holdings RSUs, Holdings stock options and Holdings performance shares. If Holdings pays any ordinary dividend in cash, all outstanding Holdings RSUs and performance shares will accrue dividend equivalents in the form of additional Holdings RSUs or performance shares to be settled or forfeited consistent with the terms of the related award. Holdings RSUs Holdings RSUs granted to Equitable Financial employees vest ratably in equal annual installments over a three Under the 2020 equity program, eligible Equitable Financial financial professionals were granted stock-settled Holdings RSUs which vest ratably in equal annual installments over a three Under the 2019 and 2018 equity programs, Equitable Financial financial professionals were granted cash-settled Holdings RSUs which vest ratably in equal installments over a three Holdings Stock Options Holdings stock options granted to Equitable Financial employees have a three Holdings Performance Shares Holdings performance shares granted to Equity Financial employees are subject to performance conditions and a three-year cliff-vesting. The performance shares consist of two distinct tranches; one based on Holding’s return-on-equity targets (the “ROE Performance Shares”) and the other based on the Holdings’ relative total shareholder return targets (the “TSR Performance Shares”), each comprising approximately one-half of the award. Participants may receive from 0% to 200% of the unearned performance shares granted. The grant-date fair value of the ROE Performance Shares is established once all of Holdings’ applicable Non-GAAP ROE targets are determined and approved.The fair value of the awards was measured using the closing price of the Holdings share on the grant date. The grant-date fair value of the TSR Performance Shares was measured using a Monte Carlo approach. Under the Monte Carlo approach, stock returns were simulated for Holdings and the selected peer companies to estimate the payout percentages established by the conditions of the award. The aggregate grant-date fair value of the unearned TSR Performance Shares will be recognized as compensation expense over the shorter of the cliff-vesting period or the period up to the date at which the participant becomes retirement eligible, but not less than one year. Director Awards Holdings makes annual grants of unrestricted Holdings shares to non-employee directors of Holdings and Equitable Financial. The fair value of these awards was measured using the closing price of Holdings shares on the grant date. These awards immediately vest and all compensation expense is recognized at the grant date. Employee Stock Purchase Plans Under the Equitable Holdings, Inc. Stock Purchase Program participants are able to contribute up to 100% of their eligible compensation and receive a matching contribution in cash equal to 15% of their payroll contribution up to a maximum amount of $3,750, which is used to purchase Holdings shares. Purchases are made at the end of each month at the prevailing market rate. One-Time Awards Granted in 2018 Transaction Incentive Awards On May 9, 2018, coincident with the IPO, Holdings granted one-time “Transaction Incentive Awards” to executive officers and certain other R&P employees in the form of 722 thousand Holdings RSUs. Fifty percent of the Holdings RSUs vested based on service over the two two five five The grant-date fair value of half of the Performance Units, was at the $20 IPO price for a Holdings share as employees are still able to vest in these awards even if the share price growth targets are not achieved. The resulting compensation expense is recognized over the five five Special IPO Grant Also, on May 9, 2018, Holdings made a grant of 357 thousand Holdings RSUs to Equitable Financial employees and financial professionals, or 50 restricted stock units to each eligible individual, that cliff vested on November 9, 2018. The grant-date fair value of the award was measured using the $20 IPO price for a Holdings share and all compensation expense was recognized as of November 9, 2018. Prior Equity Award Grants In 2017 and prior years, equity awards for employees, financial professional and directors in our R&P businesses were available under the umbrella of AXA’s global equity program. Accordingly, equity awards granted in 2017 and prior years were linked to AXA’s stock. R&P employees were granted AXA ordinary share options under the Stock Option Plan, AXA performance shares under the Performance Share Plan and R&P financial professionals were granted performance units under the AXA Advisors Performance Unit Plan. The fair values of these prior awards are measured at the grant date by reference to the closing price of the AXA ordinary share, and the result, as adjusted for achievement of performance targets and pre-vesting forfeitures, generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. Remeasurements of fair value for subsequent price changes until settlement are made only for performance unit awards that are settled in cash. The fair value of performance units earned and reported in Other liabilities in the consolidated balance sheets as of December 31, 2020 and 2019 was $21 million and $43 million, respectively. Summary of Stock Option Activity A summary of activity in the AXA and Holdings option plans during 2020 follows: Options Outstanding EQH Shares AXA Ordinary Shares Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2020 1,931 $ 19.73 1,725 € 20.09 Options granted 1,235 $ 23.18 3 € 12.22 Options exercised (80) $ 19.76 (282) € 14.59 Options forfeited, net (267) $ 20.98 (29) € 18.78 Options expired — $ — — € — Options Outstanding at December 31, 2020 2,819 $ 21.12 1,417 € 21.20 Aggregate intrinsic value (1) $ 10,316 € (2,153) Weighted average remaining contractual term (in years) 8.37 4.9 Options Exercisable at December 31, 2020 748 $ — 1,254 € 21.02 Aggregate intrinsic value (1) $ 3,432 € (1,677) Weighted average remaining contractual term (in years) 7.73 4.74 ____________ (1) Aggregate intrinsic value, presented in thousands, is calculated as the excess of the closing market price on December 31, 2020 of the respective underlying shares over the strike prices of the option awards. For awards with strike prices higher than market prices, intrinsic value is shown as zero. EQH Shares (1) 2020 2019 2018 Dividend yield 2.59% 2.77% 2.44% Expected volatility 26.00% 25.70% 25.40% Risk-free interest rates 1.19% 2.49% 2.83% Expected life in years 6.0 5.8 9.7 Weighted average fair value per option at grant date $ 4.37 $ 3.82 $ 4.61 ____________ (1) The expected volatility is based on historical selected peer data, the weighted average expected term is determined by using the simplified method due to lack of sufficient historical data, the expected dividend yield based on Holdings’ expected annualized dividend, and the risk-free interest rate is based on the U.S. Treasury bond yield for the appropriate expected term. As of December 31, 2020, approximately $163 thousand of unrecognized compensation cost related to AXA unvested stock option awards is expected to be recognized by the Equitable Financial over a weighted-average period of 0.2 years. Approximately $4 million of unrecognized compensation cost related to Holdings unvested stock option awards is expected to be recognized by the Equitable Financial over a weighted average period of 1.4 years. Summary of Restricted Stock Unit Award Activity The market price of a Holdings share is used as the basis for the fair value measure of a Holdings RSU. For purposes of determining compensation cost for stock-settled Holdings RSUs, fair value is fixed at the grant date until settlement, absent modification to the terms of the award. For liability-classified cash-settled Holdings and AXA RSUs, fair value is remeasured at the end of each reporting period. As of December 31, 2020, approximately 2.1 million Holdings RSUs and AXA ordinary share unit awards remain unvested. Unrecognized compensation cost related to these awards totaled approximately $26 million and is expected to be recognized over a weighted-average period of 1.6 years. The following table summarizes Holdings restricted share units and AXA ordinary share unit activity for 2020. Shares of Holdings Restricted Stock Weighted Average Grant Date Shares of AXA Restricted Stock Weighted Average Grant Date Fair Value Unvested as of January 1, 2020 1,805,301 $ 19.35 19,280 $ 19.20 Granted 994,290 $ 22.85 — $ — Forfeited (117,353) $ 20.36 — $ — Vested (629,202) $ 19.81 (19,280) $ 19.20 Unvested as of December 31, 2020 2,053,036 $ 21.15 — $ — Summary of Performance Award Activity As of December 31, 2020, approximately 1.6 million Holdings and AXA performance awards remain unvested. Unrecognized compensation cost related to these awards totaled approximately $3 million and is expected to be recognized over a weighted-average period of 0.55 years. The following table summarizes Holdings and AXA performance awards activity for 2020. Shares of Holdings Performance Awards Weighted-Average Grant Date Shares of AXA Performance Awards Weighted-Average Grant Date Unvested as of January 1, 2020 383,641 $ 21.05 2,154,059 $ 20.08 Granted 225,674 $ 23.92 — $ — Forfeited (51,860) $ 21.97 (62,493) $ 20.74 Vested — (1,074,313) $ 18.91 Unvested as of December 31, 2020 557,455 $ 22.12 1,017,254 $ 21.28

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES A summary of the income tax (expense) benefit in the consolidated statements of income (loss) follows: Year Ended December 31, 2020 2019 2018 (in millions) Income tax (expense) benefit: Current (expense) benefit $ (112) $ 295 $ 234 Deferred (expense) benefit 739 284 222 Total $ 627 $ 579 $ 456 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 21% . The sources of the difference and their tax effects are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Expected income tax (expense) benefit $ 291 $ 517 $ 309 Non-taxable investment income 91 73 104 Tax audit interest (8) (14) (11) Tax settlements/uncertain tax position release 231 — 12 Tax credits 21 — — Change in tax law — — 46 Other 1 3 (4) Income tax (expense) benefit $ 627 $ 579 $ 456 During the fourth quarter of 2020, the Company agreed to the Internal Revenue Service’s Revenue Agent’s Report for its consolidated 2010 through 2013 Federal corporate income tax returns. The impact on the Company’s financial statements and unrecognized tax benefits was a tax benefit of $231 million. In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), the Company recorded provisional estimates for the income tax effects of the TCJA in 2017 and refined those estimates in 2018. The impact of the TCJA primarily related to the revaluation of deferred tax assets and liabilities. The components of the net deferred income taxes are as follows: December 31, 2020 2019 Assets Liabilities Assets Liabilities (in millions) Compensation and related benefits $ 58 $ — $ 51 $ — Net operating loss and credits — — 44 — Reserves and reinsurance 1,483 — 945 — DAC — 606 — 692 Unrealized investment gains (losses) — 1,668 — 639 Investments 1,071 — 640 — Other — 111 — 73 Total $ 2,612 $ 2,385 $ 1,680 $ 1,404 A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance at January 1, $ 297 $ 273 $ 205 Additions for tax positions of prior years 229 24 98 Reductions for tax positions of prior years (250) — (30) Additions for tax positions of current year — — — Settlements with tax authorities 5 — — Balance at December 31, $ 281 $ 297 $ 273 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 47 $ 222 $ 202 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits as of December 31, 2020 and 2019 were $34 million and $55 million, respectively. For 2020, 2019 and 2018, respectively, there were $(21) million, $14 million and $18 million in interest expense (benefit) related to unrecognized tax benefits. It is reasonably possible that the total amount of unrecognized tax benefits will change within the next 12 months due to the conclusion of IRS proceedings and the addition of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. As of December 31, 2020, tax years 2014 and subsequent remain subject to examination by the IRS.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2020, 2019, and 2018 follow: December 31, 2020 2019 2018 (in millions) Unrealized gains (losses) on investments (1) $ 4,600 $ 1,601 $ (494) Defined benefit pension plans (2) (5) (5) (7) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ 4,595 $ 1,596 $ (501) _____________ (1) 2018 includes a $86 million decrease to AOCI from the impact of adoption of ASU 2018-02. (2) 2018 includes a $3 million increase to AOCI from the impact of adoption of ASU 2018-02. The components of OCI, net of taxes for the years ended December 31, 2020, 2019 and 2018, follow: Year Ended December 31, 2020 2019 2018 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ 4,698 $ 3,052 $ (1,663) (Gains) losses reclassified into net income (loss) during the period (1) (633) (160) (4) Net unrealized gains (losses) on investments 4,065 2,892 (1,667) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (1,066) (797) 446 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $798, $547, and $310) 2,999 2,095 (1,221) Change in defined benefit plans: Reclassification to net income (loss) of amortization of net prior service credit included in net periodic cost — 2 (4) Change in defined benefit plans, (net of deferred income tax expense (benefit) of $0, $0 and $0 (2)) — 2 (4) Other comprehensive income (loss), attributable to Equitable Financial $ 2,999 $ 2,097 $ (1,225) ____________ (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(168) million, $(42) million, and $(1) million for the years ended December 31, 2020, 2019 and 2018, respectively. (2) These AOCI components are included in the computation of net periodic costs (see “Employee Benefit Plans” in Note 13). Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Litigation Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2020, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. In August 2015, a lawsuit was filed in Connecticut Superior Court, Judicial Division of New Haven entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from Equitable Financial, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that Equitable Financial implemented the volatility management strategy in violation of applicable law. Plaintiff seeks an award of damages individually and on a classwide basis, and costs and disbursements, including attorneys’ fees, expert witness fees and other costs. In November 2015, the Connecticut Federal District Court transferred this action to the United States District Court for the Southern District of New York. In March 2017, the Southern District of New York granted Equitable Financial’s motion to dismiss the complaint. In April 2017, the plaintiff filed a notice of appeal. In April 2018, the United States Court of Appeals for the Second Circuit reversed the trial court’s decision with instructions to remand the case to Connecticut state court. In September 2018, the Second Circuit issued its mandate, following Equitable Financial’s notification to the court that it would not file a petition for writ of certiorari. The case was transferred in December 2018 to the Connecticut Superior Court, Judicial District of Stamford. In December 2018, Equitable Financial sought dismissal of the complaint by filing a motion to strike, which the court granted in August 2019. Plaintiff filed an Amended Class Action Complaint in September 2019. Equitable Financial filed a motion for entry of judgment in October 2019. On August 3, 2020, the court granted Equitable Financial’s motion for entry of judgment. In August 2020, Plaintiff filed a notice of appeal. We are vigorously defending this matter. In February 2016, a lawsuit was filed in the United States District Court for the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action brought on behalf of all owners of universal life (“UL”) policies subject to Equitable Financial’s COI rate increase. In early 2016, Equitable Financial raised COI rates for certain UL policies issued between 2004 and 2007, which had both issue ages 70 and above and a current face value amount of $1 million and above. A second putative class action was filed in Arizona in 2017 and consolidated with the Brach matter. The current consolidated amended class action complaint alleges the following claims: breach of contract; misrepresentations by Equitable Financial in violation of Section 4226 of the New York Insurance Law; violations of New York General Business Law Section 349; and violations of the California Unfair Competition Law, and the California Elder Abuse Statute. Plaintiffs seek; (a) compensatory damages, costs, and, pre- and post-judgment interest; (b) with respect to their claim concerning Section 4226, a penalty in the amount of premiums paid by the plaintiffs and the putative class; and (c) injunctive relief and attorneys’ fees in connection with their statutory claims. In August 2020, the federal district court issued a decision granting in part Brach Plaintiffs’ motion for class certification. The court certified nationwide breach of contract and Section 4226 classes, and a New York State Section 349 class. Equitable Financial petitioned for discretionary appellate review of that decision, which petition was denied. Five other federal actions challenging the COI rate increase are also pending against Equitable Financial and have been coordinated with the Brach action for the purposes of pre-trial activities. They contain allegations similar to those in the Brach action as well as additional allegations for violations of various states’ consumer protection statutes and common law fraud. Three actions are also pending against Equitable Financial in New York state court. Equitable Financial is vigorously defending each of these matters. Obligations under Funding Agreements Federal Home Loan Bank As a member of the FHLB, Equitable Financial has access to collateralized borrowings. It also may issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require Equitable Financial to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Financial issues short-term funding agreements to the FHLB and uses the funds for asset, liability, and cash management purposes. Equitable Financial issues long-term funding agreements to the FHLB and uses the funds for spread lending purposes. Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $322 million and pledged collateral with a carrying value of $8.7 billion as of December 31, 2020. Funding agreements are reported in policyholders’ account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Derivative and offsetting assets and liabilities” included in Note 4. The table below summarizes the Company’s activity of funding agreements with the FHLB. Change in FHLB Funding Agreements during the Year Ended December 31, 2020 Outstanding Balance at December 31, 2019 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Outstanding Balance at December 31, 2020 (in millions) Short-term funding agreements: Due in one year or less $ 4,608 $ 46,798 $ 46,808 $ 1,036 $ — $ 5,634 Long-term funding agreements: Due in years two through five 1,646 — — (1,036) 112 722 Due in more than five years 646 — — — (112) 534 Total long-term funding agreements 2,292 — — (1,036) — 1,256 Total funding agreements (1) $ 6,900 $ 46,798 $ 46,808 $ — $ — $ 6,890 ____________ (1) The $7 million and $9 million difference between the funding agreements carrying value shown in the fair value table for December 31, 2020 and 2019, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates. Funding Agreement-Backed Notes Program Under the FABN, Equitable Financial may issue funding agreements to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the Trust from time to time (the “Trust notes”). The funding agreements have matching interest and maturity payment terms to the applicable Trust notes. The maximum aggregate principal amount of Trust notes permitted to be outstanding at any one time is $5 billion. Funding agreements issued to the Trust are reported in policyholders’ account balances in the consolidated balance sheets. The table below summarizes the Company’s activity of funding agreements under the FABN. Change in FABN Funding Agreements during the Year Ended December 31, 2020 Outstanding Balance at December 31, 2019 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Outstanding Balance at December 31, 2020 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ — $ — $ — Long-term funding agreements: Due in years two through five — 1,150 — — — 1,150 Due in more than five years — 800 — — — 800 Total long-term funding agreements — 1,950 — — — 1,950 Total funding agreements (1) $ — $ 1,950 $ — $ — $ — $ 1,950 _____________ (1) The $11 million difference between the funding agreements notional value shown and carrying value table as of December 31, 2020 reflects the remaining amortization of the issuance cost of the funding agreements. Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. As of December 31, 2020, these arrangements include commitments by the Company to provide equity financing of $1.2 billion (including $253 million with affiliates) to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. The Company had $17 million of undrawn letters of credit related to reinsurance as of December 31, 2020. The Company had $389 million of commitments under existing mortgage loan agreements as of December 31, 2020. The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote. Pursuant to certain assumption agreements (the “Assumption Agreements”), AXA Financial legally assumed primary liability from Equitable Financial for all current and future liabilities of Equitable Financial under certain employee benefit plans that provide participants with medical, life insurance and deferred compensation benefits as well as under the AXA Equitable Retirement plan, a frozen qualified pension plan. Equitable Financial remains secondarily liable for its obligations under these plans and would recognize such liabilities in the event AXA Financial does not perform under the terms of the Assumption Agreements. On October 1, 2018, AXA Financial merged with and into its direct parent, Holdings, with Holdings continuing as the surviving entity.

INSURANCE GROUP STATUTORY FINAN

INSURANCE GROUP STATUTORY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
Insurance Group Statutory Financial Information [Abstract]
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION	INSURANCE GROUP STATUTORY FINANCIAL INFORMATION For 2020, 2019 and 2018, respectively, Equitable Financial’s statutory net income (loss) totaled $413 million, $3.9 billion and $3.1 billion. Statutory surplus, Capital stock and AVR totaled $6.8 billion and $8.7 billion as of December 31, 2020 and 2019, respectively. As of December 31, 2020, Equitable Financial, in accordance with various government and state regulations, had $58 million of securities on deposit with such government or state agencies. In 2020, 2019 and 2018, Equitable Financial paid to its direct parent, which subsequently distributed such amount to Holdings, an ordinary shareholder dividend of $2.1 billion, $1.0 billion and $1.1 billion. Also, in 2018, Equitable Financial transferred its interests in ABLP, AB Holding and the General Partner to Alpha Units Holdings, Inc., a newly formed subsidiary, and distributed the shares of that subsidiary to its direct parent which subsequently distributed such shares to Holdings (the “AB Ownership Transfer”). The AB Ownership transfer was considered an extraordinary dividend of $1.7 billion representing the equity value of Alpha Units Holdings, Inc. In connection with the AB Ownership Transfer, Equitable Financial paid an extraordinary cash dividend of $572 million and issued a surplus note to Holdings in the same amount. Equitable Financial repaid the outstanding principal balance of the surplus note in March 2019. Dividend Restrictions As a domestic insurance subsidiary regulated by the insurance laws of New York State, Equitable Financial is subject to restrictions as to the amounts the Company may pay as dividends and amounts the Company may repay of surplus notes to Holdings. New York State insurance law provides that a stock life insurer may not, without prior approval of the NYDFS, pay a dividend to its stockholders exceeding an amount calculated under one of two standards (the “Standards”). The first standard allows payment of an ordinary dividend out of the insurer’s earned surplus (as reported on the insurer’s most recent annual statement) up to a limit calculated pursuant to a statutory formula, provided that the NYDFS is given notice and opportunity to disapprove the dividend if certain qualitative tests are not met (the “Earned Surplus Standard”). The second standard allows payment of an ordinary dividend up to a limit calculated pursuant to a different statutory formula without regard to the insurer’s earned surplus. Dividends exceeding these prescribed limits require the insurer to file a notice of its intent to declare the dividends with the NYDFS and prior approval or non-disapproval from the NYDFS. In applying the Standards, Equitable Financial cannot pay ordinary dividends during 2021 due to operating losses. Intercompany Reinsurance The company receives statutory reserve credits for reinsurance treaties with EQ AZ Life Re to the extent EQ AZ Life Re holds assets in an irrevocable trust (the “EQ AZ Life Re Trust”). As of December 31, 2020, EQ AZ Life Re holds $2.1 billion of assets in the EQ AZ Life Re Trust and letters of credit of $2.2 billion that are guaranteed by Holdings. Under the reinsurance transactions, EQ AZ Life Re is permitted to transfer assets from the EQ AZ Life Re Trust under certain circumstances. The level of statutory reserves held by EQ AZ Life Re fluctuate based on market movements, mortality experience and policyholder behavior. Increasing reserve requirements may necessitate that additional assets be placed in trust and/or additional letters of credit be secured, which could adversely impact EQ AZ Life Re’s liquidity. Prescribed and Permitted Accounting Practices As of December 31, 2020 and for the year then ended, there were no differences in net income (loss) and capital and surplus resulting from practices prescribed and permitted by NYDFS and those prescribed by NAIC Accounting Practices and Procedures effective as of December 31, 2020. The Company cedes a portion of their statutory reserves to EQ AZ Life Re, a captive reinsurer, as part of the Company’s capital management strategy. EQ AZ Life Re prepares financial statements in a special purpose framework for statutory reporting. Differences between Statutory Accounting Principles and U.S. GAAP Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with SAP and total equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (g) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (h) certain assets, primarily prepaid assets, are not admissible under SAP but are admissible under U.S. GAAP; and (i) cost of reinsurance which is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS Distribution of AllianceBernstein to Holdings Effective December 31, 2018, the Company and its subsidiaries transferred all economic interests in the business of AB to a newly created entity, Alpha Unit Holdings, LLC (“Alpha”). The Company distributed all equity interests in Alpha to AXA Equitable Financial Services, LLC, a wholly-owned subsidiary of Holdings. The AB transfer and subsequent distribution of Alpha equity interests (“the AB Business Transfer”) removed the authority to control the business of AB and as such AB’s operations are now reflected as a discontinued operation in the Company’s consolidated financial statements in all periods presented. In connection with the transfer, the Company paid an extraordinary dividend in cash to Holdings in the amount of $572 million. The Company also issued a one Transactions Prior to Distribution Intercompany transactions prior to the AB Business Transfer between the Company and AB were eliminated and excluded from the consolidated statements of income (loss) and consolidated balance sheets. The table below presents AB’s revenues recognized in 2018, disaggregated by category: Year Ended December 31, 2018 (in millions) Investment management, advisory and service fees: Base fees $ 2,156 Performance-based fees 118 Research services 439 Distribution services 419 Other revenues: Shareholder services 76 Other 35 Total investment management and service fees $ 3,243 Transactions Ongoing after Distribution After the AB Business Transfer, services provided by AB will consist primarily of an investment management service agreement and will be included in investment expenses and identified as a related party transaction. Discontinued Operations The following table presents the amounts related to the net income (loss) of AB that has been reflected in discontinued operations: Year Ended December 31, 2018 (in millions) REVENUES Net derivative gains (losses) $ 12 Net investment income (loss) 24 Investment management and service fees 3,243 Other income — Total revenues $ 3,279 BENEFITS AND OTHER DEDUCTIONS Compensation and benefits $ 1,370 Commissions and distribution related payments 427 Interest expense 8 Other operating costs and expenses 727 Total benefits and other deductions 2,532 Income (loss) from discontinued operations, before income taxes 747 Income tax (expense) benefit (69) Net income (loss) from discontinued operations, net of taxes 678 Less: Net (income) loss attributable to the noncontrolling interest (564) Net income (loss) from discontinued operations, net of taxes and noncontrolling interest $ 114

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTEREST	REDEEMABLE NONCONTROLLING INTEREST The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of period $ 39 $ 39 $ 25 Net earnings (loss) attributable to redeemable noncontrolling interests 1 5 (2) Purchase/change of redeemable noncontrolling interests 1 (5) 16 Balance, end of period $ 41 $ 39 $ 39

REVENUES FROM EXTERNAL CUSTOMER

REVENUES FROM EXTERNAL CUSTOMERS	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUES FROM EXTERNAL CUSTOMERS	REVENUES FROM EXTERNAL CUSTOMERSRevenue from external customers, by product, is shown in the table that follows: Year Ended December 31, 2020 2019 2018 (in millions) Individual Variable Annuity Products Premiums $ 165 $ 179 $ 171 Fees (1) 2,555 2,615 2,631 Others 8 16 19 Total $ 2,728 $ 2,810 $ 2,821 Employer- Sponsored Premiums $ — $ — $ — Fees 500 477 459 Others 4 4 5 Total $ 504 $ 481 $ 464 Life Insurance Products Premiums $ 587 $ 702 $ 657 Fees 1,421 1,440 1,458 Others 23 21 32 Total $ 2,031 $ 2,163 $ 2,147 Employee Benefit Products Premiums $ 36 $ 35 $ 12 Fees — — — Others 15 13 6 Total $ 51 $ 48 $ 18 Other Premiums $ 18 $ 20 $ 22 Fees 13 12 15 Others 7 2 2 Total $ 38 $ 34 $ 39 ______________ (1) Excludes the amortization/capitalization of unearned revenue liability of $(14) million, $(35) million and $(19) million for the years ended December 31, 2020 , 2019 and 2018, respectively.

