Equitable Financial Life Insurance 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,000,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Amendment Flag	false
Entity Central Index Key	0000727920
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $68,927 and $68,136) (allowance for credit losses of $19 and $13)		$ 72,032	$ 76,353
Mortgage loans on real estate (net of allowance for credit losses of $74 and $81)		13,263	13,142
Policy loans		3,603	3,635
Other equity investments	[1]	2,280	1,342
Trading securities, at fair value		4,662	5,340
Other invested assets		2,548	2,383
Total investments		98,388	102,195
Cash and cash equivalents		3,217	2,043
Deferred policy acquisition costs		4,076	3,816
Amounts due from reinsurers (allowance for credit losses of $5 and $5 )		3,057	3,053
Loans to affiliates		900	900
GMIB reinsurance contract asset, at fair value		2,133	2,859
Current and deferred income taxes		1,184	0
Other assets		3,159	3,078
Separate Accounts assets		137,070	133,350
Total Assets		253,184	251,294
LIABILITIES
Policyholders’ account balances		69,550	63,109
Future policy benefits and other policyholders' liabilities		35,934	40,151
Broker-dealer related payables		1,704	1,064
Amounts due to reinsurers		77	122
Current and deferred income taxes		0	234
Other liabilities		1,894	1,580
Separate Accounts liabilities		137,070	133,350
Total Liabilities		246,229	239,610
Redeemable noncontrolling interest	[2]	48	41
Commitments and contingent liabilities (Note 12)
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		7,827	7,841
Retained earnings		(2,403)	(795)
Accumulated other comprehensive income (loss)		1,481	4,595
Total Equity		6,907	11,643
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 253,184	$ 251,294
[1]	See Note 2 for details of balances with VIEs.
[2]	See Note 11 for details of redeemable noncontrolling interest.

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fixed maturities available-for-sale, amortized cost	$ 68,908
Fixed maturities available-for-sale, allowance for credit losses	(19)	$ (13)
Mortgage loans on real estate, valuation allowances	74	81
Reinsurance recoverable, allowance for credit loss	$ 5	$ 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 [Member]
Fixed maturities available-for-sale, amortized cost	$ 68,927	$ 68,136
Fixed maturities available-for-sale, allowance for credit losses	$ 19	$ 13

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Policy charges and fee income	$ 880	$ 905
Premiums	205	236
Net derivative gains (losses)	(2,778)	9,532
Net investment income (loss)	836	604
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	1	(12)
Other investment gains (losses), net	182	67
Total investment gains (losses), net	183	55
Investment management and service fees	283	252
Other income	14	15
Total revenues	(377)	11,599
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	823	2,626
Interest credited to policyholders’ account balances	270	289
Compensation and benefits	81	80
Commissions	182	161
Interest expense	1	0
Amortization of deferred policy acquisition costs	62	1,022
Other operating costs and expenses	399	214
Total benefits and other deductions	1,818	4,392
Income (loss) from continuing operations, before income taxes	(2,195)	7,207
Income tax (expense) benefit	587	(1,457)
Net income (loss)	(1,608)	5,750
Less: Net income (loss) attributable to the noncontrolling interest	0	(7)
Net income (loss) attributable to Equitable Financial	$ (1,608)	$ 5,757

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ (1,608)	$ 5,750
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	(3,114)	1,510
Other comprehensive income (loss), net of income taxes		(3,114)	1,510
Comprehensive income (loss)		(4,722)	7,260
Less: Comprehensive income (loss) attributable to the noncontrolling interest		0	(7)
Comprehensive income (loss) attributable to Equitable Financial		$ (4,722)	$ 7,267
[1]	See Note 10 for details of change in unrealized gains (losses), net of adjustments.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Parent	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Cumulative effect of adoption	Cumulative effect of adoptionParent	Cumulative effect of adoptionRetained Earnings
Beginning balance at Dec. 31, 2019	$ 11,565	$ 11,552	$ 2	$ 7,809	$ 2,145	$ 1,596	$ 13	$ (32)	$ (32)	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	0	0			0
Net income (loss)	5,755	5,757			5,757		(2)
Other comprehensive income (loss)	1,510	1,510				1,510
Other	0	2		2			(2)
Ending balance at Mar. 31, 2020	$ 18,798	18,789	2	7,811	7,870	3,106	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update [extensible list]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Dec. 31, 2020	$ 11,643	11,643	2	7,841	(795)	4,595	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	0	0			0
Net income (loss)	(1,608)	(1,608)			(1,608)
Other comprehensive income (loss)	(3,114)	(3,114)				(3,114)
Other	(14)	(14)		(14)
Ending