REVISION OF PRIOR PERIOD FINANC

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS	REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS The Company identified certain errors primarily related to the calculation of actuarially determined insurance contract assets and liabilities that impacted previously issued consolidated financial statements. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements. In order to improve the consistency and comparability of the financial statements, management revised the financial statements and related disclosures to correct these errors as shown below. Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. December 31, 2019 As Previously Impact of Revisions As Revised (in millions) Consolidated Balance Sheets: ASSETS Investments: Deferred policy acquisition costs $ 4,337 $ (115) $ 4,222 Amounts due from reinsurers 3,001 1 3,002 GMIB reinsurance contract asset, at fair value 2,466 — 2,466 Current and deferred income taxes 224 25 249 Other assets 3,050 — 3,050 Total Assets $ 228,041 $ (89) $ 227,952 LIABILITIES Future policy benefits and other policyholders’ liabilities 33,976 3 33,979 Other liabilities 1,768 1 1,769 Total Liabilities $ 216,344 $ 4 $ 216,348 EQUITY Retained earnings 2,242 (97) 2,145 Accumulated other comprehensive income (loss) 1,592 4 1,596 Total equity attributable to Equitable Financial 11,645 (93) 11,552 Total Equity 11,658 (93) 11,565 Total Liabilities, Redeemable Noncontrolling interest and Equity $ 228,041 $ (89) $ 227,952 Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Income (Loss) REVENUES Policy charges and fee income $ 3,450 $ 37 $ 3,487 $ 3,523 $ (8) $ 3,515 Net derivative gains (losses) (3,820) (11) (3,831) (1,010) (24) (1,034) Other income 56 — 56 65 (1) 64 Total revenues 5,148 26 5,174 6,951 (33) 6,918 BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits 4,119 (31) 4,088 3,005 (45) 2,960 Interest credited to policyholders’ account balances 1,127 22 1,149 1,002 (23) 979 Commissions 629 — 629 620 5 625 Amortization of deferred policy acquisition costs 452 68 520 431 20 451 Other operating costs and expenses 912 — 912 2,918 1 2,919 Total benefits and deductions 7,578 59 7,637 8,432 (42) 8,390 Income (loss) from continuing operations, before income taxes (2,430) (33) (2,463) (1,481) 9 (1,472) Income tax (expense) benefit from continuing operations 584 (5) 579 446 10 456 Net income (loss) (1,846) (38) (1,884) (921) 19 (902) Net income (loss) attributable to Equitable Financial $ (1,851) $ (38) $ (1,889) $ (918) $ 19 $ (899) Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Comprehensive Income (Loss) Net income (loss) $ (1,846) $ (38) $ (1,884) $ (921) $ 19 $ (902) Change in unrealized gains (losses), net of reclassification adjustment 2,081 14 2,095 (1,230) 9 (1,221) Other comprehensive income 2,083 14 2,097 (1,234) 9 (1,225) Comprehensive income (loss) 237 (24) 213 (2,155) 28 (2,127) Less: Comprehensive income (loss) attributable to noncontrolling interest — 5 5 — (3) (3) Comprehensive income (loss) attributable to Equitable Financial $ 237 $ (29) $ 208 $ (2,155) $ 31 $ (2,124) Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Equity: Retained earnings, beginning of year $ 5,098 $ (59) $ 5,039 $ 8,938 $ (78) $ 8,860 Net income (loss) attributable to Equitable Financial (1,851) (38) (1,889) (918) 19 (899) Retained earnings, end of year $ 2,242 $ (97) $ 2,145 $ 5,098 $ (59) $ 5,039 Accumulated other comprehensive income (loss), beginning of year $ (491) $ (10) $ (501) $ 598 $ (19) $ 579 Other comprehensive income (loss) 2,083 14 2,097 (1,234) 9 (1,225) Accumulated other comprehensive income (loss), end of year $ 1,592 $ 4 $ 1,596 $ (491) $ (10) $ (501) Total Equitable Financial equity, end of year $ 11,645 $ (93) $ 11,552 $ 12,416 $ (69) $ 12,347 Total equity, end of year $ 11,658 $ (93) $ 11,565 $ 12,428 $ (69) $ 12,359 December 31, 2019 December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Cash Flows: Cash flow from operating activities: Net income (loss) (1) $ (1,846) $ (38) $ (1,884) $ (358) $ 19 $ (339) Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: Policy charges and fee income (3,450) (37) (3,487) (3,523) 8 (3,515) Interest credited to policyholders' account balances 1,127 22 1,149 1,002 (23) 979 Net derivative (gains) losses 3,820 11 3,831 1,010 24 1,034 Amortization and depreciation 323 68 391 340 20 360 Capitalization of DAC (648) — (648) (597) 5 (592) Future policy benefits 1,115 (31) 1,084 (284) (46) (330) Current and deferred income taxes (334) 5 (329) (556) (7) (563) Net cash provided by (used in) operating activities $ (606) $ — $ (606) $ 1,418 $ — $ 1,418 Cash and cash equivalents, end of period $ 1,492 $ — $ 1,492 $ 2,622 $ — $ 2,622 _____________ (1) December 31, 2018 net income (loss) includes $563 million of discontinued operations that are not included in net income (loss) in the Consolidated Statement of Income (Loss).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Funding Agreement-Backed Notes Pursuant to the FABN discussed in Note 16, in January 2021, Equitable Financial issued a $450 million funding agreement to the Trust. The funding agreement has a fixed interest rate of 1% per annum and will mature on January 9, 2026. Funding agreements issued to the Trust will be reported in Policyholders’ account balances in the consolidated balance sheets in subsequent periods.

SCHEDULE I - SUMMARY OF INVESTM

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary of Investments - Other than Investments in Related Parties	SCHEDULE I SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2020 Cost (1) Fair Value Carrying Value (in millions) Fixed maturities, AFS: U.S. government, agencies and authorities $ 12,644 $ 15,943 $ 15,943 State, municipalities and political subdivisions 482 574 574 Foreign governments 1,011 1,103 1,103 Public utilities 5,894 6,527 6,527 All other corporate bonds 42,607 46,575 46,575 Residential mortgage-backed 119 131 131 Asset-backed 3,633 3,656 3,656 Commercial mortgage-backed 1,148 1,203 1,203 Redeemable preferred stocks 598 641 641 Total fixed maturities, AFS 68,136 76,353 76,353 Mortgage loans on real estate (2) 13,223 13,474 13,142 Policy loans 3,635 4,794 3,635 Other equity investments 1,342 1,342 1,342 Trading securities 5,031 5,340 5,340 Other invested assets 2,383 2,383 2,383 Total Investments $ 93,750 $ 103,686 $ 102,195 ______________ (1) Cost for fixed maturities represents original cost, reduced by repayments and write-downs and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. (2) Carrying value for mortgage loans on real estate represents original cost adjusted for amortization of premiums or accretion of discount and reduced by credit loss allowance.

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule IV - Reinsurance	SCHEDULE IV REINSURANCE (1) AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 Gross Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net (in millions) 2020 Life insurance in-force $ 389,576 $ 72,110 $ 32,289 $ 349,755 9.2 % Premiums: Life insurance and annuities $ 712 $ 127 $ 186 $ 771 24.1 % Accident and health 52 26 9 35 24.8 % Total premiums $ 764 $ 153 $ 195 $ 806 24.1 % 2019 Life insurance in-force $ 392,420 $ 66,770 $ 31,699 $ 357,349 8.9 % Premiums: Life insurance and annuities $ 825 $ 99 $ 185 $ 911 20.3 % Accident and health 43 27 9 25 36.0 % Total premiums $ 868 $ 126 $ 194 $ 936 20.7 % 2018 Life insurance in-force $ 390,374 $ 69,768 $ 30,322 $ 350,928 8.6 % Premiums: Life insurance and annuities $ 787 $ 128 $ 177 $ 836 21.2 % Accident and health 49 32 9 26 34.6 % Total premiums $ 836 $ 160 $ 186 $ 862 21.6 % ______________ (1) Includes amounts related to the discontinued group life and health business.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those VIEs that meet the requirements for consolidation. Financial results in the historical consolidated financial statements may not be indicative of the results of operations, comprehensive income (loss), financial position, equity or cash flows that would have been achieved had we operated as a separate, standalone entity during the reporting periods presented. We believe that the consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. The years “2020”, “2019” and “2018” refer to the years ended December 31, 2020, 2019 and 2018, respectively.
Adoption of New Accounting Pronouncements and Future Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated CECL models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removal of disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. 2. Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain variable annuity guaranteed benefit (“GMxB”) features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in Other comprehensive income (“OCI”). For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company will implement the new income tax accounting guidance as of the date of adoption, January 1, 2021. Management currently anticipates that the standard will not have a material impact on retained earnings as of the date of adoption. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company is currently assessing the applicability of the optional expedients and exceptions provided under the ASU. Management is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.
Investments	Investments The carrying values of fixed maturities classified as AFS are reported at fair value. Changes in fair value are reported in OCI, net of allowance for credit losses, policy related amounts and deferred income taxes. Prior to January 1, 2020, the amortized cost of fixed maturities was adjusted for impairments in value deemed to be other than temporary which were recognized in Investment gains (losses), net. With the adoption of the new Financial Instruments-Credit Losses standard, changes in credit losses are recognized in investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REITs, perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance effective January 1, 2020. The remainder of the unrealized loss related to other factors, if any, is recognized in OCI. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s IUS Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist, as they were permitted to do prior to January 1, 2020. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings. Real estate held for the production of income is stated at depreciated cost less allowance for credit losses. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). COLI has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. As of December 31, 2020 and 2019, the carrying value of COLI was $989 million and $942 million, respectively, and is reported in other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including U.S. government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade-date basis.
Derivatives	Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include equity, currency, and interest rate futures, total return and/or other equity swaps, interest rate swaps and floors, swaptions, variance swaps and equity options, all of which may be exchange-traded or contracted in the OTC market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “other invested assets” or as liabilities within “other liabilities”. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “net derivative gains (losses)” without considering changes in the fair value of the economically associated assets or liabilities.
Securities Repurchase and Reverse Repurchase Agreements	Securities Repurchase and Reverse Repurchase Agreements Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. Securities repurchase and reverse repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the requirements of each respective counterparty. Transfers of securities under these agreements to repurchase or resell are evaluated by the Company to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases with related forward repurchase or resale commitments. All of the Company’s securities repurchase transactions are accounted for as collateralized borrowings with the related obligations distinctly captioned in the consolidated balance sheets. Earnings from investing activities related to the cash received under the Company’s securities repurchase arrangements are reported in the consolidated statements of income (loss) as “net investment income (loss)” and the associated borrowing cost is reported as interest expense. There were no outstanding balances under securities repurchase agreements as of December 31, 2020 and 2019. The Company has not actively engaged in securities reverse repurchase transactions.
Mortgage Loans on Real Estate	Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the CECL model in order to provide for the risk of credit losses in the lending process. Prior to the adoption of CECL on January 1, 2020, mortgage loans were stated at unpaid principal balances, net of unamortized discounts, premiums and valuation allowances. Valuation allowances were based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan was collateral dependent. For commercial and agricultural mortgage loans, an allowance for credit loss was typically recommended when management believed it was probable that principal and interest would not be collected according to the contractual terms. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a PD / LGD model. The PD/LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including LTV ratios, DSC ratios, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery. For individually evaluated mortgages, the Company continues to recognize a valuation allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. The quantitative cumulative-effect of this change in the Company’s accounting policy on its loans portfolio for CECL is a $36 million pre-tax adjustment to the opening balance of retained earnings as of January 1, 2020. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • LTV ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • DSC ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as a TDR and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgage loans. Based on its monthly monitoring of mortgages, a class of potential problem mortgage loans are also identified, consisting of mortgage loans not currently classified as problem mortgage loans but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within other assets. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable.
Troubled Debt Restructuring	Troubled Debt Restructuring The Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate and privately negotiated fixed maturities included in the balance sheet as fixed maturities AFS. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent
Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses)	Net Investment Income (Loss), Investment Gains (Losses), Net, and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. See Note 7 for additional information regarding determining the fair value of financial instruments.
Recognition of Insurance Income and Related Expenses	Recognition of Insurance Income and Related Expenses Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided.
DAC	DAC Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. In each reporting period, DAC amortization, net of the accrual of imputed interest on DAC balances, is recorded to amortization of deferred policy acquisition costs. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. The determination of DAC, including amortization and recoverability estimates, is based on models that involve numerous assumptions and subjective judgments, including those regarding policyholder behavior, surrender and withdrawal rates, mortality experience, and other inputs including financial market volatility and market rates of return. After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. Amortization Policy In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. DAC associated with certain variable annuity products is amortized based on estimated assessments, with DAC on the remainder of variable annuities, UL and investment-type products amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Accounts fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, embedded derivatives and changes in the reserve of products that have indexed features such as SCS IUL and MSO, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or assessments is reflected in earnings (loss) in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable annuities and, to a lesser extent, on variable and interest-sensitive life insurance relates to projected future separate account performance. Management sets estimated future gross profit or assessment assumptions related to separate account performance using a long-term view of expected average market returns by applying a RTM approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC amortization for the period. The opposite occurs when returns are lower than expected. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. As of December 31, 2020, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance and variable annuities was 7.0% (4.7% net of product weighted average Separate Accounts fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (12.7% net of product weighted average Separate Accounts fees) and 0.0% (2.3% net of product weighted average Separate Accounts fees), respectively. The maximum duration over which these rate limitations may be applied is five years. This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated periodically to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Other significant assumptions underlying gross profit estimates for UL and investment type products relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. As of December 31, 2020, the average rate of assumed investment yields, excluding policy loans, for the Company was 4.6% grading to 4.3% in 2025. Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. Many of the factors that affect gross margins are included in the determination of the Company’s dividends to these policyholders. DAC adjustments related to participating traditional life policies do not create significant volatility in results of operations as the Closed Block recognizes a cumulative policyholder dividend obligation expense in policyholders’ benefits for the excess of actual cumulative earnings over expected cumulative earnings as determined at the time of demutualization. DAC associated with non-participating traditional life policies are amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in income (loss) in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. DAC related to these policies are subject to recoverability testing as part of the Company’s premium deficiency testing. If a premium deficiency exists, DAC are reduced by the amount of the deficiency or to zero through a charge to current period earnings (loss). If the deficiency exceeds the DAC balance, the reserve for future policy benefits is increased by the excess, reflected in earnings (loss) in the period such deficiency occurs. For some products, policyholders can elect to modify product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. These transactions are known as internal replacements. If such modification substantially changes the contract, the associated DAC is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC and recognized as a component of other expenses on a basis consistent with the way the acquisition costs on the underlying reinsured contracts would be recognized. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as premiums ceded (assumed); and amounts due from reinsurers (amounts due to reinsurers) are established. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. Premiums, policy charges and fee income, and policyholders’ benefits include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives as they are net settled. These embedded derivatives are included in GMIB reinsurance contract asset, at fair value with changes in estimated fair value reported in net derivative gains (losses). If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within other assets. As amounts are
Policyholder Bonus Interest Credits	Policyholder Bonus Interest Credits Policyholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these policyholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in other assets in the consolidated balance sheets and amortization is included in interest credited to policyholders’ account balances in the consolidated statements of income (loss).
Policyholders' Account Balances and Future Policy Benefits	Policyholders’ Account Balances and Future Policy Benefits Policyholders’ account balances relate to contracts or contract features where the Company has no significant insurance risk. This liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. For participating traditional life insurance policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial insurance assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Company’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated policyholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 3.5% to 6.3% (weighted average of 5.0%) for approximately 99.2% of life insurance liabilities and from 1.6% to 5.5% (weighted average of 4.8%) for annuity liabilities. Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its DI reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Obligations arising from funding agreements are also reported in policyholders’ account balances in the consolidated balance sheets. As a member of the FHLB, the Company has access to collateralized borrowings. The Company may also issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require the Company to pledge qualified mortgage-backed assets and/or government securities as collateral. The Company has issued and continues to offer certain variable annuity products with GMDB and/or contain a GMLB (collectively, the “GMxB features”) which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. The Company previously issued certain variable annuity products with GIB, GWBL, GMWB and GMAB features. The Company has also assumed reinsurance for products with GMxB features. Reserves for products that have GMIB features, but do not have no-lapse guarantee features, and products with GMDB features are determined by estimating the expected value of death or income benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. These reserves are recorded within future policy benefits and other policyholders’ liabilities. The determination of this estimated liability is based on models that involve numerous assumptions and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding separate account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a RTM approach, consistent with that used for DAC amortization. There can be no assurance that actual experience will be consistent with management’s estimates. Products that have a GMIBNLG rider, GIB, GWBL, GMWB and GMAB features and the assumed products with GMIB features (collectively “GMxB derivative features”) are considered either freestanding or embedded derivatives and discussed below under (“Embedded and Freestanding Insurance Derivatives”).
Policyholders' Dividend	Policyholders’ Dividends The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by the board of directors of the issuing insurance company. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by the Company.
Embedded and Freestanding Insurance Derivatives	Embedded and Freestanding Insurance Derivatives Reserves for products considered either embedded or freestanding derivatives are measured at estimated fair value separately from the host variable annuity product, with changes in estimated fair value reported in net derivative gains (losses). The estimated fair values of these derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees attributable to the guarantee. The projections of future benefits and future fees require capital markets and actuarial assumptions, including expectations concerning policyholder behavior. A risk-neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk-free rates. Additionally, the Company cedes and assumes reinsurance of products with GMxB features, which are considered either an embedded or freestanding derivative and measured at fair value. The GMxB reinsurance contract asset and liabilities’ fair values reflect the present value of reinsurance premiums, net of recoveries, and risk margins over a range of market-consistent economic scenarios. Changes in the fair value of embedded and freestanding derivatives are reported in net derivative gains (losses). Embedded derivatives in direct and assumed reinsurance contracts are reported in future policyholders’ benefits and other policyholders’ liabilities and embedded derivatives in ceded reinsurance contracts are reported in the GMIB reinsurance contract asset, at fair value in the consolidated balance sheets. Embedded derivatives fair values are determined based on the present value of projected future benefits minus the present value of projected future fees. At policy inception, a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits is attributed to the embedded derivative. The percentage of fees included in the fair value measurement is locked-in at inception. Fees above those amounts represent “excess” fees and are reported in policy charges and fee income.
Separate Accounts	Separate Accounts Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Company. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed separate accounts liabilities. Assets and liabilities of the Separate Account represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of policyholders, and for which the Company does not bear the investment risk. Separate Accounts assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such Separate Accounts are offset within the same line in the consolidated statements of income (loss). For 2020, 2019 and 2018, investment results of such Separate Accounts were gains (losses) of $16.6 billion, $22.9 billion, and $(7.2) billion, respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts assets and liabilities and are not reported in the consolidated statements of income (loss). Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account’s interests in Separate Accounts as trading securities, at fair value in the consolidated balance sheets.
Broker-Dealer Revenues and Payables	Broker-Dealer Revenues, Receivables and Payables Certain of the Company’s subsidiaries provide investment management, brokerage and distribution services for affiliates and third parties. Third-party revenues earned from these services are reported in other income in the Company’s consolidated statement of income (loss). Receivables from and payables to clients include amounts due on cash and margin transactions. Securities owned by customers are held as collateral for receivables; such collateral is not reflected in the consolidated financial statements.
Capitalized Computer Software and Hosting Arrangements	Capitalized Computer Software and Hosting Arrangements Capitalized computer software and hosting arrangements include certain internal and external costs used to implement internal-use software and cloud computing hosting arrangements. These capitalized computer costs are included in other assets in the consolidated balance sheets and amortized on a straight-line basis over the estimated useful life of the software or term of the hosting arrangement that ranges between three
Income Taxes	Income Taxes The Company files as part of a consolidated Federal income tax return. The Company provides for federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized.
Recognition of Investment Management and Service Fees and Related Expenses	Recognition of Investment Management and Service Fees and Related Expenses Investment management, advisory and service fees Reported as investment management and service fees in the Company’s consolidated statements of income (loss) are investment management and administrative service fees earned by EIM as well as certain asset-based fees associated with insurance contracts. EIM provides investment management and administrative services, such as fund accounting and compliance services, to EQ Premier VIP Trust, EQAT and 1290 Funds as well as two private investment trusts established in the Cayman Islands, AXA Allocation Funds Trust and AXA Offshore Multimanager Funds Trust (collectively, the “Other AXA Trusts”). The contracts supporting these revenue streams create a distinct, separately identifiable performance obligation for each day the assets are managed for the performance of a series of services that are substantially the same and have the same pattern of transfer to the customer. Accordingly, these investment management, advisory, and administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of AUM, are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur. Sub-advisory and sub-administrative expenses associated with these services are calculated and recorded as the related services are performed in other operating costs and expense in the consolidated statements of income (loss) as the Company is acting in a principal capacity in these transactions and, as such, reflects these revenues and expenses on a gross basis. Distribution services Revenues from distribution services include fees received as partial reimbursement of expenses incurred in connection with the sale of certain mutual funds and the 1290 Funds and for the distribution primarily of EQAT and EQ Premier VIP Trust shares to separate accounts in connection with the sale of variable life and annuity contracts. The amount and timing of revenues recognized from performance of these distribution services often is dependent upon the contractual arrangements with the customer and the specific product sold as further described below. Most open-end management investment companies, such as U.S. funds and the EQAT and EQ Premier VIP Trusts and the 1290 Funds, have adopted a plan under Rule 12b-1 of the Investment Company Act that allows for certain share classes to pay out of assets, distribution and service fees for the distribution and sale of its shares (“12b-1 Fees”). These open-end management investment companies have such agreements with the Company, and the Company has selling and distribution agreements pursuant to which it pays sales commissions to the financial intermediaries that distribute the shares. These agreements may be terminated by either party upon notice (generally 30 days) and do not obligate the financial intermediary to sell any specific amount of shares. The Company records 12b-1 fees monthly based upon a percentage of the NAV of the funds. At month-end, the variable consideration of the transaction price is no longer constrained as the NAV can be calculated and the value of consideration is determined. These services are separate and distinct from other asset management services as the customer can benefit from these services independently of other services. The Company accrues the corresponding 12b-1 fees paid to sub-distributors monthly as the expenses are incurred. The Company is acting in a principal capacity in these transactions; as such, these revenues and expenses are recorded on a gross basis in the consolidated statements of income (loss). Other revenues Also reported as investment management and service fees in the Company’s consolidated statements of income (loss) are other revenues from contracts with customers, primarily consisting of mutual fund reimbursements and other brokerage income. Other income Revenues from contracts with customers reported as other income in the Company’s consolidated statements of income (loss) primarily consist of advisory account fees and brokerage commissions from the Company’s broker-dealer operations and sales commissions from the Company’s general agents for the distribution of non-affiliate insurers’ life insurance and annuity products. These revenues are recognized at month-end when constraining factors, such as AUM and product mix, are resolved and the transaction pricing no longer is variable such that the value of consideration can be determined.
Discontinued Operations	Discontinued OperationsThe results of operations of a component of the Company that has been disposed of are reported in discontinued operations if certain criteria are met; such as if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. The results of AB for the year ended December 31, 2018, are reported in the Company’s consolidated statements of income (loss) as net income (loss) from discontinued operations, net of taxes and noncontrolling interest. Intercompany transactions between the Company and AB prior to the disposal have been eliminated.
Accounting and Consolidation of VIEs	Accounting and Consolidation of VIEs For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity. Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. Consolidated VIEs As of December 31, 2019, the Company consolidated one real estate joint venture for which it was identified as the primary beneficiary under the VIE model. The consolidated entity was jointly owned by Equitable Financial and AXA France and holds an investment in a real estate venture. Included in other invested assets in the Company’s consolidated balance sheets as of December 31, 2019 were total assets of $32 million related to this VIE, primarily resulting from the consolidated presentation of this real estate joint venture as real estate held-for-sale. This real estate joint venture investment was disposed as of December 31, 2020. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. Non-Consolidated VIEs As of December 31, 2020 and 2019, respectively, the Company held approximately $1.3 billion and $1.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $165.8 billion and $160.2 billion as of December 31, 2020 and 2019,
Fair Value Measurement	U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of December 31, 2020 and 2019, no assets or liabilities were required to be measured at fair value on a non-recurring basis.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated CECL models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removal of disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. 2. Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain variable annuity guaranteed benefit (“GMxB”) features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in Other comprehensive income (“OCI”). For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company will implement the new income tax accounting guidance as of the date of adoption, January 1, 2021. Management currently anticipates that the standard will not have a material impact on retained earnings as of the date of adoption. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company is currently assessing the applicability of the optional expedients and exceptions provided under the ASU. Management is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Fixed Maturities by Classification	AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses (4) Gross Gross Fair Value (in millions) December 31, 2020: Fixed Maturities: Corporate (1) $ 48,501 $ 13 $ 4,703 $ 89 $ 53,102 U.S. Treasury, government and agency 12,644 — 3,304 5 15,943 States and political subdivisions 482 — 92 — 574 Foreign governments 1,011 — 98 6 1,103 Residential mortgage-backed (2) 119 — 12 — 131 Asset-backed (3) 3,633 — 28 5 3,656 Commercial mortgage-backed 1,148 — 55 — 1,203 Redeemable preferred stock 598 — 46 3 641 Total at December 31, 2020 $ 68,136 $ 13 $ 8,338 $ 108 $ 76,353 December 31, 2019: Fixed Maturities: Corporate (1) $ 42,347 $ — $ 2,178 $ 61 $ 44,464 U.S. Treasury, government and agency 14,385 — 1,151 305 15,231 States and political subdivisions 584 — 68 3 649 Foreign governments 460 — 35 5 490 Residential mortgage-backed (2) 161 — 12 — 173 Asset-backed (3) 843 — 3 2 844 Redeemable preferred stock 498 — 18 5 511 Total at December 31, 2019 $ 59,278 $ — $ 3,465 $ 381 $ 62,362 ______________ (1) Corporate fixed maturities include both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities. and other asset types. (4) Amounts represent the allowance for credit losses for 2020 - (see Note 2 Significant Accounting Policies - Investments).
Contractual Maturities of Available-for-Sale Fixed Maturities	The contractual maturities of AFS fixed maturities as of December 31, 2020 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) December 31, 2020: Contractual maturities: Due in one year or less $ 3,342 $ 3,362 Due in years two through five 15,037 16,026 Due in years six through ten 17,786 19,607 Due after ten years 26,460 31,727 Subtotal 62,625 70,722 Residential mortgage-backed 119 131 Asset-backed 3,633 3,656 Commercial mortgage-backed 1,148 1,203 Redeemable preferred stock 598 641 Total at December 31, 2020 $ 68,123 $ 76,353
Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities	The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the years ended December 31, 2020, 2019 and 2018: Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Year Ended December 31, 2020 2019 2018 (in millions) Proceeds from sales $ 12,670 $ 8,702 $ 7,136 Gross gains on sales $ 854 $ 229 $ 145 Gross losses on sales $ (34) $ (28) $ (103) Credit losses (1) $ (13) $ — $ (37) ______________
AFS Fixed Maturities - Credit Loss Impairments	The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts. AFS Fixed Maturities - Credit Loss Impairments Year Ended December 31, 2020 2019 (in millions) Balance, beginning of period $ 15 $ 46 Previously recognized impairments on securities that matured, paid, prepaid or sold — (31) Recognized impairments on securities impaired to fair value this period (1) — — Credit losses recognized this period on securities for which credit losses were not previously recognized 6 — Additional credit losses this period on securities previously impaired 7 — Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — Balance, end of period $ 28 $ 15 ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities	The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI. Net Unrealized Gains (Losses) on AFS Fixed Maturities Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 5,953 — — — 5,953 Reclassification adjustment: — Included in net income (loss) (802) — — — (802) Excluded from net income (loss) — — — — — Impact of net unrealized investment gains (losses) — 360 (1,623) (818) (2,081) Net unrealized investment gains (losses) excluding credit losses 8,235 (466) (1,815) (1,251) 4,703 Net unrealized investment gains (losses) with credit losses (5) — 1 1 (3) Balance, December 31, 2020 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Balance, January 1, 2019 $ (577) $ 37 $ (69) $ 125 $ (484) Net investment gains (losses) arising during the period 3,872 — — — 3,872 Reclassification adjustment: Included in net income (loss) (211) — — — (211) Excluded from net income (loss) — — — — — Impact of net unrealized investment gains (losses) — (863) (123) (558) (1,544) Net unrealized investment gains (losses) excluding credit losses 3,084 (826) (192) (433) 1,633 Net unrealized investment gains (losses) with credit losses (1) — — — — — Balance, December 31, 2019 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 ______________ (1) Credit losses for 2019 were OTTI losses.
Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities	The following tables disclose the fair values and gross unrealized losses of the 537 issues as of December 31, 2020 and the 390 issues as of December 31, 2019 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) December 31, 2020: Fixed Maturities: Corporate $ 2,773 $ 52 $ 332 $ 32 $ 3,105 $ 84 U.S. Treasury, government and agency 881 5 — — 881 5 Foreign governments 153 2 20 4 173 6 Asset-backed 809 4 76 1 885 5 Redeemable preferred stock 53 1 11 2 64 3 Total at December 31, 2020 $ 4,669 $ 64 $ 439 $ 39 $ 5,108 $ 103 December 31, 2019: (1) Fixed Maturities: Corporate $ 2,669 $ 41 $ 366 $ 20 $ 3,035 $ 61 U.S. Treasury, government and agency 4,245 305 2 — 4,247 305 States and political subdivisions 123 3 — — 123 3 Foreign governments 11 — 47 5 58 5 Asset-backed 319 — 201 2 520 2 Redeemable preferred stock 29 — 49 5 78 5 Total at December 31, 2019 $ 7,396 $ 349 $ 665 $ 32 $ 8,061 $ 381 ______________ (1) Amounts represents fixed maturities in an unrealized loss position that are not deemed to be OTTI for 2019.
Financing Receivable, Allowance for Credit Loss	The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the year ended December 31, 2020 was as follows: Year Ended December 31, 2020 (in millions) Allowance for credit losses on mortgage loans (1): Commercial mortgages: Balance, beginning of period $ 33 Current-period provision for expected credit losses 44 Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance 44 Balance, end of period $ 77 Agricultural mortgages: Balance, beginning of period $ 3 Current-period provision for expected credit losses 1 Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance 1 Balance, end of period $ 4 Total allowance for credit losses $ 81 ____________ (1) See Note 2 for discussion of the allowance of credit losses transition balance, which is included in the Balance, beginning of period.
Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2020. LTV Ratios (1) December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ 324 $ 170 $ 505 $ 999 50% - 70% 1,294 357 803 656 2,190 1,697 6,997 70% - 90% 321 457 452 219 203 538 2,190 90% plus — — 12 5 — 288 305 Total commercial $ 1,615 $ 814 $ 1,267 $ 1,204 $ 2,563 $ 3,028 $ 10,491 Agricultural: 0% - 50% $ 218 $ 135 $ 169 $ 157 $ 236 $ 652 $ 1,567 50% - 70% 277 129 161 102 124 351 1,144 70% - 90% — — 3 — — 18 21 90% plus — — — — — — — Total agricultural $ 495 $ 264 $ 333 $ 259 $ 360 $ 1,021 $ 2,732 Total mortgage loans: 0% - 50% $ 218 $ 135 $ 169 $ 481 $ 406 $ 1,157 $ 2,566 50% - 70% 1,571 486 964 758 2,314 2,048 8,141 70% - 90% 321 457 455 219 203 556 2,211 90% plus — — 12 5 — 288 305 Total mortgage loans $ 2,110 $ 1,078 $ 1,600 $ 1,463 $ 2,923 $ 4,049 $ 13,223 Debt Service Coverage Ratios (2) December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 1,230 $ 492 $ 772 $ 268 $ 1,942 $ 1,230 $ 5,934 1.8x to 2.0x 227 83 118 378 184 329 1,319 1.5x to 1.8x 98 138 187 479 437 616 1,955 1.2x to 1.5x 60 57 154 79 — 658 1,008 1.0x to 1.2x — 44 — — — 123 167 Less than 1.0x — — 36 — — 72 108 Total commercial $ 1,615 $ 814 $ 1,267 $ 1,204 $ 2,563 $ 3,028 $ 10,491 Agricultural Greater than 2.0x $ 67 $ 26 $ 36 $ 38 $ 71 $ 167 $ 405 1.8x to 2.0x 38 35 14 15 20 82 204 1.5x to 1.8x 117 38 41 45 52 209 502 1.2x to 1.5x 183 120 141 90 142 313 989 1.0x to 1.2x 86 35 93 70 57 233 574 December 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Less than 1.0x 4 10 8 1 18 17 58 Total agricultural $ 495 $ 264 $ 333 $ 259 $ 360 $ 1,021 $ 2,732 Total mortgage loans Greater than 2.0x $ 1,297 $ 518 $ 808 $ 306 $ 2,013 $ 1,397 $ 6,339 1.8x to 2.0x 265 118 132 393 204 411 1,523 1.5x to 1.8x 215 176 228 524 489 825 2,457 1.2x to 1.5x 243 177 295 169 142 971 1,997 1.0x to 1.2x 86 79 93 70 57 356 741 Less than 1.0x 4 10 44 1 18 89 166 Total mortgage loans $ 2,110 $ 1,078 $ 1,600 $ 1,463 $ 2,923 $ 4,049 $ 13,223 _____________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. The following tables provide information relating to the LTV and DSC ratios for commercial and agricultural mortgage loans as of December 31, 2020 and 2019. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by LTV and DSC Ratios DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) December 31, 2020: Mortgage loans: Commercial: 0% - 50% $ 839 $ — $ 160 $ — $ — $ — $ 999 50% - 70% 4,095 870 1,452 555 25 — 6,997 70% - 90% 844 449 343 376 142 36 2,190 90% plus 156 — — 77 — 72 305 Total commercial $ 5,934 $ 1,319 $ 1,955 $ 1,008 $ 167 $ 108 $ 10,491 Agricultural: 0% - 50% $ 297 $ 108 $ 291 $ 520 $ 317 $ 34 $ 1,567 50% - 70% 108 94 211 450 257 24 1,144 70% - 90% — 2 — 19 — — 21 90% plus — — — — — — — Total agricultural $ 405 $ 204 $ 502 $ 989 $ 574 $ 58 $ 2,732 Total mortgage loans: 0% - 50% $ 1,136 $ 108 $ 451 $ 520 $ 317 $ 34 $ 2,566 50% - 70% 4,203 964 1,663 1,005 282 24 8,141 70% - 90% 844 451 343 395 142 36 2,211 90% plus 156 — — 77 — 72 305 DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) Total mortgage loans $ 6,339 $ 1,523 $ 2,457 $ 1,997 $ 741 $ 166 $ 13,223 December 31, 2019: Mortgage loans: Commercial: 0% - 50% $ 887 $ 38 $ 214 $ 24 $ — $ — $ 1,163 50% - 70% 4,097 1,195 1,118 795 242 — 7,447 70% - 90% 251 98 214 154 46 — 763 90% plus — — — — — — — Total commercial $ 5,235 $ 1,331 $ 1,546 $ 973 $ 288 $ — $ 9,373 Agricultural: 0% - 50% $ 322 $ 104 $ 241 $ 545 $ 321 $ 50 $ 1,583 50% - 70% 82 87 236 426 251 33 1,115 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 404 $ 191 $ 477 $ 990 $ 572 $ 83 $ 2,717 Total mortgage loans: 0% - 50% $ 1,209 $ 142 $ 455 $ 569 $ 321 $ 50 $ 2,746 50% - 70% 4,179 1,282 1,354 1,221 493 33 8,562 70% - 90% 251 98 214 173 46 — 782 90% plus — — — — — — — Total mortgage loans $ 5,639 $ 1,522 $ 2,023 $ 1,963 $ 860 $ 83 $ 12,090 ______________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis.
Age Analysis Of Past Due Mortgage Loans	The following table provides information relating to the aging analysis of past-due mortgage loans as of December 31, 2020 and 2019, respectively: Age Analysis of Past Due Mortgage Loans (1) Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) December 31, 2020: Mortgage loans: Commercial $ 162 $ — $ — $ 162 $ 10,329 $ 10,491 $ — $ 10,491 $ — $ — Agricultural 76 7 29 112 2,620 2,732 — 2,732 — — Total $ 238 $ 7 $ 29 $ 274 $ 12,949 $ 13,223 $ — $ 13,223 $ — $ — December 31, 2019: Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) Mortgage loans: Commercial $ — $ — $ — $ — $ 9,373 $ 9,373 $ — $ 9,373 $ — $ — Agricultural 57 1 66 124 2,593 2,717 — 2,717 — — Total $ 57 $ 1 $ 66 $ 124 $ 11,966 $ 12,090 $ — $ 12,090 $ — $ — _______________ (1) Amounts presented at amortized cost basis.
Net Investment Income (Loss) from Trading Securities	The table below shows a breakdown of net investment income (loss) from trading securities during the years ended December 31, 2020, 2019 and 2018: Net Investment Income (Loss) from Trading Securities Year Ended December 31, 2020 2019 2018 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 96 $ 422 $ (174) Net investment gains (losses) recognized on securities sold during the period 10 7 (24) Unrealized and realized gains (losses) on trading securities 106 429 (198) Interest and dividend income from trading securities 206 283 326 Net investment income (loss) from trading securities $ 312 $ 712 $ 128
Investment Income	The following table breaks out net investment income (loss) by asset category: Year Ended December 31, 2020 2019 2018 (in millions) Fixed maturities $ 2,193 $ 1,902 $ 1,540 Mortgage loans on real estate 516 540 494 Other equity investments 79 72 117 Policy loans 198 198 201 Trading securities 312 712 128 Other investment income 49 18 69 Gross investment income (loss) 3,347 3,442 2,549 Investment expenses (139) (144) (71) Net investment income (loss) $ 3,208 $ 3,298 $ 2,478
Investment Gains Losses Net Including Changes In Valuation Allowances and Credit Losses	Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Fixed maturities $ 801 $ 203 $ 6 Mortgage loans on real estate (45) (1) — Other equity investments 30 3 — Other 1 1 (2) Investment gains (losses), net $ 787 $ 206 $ 4

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments by Category	The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: Derivative Instruments by Category December 31, 2020 Year Ended December 31, 2020 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 4,267 $ — $ — $ (955) Swaps 22,404 6 — (3,353) Options 35,786 8,383 3,715 1,663 Interest rate contracts: Swaps 23,773 551 653 2,823 Futures 18,161 — — 1,745 Swaptions — — — 9 Credit contracts: Credit default swaps 919 8 1 — Other freestanding contracts: Foreign currency contracts 347 — — (2) Margin — 26 66 — Collateral — 212 3,835 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,859 — 472 GMxB derivative features liability (4) — — 10,936 (2,238) SCS, SIO, MSO and IUL indexed features (5) — — 4,378 (1,693) Total derivative instruments $ 105,657 $ 12,045 $ 23,584 Net derivative gains (losses) (6) $ (1,529) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in policyholders’ account balances in the consolidated balance sheets. (6) Investment fees of $12 million are reported in net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category December 31, 2019 Year Ended December 31, 2019 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 3,510 $ — $ — $ (1,294) Swaps 17,064 9 279 (2,405) Options 47,766 5,080 1,749 2,211 Interest rate contracts: Swaps 23,700 467 523 2,037 Futures 20,424 — — 139 Swaptions 3,201 16 — (35) Credit contracts: Credit default swaps 1,232 18 — 16 Other freestanding contracts: Foreign currency contracts 501 3 — (9) Margin — 140 — — Collateral — 72 3,001 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,466 — 500 GMxB derivative features liability (4) — — 8,316 (2,439) SCS, SIO, MSO and IUL indexed features (5) — — 3,150 (2,552) Total derivative instruments $ 117,398 $ 8,271 $ 17,018 Net derivative gains (losses) $ (3,831) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in policyholders’ account balances in the consolidated balance sheets.
Offsetting Financial Assets and Liabilities and Derivative Instruments	The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of December 31, 2020 and 2019: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 2020 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 9,186 $ 8,206 $ 980 $ (53) $ 927 Other financial assets 1,403 — 1,403 — 1,403 Other invested assets $ 10,589 $ 8,206 $ 2,383 $ (53) $ 2,330 Liabilities: Derivative liabilities $ 8,218 $ 8,206 $ 12 $ — $ 12 Other financial liabilities 1,568 — 1,568 — 1,568 Other liabilities $ 9,786 $ 8,206 $ 1,580 $ — $ 1,580 ______________ (1) Financial instruments sent (held). The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of December 31, 2019. Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 2019 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,804 $ 5,429 $ 375 $ (77) $ 298 Other financial instruments 1,781 — 1,781 — 1,781 Other invested assets $ 7,585 $ 5,429 $ 2,156 $ (77) $ 2,079 Liabilities: Derivative liabilities $ 5,474 $ 5,429 $ 45 $ — $ 45 Other financial liabilities 1,724 — 1,724 — 1,724 Other liabilities $ 7,198 $ 5,429 $ 1,769 $ — $ 1,769 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK (Tables)

CLOSED BLOCK (Tables)	12 Months Ended
	Dec. 31, 2020
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: December 31, 2020 2019 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,201 $ 6,478 Policyholder dividend obligation 160 2 Other liabilities 39 38 Total Closed Block liabilities 6,400 6,518 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,359 and $3,558) (allowance for credit losses of $0 at December 31, 2020) 3,718 3,754 Mortgage loans on real estate (net of allowance for credit losses of $6 at December 31, 2020) 1,773 1,759 Policy loans 648 706 Cash and other invested assets 28 82 Other assets 169 145 Total assets designated to the Closed Block 6,336 6,446 Excess of Closed Block liabilities over assets designated to the Closed Block 64 72 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $160 and $2; and net of income tax: $(42) and $(41) 167 164 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 231 $ 236
Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Revenues: Premiums and other income $ 157 $ 182 $ 194 Net investment income (loss) 251 278 291 Investment gains (losses), net — (1) (3) Total revenues 408 459 482 Benefits and Other Deductions: Policyholders’ benefits and dividends 399 439 471 Other operating costs and expenses 1 2 3 Total benefits and other deductions 400 441 474 Net income (loss), before income taxes 8 18 8 Income tax (expense) benefit (2) (2) (3) Net income (loss) $ 6 $ 16 $ 5
Closed Block Dividend Obligation	A reconciliation of the Company’s policyholder dividend obligation follows: December 31, 2020 2019 2018 (in millions) Balance, beginning of year $ 2 $ — $ 19 Unrealized investment gains (losses) 158 2 (19) Balance, end of year $ 160 $ 2 $ —

DAC AND POLICYHOLDER BONUS IN_2

DAC AND POLICYHOLDER BONUS INTEREST CREDITS (Tables)	12 Months Ended
	Dec. 31, 2020
Contract holder Bonus Interest Credits [Abstract]
Deferred Policy Acquisition Costs	Changes in the DAC asset for the years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of year (1) $ 4,225 $ 4,959 $ 4,443 Capitalization of commissions, sales and issue expenses 564 646 591 Amortization: Impact of assumptions updates and model changes (866) 77 165 All other (467) (597) (616) Total amortization (1,333) (520) (451) Change in unrealized investment gains and losses 360 (863) 376 Balance, end of year $ 3,816 $ 4,222 $ 4,959 _______________ (1) December 31, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL.
Schedule of Changes of Deferred Assets for Policyholder Bonus Credits and Deferred Acquisition Costs	The deferred asset for policyholder bonus interest credits is reported in other assets in the consolidated balance sheets and changes in the deferred asset for policyholder bonus Interest credits are reported in interest credited to policyholders’ account balances. For the years ended December 31, 2020, 2019 and 2018 changes were as follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of year $ 431 $ 448 $ 472 Amortization charged to income (26) (17) (24) Balance, end of year $ 405 $ 431 $ 448

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 51,415 $ 1,687 $ 53,102 U.S. Treasury, government and agency — 15,943 — 15,943 States and political subdivisions — 535 39 574 Foreign governments — 1,103 — 1,103 Residential mortgage-backed (2) — 131 — 131 Asset-backed (3) — 3,636 20 3,656 Commercial mortgage-backed — 1,203 — 1,203 Redeemable preferred stock 402 239 — 641 Total fixed maturities, AFS 402 74,205 1,746 76,353 Other equity investments 13 — 2 15 Trading securities 285 5,055 — 5,340 Other invested assets: Short-term investments — 82 1 83 Assets of consolidated VIEs/VOEs — — 12 12 Swaps — (96) — (96) Credit default swaps — 7 — 7 Options — 4,668 — 4,668 Total other invested assets — 4,661 13 4,674 Cash equivalents 1,183 287 — 1,470 GMIB reinsurance contracts asset — — 2,859 2,859 Separate Accounts assets (4) 130,106 2,668 1 132,775 Total Assets $ 131,989 $ 86,876 $ 4,621 $ 223,486 Liabilities: GMxB derivative features’ liability $ — $ — $ 10,936 $ 10,936 SCS, SIO, MSO and IUL indexed features’ liability — 4,378 — 4,378 Total Liabilities $ — $ 4,378 $ 10,936 $ 15,314 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2020 the fair value of such investments was $356 million. Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,218 $ 1,246 $ 44,464 U.S. Treasury, government and agency — 15,231 — 15,231 States and political subdivisions — 610 39 649 Foreign governments — 490 — 490 Residential mortgage-backed (2) — 173 — 173 Asset-backed (3) — 744 100 844 Redeemable preferred stock 237 274 — 511 Total fixed maturities, AFS 237 60,740 1,385 62,362 Other equity investments 13 — — 13 Trading securities 321 6,277 — 6,598 Other invested assets: Short-term investments — 468 — 468 Assets of consolidated VIEs/VOEs — — 16 16 Swaps — (326) — (326) Credit default swaps — 18 — 18 Options — 3,331 — 3,331 Total other invested assets — 3,491 16 3,507 Cash equivalents 1,155 — — 1,155 GMIB reinsurance contracts asset — — 2,466 2,466 Separate Accounts assets (4) 121,184 2,878 — 124,062 Total Assets $ 122,910 $ 73,386 $ 3,867 $ 200,163 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,316 $ 8,316 SCS, SIO, MSO and IUL indexed features’ liability — 3,150 — 3,150 Total Liabilities $ — $ 3,150 $ 8,316 $ 11,466 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.
Reconciliation of Assets and Liabilities at Level 3	The tables below present reconciliations for all Level 3 assets and liabilities for the years ended December 31, 2020, 2019 and 2018, respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2020 $ 1,246 $ 39 $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — Investment gains (losses), net (16) — — Subtotal (12) — — Other comprehensive income (loss) (17) 2 — Purchases 513 — 20 Sales (224) (2) — Transfers into Level 3 (1) 184 — — Transfers out of Level 3 (1) (3) — (100) Balance, December 31, 2020 $ 1,687 $ 39 $ 20 Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2019 $ 1,174 $ 38 $ 519 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — Investment gains (losses), net — — — Subtotal 4 — — Other comprehensive income (loss) 5 3 1 Purchases 273 — 100 Sales (120) (2) (84) Transfers into Level 3 (1) 14 — — Transfers out of Level 3 (1) (104) — (436) Balance, December 31, 2019 $ 1,246 $ 39 $ 100 Balance, January 1, 2018 $ 1,139 $ 40 $ 8 Total gains (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 7 — (2) Investment gains (losses), net (8) — — Subtotal (1) — (2) Other comprehensive income (loss) (20) (1) (7) Purchases 322 — 550 Sales (321) (1) (30) Transfers into Level 3 (1) 83 — — Transfers out of Level 3 (1) (28) — — Balance, December 31, 2018 $ 1,174 $ 38 $ 519 ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Other Equity Investments GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2020 $ 16 $ 2,466 $ — $ (8,316) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) (1) — 472 — (2,238) Total realized and unrealized gains (losses) — 472 — (2,238) Purchases (2) 3 45 1 (441) Sales (3) — (79) — 59 Settlements — — — — Change in estimate (4) — (45) — — Activity related to consolidated VIEs/VOEs (4) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, December 31, 2020 $ 15 $ 2,859 $ 1 $ (10,936) Balance, January 1, 2019 $ 48 $ 1,993 $ 21 $ (5,491) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) — 500 — (2,439) Total realized and unrealized gains (losses) — 500 — (2,439) Purchases (2) — 45 (417) Sales (3) — (72) (1) 31 Settlements — — (2) — Activity related to consolidated VIEs/VOEs (3) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) (29) — (18) — Balance, December 31, 2019 $ 16 $ 2,466 $ — $ (8,316) Balance, January 1, 2018 $ 25 $ 10,495 $ 22 $ (4,297) Realized and unrealized gains (losses), included in net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) — (8,536) — (805) Total realized and unrealized gains (losses) — (8,536) — (805) Purchases (2) 29 96 5 (402) Sales (3) — (61) (1) 14 Settlements — — (5) — Activity related to consolidated VIEs/VOEs (6) — — — Transfers into Level 3 (4) 5 — — — Transfers out of Level 3 (4) (5) — — — Balance, December 31, 2018 $ 48 $ 1,993 $ 21 $ (5,491) ______________ (1) The Company’s non-performance risk impact of $(758) million for GMxB Derivative Features Liability and $14 million for the GMIB Reinsurance Contract Asset the twelve months ended December 2020, respectively, is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GMxB derivative features liability, represents benefits paid. (4) For the GMIB reinsurance contract asset, represents a transfer from amounts due from reinsurers. (5) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018 by category for Level 3 assets and liabilities still held as of December 31, 2020, 2019, and 2018, respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at December 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (18) State and political subdivisions — 2 Total fixed maturities, AFS — (16) GMIB reinsurance contracts 472 — GMxB derivative features liability (2,238) — Total $ (1,766) $ (16) Held at December 31, 2019: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 3 State and political subdivisions — 3 Asset-backed — — Total fixed maturities, AFS — 6 GMIB reinsurance contracts 500 — Separate Account assets — — GMxB derivative features liability (2,439) — Total $ (1,939) $ 6 Held at December 31, 2018: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (18) State and political subdivisions — (1) Commercial mortgage-backed — — Asset-backed — (7) Subtotal — (26) GMIB reinsurance contracts (8,536) — GMxB derivative features liability (805) — Total $ (9,341) $ (26)
Quantitative Information About Level 3 Fair Value Measurement	The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2020 and 2019, respectively. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2020 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 28 Matrix pricing Spread over Benchmark 45 - 195 bps 152 bps 1,148 Market EBITDA multiples Other equity investments 2 Market comparable companies Revenue multiple 9.7x - 26.4x 18.5x GMIB reinsurance contract asset 2,859 Discounted cash flow Non-performance risk 43 - 85 bps 50 bps Liabilities: GMIBNLG 10,713 Discounted cash flow Non-performance risk 96.0 bps GWBL/GMWB 190 Discounted cash flow Non-performance risk 96.0 bps GIB 31 Discounted cash flow Non-performance risk 96.0 bps GMAB 2 Discounted cash flow Non-performance risk 96.0 bps ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2) For lapses, withdrawals, and utilizations the rates were weighted by counts, for mortality weighted average rates are shown for all ages combined and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 51 Matrix pricing model Spread over benchmark 65 - 580 bps 186 bps 1,025 Market comparable companies EBITDA multiples 3.3x - 56.7x 14.3x GMIB reinsurance contract asset 2,466 Discounted cash flow Non-performance risk 55 - 109 bps Liabilities: GMIBNLG 8,135 Discounted cash flow Non-performance risk 124 bps GWBL/GMWB 172 Discounted cash flow Non-performance risk 124 bps GIB 5 Discounted cash flow Non-performance risk 124 bps GMAB 4 Discounted cash flow Lapse rates 1.0% - 10.0% ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
Fair Value Disclosure Financial Instruments Not Carried At Fair Value	The carrying values and fair values as of December 31, 2020 and 2019 for financial instruments not otherwise disclosed in Note 3 and Note 4 are presented in the table below. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) December 31, 2020: Mortgage loans on real estate $ 13,142 $ — $ — $ 13,474 $ 13,474 Policy loans $ 3,635 $ — $ — $ 4,794 $ 4,794 Loans to affiliates $ 900 $ — $ 938 $ — $ 938 Policyholders’ liabilities: Investment contracts $ 2,069 $ — $ — $ 2,275 $ 2,275 FHLB funding agreements $ 6,897 $ — $ 6,990 $ — $ 6,990 FABN funding agreements $ 1,939 $ — $ 1,971 $ — $ 1,971 Separate Accounts liabilities $ 10,081 $ — $ — $ 10,081 $ 10,081 December 31, 2019: Mortgage loans on real estate $ 12,090 $ — $ — $ 12,317 $ 12,317 Policy loans $ 3,270 $ — $ — $ 4,199 $ 4,199 Loans to affiliates $ 1,200 $ — $ 1,224 $ — $ 1,224 Policyholders’ liabilities: Investment contracts $ 1,922 $ — $ — $ 2,029 $ 2,029 FHLB funding agreements $ 6,909 $ — $ 6,957 $ — $ 6,957 Separate Accounts liabilities $ 9,041 $ — $ — $ 9,041 $ 9,041

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
GMDB and GMIB Liabilities and Other Policyholder's Liabilities	Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature Year Ended December 31, 2020, 2019 and 2018 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2018 $ 4,056 $ (102) $ 4,765 $ (10,495) Paid guarantee benefits (394) 70 (153) 61 Other changes in reserve 995 (75) (868) 8,441 Balance, December 31, 2018 4,657 (107) 3,744 (1,993) Paid guarantee benefits (438) 14 (256) 72 Other changes in reserve 556 (6) 1,183 (545) Balance, December 31, 2019 4,775 (99) 4,671 (2,466) Paid guarantee benefits (495) 15 (293) 79 Other changes in reserve 813 — 1,647 (472) Balance, December 31, 2020 $ 5,093 $ (84) $ 6,025 $ (2,859)
Variable Annuity Contracts with GMDB and GMIB Features	Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2020 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive. Direct Variable Annuity Contracts with GMDB and GMIB Features as of December 31, 2020 Guarantee Type Return of Premium Ratchet Roll-Up Combo Total (in millions, except age and interest rate) Variable annuity contracts with GMDB features Account Values invested in: General Account $ 15,434 $ 88 $ 54 $ 167 $ 15,743 Separate Accounts 53,877 9,550 3,299 33,794 100,520 Total Account Values $ 69,311 $ 9,638 $ 3,353 $ 33,961 $ 116,263 NAR, gross $ 97 $ 33 $ 1,604 $ 17,047 $ 18,781 NAR, net of amounts reinsured $ 97 $ 31 $ 1,125 $ 17,047 $ 18,300 Average attained age of policyholders (in years) 51.3 68.3 74.9 70.2 55.3 Percentage of policyholders over age 70 11.2 % 48.4 % 70.3 % 54.2 % 20.2 % Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 16 $ 217 $ 233 Separate Accounts — — 24,956 36,230 61,186 Total Account Values $ — $ — $ 24,972 $ 36,447 $ 61,419 NAR, gross $ — $ — $ 877 $ 11,219 $ 12,096 NAR, net of amounts reinsured $ — $ — $ 281 $ 10,189 $ 10,470 Average attained age of policyholders (in years) N/A N/A 64.2 70.2 68.0 Weighted average years remaining until annuitization N/A N/A 5.6 0.6 2.5 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5%
Investment in Variable Insurance Trust Mutual Funds	The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Variable Insurance Trust Mutual Funds December 31, 2020 2019 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 46,850 $ 18,771 $ 42,489 $ 17,941 Fixed income 5,506 2,701 5,263 2,699 Balanced 47,053 39,439 45,871 38,445 Other 1,111 275 865 263 Total $ 100,520 $ 61,186 $ 94,488 $ 59,348
No Lapse Guarantee Liabilities	The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below. Direct Liability Reinsurance Ceded Net (in millions) Balance, January 1, 2018 $ 678 $ (664) $ 14 Paid guarantee benefits (23) — (23) Other changes in reserves 133 (70) 63 Balance, December 31, 2018 788 (734) 54 Paid guarantee benefits (20) — (20) Other changes in reserves 126 (74) 52 Balance, December 31, 2019 894 (808) 86 Paid guarantee benefits (40) — (40) Other changes in reserves 162 (75) 87 Balance, December 31, 2020 $ 1,016 $ (883) $ 133

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Assets and Liabilities, Leases	Balance Sheet Classification of Operating Lease Assets and Liabilities December 31, Balance Sheet Line Item 2020 2019 (in millions) Assets Operating lease assets Other assets $ 272 $ 324 Liabilities Operating lease liabilities Other liabilities $ 350 $ 415
Lease, Cost	The table below summarizes the components of lease costs for the years ended December 31, 2020 and 2019. Lease Costs Year Ended December 31, 2020 2019 (in millions) Operating lease cost $ 77 $ 77 Variable operating lease cost 11 10 Sublease income (18) (16) Short-term lease expense — 2 Net lease cost $ 70 $ 72 The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate. Weighted Averages - Remaining Operating Lease Term and Discount Rate December 31, 2020 2019 Weighted-average remaining operating lease term 5 years 6 years Weighted-average discount rate for operating leases 3.00 % 3.10 % Supplemental cash flow information related to leases was as follows: Lease Liabilities Information Year Ended December 31, 2020 2019 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 94 $ 87 Non-cash transactions: Leased assets obtained in exchange for new operating lease liabilities $ 20 $ 50
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2020 are as follows: Maturities of Lease Liabilities December 31, 2020 (in millions) Operating Leases: 2021 $ 96 2022 95 2023 85 2024 26 2025 29 Thereafter 195 Total lease payments 526 Less: Interest (176) Present value of lease liabilities $ 350

REINSURANCE (Tables)

REINSURANCE (Tables)	12 Months Ended
	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Schedule Of Effect Of Reinsurance	The following table summarizes the effect of reinsurance: Year Ended December 31, 2020 2019 2018 (in millions) Direct premiums $ 764 $ 868 $ 836 Reinsurance assumed 195 194 186 Reinsurance ceded (153) (126) (160) Premiums $ 806 $ 936 $ 862 Direct charges and fee income $ 2,684 $ 2,721 $ 3,981 Reinsurance ceded 780 766 (466) Policy charges and fee income $ 3,464 $ 3,487 $ 3,515 Direct policyholders’ benefits $ 5,233 $ 4,298 $ 2,804 Reinsurance assumed 218 217 219 Reinsurance ceded (500) (427) (63) Policyholders’ benefits $ 4,951 $ 4,088 $ 2,960

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The assets received and the assets removed were as follows: As of April 12, 2018 (in millions) Assets Received Assets Removed Assets at fair value: Fixed income securities $ 7,083 Short-term investments 205 Money market funds 2 Accrued interest 43 Derivatives 282 Cash and cash equivalents 1,273 Total $ 8,888 Deferred cost of reinsurance asset $ 1,839 GMDB ceded reserves 2,317 GMIB reinsurance contract asset 7,463 Payable to AXA RE Arizona 270 Total $ 11,889 The table below summarizes the expenses reimbursed to/from the Company and the fees received/paid by the Company in connection with certain services described above for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2019 2018 (in millions) Revenue received or accrued for: General services provided to affiliates (1) 460 463 Total $ 460 $ 463 Expenses paid or accrued for: General services provided by affiliates (1) 76 109 Investment management services provided by AXA IM, AXA REIM and AXA Rosenberg 5 2 Total $ 81 $ 111 ____________ (1) Includes AXA Affiliates and affiliates of Holdings. The table below summarizes the fees received/paid by the Company and the expenses reimbursed to/from the Company in connection with certain services described above for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 (in millions) Revenue received or accrued for: Investment management and administrative services provided to EQAT, EQ Premier VIP Trust, 1290 Funds and Other AXA Trusts $ 724 $ 669 $ 727 Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products 38 39 44 Total $ 762 $ 708 $ 771 Expenses paid or accrued for: Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network $ 625 $ 573 $ 613 Total $ 625 $ 573 $ 613

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Schedule of Net Funded Status	The following table presents the funded status of the plan: December 31, 2020 2019 (in millions) Equitable Retirement Plan Total plan assets $ 2,341 $ 2,159 Accumulated benefit obligation $ 2,239 $ 2,160 Funded status 104.5 % 99.9 %

SHARE-BASED COMPENSATION PROG_2

SHARE-BASED COMPENSATION PROGRAMS (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule Of Compensation Costs	Compensation costs for years ended December 31, 2020, 2019 and 2018 for share-based payment arrangements as further described herein are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Performance Shares $ 13 $ 10 $ 12 Stock Options 5 3 2 Restricted Stock Unit Awards 18 15 16 Total Compensation Expenses $ 36 $ 28 $ 30 Income Tax Benefit 7 10 8
Summary Of Stock Option Activity	A summary of activity in the AXA and Holdings option plans during 2020 follows: Options Outstanding EQH Shares AXA Ordinary Shares Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2020 1,931 $ 19.73 1,725 € 20.09 Options granted 1,235 $ 23.18 3 € 12.22 Options exercised (80) $ 19.76 (282) € 14.59 Options forfeited, net (267) $ 20.98 (29) € 18.78 Options expired — $ — — € — Options Outstanding at December 31, 2020 2,819 $ 21.12 1,417 € 21.20 Aggregate intrinsic value (1) $ 10,316 € (2,153) Weighted average remaining contractual term (in years) 8.37 4.9 Options Exercisable at December 31, 2020 748 $ — 1,254 € 21.02 Aggregate intrinsic value (1) $ 3,432 € (1,677) Weighted average remaining contractual term (in years) 7.73 4.74 ____________
Schedule Of Share-based Payment Award, Valuation Assumptions	EQH Shares (1) 2020 2019 2018 Dividend yield 2.59% 2.77% 2.44% Expected volatility 26.00% 25.70% 25.40% Risk-free interest rates 1.19% 2.49% 2.83% Expected life in years 6.0 5.8 9.7 Weighted average fair value per option at grant date $ 4.37 $ 3.82 $ 4.61 ____________ (1) The expected volatility is based on historical selected peer data, the weighted average expected term is determined by using the simplified method due to lack of sufficient historical data, the expected dividend yield based on Holdings’ expected annualized dividend, and the risk-free interest rate is based on the U.S. Treasury bond yield for the appropriate expected term.
Schedule Of Share-based Compensation, Restricted Stock Units Award Activity	The following table summarizes Holdings restricted share units and AXA ordinary share unit activity for 2020. Shares of Holdings Restricted Stock Weighted Average Grant Date Shares of AXA Restricted Stock Weighted Average Grant Date Fair Value Unvested as of January 1, 2020 1,805,301 $ 19.35 19,280 $ 19.20 Granted 994,290 $ 22.85 — $ — Forfeited (117,353) $ 20.36 — $ — Vested (629,202) $ 19.81 (19,280) $ 19.20 Unvested as of December 31, 2020 2,053,036 $ 21.15 — $ —
Schedule Of Share-based Compensation, Performance Award Activity	The following table summarizes Holdings and AXA performance awards activity for 2020. Shares of Holdings Performance Awards Weighted-Average Grant Date Shares of AXA Performance Awards Weighted-Average Grant Date Unvested as of January 1, 2020 383,641 $ 21.05 2,154,059 $ 20.08 Granted 225,674 $ 23.92 — $ — Forfeited (51,860) $ 21.97 (62,493) $ 20.74 Vested — (1,074,313) $ 18.91 Unvested as of December 31, 2020 557,455 $ 22.12 1,017,254 $ 21.28

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary Of Income Tax Expense (benefit)	A summary of the income tax (expense) benefit in the consolidated statements of income (loss) follows: Year Ended December 31, 2020 2019 2018 (in millions) Income tax (expense) benefit: Current (expense) benefit $ (112) $ 295 $ 234 Deferred (expense) benefit 739 284 222 Total $ 627 $ 579 $ 456
Schedule Of Effective Income Tax Rate Reconciliation	The sources of the difference and their tax effects are as follows: Year Ended December 31, 2020 2019 2018 (in millions) Expected income tax (expense) benefit $ 291 $ 517 $ 309 Non-taxable investment income 91 73 104 Tax audit interest (8) (14) (11) Tax settlements/uncertain tax position release 231 — 12 Tax credits 21 — — Change in tax law — — 46 Other 1 3 (4) Income tax (expense) benefit $ 627 $ 579 $ 456
Schedule Of Net Deferred Income Taxes	The components of the net deferred income taxes are as follows: December 31, 2020 2019 Assets Liabilities Assets Liabilities (in millions) Compensation and related benefits $ 58 $ — $ 51 $ — Net operating loss and credits — — 44 — Reserves and reinsurance 1,483 — 945 — DAC — 606 — 692 Unrealized investment gains (losses) — 1,668 — 639 Investments 1,071 — 640 — Other — 111 — 73 Total $ 2,612 $ 2,385 $ 1,680 $ 1,404
Unrecognized Tax Benefits Reconciliation	A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance at January 1, $ 297 $ 273 $ 205 Additions for tax positions of prior years 229 24 98 Reductions for tax positions of prior years (250) — (30) Additions for tax positions of current year — — — Settlements with tax authorities 5 — — Balance at December 31, $ 281 $ 297 $ 273 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 47 $ 222 $ 202

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2020, 2019, and 2018 follow: December 31, 2020 2019 2018 (in millions) Unrealized gains (losses) on investments (1) $ 4,600 $ 1,601 $ (494) Defined benefit pension plans (2) (5) (5) (7) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ 4,595 $ 1,596 $ (501) _____________ (1) 2018 includes a $86 million decrease to AOCI from the impact of adoption of ASU 2018-02. (2) 2018 includes a $3 million increase to AOCI from the impact of adoption of ASU 2018-02.
Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes for the years ended December 31, 2020, 2019 and 2018, follow: Year Ended December 31, 2020 2019 2018 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ 4,698 $ 3,052 $ (1,663) (Gains) losses reclassified into net income (loss) during the period (1) (633) (160) (4) Net unrealized gains (losses) on investments 4,065 2,892 (1,667) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (1,066) (797) 446 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $798, $547, and $310) 2,999 2,095 (1,221) Change in defined benefit plans: Reclassification to net income (loss) of amortization of net prior service credit included in net periodic cost — 2 (4) Change in defined benefit plans, (net of deferred income tax expense (benefit) of $0, $0 and $0 (2)) — 2 (4) Other comprehensive income (loss), attributable to Equitable Financial $ 2,999 $ 2,097 $ (1,225) ____________ (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(168) million, $(42) million, and $(1) million for the years ended December 31, 2020, 2019 and 2018, respectively. (2) These AOCI components are included in the computation of net periodic costs (see “Employee Benefit Plans” in Note 13).

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Activity of Funding Agreements	Change in FHLB Funding Agreements during the Year Ended December 31, 2020 Outstanding Balance at December 31, 2019 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Outstanding Balance at December 31, 2020 (in millions) Short-term funding agreements: Due in one year or less $ 4,608 $ 46,798 $ 46,808 $ 1,036 $ — $ 5,634 Long-term funding agreements: Due in years two through five 1,646 — — (1,036) 112 722 Due in more than five years 646 — — — (112) 534 Total long-term funding agreements 2,292 — — (1,036) — 1,256 Total funding agreements (1) $ 6,900 $ 46,798 $ 46,808 $ — $ — $ 6,890 ____________ (1) The $7 million and $9 million difference between the funding agreements carrying value shown in the fair value table for December 31, 2020 and 2019, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates. Change in FABN Funding Agreements during the Year Ended December 31, 2020 Outstanding Balance at December 31, 2019 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Outstanding Balance at December 31, 2020 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ — $ — $ — Long-term funding agreements: Due in years two through five — 1,150 — — — 1,150 Due in more than five years — 800 — — — 800 Total long-term funding agreements — 1,950 — — — 1,950 Total funding agreements (1) $ — $ 1,950 $ — $ — $ — $ 1,950 _____________

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The table below presents AB’s revenues recognized in 2018, disaggregated by category: Year Ended December 31, 2018 (in millions) Investment management, advisory and service fees: Base fees $ 2,156 Performance-based fees 118 Research services 439 Distribution services 419 Other revenues: Shareholder services 76 Other 35 Total investment management and service fees $ 3,243 The following table presents the amounts related to the net income (loss) of AB that has been reflected in discontinued operations: Year Ended December 31, 2018 (in millions) REVENUES Net derivative gains (losses) $ 12 Net investment income (loss) 24 Investment management and service fees 3,243 Other income — Total revenues $ 3,279 BENEFITS AND OTHER DEDUCTIONS Compensation and benefits $ 1,370 Commissions and distribution related payments 427 Interest expense 8 Other operating costs and expenses 727 Total benefits and other deductions 2,532 Income (loss) from discontinued operations, before income taxes 747 Income tax (expense) benefit (69) Net income (loss) from discontinued operations, net of taxes 678 Less: Net (income) loss attributable to the noncontrolling interest (564) Net income (loss) from discontinued operations, net of taxes and noncontrolling interest $ 114

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Year Ended December 31, 2020 2019 2018 (in millions) Balance, beginning of period $ 39 $ 39 $ 25 Net earnings (loss) attributable to redeemable noncontrolling interests 1 5 (2) Purchase/change of redeemable noncontrolling interests 1 (5) 16 Balance, end of period $ 41 $ 39 $ 39

REVENUES FROM EXTERNAL CUSTOM_2

REVENUES FROM EXTERNAL CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues Disaggregated by Product	Revenue from external customers, by product, is shown in the table that follows: Year Ended December 31, 2020 2019 2018 (in millions) Individual Variable Annuity Products Premiums $ 165 $ 179 $ 171 Fees (1) 2,555 2,615 2,631 Others 8 16 19 Total $ 2,728 $ 2,810 $ 2,821 Employer- Sponsored Premiums $ — $ — $ — Fees 500 477 459 Others 4 4 5 Total $ 504 $ 481 $ 464 Life Insurance Products Premiums $ 587 $ 702 $ 657 Fees 1,421 1,440 1,458 Others 23 21 32 Total $ 2,031 $ 2,163 $ 2,147 Employee Benefit Products Premiums $ 36 $ 35 $ 12 Fees — — — Others 15 13 6 Total $ 51 $ 48 $ 18 Other Premiums $ 18 $ 20 $ 22 Fees 13 12 15 Others 7 2 2 Total $ 38 $ 34 $ 39 ______________ (1) Excludes the amortization/capitalization of unearned revenue liability of $(14) million, $(35) million and $(19) million for the years ended December 31, 2020 , 2019 and 2018, respectively.

REVISION OF PRIOR PERIOD FINA_2

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Financial Information Affected by Revisions and Change in Accounting Principle	The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. December 31, 2019 As Previously Impact of Revisions As Revised (in millions) Consolidated Balance Sheets: ASSETS Investments: Deferred policy acquisition costs $ 4,337 $ (115) $ 4,222 Amounts due from reinsurers 3,001 1 3,002 GMIB reinsurance contract asset, at fair value 2,466 — 2,466 Current and deferred income taxes 224 25 249 Other assets 3,050 — 3,050 Total Assets $ 228,041 $ (89) $ 227,952 LIABILITIES Future policy benefits and other policyholders’ liabilities 33,976 3 33,979 Other liabilities 1,768 1 1,769 Total Liabilities $ 216,344 $ 4 $ 216,348 EQUITY Retained earnings 2,242 (97) 2,145 Accumulated other comprehensive income (loss) 1,592 4 1,596 Total equity attributable to Equitable Financial 11,645 (93) 11,552 Total Equity 11,658 (93) 11,565 Total Liabilities, Redeemable Noncontrolling interest and Equity $ 228,041 $ (89) $ 227,952 Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Income (Loss) REVENUES Policy charges and fee income $ 3,450 $ 37 $ 3,487 $ 3,523 $ (8) $ 3,515 Net derivative gains (losses) (3,820) (11) (3,831) (1,010) (24) (1,034) Other income 56 — 56 65 (1) 64 Total revenues 5,148 26 5,174 6,951 (33) 6,918 BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits 4,119 (31) 4,088 3,005 (45) 2,960 Interest credited to policyholders’ account balances 1,127 22 1,149 1,002 (23) 979 Commissions 629 — 629 620 5 625 Amortization of deferred policy acquisition costs 452 68 520 431 20 451 Other operating costs and expenses 912 — 912 2,918 1 2,919 Total benefits and deductions 7,578 59 7,637 8,432 (42) 8,390 Income (loss) from continuing operations, before income taxes (2,430) (33) (2,463) (1,481) 9 (1,472) Income tax (expense) benefit from continuing operations 584 (5) 579 446 10 456 Net income (loss) (1,846) (38) (1,884) (921) 19 (902) Net income (loss) attributable to Equitable Financial $ (1,851) $ (38) $ (1,889) $ (918) $ 19 $ (899) Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Comprehensive Income (Loss) Net income (loss) $ (1,846) $ (38) $ (1,884) $ (921) $ 19 $ (902) Change in unrealized gains (losses), net of reclassification adjustment 2,081 14 2,095 (1,230) 9 (1,221) Other comprehensive income 2,083 14 2,097 (1,234) 9 (1,225) Comprehensive income (loss) 237 (24) 213 (2,155) 28 (2,127) Less: Comprehensive income (loss) attributable to noncontrolling interest — 5 5 — (3) (3) Comprehensive income (loss) attributable to Equitable Financial $ 237 $ (29) $ 208 $ (2,155) $ 31 $ (2,124) Year Ended December 31, 2019 Year Ended December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Equity: Retained earnings, beginning of year $ 5,098 $ (59) $ 5,039 $ 8,938 $ (78) $ 8,860 Net income (loss) attributable to Equitable Financial (1,851) (38) (1,889) (918) 19 (899) Retained earnings, end of year $ 2,242 $ (97) $ 2,145 $ 5,098 $ (59) $ 5,039 Accumulated other comprehensive income (loss), beginning of year $ (491) $ (10) $ (501) $ 598 $ (19) $ 579 Other comprehensive income (loss) 2,083 14 2,097 (1,234) 9 (1,225) Accumulated other comprehensive income (loss), end of year $ 1,592 $ 4 $ 1,596 $ (491) $ (10) $ (501) Total Equitable Financial equity, end of year $ 11,645 $ (93) $ 11,552 $ 12,416 $ (69) $ 12,347 Total equity, end of year $ 11,658 $ (93) $ 11,565 $ 12,428 $ (69) $ 12,359 December 31, 2019 December 31, 2018 As Previously Impact of Revisions As Revised As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Cash Flows: Cash flow from operating activities: Net income (loss) (1) $ (1,846) $ (38) $ (1,884) $ (358) $ 19 $ (339) Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: Policy charges and fee income (3,450) (37) (3,487) (3,523) 8 (3,515) Interest credited to policyholders' account balances 1,127 22 1,149 1,002 (23) 979 Net derivative (gains) losses 3,820 11 3,831 1,010 24 1,034 Amortization and depreciation 323 68 391 340 20 360 Capitalization of DAC (648) — (648) (597) 5 (592) Future policy benefits 1,115 (31) 1,084 (284) (46) (330) Current and deferred income taxes (334) 5 (329) (556) (7) (563) Net cash provided by (used in) operating activities $ (606) $ — $ (606) $ 1,418 $ — $ 1,418 Cash and cash equivalents, end of period $ 1,492 $ — $ 1,492 $ 2,622 $ — $ 2,622 _____________ (1) December 31, 2018 net income (loss) includes $563 million of discontinued operations that are not included in net income (loss) in the Consolidated Statement of Income (Loss).

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2020principalSubsidiary
Organization [Abstract]
Number of principal subsidiaries	2

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ 11,643		$ 11,565	$ 12,359	$ 19,395
Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ (795)		2,145	$ 5,039	$ 8,860
Accounting Standards Update 2016-13 | Cumulative effect of period of adoption, adjusted balance | Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		$ (40)	$ (36)

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Carrying value of COLI	$ 989	$ 942
Real estate held for the production of income | Minimum
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Real estate held for the production of income, useful lives	40 years
Real estate held for the production of income | Maximum
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Real estate held for the production of income, useful lives	50 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans on Real Estate (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ (11,643)		$ (11,565)	$ (12,359)	$ (19,395)
Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ 795		(2,145)	$ (5,039)	$ (8,860)
Accounting Standards Update 2016-13 | Cumulative effect of period of adoption, adjusted balance | Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		$ 40	$ 36

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Amortization Policy (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Average annual rate of return, gross	7.00%
Average annual rate of return, net	4.70%
Future annual rate of return, gross, maximum	15.00%
Future annual rate of return, net, maximum	12.70%
Future annual rate of return, gross, minimum	0.00%
Future annual rate of return, net, minimum	2.30%
Future annual rate of return assumption duration maximum	5 years
Assumed average investment yield excluding policy loans, high end	4.60%
Assumed average investment yield excluding policy loans, low end	4.30%

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Policyholders' Account Balances and Future Policy Benefits and Various Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability For Future Policy Benefits Assumptions [Line Items]
Percentage of life insurance liabilities calculate within traditional life interest rate range	99.20%
Separate Accounts Disclosure [Abstract]
Gain (loss) recognized on assets transferred to separate account	$ 16,600	$ 22,900	$ (7,200)
Capitalized Computer Software and Hosting Arrangements [Abstract]
Computer software and hosting arrangements	130	126
Amortization of computer software and hosting arrangements	$ 47	$ 36	$ 35
Minimum | Life Insurance Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate	3.50%
Minimum | Annuity Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate	1.60%
Maximum | Life Insurance Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate	6.30%
Maximum | Annuity Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate	5.50%
Weighted Average | Life Insurance Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate	5.00%
Weighted Average | Annuity Liabilities
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate	4.80%
Computer Software, Intangible Asset | Minimum
Capitalized Computer Software and Hosting Arrangements [Abstract]
Intangible asset useful life	3 years
Computer Software, Intangible Asset | Maximum
Capitalized Computer Software and Hosting Arrangements [Abstract]
Intangible asset useful life	5 years

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) $ in Millions	Dec. 31, 2020USD ($)joint_venture	Dec. 31, 2019USD ($)joint_venture
Variable Interest Entity [Line Items]
Assets	$ 251,294	$ 227,952
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of consolidated real estate joint ventures | joint_venture	1	1
Assets		$ 32
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Assets	$ 165,800	160,200
Investment assets	1,300	1,100
Variable interest, maximum loss exposure	1,300	1,100
Unfunded commitments	$ 1,200	$ 1,100

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates and Model Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Accounting Estimate [Line Items]
Policy charges and fee income	$ 3,464	$ 3,487	$ 3,515
Policyholders’ benefits	4,951	4,088	2,960
Interest credited to policyholders’ account balances	1,118	1,149	979
Net derivative gains (losses)	(1,541)	(3,831)	(1,034)
Amortization of deferred policy acquisition costs, net	1,333	520	451
Income (loss) from operations, before income taxes	(1,386)	(2,463)	(1,472)
Net income (loss)	(759)	(1,884)	(902)
Long-term Lapses Partial Withdrawal Rates And Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Policy charges and fee income	(33)	(11)	(12)
Policyholders’ benefits	1,500	886	684
Interest credited to policyholders’ account balances	2	(14)
Net derivative gains (losses)	106	548	1,100
Amortization of deferred policy acquisition costs, net	866	(77)	(165)
Income (loss) from operations, before income taxes	(2,200)	(1,400)	(228)
Net income (loss)	(1,800)	$ (1,100)	$ (187)
Economic Scenario Generator
Change in Accounting Estimate [Line Items]
Income (loss) from operations, before income taxes	165
Net income (loss)	$ 130
5-year Historical Average Over A 10-year Period
Change in Accounting Estimate [Line Items]
Interest rate assumptions	2.25%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)security	Dec. 31, 2020USD ($)numberOfLoansecurity	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Net Investment Income [Line Items]
Number of unrealized loss positions | security	537	537	390
Debt securities exposure in single issuer greater than stated percentage of total investments	0.60%	0.60%
Amortized cost	$ 68,123,000,000	$ 68,123,000,000
Unrealized loss on available for sale securities	48,000,000	48,000,000	$ 21,000,000
Gross unrealized losses	39,000,000	39,000,000	32,000,000
Allowance for credit loss	81,000,000	81,000,000
Separate account equity investment carrying value	43,000,000	43,000,000	58,000,000
Expense in securities sold under agreement to repurchase		2,000,000	2,000,000	$ 3,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	499,000,000	499,000,000
Accrued interest, written off	0	0
Amortized cost	68,136,000,000	68,136,000,000	59,278,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 338,000,000	$ 338,000,000	$ 279,000,000
Debt securities exposure in single issuer of total investments, percent	2.90%	2.90%	2.40%
Gross unrealized losses	$ 32,000,000	$ 32,000,000	$ 20,000,000
Commercial Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	$ 30,000,000	30,000,000
Accrued interest, written off		$ 0
Number of troubled debt restructuring | numberOfLoan		1
Troubled debt restructuring, premodification		$ 75,000,000
Troubled debt restructuring, postmodification		$ 75,000,000
Troubled debt restructuring, percentage of total invested assets	0.07%	0.07%
Agricultural Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	$ 28,000,000	$ 28,000,000
Accrued interest, written off		0
Individually Assessed Mortgage Loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0	0
Allowance for credit loss	$ 0	$ 0
Privately Negotiated Fixed Maturity
Net Investment Income [Line Items]
Number of troubled debt restructuring | numberOfLoan		7
Troubled debt restructuring, premodification		$ 54,000,000
Troubled debt restructuring, postmodification		$ 48,000,000
Troubled debt restructuring, percentage of total invested assets	0.05%	0.05%
Fair Value, Recurring
Net Investment Income [Line Items]
Investment gains (losses), net	$ 5,340,000,000	$ 5,340,000,000	6,598,000,000
Other Than Investment Grade | External Credit Rating, Non Investment Grade | Fixed maturities
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost	$ 2,400,000,000	$ 2,400,000,000	$ 1,400,000,000
Percentage of available for sale securities	3.60%	3.60%	2.30%

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 68,136	$ 59,278
Allowance for Credit Losses	13	0
Gross Unrealized Gains	8,338	3,465
Gross Unrealized Losses	108	381
Fair Value	76,353	62,362
Amortized Cost
Due in one year or less, Amortized Cost	3,342
Due in years two through five, Amortized Cost	15,037
Due in years six through ten, Amortized Cost	17,786
Due after ten years, Amortized Cost	26,460
Subtotal	62,625
Amortized cost	68,123
Fair Value
Due in one year or less	3,362
Due in years two through five	16,026
Due in years six through ten	19,607
Due after ten years	31,727
Subtotal	70,722
Fair Value	76,353
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	12,670	8,702	$ 7,136
Gross gains on sales	854	229	145
Gross losses on sales	(34)	(28)	(103)
Credit losses	(13)	0	(37)
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	15	46
Previously recognized impairments on securities that matured, paid, prepaid or sold	0	(31)
Recognized impairments on securities impaired to fair value this period	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	6	0
Additional credit losses this period on securities previously impaired	7	0
Increases due to passage of time on previously recorded credit losses	0	0
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	0	0
Balances, end of period	28	15	$ 46
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48,501	42,347
Allowance for Credit Losses	13	0
Gross Unrealized Gains	4,703	2,178
Gross Unrealized Losses	89	61
Fair Value	53,102	44,464
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,644	14,385
Allowance for Credit Losses	0	0
Gross Unrealized Gains	3,304	1,151
Gross Unrealized Losses	5	305
Fair Value	15,943	15,231
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	482	584
Allowance for Credit Losses	0	0
Gross Unrealized Gains	92	68
Gross Unrealized Losses	0	3
Fair Value	574	649
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,011	460
Allowance for Credit Losses	0	0
Gross Unrealized Gains	98	35
Gross Unrealized Losses	6	5
Fair Value	1,103	490
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	119	161
Allowance for Credit Losses	0	0
Gross Unrealized Gains	12	12
Gross Unrealized Losses	0	0
Fair Value	131	173
Amortized Cost
Amortized Cost Basis, without Single Maturity Date	119
Fair Value
Without single maturity date	131
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,633	843
Allowance for Credit Losses	0	0
Gross Unrealized Gains	28	3
Gross Unrealized Losses	5	2
Fair Value	3,656	844
Amortized Cost
Amortized Cost Basis, without Single Maturity Date	3,633
Fair Value
Without single maturity date	3,656
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,148
Allowance for Credit Losses	0
Gross Unrealized Gains	55
Gross Unrealized Losses	0
Fair Value	1,203
Amortized Cost
Amortized Cost Basis, without Single Maturity Date	1,148
Fair Value
Without single maturity date	1,203
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	598	498
Allowance for Credit Losses	0	0
Gross Unrealized Gains	46	18
Gross Unrealized Losses	3	5
Fair Value	641	$ 511
Amortized Cost
Amortized Cost Basis, without Single Maturity Date	598
Fair Value
Without single maturity date	$ 641

INVESTMENTS - Net Unrealized In

INVESTMENTS - Net Unrealized Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,565	$ 12,359
Ending balance	11,643	11,565
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,084	(577)
Net investment gains (losses) arising during the period	5,953	3,872
Included in Net income (loss)	(802)	(211)
Excluded from net income (loss)	0	0
Impact of net unrealized investment gains (losses)	0	0
Net unrealized investment gains (losses) excluding OTTI losses	8,235	3,084
Net unrealized investment gains (losses) with OTTI losses	(5)	0
Ending balance	8,230	3,084
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(826)	37
Impact of net unrealized investment gains (losses)	360	(863)
Net unrealized investment gains (losses) excluding OTTI losses	(466)	(826)
Ending balance	(466)	(826)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(192)	(69)
Impact of net unrealized investment gains (losses)	(1,623)	(123)
Net unrealized investment gains (losses) excluding OTTI losses	(1,815)	(192)
Ending balance	(1,814)	(192)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(433)	125
Impact of net unrealized investment gains (losses)	(818)	(558)
Net unrealized investment gains (losses) excluding OTTI losses	(1,251)	(433)
Ending balance	(1,250)	(433)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,633	(484)
Net investment gains (losses) arising during the period	5,953	3,872
Included in Net income (loss)	(802)	(211)
Excluded from net income (loss)	0	0
Impact of net unrealized investment gains (losses)	(2,081)	(1,544)
Net unrealized investment gains (losses) excluding OTTI losses	4,703	1,633
Net unrealized investment gains (losses) with OTTI losses	(3)	0
Ending balance	4,700	1,633
Fixed Maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	0	0
Fixed Maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	1	0
Fixed Maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	$ 1	$ 0

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	$ 4,669	$ 7,396
Less than 12 months, gross unrealized losses	64	349
12 months or longer, fair value	439	665
12 Months or Longer, Gross unrealized Losses	39	32
Fair value	5,108	8,061
Gross unrealized losses	103	381
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	2,773	2,669
Less than 12 months, gross unrealized losses	52	41
12 months or longer, fair value	332	366
12 Months or Longer, Gross unrealized Losses	32	20
Fair value	3,105	3,035
Gross unrealized losses	84	61
U.S. Treasury, government and agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	881	4,245
Less than 12 months, gross unrealized losses	5	305
12 months or longer, fair value	0	2
12 Months or Longer, Gross unrealized Losses	0	0
Fair value	881	4,247
Gross unrealized losses	5	305
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value		123
Less than 12 months, gross unrealized losses		3
12 months or longer, fair value		0
12 Months or Longer, Gross unrealized Losses		0
Fair value		123
Gross unrealized losses		3
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	153	11
Less than 12 months, gross unrealized losses	2	0
12 months or longer, fair value	20	47
12 Months or Longer, Gross unrealized Losses	4	5
Fair value	173	58
Gross unrealized losses	6	5
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	809	319
Less than 12 months, gross unrealized losses	4	0
12 months or longer, fair value	76	201
12 Months or Longer, Gross unrealized Losses	1	2
Fair value	885	520
Gross unrealized losses	5	2
Redeemable preferred stock
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	53	29
Less than 12 months, gross unrealized losses	1	0
12 months or longer, fair value	11	49
12 Months or Longer, Gross unrealized Losses	2	5
Fair value	64	78
Gross unrealized losses	$ 3	$ 5

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, end of period	$ 81
Commercial Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	33
Current-period provision for expected credit losses	44
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Net change in allowance	44
Balance, end of period	77
Agricultural Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	3
Current-period provision for expected credit losses	1
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Net change in allowance	1
Balance, end of period	$ 4

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	$ 1,615
2019	814
2018	1,267
2017	1,204
2016	2,563
Prior	3,028
Total Loans	10,491	$ 9,373
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	162	0
Current	10,329	9,373
Total	10,491	9,373
Non-accruing Loans	0	0
Total Loans	10,491	9,373
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Commercial Mortgage Loans | 30-59 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	162	0
Commercial Mortgage Loans | 60-89 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	0	0
Commercial Mortgage Loans | 90 Days Or Greater
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	0	0
Commercial Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	1,230
2019	492
2018	772
2017	268
2016	1,942
Prior	1,230
Total Loans	5,934	5,235
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	5,934	5,235
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	227
2019	83
2018	118
2017	378
2016	184
Prior	329
Total Loans	1,319	1,331
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,319	1,331
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	98
2019	138
2018	187
2017	479
2016	437
Prior	616
Total Loans	1,955	1,546
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,955	1,546
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	60
2019	57
2018	154
2017	79
2016	0
Prior	658
Total Loans	1,008	973
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,008	973
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	44
2018	0
2017	0
2016	0
Prior	123
Total Loans	167	288
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	167	288
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	36
2017	0
2016	0
Prior	72
Total Loans	108	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	108	0
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	0
2017	324
2016	170
Prior	505
Total Loans	999	1,163
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	999	1,163
Commercial Mortgage Loans | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	839	887
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	839	887
Commercial Mortgage Loans | 0% - 50% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	38
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	38
Commercial Mortgage Loans | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	160	214
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	160	214
Commercial Mortgage Loans | 0% - 50% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	24
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	24
Commercial Mortgage Loans | 0% - 50% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 0% - 50% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	1,294
2019	357
2018	803
2017	656
2016	2,190
Prior	1,697
Total Loans	6,997	7,447
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,997	7,447
Commercial Mortgage Loans | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	4,095	4,097
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,095	4,097
Commercial Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	870	1,195
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	870	1,195
Commercial Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,452	1,118
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,452	1,118
Commercial Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	555	795
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	555	795
Commercial Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	25	242
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	25	242
Commercial Mortgage Loans | 50% - 70% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	321
2019	457
2018	452
2017	219
2016	203
Prior	538
Total Loans	2,190	763
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,190	763
Commercial Mortgage Loans | 70% - 90% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	844	251
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	844	251
Commercial Mortgage Loans | 70% - 90% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	449	98
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	449	98
Commercial Mortgage Loans | 70% - 90% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	343	214
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	343	214
Commercial Mortgage Loans | 70% - 90% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	376	154
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	376	154
Commercial Mortgage Loans | 70% - 90% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	142	46
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	142	46
Commercial Mortgage Loans | 70% - 90% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	36	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	36	0
Commercial Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	12
2017	5
2016	0
Prior	288
Total Loans	305	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	305	0
Commercial Mortgage Loans | 90% plus | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	156	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	156	0
Commercial Mortgage Loans | 90% plus | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 90% plus | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 90% plus | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	77	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	77	0
Commercial Mortgage Loans | 90% plus | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Commercial Mortgage Loans | 90% plus | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	72	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	72	0
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	495
2019	264
2018	333
2017	259
2016	360
Prior	1,021
Total Loans	2,732	2,717
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	112	124
Current	2,620	2,593
Total	2,732	2,717
Non-accruing Loans	0	0
Total Loans	2,732	2,717
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Agricultural Mortgage Loans | 30-59 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	76	57
Agricultural Mortgage Loans | 60-89 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	7	1
Agricultural Mortgage Loans | 90 Days Or Greater
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	29	66
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	67
2019	26
2018	36
2017	38
2016	71
Prior	167
Total Loans	405	404
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	405	404
Agricultural Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	38
2019	35
2018	14
2017	15
2016	20
Prior	82
Total Loans	204	191
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	204	191
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	117
2019	38
2018	41
2017	45
2016	52
Prior	209
Total Loans	502	477
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	502	477
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	183
2019	120
2018	141
2017	90
2016	142
Prior	313
Total Loans	989	990
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	989	990
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	86
2019	35
2018	93
2017	70
2016	57
Prior	233
Total Loans	574	572
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	574	572
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	4
2019	10
2018	8
2017	1
2016	18
Prior	17
Total Loans	58	83
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	58	83
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	218
2019	135
2018	169
2017	157
2016	236
Prior	652
Total Loans	1,567	1,583
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,567	1,583
Agricultural Mortgage Loans | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	297	322
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	297	322
Agricultural Mortgage Loans | 0% - 50% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	108	104
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	108	104
Agricultural Mortgage Loans | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	291	241
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	291	241
Agricultural Mortgage Loans | 0% - 50% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	520	545
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	520	545
Agricultural Mortgage Loans | 0% - 50% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	317	321
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	317	321
Agricultural Mortgage Loans | 0% - 50% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	34	50
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	34	50
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	277
2019	129
2018	161
2017	102
2016	124
Prior	351
Total Loans	1,144	1,115
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,144	1,115
Agricultural Mortgage Loans | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	108	82
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	108	82
Agricultural Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	94	87
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	94	87
Agricultural Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	211	236
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	211	236
Agricultural Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	450	426
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	450	426
Agricultural Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	257	251
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	257	251
Agricultural Mortgage Loans | 50% - 70% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	24	33
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	24	33
Agricultural Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	3
2017	0
2016	0
Prior	18
Total Loans	21	19
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	21	19
Agricultural Mortgage Loans | 70% - 90% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 70% - 90% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	2	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2	0
Agricultural Mortgage Loans | 70% - 90% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 70% - 90% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	19	19
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	19	19
Agricultural Mortgage Loans | 70% - 90% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 70% - 90% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Agricultural Mortgage Loans | 90% plus | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Mortgages Loan
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	2,110
2019	1,078
2018	1,600
2017	1,463
2016	2,923
Prior	4,049
Total Loans	13,223	12,090
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	274	124
Current	12,949	11,966
Total	13,223	12,090
Non-accruing Loans	0	0
Total Loans	13,223	12,090
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Mortgages Loan | 30-59 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	238	57
Mortgages Loan | 60-89 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	7	1
Mortgages Loan | 90 Days Or Greater
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	29	66
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	1,297
2019	518
2018	808
2017	306
2016	2,013
Prior	1,397
Total Loans	6,339	5,639
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,339	5,639
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	265
2019	118
2018	132
2017	393
2016	204
Prior	411
Total Loans	1,523	1,522
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,523	1,522
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	215
2019	176
2018	228
2017	524
2016	489
Prior	825
Total Loans	2,457	2,023
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,457	2,023
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	243
2019	177
2018	295
2017	169
2016	142
Prior	971
Total Loans	1,997	1,963
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,997	1,963
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	86
2019	79
2018	93
2017	70
2016	57
Prior	356
Total Loans	741	860
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	741	860
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	4
2019	10
2018	44
2017	1
2016	18
Prior	89
Total Loans	166	83
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	166	83
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	218
2019	135
2018	169
2017	481
2016	406
Prior	1,157
Total Loans	2,566	2,746
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,566	2,746
Mortgages Loan | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,136	1,209
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,136	1,209
Mortgages Loan | 0% - 50% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	108	142
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	108	142
Mortgages Loan | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	451	455
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	451	455
Mortgages Loan | 0% - 50% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	520	569
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	520	569
Mortgages Loan | 0% - 50% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	317	321
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	317	321
Mortgages Loan | 0% - 50% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	34	50
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	34	50
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	1,571
2019	486
2018	964
2017	758
2016	2,314
Prior	2,048
Total Loans	8,141	8,562
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	8,141	8,562
Mortgages Loan | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	4,203	4,179
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,203	4,179
Mortgages Loan | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	964	1,282
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	964	1,282
Mortgages Loan | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,663	1,354
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,663	1,354
Mortgages Loan | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,005	1,221
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,005	1,221
Mortgages Loan | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	282	493
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	282	493
Mortgages Loan | 50% - 70% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	24	33
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	24	33
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	321
2019	457
2018	455
2017	219
2016	203
Prior	556
Total Loans	2,211	782
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,211	782
Mortgages Loan | 70% - 90% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	844	251
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	844	251
Mortgages Loan | 70% - 90% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	451	98
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	451	98
Mortgages Loan | 70% - 90% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	343	214
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	343	214
Mortgages Loan | 70% - 90% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	395	173
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	395	173
Mortgages Loan | 70% - 90% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	142	46
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	142	46
Mortgages Loan | 70% - 90% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	36	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	36	0
Mortgages Loan | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020	0
2019	0
2018	12
2017	5
2016	0
Prior	288
Total Loans	305	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	305	0
Mortgages Loan | 90% plus | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	156	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	156	0
Mortgages Loan | 90% plus | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Mortgages Loan | 90% plus | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Mortgages Loan | 90% plus | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	77	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	77	0
Mortgages Loan | 90% plus | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	0	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	0
Mortgages Loan | 90% plus | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	72	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	$ 72	$ 0

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 96	$ 422	$ (174)
Net investment gains (losses) recognized on securities sold during the period	10	7	(24)
Unrealized and realized gains (losses) on trading securities	106	429	(198)
Interest and dividend income from trading securities	206	283	326
Net investment income (loss) from trading securities	$ 312	$ 712	$ 128

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Investment income	$ 3,347	$ 3,442	$ 2,549
Investment expenses	(139)	(144)	(71)
Net investment income (loss)	3,208	3,298	2,478
Fixed maturities
Net Investment Income [Line Items]
Investment income	2,193	1,902	1,540
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment income	516	540	494
Other equity investments
Net Investment Income [Line Items]
Investment income	79	72	117
Policy loans
Net Investment Income [Line Items]
Investment income	198	198	201
Trading securities
Net Investment Income [Line Items]
Investment income	312	712	128
Other investment income
Net Investment Income [Line Items]
Investment income	$ 49	$ 18	$ 69

INVESTMENTS - Investment Gains

INVESTMENTS - Investment Gains (Losses), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Investment gains (losses), net	$ 787	$ 206	$ 4
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	801	203	6
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment gains (losses), net	(45)	(1)	0
Other equity investments
Net Investment Income [Line Items]
Investment gains (losses), net	30	3	0
Other
Net Investment Income [Line Items]
Investment gains (losses), net	$ 1	$ 1	$ (2)

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 105,657	$ 117,398
Derivative Assets	12,045	8,271
Derivative Liabilities	23,584	17,018
Net Derivative Gains (Losses)	(1,529)	(3,831)
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	4,267	3,510
Derivative Assets	0	0
Derivative Liabilities	0	0
Net Derivative Gains (Losses)	(955)	(1,294)
Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	22,404	17,064
Derivative Assets	6	9
Derivative Liabilities	0	279
Net Derivative Gains (Losses)	(3,353)	(2,405)
Options
Derivatives, Fair Value [Line Items]
Notional Amount	35,786	47,766
Derivative Assets	8,383	5,080
Derivative Liabilities	3,715	1,749
Net Derivative Gains (Losses)	1,663	2,211
Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	23,773	23,700
Derivative Assets	551	467
Derivative Liabilities	653	523
Net Derivative Gains (Losses)	2,823	2,037
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	18,161	20,424
Derivative Assets	0	0
Derivative Liabilities	0	0
Net Derivative Gains (Losses)	1,745	139
Swaptions
Derivatives, Fair Value [Line Items]
Notional Amount	0	3,201
Derivative Assets	0	16
Derivative Liabilities	0	0
Net Derivative Gains (Losses)	9	(35)
Credit default swaps
Derivatives, Fair Value [Line Items]
Notional Amount	919	1,232
Derivative Assets	8	18
Derivative Liabilities	1	0
Net Derivative Gains (Losses)	0	16
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	347	501
Derivative Assets	0	3
Derivative Liabilities	0	0
Net Derivative Gains (Losses)	(2)	(9)
Margin
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	26	140
Derivative Liabilities	66	0
Net Derivative Gains (Losses)	0	0
Collateral
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	212	72
Derivative Liabilities	3,835	3,001
Net Derivative Gains (Losses)	0	0
GMIB Reinsurance Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	2,859	2,466
Derivative Liabilities	0	0
Net Derivative Gains (Losses)	472	500
GMxB Derivative Features’ Liability
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	10,936	8,316
Net Derivative Gains (Losses)	(2,238)	(2,439)
SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	4,378	3,150
Net Derivative Gains (Losses)	(1,693)	$ (2,552)
Investment fees	$ 12

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 3,800	$ 3,000
Cash and securities collateral	212	72
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	135	58
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	263	165
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirements	$ 35	$ 60

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives
Assets
Gross Amount Recognized	$ 9,186	$ 5,804
Gross Amount Offset in the Balance Sheets	8,206	5,429
Net Amount Presented in the Balance Sheets	980	375
Gross Amount not Offset in the Balance Sheets	(53)	(77)
Net Amount	927	298
Liabilities
Gross Amount Recognized	8,218	5,474
Gross Amount Offset in the Balance Sheets	8,206	5,429
Net Amount Presented in the Balance Sheets	12	45
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	12	45
Other financial instruments
Assets
Gross Amount Recognized	1,403	1,781
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,403	1,781
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,403	1,781
Other invested assets
Assets
Gross Amount Recognized	10,589	7,585
Gross Amount Offset in the Balance Sheets	8,206	5,429
Net Amount Presented in the Balance Sheets	2,383	2,156
Gross Amount not Offset in the Balance Sheets	(53)	(77)
Net Amount	2,330	2,079
Other financial liabilities
Liabilities
Gross Amount Recognized	1,568	1,724
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,568	1,724
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,568	1,724
Other liabilities
Liabilities
Gross Amount Recognized	9,786	7,198
Gross Amount Offset in the Balance Sheets	8,206	5,429
Net Amount Presented in the Balance Sheets	1,580	1,769
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 1,580	$ 1,769

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 6,201	$ 6,478
Policyholder dividend obligation	160	2	$ 0	$ 19
Other liabilities	39	38
Total Closed Block liabilities	6,400	6,518
Assets Designated to the Closed Block:
Fixed maturities available-for-sale, Amortized Cost	3,718	3,754
Mortgage loans on real estate (net of allowance for credit losses of $6 at December 31, 2020)	1,773	1,759
Policy loans	648	706
Cash and other invested assets	28	82
Other assets	169	145
Total assets designated to the Closed Block	6,336	6,446
Excess of Closed Block liabilities over assets designated to the Closed Block	64	72
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $160 and $2; and net of income tax: $(42) and $(41)	167	164
Maximum future earnings to be recognized from Closed Block assets and liabilities	231	236
Fixed maturities, available for sale, amortized cost	3,359	3,558
Fixed maturities available-for-sale, allowance for credit losses	0
Mortgage loans, credit losses	(6)
Policyholder dividend obligation	160	2	$ 0	$ 19
Closed block operations, income taxes	$ (42)	$ (41)

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Premiums and other income	$ 157	$ 182	$ 194
Net investment income (loss)	251	278	291
Investment gains (losses), net	0	(1)	(3)
Total revenues	408	459	482
Benefits and Other Deductions:
Policyholders’ benefits and dividends	399	439	471
Other operating costs and expenses	1	2	3
Total benefits and other deductions	400	441	474
Net income (loss), before income taxes	8	18	8
Income tax (expense) benefit	(2)	(2)	(3)
Net income (loss)	$ 6	$ 16	$ 5

CLOSED BLOCK - Reconciliation o

CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Closed Block Dividend Obligation [Roll Forward]
Beginning Balance	$ 2	$ 0	$ 19
Unrealized investment gains (losses)	158	2	(19)
Ending Balance	$ 160	$ 2	$ 0

DAC AND POLICYHOLDER BONUS IN_3

DAC AND POLICYHOLDER BONUS INTEREST CREDITS - Rollforward of DAC Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	$ 4,225
Balance, beginning of year	4,222	$ 4,959	$ 4,443
Capitalization of commissions, sales and issue expenses	564	646	591
Amortization:
Impact of assumptions updates and model changes	(866)	77	165
All other	(467)	(597)	(616)
Total amortization	(1,333)	(520)	(451)
Change in unrealized investment gains (losses)	360	(863)	376
Balance, end of year	3,816	4,225
Balance, end of Year	3,816	4,222	4,959
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs	$ 4,222	4,222	4,443
Accounting Standards Update 2016-13
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year		3
Amortization:
Balance, end of Year			3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs		$ 3	$ 3

DAC AND POLICYHOLDER BONUS IN_4

DAC AND POLICYHOLDER BONUS INTEREST CREDITS - Rollforward of DAC Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in the deferred asset for contractholder bonus interest credits
Balance, beginning of year	$ 431	$ 448	$ 472
Amortization charged to income	(26)	(17)	(24)
Balance, End of Year	$ 405	$ 431	$ 448

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Fair Value	$ 76,353	$ 62,362
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	76,353	62,362
Other equity investments	15	13
Trading securities	5,340	6,598
Other invested assets:	4,674	3,507
Cash equivalents	1,470	1,155
GMIB reinsurance contracts asset	2,859	2,466
Separate Accounts assets	132,775	124,062
Total Assets	223,486	200,163
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	15,314	11,466
Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	402	237
Other equity investments	13	13
Trading securities	285	321
Other invested assets:	0	0
Cash equivalents	1,183	1,155
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	130,106	121,184
Total Assets	131,989	122,910
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	0	0
Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	74,205	60,740
Other equity investments	0	0
Trading securities	5,055	6,277
Other invested assets:	4,661	3,491
Cash equivalents	287	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	2,668	2,878
Total Assets	86,876	73,386
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	4,378	3,150
Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,746	1,385
Other equity investments	2	0
Trading securities	0	0
Other invested assets:	13	16
Cash equivalents	0	0
GMIB reinsurance contracts asset	2,859	2,466
Separate Accounts assets	1	0
Total Assets	4,621	3,867
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	10,936	8,316
Fair Value, Recurring | Fair Value Measured at Net Asset Value Per Share
Assets, Fair Value Disclosure [Abstract]
Separate Accounts assets	356	356
Corporate | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	53,102	44,464
Corporate | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Corporate | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	51,415	43,218
Corporate | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,687	1,246
U.S. Treasury, government and agency
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,943	15,231
U.S. Treasury, government and agency | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,943	15,231
U.S. Treasury, government and agency | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
U.S. Treasury, government and agency | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,943	15,231
U.S. Treasury, government and agency | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions
Assets, Fair Value Disclosure [Abstract]
Fair Value	574	649
States and political subdivisions | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	574	649
States and political subdivisions | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	535	610
States and political subdivisions | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	39	39
Foreign governments
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,103	490
Foreign governments | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,103	490
Foreign governments | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Foreign governments | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,103	490
Foreign governments | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	131	173
Residential mortgage-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	131	173
Residential mortgage-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	131	173
Residential mortgage-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	3,656	844
Asset-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	3,656	844
Asset-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	3,636	744
Asset-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	20	100
Commercial mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,203
Commercial mortgage-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,203
Commercial mortgage-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Commercial mortgage-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,203
Commercial mortgage-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Redeemable preferred stock
Assets, Fair Value Disclosure [Abstract]
Fair Value	641	511
Redeemable preferred stock | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	641	511
Redeemable preferred stock | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	402	237
Redeemable preferred stock | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	239	274
Redeemable preferred stock | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Short-term investments | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	83	468
Short-term investments | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Short-term investments | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	82	468
Short-term investments | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	1	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	12	16
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	12	16
Swaps | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(96)	(326)
Swaps | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Swaps | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(96)	(326)
Swaps | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	7	18
Credit default swaps | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	7	18
Credit default swaps | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	4,668	3,331
Options | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	4,668	3,331
Options | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
GMxB derivative features’ liability | Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	10,936	8,316
GMxB derivative features’ liability | Fair Value, Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Fair Value, Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Fair Value, Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	10,936	8,316
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	4,378	3,150
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	4,378	3,150
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 0	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 160	$ 175
AFS fixed maturities transferred from Level 3 to Level 2	103	540
AFS fixed maturities transferred from Level 3 to Level 2	$ 184	$ 14
AFS fixed maturities transferred between Level 2 and 3 (percentage)	2.50%	4.80%
Level 3 | Fair Value, Nonrecurring
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value measurements not included in quantitative information about level 3 fair value measurements	$ 586	$ 325

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total gains (losses), realized and unrealized, included in:
Investment gains (losses), net		$ 845	$ 206	$ 40
Transfers into level 3		184	14
Transfers out of Level 3		(103)	(540)
Corporate
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)		(18)	3	(18)
States and political subdivisions
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)		2	3	(1)
Asset- backed
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)			0	(7)
GMIB Reinsurance Contract Asset
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)		0	0	0
Nonperformance risk	$ 14
GMxB Derivative Features Liability
Total gains (losses), realized and unrealized, included in:
Nonperformance risk	(758)
Level 3 | Corporate
Total gains (losses), realized and unrealized, included in:
Beginning Balance		1,246	1,174	1,139
Net investment income (loss)		4	4	7
Investment gains (losses), net		(16)	0	(8)
Subtotal		(12)	4	(1)
Other comprehensive income (loss)		(17)	5	(20)
Purchases		513	273	322
Sales		(224)	(120)	(321)
Transfers into level 3		184	14	83
Transfers out of Level 3		(3)	(104)	(28)
Closing Balance	1,687	1,687	1,246	1,174
Level 3 | States and political subdivisions
Total gains (losses), realized and unrealized, included in:
Beginning Balance		39	38	40
Net investment income (loss)		0	0	0
Investment gains (losses), net		0	0	0
Subtotal		0	0	0
Other comprehensive income (loss)		2	3	(1)
Purchases		0	0	0
Sales		(2)	(2)	(1)
Transfers into level 3		0	0	0
Transfers out of Level 3		0	0	0
Closing Balance	39	39	39	38
Level 3 | Asset- backed
Total gains (losses), realized and unrealized, included in:
Beginning Balance		100	519	8
Net investment income (loss)		0	0	(2)
Investment gains (losses), net		0	0	0
Subtotal		0	0	(2)
Other comprehensive income (loss)		0	1	(7)
Purchases		20	100	550
Sales		0	(84)	(30)
Transfers into level 3		0	0	0
Transfers out of Level 3		(100)	(436)	0
Closing Balance	20	20	100	519
Level 3 | Other equity investments
Total gains (losses), realized and unrealized, included in:
Beginning Balance		16	48	25
Net investment income (loss)		0	0	0
Net derivative gain (losses)		0	0	0
Subtotal		0	0	0
Purchases		3	0	29
Sales		0	0	0
Settlements		0	0	0
Change in estimate		0
Activity related to consolidated VIEs/VOEs		(4)	(3)	(6)
Transfers into level 3		0	0	5
Transfers out of Level 3		0	(29)	(5)
Closing Balance	15	15	16	48
Level 3 | GMIB Reinsurance Contract Asset
Total gains (losses), realized and unrealized, included in:
Beginning Balance		2,466	1,993	10,495
Net investment income (loss)		0	0	0
Net derivative gain (losses)		472	500	(8,536)
Subtotal		472	500	(8,536)
Purchases		45	45	96
Sales		(79)	(72)	(61)
Settlements		0	0	0
Change in estimate		(45)
Activity related to consolidated VIEs/VOEs		0	0	0
Transfers into level 3		0	0	0
Transfers out of Level 3		0	0	0
Closing Balance	2,859	2,859	2,466	1,993
Level 3 | Separate Accounts Assets
Total gains (losses), realized and unrealized, included in:
Beginning Balance		0	21	22
Net investment income (loss)		0	0	0
Net derivative gain (losses)		0	0	0
Subtotal		0	0	0
Purchases		1		5
Sales		0	(1)	(1)
Settlements		0	(2)	(5)
Change in estimate		0
Activity related to consolidated VIEs/VOEs		0	0	0
Transfers into level 3		0	0	0
Transfers out of Level 3		0	(18)	0
Closing Balance	1	1	0	21
Level 3 | GMxB Derivative Features Liability
Total gains (losses), realized and unrealized, included in:
Beginning Balance		(8,316)	(5,491)	(4,297)
Net investment income (loss)		0	0	0
Net derivative gain (losses)		(2,238)	(2,439)	(805)
Subtotal		(2,238)	(2,439)	(805)
Purchases		(441)	(417)	(402)
Sales		59	31	14
Settlements		0	0	0
Change in estimate		0
Activity related to consolidated VIEs/VOEs		0	0	0
Transfers into level 3		0	0	0
Transfers out of Level 3		0	0	0
Closing Balance	$ (10,936)	$ (10,936)	$ (8,316)	$ (5,491)

FAIR VALUE DISCLOSURES - Unreal

FAIR VALUE DISCLOSURES - Unrealized Gains (Losses) For Level 3 Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Level 3 Assets And Liabilities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	$ (1,766)	$ (1,939)	$ (9,341)
OCI	(16)	6	(26)
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0	0
OCI	(18)	3	(18)
States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0	0
OCI	2	3	(1)
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)			0
OCI			0
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)		0	0
OCI		0	(7)
Fixed maturities, AFS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(16)	6
Total debt maturities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)			0
OCI			(26)
GMIB reinsurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	472	500	(8,536)
OCI	0	0	0
Separate account assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)		0
OCI		0
GMxB derivative features liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	(2,238)	(2,439)	(805)
OCI	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	$ 12,045	$ 8,271
Corporate | Level 3 | Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 28	$ 51
Corporate | Level 3 | Matrix pricing model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0045	0.0065
Corporate | Level 3 | Matrix pricing model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0195	0.0580
Corporate | Level 3 | Matrix pricing model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0152	0.0186
Corporate | Level 3 | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 1,148	$ 1,025
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	3.5	3.3
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	33.1	56.7
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	10.8	14.3
Corporate | Level 3 | Discount rate | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.056	0.039
Corporate | Level 3 | Discount rate | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.284	0.165
Corporate | Level 3 | Discount rate | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.086	0.100
Corporate | Level 3 | Cash flow multiples | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	1.9	0.8
Corporate | Level 3 | Cash flow multiples | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	25	48.1
Corporate | Level 3 | Cash flow multiples | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	6.8	10.7
Other equity investments | Level 3 | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 2
Other equity investments | Level 3 | Revenue multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	9.7
Other equity investments | Level 3 | Revenue multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	25.4
Other equity investments | Level 3 | Revenue multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	18.5
GMIB reinsurance contracts | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	$ 2,859	$ 2,466
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0043	0.0055
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0085	0.0109
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0050
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.006	0.008
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.16	0.1000
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0169
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0	0
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.02	0.080
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0091
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0	0
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.61	0.490
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0582
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.07	0.090
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.32	0.300
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.24
GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.028
GMIBNLG | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 10,713	$ 8,135
GMIBNLG | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0096	0.0124
GMIBNLG | Level 3 | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.011	0.008
GMIBNLG | Level 3 | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.257	0.199
GMIBNLG | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0319
GMIBNLG | Level 3 | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.004	0.003
GMIBNLG | Level 3 | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.020	0.110
GMIBNLG | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0093
GMIBNLG | Level 3 | Annuitization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GMIBNLG | Level 3 | Annuitization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GMIBNLG | Level 3 | Annuitization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0551
GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0156
GWBL/GMWB | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 190	$ 172
GWBL/GMWB | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0096	0.0124
GWBL/GMWB | Level 3 | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.008	0.008
GWBL/GMWB | Level 3 | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.16	0.100
GWBL/GMWB | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0169
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.080	0.070
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0091
GWBL/GMWB | Level 3 | Utilization rate | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.07	0.090
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.32	0.300
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.24
GIB | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 31	$ 5
GIB | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0096
GIB | Level 3 | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.008	0.012
GIB | Level 3 | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.156	0.199
GIB | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0169
GIB | Level 3 | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GIB | Level 3 | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.02	0.080
GIB | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0091
GIB | Level 3 | Utilization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GIB | Level 3 | Utilization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GIB | Level 3 | Utilization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0582
GIB | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.16	0.090
GIB | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.34	0.300
GIB | Level 3 | Volatility rates - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.24
GMAB | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 2	$ 4
GMAB | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0096
GMAB | Level 3 | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.008	0.010
GMAB | Level 3 | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.160	0.100
GMAB | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.000169
GMAB | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.07	0.090
GMAB | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.32	0.300
GMAB | Level 3 | Volatility rates - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.24
Age 0-40 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0001	0.0001
Age 0-40 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0018	0.0018
Age 0-40 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0001	0.0001
Age 0-40 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0019	0.0019
Age 41-60 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0007	0.0007
Age 41-60 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0054	0.0054
Age 41-60 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0006	0.0006
Age 41-60 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0053	0.0053
Ages 61 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0042
Ages 61 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.422
Ages 61 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0041
Ages 61 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.4139
Ages 60 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input		0.0042
Ages 60 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input		0.4220
Ages 60 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input		0.0041
Ages 60 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input		0.4139

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 13,142	$ 12,090
Policy loans	3,635	3,270
Policyholders’ liabilities: Investment contracts	63,109	55,421
Separate Accounts liabilities	133,350	124,646
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,142	12,090
Policy loans	3,635	3,270
Loans to affiliates	900	1,200
Policyholders’ liabilities: Investment contracts	2,069	1,922
FHLB funding agreements	6,897	6,909
FABN funding agreements	1,939
Separate Accounts liabilities	10,081	9,041
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,474	12,317
Policy loans	4,794	4,199
Loans to affiliates	938	1,224
Policyholders’ liabilities: Investment contracts	2,275	2,029
FHLB funding agreements	6,990	6,957
FABN funding agreements	1,971
Separate Accounts liabilities	10,081	9,041
Fair Value | Level 1
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0	0
Policy loans	0	0
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	0	0
FHLB funding agreements	0	0
FABN funding agreements	0
Separate Accounts liabilities	0	0
Fair Value | Level 2
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0	0
Policy loans	0	0
Loans to affiliates	938	1,224
Policyholders’ liabilities: Investment contracts	0	0
FHLB funding agreements	6,990	6,957
FABN funding agreements	1,971
Separate Accounts liabilities	0	0
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,474	12,317
Policy loans	4,794	4,199
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	2,275	2,029
FHLB funding agreements	0	0
FABN funding agreements	0
Separate Accounts liabilities	$ 10,081	$ 9,041

INSURANCE LIABILITIES - Rollfor

INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
GMDB
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 4,775	$ 4,657	$ 4,056
Paid guarantee benefits	(495)	(438)	(394)
Other changes in reserves	813	556	995
Balance, end of period	5,093	4,775	4,657
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(99)	(107)	(102)
Paid guarantee benefits	15	14	70
Other changes in reserves	0	(6)	(75)
Balance, end of period	(84)	(99)	(107)
GMIB
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	4,671	3,744	4,765
Paid guarantee benefits	(293)	(256)	(153)
Other changes in reserves	1,647	1,183	(868)
Balance, end of period	6,025	4,671	3,744
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(2,466)	(1,993)	(10,495)
Paid guarantee benefits	79	72	61
Other changes in reserves	(472)	(545)	8,441
Balance, end of period	$ (2,859)	$ (2,466)	$ (1,993)

INSURANCE LIABILITIES - Variabl

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 15,743
Separate Accounts	100,520	$ 94,488
Net Amount At Risk By Product And Guarantee, Account Value	116,263
NAR, gross	18,781
NAR, net of amounts reinsured	$ 18,300
Percentage of policyholders over age 70	20.20%
GMDB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 15,434
Separate Accounts	53,877
Net Amount At Risk By Product And Guarantee, Account Value	69,311
NAR, gross	97
NAR, net of amounts reinsured	$ 97
Percentage of policyholders over age 70	11.20%
GMDB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 88
Separate Accounts	9,550
Net Amount At Risk By Product And Guarantee, Account Value	9,638
NAR, gross	33
NAR, net of amounts reinsured	$ 31
Percentage of policyholders over age 70	48.40%
GMDB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 54
Separate Accounts	3,299
Net Amount At Risk By Product And Guarantee, Account Value	3,353
NAR, gross	1,604
NAR, net of amounts reinsured	$ 1,125
Percentage of policyholders over age 70	70.30%
GMDB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 167
Separate Accounts	33,794
Net Amount At Risk By Product And Guarantee, Account Value	33,961
NAR, gross	17,047
NAR, net of amounts reinsured	$ 17,047
Percentage of policyholders over age 70	54.20%
GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	$ 61,186	$ 59,348
Immediate Variable Annuity | GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	55 years 3 months 18 days
Immediate Variable Annuity | GMDB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMDB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Immediate Variable Annuity | GMDB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	51 years 3 months 18 days
Immediate Variable Annuity | GMDB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	68 years 3 months 18 days
Immediate Variable Annuity | GMDB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	74 years 10 months 24 days
Immediate Variable Annuity | GMDB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMDB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.00%
Immediate Variable Annuity | GMDB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	70 years 2 months 12 days
Immediate Variable Annuity | GMDB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMDB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Immediate Variable Annuity | GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 233
Separate Accounts	61,186
Net Amount At Risk By Product And Guarantee, Account Value	61,419
NAR, gross	12,096
NAR, net of amounts reinsured	$ 10,470
Average attained age of policyholders (in years)	68 years
Weighted average years remaining until annuitization (in years)	2 years 6 months
Immediate Variable Annuity | GMIB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMIB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Immediate Variable Annuity | GMIB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 0
Separate Accounts	0
Net Amount At Risk By Product And Guarantee, Account Value	0
NAR, gross	0
NAR, net of amounts reinsured	0
Immediate Variable Annuity | GMIB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	0
Separate Accounts	0
Net Amount At Risk By Product And Guarantee, Account Value	0
NAR, gross	0
NAR, net of amounts reinsured	0
Immediate Variable Annuity | GMIB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	16
Separate Accounts	24,956
Net Amount At Risk By Product And Guarantee, Account Value	24,972
NAR, gross	877
NAR, net of amounts reinsured	$ 281
Average attained age of policyholders (in years)	64 years 2 months 12 days
Weighted average years remaining until annuitization (in years)	5 years 7 months 6 days
Immediate Variable Annuity | GMIB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMIB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.00%
Immediate Variable Annuity | GMIB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 217
Separate Accounts	36,230
Net Amount At Risk By Product And Guarantee, Account Value	36,447
NAR, gross	11,219
NAR, net of amounts reinsured	$ 10,189
Average attained age of policyholders (in years)	70 years 2 months 12 days
Weighted average years remaining until annuitization (in years)	5 years 7 months 6 days
Immediate Variable Annuity | GMIB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Immediate Variable Annuity | GMIB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%

INSURANCE LIABILITIES - Separat

INSURANCE LIABILITIES - Separate Account Investments, Hedging Programs and Variable and Interest-Sensitive Live Insurance Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Direct Liability
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 894	$ 788	$ 678
Paid guaranteed benefits	(40)	(20)	(23)
Other changes in reserves	162	126	133
Balance, end of period	1,016	894	788
Reinsurance Ceded
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	(808)	(734)	(664)
Paid guaranteed benefits	0	0	0
Other changes in reserves	(75)	(74)	(70)
Balance, end of period	(883)	(808)	(734)
Net
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	86	54	14
Paid guaranteed benefits	(40)	(20)	(23)
Other changes in reserves	87	52	63
Balance, end of period	133	86	54
GMDB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	100,520	94,488
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	4,775	4,657	4,056
Balance, beginning of period	(99)	(107)	(102)
Paid guaranteed benefits	(495)	(438)	(394)
Paid guaranteed benefits	(15)	(14)	(70)
Other changes in reserves	813	556	995
Other changes in reserves	0	(6)	(75)
Balance, end of period	5,093	4,775	4,657
Balance, end of period	(84)	(99)	(107)
GMDB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	46,850	42,489
GMDB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	5,506	5,263
GMDB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	47,053	45,871
GMDB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	1,111	865
GMIB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	61,186	59,348
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	4,671	3,744	4,765
Balance, beginning of period	(2,466)	(1,993)	(10,495)
Paid guaranteed benefits	(293)	(256)	(153)
Paid guaranteed benefits	(79)	(72)	(61)
Other changes in reserves	1,647	1,183	(868)
Other changes in reserves	(472)	(545)	8,441
Balance, end of period	6,025	4,671	3,744
Balance, end of period	(2,859)	(2,466)	$ (1,993)
GMIB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	18,771	17,941
GMIB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	2,701	2,699
GMIB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	39,439	38,445
GMIB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	$ 275	$ 263

LEASES - Narrative (Details)

LEASES - Narrative (Details) ft² in Thousands	Dec. 31, 2020ft²
New York City, NY
Lessee, Lease, Description [Line Items]
Area of property (in sq. ft.)	130
Area of property, option to decrease (in sq. ft.)	41
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years

LEASES - Balance Sheet Classifi

LEASES - Balance Sheet Classification (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease assets [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease assets	$ 272	$ 324
Operating lease liabilities [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Operating lease liabilities	$ 350	$ 415

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 77	$ 77
Variable operating lease cost	11	10
Sublease income	(18)	(16)
Short-term lease expense	0	2
Net lease cost	$ 70	$ 72

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases:
2021	$ 96
2022	95
2023	85
2024	26
2025	29
Thereafter	195
Total lease payments	526
Less: Interest	(176)
Present value of lease liabilities	$ 350	$ 415

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining operating lease term	5 years	6 years
Weighted-average discount rate for operating leases	3.00%	3.10%
Operating cash flows from operating leases	$ 94	$ 87
Leased assets obtained in exchange for new operating lease liabilities	$ 20	$ 50

REINSURANCE - Effect of reinsur

REINSURANCE - Effect of reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Disclosures [Abstract]
Direct premiums	$ 764	$ 868	$ 836
Reinsurance assumed	195	194	186
Reinsurance ceded	(153)	(126)	(160)
Premiums	806	936	862
Direct charges and fee income	2,684	2,721	3,981
Reinsurance ceded	780	766	(466)
Policy charges and fee income	3,464	3,487	3,515
Direct policyholders’ benefits	5,233	4,298	2,804
Reinsurance assumed	218	217	219
Reinsurance ceded	(500)	(427)	(63)
Policyholders’ benefits	$ 4,951	$ 4,088	$ 2,960

REINSURANCE (Details)

REINSURANCE (Details) - USD ($) $ in Millions	Feb. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, percentage of excess reinsured		100.00%
GMIB reinsurance contract asset, at fair value		$ 2,859	$ 2,466
Increase (decrease) in the fair value of the reinsurance contract asset		393	475	$ 8,500
Amounts due to reinsurers		122	105
Equitable Financial
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, amount retained	$ 635
Exposure reinsured percentage	90.00%
Amount retained, excluding cash	$ 604
Amount retained, cash	31
Deposit contracts, assets	$ 635
Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverables related to insurance contracts		2,200	2,200
Amounts due to reinsurers		113	90
Third-party | Credit Concentration Risk
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverables related to insurance contracts		1,600	1,600
Variable Universal Term Life Insurance Single Life
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, amount retained		25
Variable Universal Term Life Insurance Joint Life
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, amount retained		30
Group Life And Health Insurance | Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Insurance liabilities ceded		48	56
Reinsurance assumed reserves		$ 721	$ 735
GMDB | Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Exposure reinsured percentage		2.60%	2.80%
GMIB | Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Exposure reinsured percentage		13.40%	14.20%

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	Nov. 13, 2019	Apr. 12, 2018	Nov. 30, 2019	Apr. 30, 2018	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 12, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Transfer to investments		$ 7,600,000,000
Notes reduction		300,000,000
Deferred tax asset, intra-entity transfer, asset other than inventory		1,200,000,000
Guaranteed minimum income benefit reinsurance asset, at fair value						$ 2,859,000,000	$ 2,466,000,000
Ceded premiums							3,000,000	$ 4,000,000
Assumed premiums earned affiliated							19,000,000	20,000,000
Reinsurance effect on claims and benefits incurred amount assumed affiliates							6,000,000	8,000,000
Repayments of related party debt						0	572,000,000	0
Capital contributions from parent						0	25,000,000
Parent Company | EQH-AEL internal debt (3.69%, due 2021)
Related Party Transaction [Line Items]
Loans from affiliates				$ 800,000,000
Related party transaction, rate (as a percent)				3.69%
Repayments of related party debt						300,000,000	200,000,000	300,000,000
Outstanding debt						0
Parent Company | EQH-AEL internal debt (one-month LIBOR 1.33%, due 2024)
Related Party Transaction [Line Items]
Loans from affiliates			$ 900,000,000
Related party transaction, rate (as a percent)			1.33%
Outstanding debt						900,000,000
AXA Affiliates
Related Party Transaction [Line Items]
Repayment of note							81,000,000	111,000,000
Unfunded commitments						163,000,000	205,000,000
AXA Affiliates | Non-consolidated Vairable Interest Entities
Related Party Transaction [Line Items]
Net assets							10,000,000,000
AXA | AXA Affiliates
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent									39.00%
Ownership percentage	10.00%
AllianceBernstein | Affiliated Entity
Related Party Transaction [Line Items]
Repayment of note						97,000,000	102,000,000
AllianceBernstein | Affiliated Entity | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Invested assets						64,000,000	30,000,000
AllianceBernstein | Affiliated Entity | Non-consolidated Vairable Interest Entities
Related Party Transaction [Line Items]
Net assets						623,000,000	974,000,000
Unfunded commitments						90,000,000	20,000,000
AXA Arizona
Related Party Transaction [Line Items]
Reinsurance, loss on uncollectible accounts in period, amount					$ 2,600,000,000
Reinsurance, loss on uncollectible accounts in period, amount, net of tax					2,100,000,000
Reinsurance, write off of deferred costs					$ 1,800,000,000
Reinsurance, difference in cost basis						400,000,000
EQ AZ Life Re
Related Party Transaction [Line Items]
Guaranteed minimum income benefit reinsurance asset, at fair value						327,000,000
EQ AZ Life Re | Universal Life And No Lapse Guarantee Riders
Related Party Transaction [Line Items]
Ceded premiums						51,000,000	62,000,000	100,000,000
Ceded claims paid						72,000,000	52,000,000	78,000,000
XL Catlin
Related Party Transaction [Line Items]
Liabilities for guarantees on long-duration contracts, guaranteed benefit liability, gross							104,000,000
AXA Affiliates | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Invested assets						218,000,000	229,000,000
AXA Affiliates | Non-consolidated Vairable Interest Entities
Related Party Transaction [Line Items]
Net assets						13,000,000,000
Cost Sharing And General Service Agreements
Related Party Transaction [Line Items]
Repayment of note						$ 41,000,000	$ 73,000,000	138,000,000
Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction		11,889,000,000
Payable to AXA RE Arizona | Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction		$ 270,000,000
AXA France
Related Party Transaction [Line Items]
Consideration										$ 143,000,000
Gain (loss) on disposal								$ (200,000)

RELATED PARTY TRANSACTIONS - As

RELATED PARTY TRANSACTIONS - Assets Received (Removed) (Details) $ in Millions	Apr. 12, 2018USD ($)
Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 8,888
Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction	11,889
Fixed income securities | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	7,083
Short-term investments | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	205
Money market funds | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	2
Accrued interest | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	43
Derivatives | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	282
Cash and cash equivalents | Assets Received
Related Party Transaction [Line Items]
Related party, amount of transaction	1,273
Deferred cost of reinsurance asset | Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction	1,839
GMDB ceded reserves | Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction	2,317
GMIB reinsurance contract asset | Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction	7,463
Payable to AXA RE Arizona | Assets Removed
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 270

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Revenues and Expenses Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AXA Affiliates
Related Party Transaction [Line Items]
Revenue received or accrued for:		$ 460	$ 463
Expenses paid or accrued for:		81	111
AXA Affiliates | General services provided to affiliates
Related Party Transaction [Line Items]
Revenue received or accrued for:		460	463
AXA Affiliates | General services provided to affiliates
Related Party Transaction [Line Items]
Expenses paid or accrued for:		76	109
AXA Affiliates | Investment management services provided by AXA IM, AXA REIM and AXA Rosenberg
Related Party Transaction [Line Items]
Expenses paid or accrued for:		5	2
Equitable Affiliates
Related Party Transaction [Line Items]
Revenue received or accrued for:	$ 762	708	771
Expenses paid or accrued for:	625	573	613
Equitable Affiliates | Investment management and administrative services provided to EQAT, EQ Premier VIP Trust, 1290 Funds and Other AXA Trusts
Related Party Transaction [Line Items]
Revenue received or accrued for:	724	669	727
Equitable Affiliates | Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products
Related Party Transaction [Line Items]
Revenue received or accrued for:	38	39	44
Equitable Affiliates | Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network
Related Party Transaction [Line Items]
Expenses paid or accrued for:	$ 625	$ 573	$ 613

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	$ 9	$ 21	$ 60
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	32	47	70
Equitable 401(k) Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	$ 19	$ 22	$ 19

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of Plan (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Total plan assets	$ 2,341	$ 2,159
Accumulated benefit obligation	$ 2,239	$ 2,160
Funded status	104.50%	99.90%

SHARE-BASED COMPENSATION PROG_3

SHARE-BASED COMPENSATION PROGRAMS - Summary of Compensation Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	$ 36	$ 28	$ 30
Income Tax Benefit	7	10	8
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	13	10	12
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	5	3	2
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	$ 18	$ 15	$ 16

SHARE-BASED COMPENSATION PROG_4

SHARE-BASED COMPENSATION PROGRAMS - Narrative (Details) - USD ($)	May 09, 2018	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Employee Stock Option | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Employee Stock Option | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Employee Stock Option | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential shares earned, percent		0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential shares earned, percent		200.00%
ROE Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award type		50.00%
TSR Performance Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award type		50.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation share-based arrangements, liability		$ 21,000,000	$ 43,000,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 163,000
Compensation cost, recognition period		2 months 12 days
Omnibus Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		23,400,000
Annual Awards | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Transaction Incentive Grant Awards | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Granted (in shares)	722,000
Vesting percentage	50.00%
Service period	5 years
Transaction Incentive Grant Awards | Restricted Stock Unit Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Growth rate	130.00%
Transaction Incentive Grant Awards | Restricted Stock Unit Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Growth rate	150.00%
Transaction Incentive Grant Awards | RSU Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Transaction Incentive Grant Awards | RSU Performance Units | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share)	$ 16.47
Transaction Incentive Grant Awards | RSU Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Transaction Incentive Grant Awards | RSU Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
All-Employee Award | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	357,000
Grants in period on individual basis (in shares)	50
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)	$ 20
Parent | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost, recognition period		1 year 7 months 6 days
Unvested restricted shares and holding units (in shares)		2,100,000
Compensation cost not yet recognized		$ 26,000,000
Parent | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost, recognition period		6 months 18 days
Unvested restricted shares and holding units (in shares)		1,600,000
Compensation cost not yet recognized		$ 3,000,000
Parent | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 4,000,000
Compensation cost, recognition period		1 year 4 months 24 days
Equitable Holdings, Inc. Stock Purchase Program (“SPP”) | Parent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent		100.00%
Defined contribution plan, employer matching contribution, percent of match		15.00%
Equitable Holdings, Inc. Stock Purchase Program (“SPP”) | Parent | Annual Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, maximum annual contributions per employee, amount		$ 3,750

SHARE-BASED COMPENSATION PROG_5

SHARE-BASED COMPENSATION PROGRAMS - Stock Option Activity (Details) - 12 months ended Dec. 31, 2020 € / shares in Units, $ / shares in Units, € in Thousands, shares in Thousands, $ in Thousands	USD ($)$ / sharesshares	USD ($)$ / shares€ / sharesshares	EUR (€)€ / sharesshares
EQH Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Number Outstanding, Beginning Balance (in shares)	1,931	1,931
Options granted (in shares)	1,235	1,235
Options exercised (in shares)	(80)	(80)
Options forfeited, net (in shares)	(267)	(267)
Options expired/reinstated (in shares)	0	0
Options, Number Outstanding, Ending Balance (in shares)	2,819	2,819
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	$ 19.73
Options granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	23.18
Options exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares	19.76
Options forfeited, net, Weighted Average Exercise Price (in dollars per share) | $ / shares	20.98
Options expired/reinstated, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	$ 21.12
Options Outstanding, Aggregate Intrinsic Value | $	$ 10,316	$ 10,316
Weighted average remaining contractual term (in years)	8 years 4 months 13 days	8 years 4 months 13 days
Options Exercisable (in shares)	748	748	748
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 0	$ 0
Options Exercisable, Aggregate Intrinsic Value | $	$ 3,432	$ 3,432
Weighted average remaining contractual term (in years)	7 years 8 months 23 days	7 years 8 months 23 days
AXA Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Number Outstanding, Beginning Balance (in shares)	1,725	1,725
Options granted (in shares)	3	3
Options exercised (in shares)	(282)	(282)
Options forfeited, net (in shares)	(29)	(29)
Options expired/reinstated (in shares)	0	0
Options, Number Outstanding, Ending Balance (in shares)	1,417	1,417
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	$ 20.09
Options granted, Weighted Average Exercise Price (in dollars per share) | € / shares		$ 12.22
Options exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares	14.59
Options forfeited, net, Weighted Average Exercise Price (in dollars per share) | € / shares		$ 18.78
Options expired/reinstated, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	$ 21.20
Options Outstanding, Aggregate Intrinsic Value | €			€ (2,153)
Weighted average remaining contractual term (in years)	4 years 10 months 24 days	4 years 10 months 24 days
Options Exercisable (in shares)	1,254	1,254	1,254
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | € / shares			€ 21.02
Options Exercisable, Aggregate Intrinsic Value | €			€ (1,677)
Weighted average remaining contractual term (in years)	4 years 8 months 26 days	4 years 8 months 26 days

SHARE-BASED COMPENSATION PROG_6

SHARE-BASED COMPENSATION PROGRAMS - Fair Value Stock Option Assumptions (Details) - Parent - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.59%	2.77%	2.44%
Expected volatility	26.00%	25.70%	25.40%
Risk-free interest rates	1.19%	2.49%	2.83%
Expected life in years	6 years	5 years 9 months 18 days	9 years 8 months 12 days
Weighted average fair value per option at grant date (in dollars per share)	$ 4.37	$ 3.82	$ 4.61

SHARE-BASED COMPENSATION PROG_7

SHARE-BASED COMPENSATION PROGRAMS - Restricted and Performance Stock Activity (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Holdings Restricted Stock | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	1,805,301
Granted (in shares) | shares	994,290
Forfeited (in shares) | shares	(117,353)
Vested (in shares) | shares	(629,202)
Unvested, Ending Balance (in shares) | shares	2,053,036
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.35
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	22.85
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	20.36
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	19.81
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 21.15
Holdings Restricted Stock | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	383,641
Granted (in shares) | shares	225,674
Forfeited (in shares) | shares	(51,860)
Vested (in shares) | shares	0
Unvested, Ending Balance (in shares) | shares	557,455
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 21.05
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	23.92
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	21.97
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 22.12
AXA Restricted Stock | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	19,280
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(19,280)
Unvested, Ending Balance (in shares) | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.20
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	19.20
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 0
AXA Restricted Stock | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	2,154,059
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(62,493)
Vested (in shares) | shares	(1,074,313)
Unvested, Ending Balance (in shares) | shares	1,017,254
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 20.08
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	20.74
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	18.91
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 21.28

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current (expense) benefit	$ (112)	$ 295	$ 234
Deferred (expense) benefit	739	284	222
Total	$ 627	$ 579	$ 456

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation
Expected income tax (expense) benefit	$ 291	$ 517	$ 309
Non-taxable investment income	91	73	104
Tax audit interest	(8)	(14)	(11)
Tax settlements/uncertain tax position release	231	0	12
Tax credits	21	0	0
Change in tax law	0	0	46
Other	1	3	(4)
Total	$ 627	$ 579	$ 456

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, increase resulting from settlements with taxing authorities	$ 231
Interest and penalties included in unrecognized tax benefits	$ 34	$ 34	$ 55
Interest expense related to unrecognized tax benefits		$ (21)	$ 14	$ 18

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Components of Deferred Tax Assets [Abstract]
Compensation and related benefits	$ 58	$ 51
Net operating loss and credits	0	44
Reserves and reinsurance	1,483	945
Investments	1,071	640
Total	2,612	1,680
Components of Deferred Tax Liabilities [Abstract]
DAC	606	692
Unrealized investment gains (losses)	1,668	639
Other	111	73
Total	$ 2,385	$ 1,404

INCOME TAXES - Unrecognized Def

INCOME TAXES - Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1,	$ 297	$ 273	$ 205
Additions for tax positions of prior years	229	24	98
Reductions for tax positions of prior years	(250)	0	(30)
Additions for tax positions of current year	0	0	0
Settlements with tax authorities	5	0	0
Balance at December 31,	281	297	273
Unrecognized tax benefits that, if recognized, would impact the effective rate	$ 47	$ 222	$ 202

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Unrealized gains (losses) on investments	$ (494)	$ 4,600	$ 1,601
Defined benefit pension plans	(7)	(5)	(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	(501)	$ 4,595	$ 1,596
Defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of adoption	3
Accounting Standards Updated 2018-02
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of adoption	$ (86)

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Comprehensive Income (Loss), Tax [Abstract]
Net unrealized gains (losses) arising during the period		$ 4,698	$ 3,052	$ (1,663)
(Gains) losses reclassified into net income (loss) during the period		(633)	(160)	(4)
Net unrealized gains (losses) on investments		4,065	2,892	(1,667)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		(1,066)	(797)	446
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $798, $547, and $310)	[1]	2,999	2,095	(1,221)
Reclassification to net income (loss) of amortization of net prior service credit included in net periodic cost		0	2	(4)
Change in defined benefit plans, (net of deferred income tax expense (benefit) of $0, $0 and $0 (2))		0	2	(4)
Other comprehensive income (loss), attributable to Equitable Financial		2,999	2,097	(1,225)
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Deferred income taxes		798	574	310
Defined benefit plan, OCI, tax		0	0	0
Unrealized gains (losses) on investments
Other Comprehensive Income (Loss), Tax [Abstract]
Reclassification from AOCI, current period, tax		$ (168)	$ (42)	$ (1)
[1]	See Note 15 for details of change in unrealized gains (losses), net of adjustments.

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	Dec. 31, 2020USD ($)	Feb. 29, 2016USD ($)legalActionfederalAction
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 100,000,000
Federal home loan bank stock	322,000,000
Carrying value of collateral pledged for federal home loan bank	8,700,000,000
Trust Notes
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000,000
Brach Family Foundation Litigation
Loss Contingencies [Line Items]
Liability for future policy benefits, face value of policy		$ 1,000,000
Letter of Credit
Loss Contingencies [Line Items]
Undrawn balance	17,000,000
Equitable Financial
Loss Contingencies [Line Items]
Number of federal actions | federalAction		5
Equitable Financial | New York
Loss Contingencies [Line Items]
Number of actions | legalAction		3
AXA
Loss Contingencies [Line Items]
Commitments by the Company to provide equity financing	1,200,000,000
Commitments under existing mortgage loan agreements	389,000,000
Affiliated Entity | AXA
Loss Contingencies [Line Items]
Commitments by the Company to provide equity financing	$ 253,000,000

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,900
Issued During the Period	46,798
Repaid During the Period	46,808
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	6,890
Difference related to remaining amortization	7	$ 9
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	1,950
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,950
Difference related to remaining amortization	11
Short-Term Funding Agreements Maturing in Less Than One Year | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,608
Issued During the Period	46,798
Repaid During the Period	46,808
Long-term Agreements Maturing Within One Year	1,036
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	5,634
Short-Term Funding Agreements Maturing in Less Than One Year | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	0
Long-Term Funding Agreements Maturing Between Two and Five Years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,646
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,036)
Long-term Agreements Maturing Within Five Years	112
Outstanding Balance, period end	722
Long-Term Funding Agreements Maturing Between Two and Five Years | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	1,150
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,150
Long-Term Funding Agreements Maturing in Greater than Five Years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	646
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	(112)
Outstanding Balance, period end	534
Long-Term Funding Agreements Maturing in Greater than Five Years | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	800
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	800
Long-Term Funding Agreements | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	2,292
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,036)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,256
Long-Term Funding Agreements | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	1,950
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	$ 1,950

INSURANCE GROUP STATUTORY FIN_2

INSURANCE GROUP STATUTORY FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	Mar. 05, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Insurance Groups statutory net income (loss)			$ 413	$ 3,900	$ 3,100
Statutory surplus, capital stock and asset valuation reserve			6,800	8,700
Securities on deposit with such government or state agencies			58
Shareholder dividends			2,100	$ 1,000	$ 1,100
Extraordinary dividend			1,700
EQ AZ Life Re
Related Party Transaction [Line Items]
Other restricted assets			2,100
Senior Notes (3.75%, due 2019) | Parent Company
Related Party Transaction [Line Items]
Extraordinary cash dividend	$ 572	$ 572
Revolving Credit Facility | Holdings Revolving Credit Facility | EQ AZ Life Re
Related Party Transaction [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,200

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - Senior Notes (3.75%, due 2019) - USD ($) $ in Millions	Mar. 05, 2019	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, term	1 year
Parent
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extraordinary cash dividend	$ 572	$ 572
Repayment of debt	$ 572

DISCONTINUED OPERATIONS - Trans

DISCONTINUED OPERATIONS - Transactions Prior to Distribution (Details) - Alliance Bernstein - Discontinued Operations $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	$ 3,243
Base fees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	2,156
Performance-based fees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	118
Research services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	439
Distribution services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	419
Shareholder services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	76
Other revenues - other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total investment management and service fees	$ 35

DISCONTINUED OPERATIONS - Incom

DISCONTINUED OPERATIONS - Income Statement Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net derivative gains (losses)	$ (1,541)	$ (3,831)	$ (1,034)
Net investment income (loss)	3,208	3,298	2,478
Investment management and service fees	1,010	1,022	1,029
Other income	57	56	64
Total revenues	7,791	5,174	6,918
Compensation and benefits	309	335	422
Commissions and distribution related payments	636	629	625
Interest expense	0	4	34
Other operating costs and expenses	830	912	2,919
Total benefits and other deductions	9,177	7,637	8,390
Net income (loss) from discontinued operations, net of taxes	0	0	114
Less: Net (income) loss attributable to the noncontrolling interest	0	(5)	3
Net income (loss) attributable to Equitable Financial	$ (759)	$ (1,889)	(899)
Alliance Bernstein | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net derivative gains (losses)			12
Net investment income (loss)			24
Investment management and service fees			3,243
Other income			0
Total revenues			3,279
Compensation and benefits			1,370
Commissions and distribution related payments			427
Interest expense			8
Other operating costs and expenses			727
Total benefits and other deductions			2,532
Income (loss) from discontinued operations, before income taxes			747
Income tax (expense) benefit			(69)
Net income (loss) from discontinued operations, net of taxes			678
Less: Net (income) loss attributable to the noncontrolling interest			(564)
Net income (loss) attributable to Equitable Financial			$ 114

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net earnings (loss) attributable to redeemable noncontrolling interests	$ 0	$ 5	$ (3)
Redeemable Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	39	39	25
Net earnings (loss) attributable to redeemable noncontrolling interests	1	5	(2)
Purchase/change of redeemable noncontrolling interests	1	(5)	16
Balance, end of period	$ 41	$ 39	$ 39

REVENUES FROM EXTERNAL CUSTOM_3

REVENUES FROM EXTERNAL CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,791	$ 5,174	$ 6,918
Individual Variable Annuity Products
Disaggregation of Revenue [Line Items]
Total Revenues	2,728	2,810	2,821
Individual Variable Annuity Products | Premiums
Disaggregation of Revenue [Line Items]
Total Revenues	165	179	171
Individual Variable Annuity Products | Fees
Disaggregation of Revenue [Line Items]
Total Revenues	2,555	2,615	2,631
Amortization/capitalization of unearned revenue liability	(14)	(35)	(19)
Individual Variable Annuity Products | Others
Disaggregation of Revenue [Line Items]
Total Revenues	8	16	19
Employer- Sponsored
Disaggregation of Revenue [Line Items]
Total Revenues	504	481	464
Employer- Sponsored | Premiums
Disaggregation of Revenue [Line Items]
Total Revenues	0	0	0
Employer- Sponsored | Fees
Disaggregation of Revenue [Line Items]
Total Revenues	500	477	459
Employer- Sponsored | Others
Disaggregation of Revenue [Line Items]
Total Revenues	4	4	5
Life Insurance Products
Disaggregation of Revenue [Line Items]
Total Revenues	2,031	2,163	2,147
Life Insurance Products | Premiums
Disaggregation of Revenue [Line Items]
Total Revenues	587	702	657
Life Insurance Products | Fees
Disaggregation of Revenue [Line Items]
Total Revenues	1,421	1,440	1,458
Life Insurance Products | Others
Disaggregation of Revenue [Line Items]
Total Revenues	23	21	32
Employee Benefit Products
Disaggregation of Revenue [Line Items]
Total Revenues	51	48	18
Employee Benefit Products | Premiums
Disaggregation of Revenue [Line Items]
Total Revenues	36	35	12
Employee Benefit Products | Fees
Disaggregation of Revenue [Line Items]
Total Revenues	0	0	0
Employee Benefit Products | Others
Disaggregation of Revenue [Line Items]
Total Revenues	15	13	6
Other
Disaggregation of Revenue [Line Items]
Total Revenues	38	34	39
Other | Premiums
Disaggregation of Revenue [Line Items]
Total Revenues	18	20	22
Other | Fees
Disaggregation of Revenue [Line Items]
Total Revenues	13	12	15
Other | Others
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7	$ 2	$ 2

REVISION OF PRIOR PERIOD FINA_3

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Deferred policy acquisition costs	$ 3,816	$ 4,222	$ 4,959	$ 4,443
Amounts due from reinsurers	3,053	3,002
Guaranteed minimum income benefit reinsurance asset, at fair value	2,859	2,466
Current and deferred income taxes	0	249
Other assets	3,078	3,050
Total Assets	251,294	227,952
LIABILITIES
Future policy benefits and other policyholders' liabilities	40,151	33,979
Other liabilities	1,580	1,769
Total Liabilities	239,610	216,348
Equity:
Retained earnings	(795)	2,145
Accumulated other comprehensive income (loss)	4,595	1,596	(501)
Total equity attributable to Equitable Financial	11,643	11,552
Total Equity	11,643	11,565	12,359	$ 19,395
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$ 251,294	227,952
As Previously Reported
ASSETS
Deferred policy acquisition costs		4,337
Amounts due from reinsurers		3,001
Guaranteed minimum income benefit reinsurance asset, at fair value		2,466
Current and deferred income taxes		224
Other assets		3,050
Total Assets		228,041
LIABILITIES
Future policy benefits and other policyholders' liabilities		33,976
Other liabilities		1,768
Total Liabilities		216,344
Equity:
Retained earnings		2,242
Accumulated other comprehensive income (loss)		1,592
Total equity attributable to Equitable Financial		11,645
Total Equity		11,658	12,428
Total Liabilities, Redeemable Noncontrolling Interest and Equity		228,041
Impact of Revisions
ASSETS
Deferred policy acquisition costs		(115)
Amounts due from reinsurers		1
Guaranteed minimum income benefit reinsurance asset, at fair value		0
Current and deferred income taxes		25
Other assets		0
Total Assets		(89)
LIABILITIES
Future policy benefits and other policyholders' liabilities		3
Other liabilities		1
Total Liabilities		4
Equity:
Retained earnings		(97)
Accumulated other comprehensive income (loss)		4
Total equity attributable to Equitable Financial		(93)
Total Equity		(93)	$ (69)
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ (89)

REVISION OF PRIOR PERIOD FINA_4

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Policy charges and fee income	$ 3,464	$ 3,487	$ 3,515
Net derivative gains (losses)	(1,541)	(3,831)	(1,034)
Other income	57	56	64
Total Revenues	7,791	5,174	6,918
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	4,951	4,088	2,960
Interest credited to policyholder's account balances	1,118	1,149	979
Commissions	636	629	625
Amortization of deferred policy acquisition costs	1,333	520	451
Other operating costs and expenses	830	912	2,919
Total benefits and other deductions	9,177	7,637	8,390
Income (loss) from continuing operations, before income taxes	(1,386)	(2,463)	(1,472)
Income tax expense (benefit) from continuing operations	627	579	456
Net income (loss)	(759)	(1,884)	(902)
Net income (loss) attributable to Equitable Financial	$ (759)	(1,889)	(899)
As Previously Reported
REVENUES
Policy charges and fee income		3,450	3,523
Net derivative gains (losses)		(3,820)	(1,010)
Other income		56	65
Total Revenues		5,148	6,951
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits		4,119	3,005
Interest credited to policyholder's account balances		1,127	1,002
Commissions		629	620
Amortization of deferred policy acquisition costs		452	431
Other operating costs and expenses		912	2,918
Total benefits and other deductions		7,578	8,432
Income (loss) from continuing operations, before income taxes		(2,430)	(1,481)
Income tax expense (benefit) from continuing operations		584	446
Net income (loss)		(1,846)	(921)
Net income (loss) attributable to Equitable Financial		(1,851)	(918)
Impact of Revisions
REVENUES
Policy charges and fee income		37	(8)
Net derivative gains (losses)		(11)	(24)
Other income		0	(1)
Total Revenues		26	(33)
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits		(31)	(45)
Interest credited to policyholder's account balances		22	(23)
Commissions		0	5
Amortization of deferred policy acquisition costs		68	20
Other operating costs and expenses		0	1
Total benefits and other deductions		59	(42)
Income (loss) from continuing operations, before income taxes		(33)	9
Income tax expense (benefit) from continuing operations		(5)	10
Net income (loss)		(38)	19
Net income (loss) attributable to Equitable Financial		$ (38)	$ 19

REVISION OF PRIOR PERIOD FINA_5

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Comprehensive Income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Statements of Comprehensive Income (Loss):
Net income (loss)		$ (759)	$ (1,884)		$ (902)
Change in unrealized gains (losses), net of reclassification adjustment	[1]	2,999	2,095		(1,221)
Other comprehensive income (loss)		2,999	2,097		(1,225)
Comprehensive income (loss)		2,240	213	[2]	(2,127)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	[2]	0	5		(3)
Comprehensive income (loss) attributable to Equitable Financial		$ 2,240	208		(2,124)
As Previously Reported
Statements of Comprehensive Income (Loss):
Net income (loss)			(1,846)		(921)
Change in unrealized gains (losses), net of reclassification adjustment			2,081		(1,230)
Other comprehensive income (loss)			2,083		(1,234)
Comprehensive income (loss)			237		(2,155)
Less: Comprehensive income (loss) attributable to the noncontrolling interest			0		0
Comprehensive income (loss) attributable to Equitable Financial			237		(2,155)
Impact of Revisions
Statements of Comprehensive Income (Loss):
Net income (loss)			(38)		19
Change in unrealized gains (losses), net of reclassification adjustment			14		9
Other comprehensive income (loss)			14		9
Comprehensive income (loss)			(24)		28
Less: Comprehensive income (loss) attributable to the noncontrolling interest			5		(3)
Comprehensive income (loss) attributable to Equitable Financial			$ (29)		$ 31
[1]	See Note 15 for details of change in unrealized gains (losses), net of adjustments.
[2]	Amounts for the years ended December 31, 2019 and 2018 were reclassified to conform to the current year’s presentation.

REVISION OF PRIOR PERIOD FINA_6

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 11,565	$ 12,359	$ 19,395
Net income (loss) attributable to Equitable Financial	(759)	(1,889)	(899)
Other comprehensive income (loss)	2,999	2,097	(1,225)
Ending balance	11,643	11,565	12,359
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,658	12,428
Net income (loss) attributable to Equitable Financial		(1,851)	(918)
Other comprehensive income (loss)		2,083	(1,234)
Ending balance		11,658	12,428
Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(93)	(69)
Net income (loss) attributable to Equitable Financial		(38)	19
Other comprehensive income (loss)		14	9
Ending balance		(93)	(69)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,145	5,039	8,860
Net income (loss) attributable to Equitable Financial		(1,889)	(899)
Ending balance	(795)	2,145	5,039
Retained Earnings | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,242	5,098	8,938
Net income (loss) attributable to Equitable Financial		(1,851)	(918)
Ending balance		2,242	5,098
Retained Earnings | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(97)	(59)	(78)
Net income (loss) attributable to Equitable Financial		(38)	19
Ending balance		(97)	(59)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,596	(501)	579
Other comprehensive income (loss)	2,999	2,097	(1,225)
Ending balance	4,595	1,596	(501)
Accumulated Other Comprehensive Income (Loss) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,592	(491)	598
Other comprehensive income (loss)		2,083	(1,234)
Ending balance		1,592	(491)
Accumulated Other Comprehensive Income (Loss) | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	4	(10)	(19)
Other comprehensive income (loss)		14	9
Ending balance		4	(10)
Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,552	12,347	16,300
Other comprehensive income (loss)	2,999	2,097	(1,225)
Ending balance	11,643	11,552	12,347
Parent | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,645	12,416
Ending balance		11,645	12,416
Parent | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (93)	(69)
Ending balance		$ (93)	$ (69)

REVISION OF PRIOR PERIOD FINA_7

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flow from operating activities:
Net income (loss)	$ (759)	$ (1,884)	$ (902)
Net income (loss)	(759)	(1,884)	(339)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income	(3,464)	(3,487)	(3,515)
Interest credited to policyholder's account balances	1,118	1,149	979
Net derivative (gains) losses	1,541	3,831	1,034
Amortization and depreciation		391	360
Capitalization of DAC	(565)	(648)	(592)
Future policy benefits	1,857	1,084	(330)
Current and deferred income taxes	(306)	(329)	(563)
Net cash provided by (used in) operating activities	(768)	(606)	1,418
Cash and cash equivalents	$ 2,043	1,492	2,622	$ 3,409
Net income (loss) from discontinued operations			563
As Previously Reported
Cash flow from operating activities:
Net income (loss)		(1,846)	(921)
Net income (loss)			(358)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income		(3,450)	(3,523)
Interest credited to policyholder's account balances		1,127	1,002
Net derivative (gains) losses		3,820	1,010
Amortization and depreciation		323	340
Capitalization of DAC		(648)	(597)
Future policy benefits		1,115	(284)
Current and deferred income taxes		(334)	(556)
Net cash provided by (used in) operating activities		(606)	1,418
Cash and cash equivalents		1,492	2,622
Impact of Revisions
Cash flow from operating activities:
Net income (loss)		(38)	19
Net income (loss)			19
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income		(37)	8
Interest credited to policyholder's account balances		22	(23)
Net derivative (gains) losses		11	24
Amortization and depreciation		68	20
Capitalization of DAC		0	5
Future policy benefits		(31)	(46)
Current and deferred income taxes		5	(7)
Net cash provided by (used in) operating activities		0	0
Cash and cash equivalents		$ 0	$ 0

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - Subsequent Event - Funding Agreement-Backed Note, Due January 2026	Jan. 09, 2021USD ($)
Subsequent Event [Line Items]
Debt instrument, face amount	$ 450,000,000
Debt instrument, stated percentage	1.00%

SCHEDULE I - SUMMARY OF INVES_2

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Millions	Dec. 31, 2020USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 93,750
Fair Value	103,686
Carrying Value	102,195
U.S. Treasury, government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	12,644
Fair Value	15,943
Carrying Value	15,943
State, municipalities and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	482
Fair Value	574
Carrying Value	574
Foreign governments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,011
Fair Value	1,103
Carrying Value	1,103
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,894
Fair Value	6,527
Carrying Value	6,527
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	42,607
Fair Value	46,575
Carrying Value	46,575
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	119
Fair Value	131
Carrying Value	131
Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,633
Fair Value	3,656
Carrying Value	3,656
Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,148
Fair Value	1,203
Carrying Value	1,203
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	598
Fair Value	641
Carrying Value	641
Fixed maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	68,136
Fair Value	76,353
Carrying Value	76,353
Mortgage loans on real estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	13,223
Fair Value	13,474
Carrying Value	13,142
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,635
Fair Value	4,794
Carrying Value	3,635
Other equity investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,342
Fair Value	1,342
Carrying Value	1,342
Trading securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,031
Fair Value	5,340
Carrying Value	5,340
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,383
Fair Value	2,383
Carrying Value	$ 2,383

SCHEDULE IV - REINSURANCE (Deta

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Life insurance in-force
Gross Amount	$ 389,576	$ 392,420	$ 390,374
Ceded to Other Companies	72,110	66,770	69,768
Assumed from Other Companies	32,289	31,699	30,322
Net Amount	$ 349,755	$ 357,349	$ 350,928
Percentage of Amount Assumed to Net	9.20%	8.90%	8.60%
Premiums:
Gross Amount	$ 764	$ 868	$ 836
Ceded to Other Companies	153	126	160
Assumed from Other Companies	195	194	186
Premiums	$ 806	$ 936	$ 862
Percentage of Amount Assumed to Net	24.10%	20.70%	21.60%
Life insurance and annuities
Premiums:
Gross Amount	$ 712	$ 825	$ 787
Ceded to Other Companies	127	99	128
Assumed from Other Companies	186	185	177
Premiums	$ 771	$ 911	$ 836
Percentage of Amount Assumed to Net	24.10%	20.30%	21.20%
Accident and health
Premiums:
Gross Amount	$ 52	$ 43	$ 49
Ceded to Other Companies	26	27	32
Assumed from Other Companies	9	9	9
Premiums	$ 35	$ 25	$ 26
Percentage of Amount Assumed to Net	24.80%	36.00%	34.60%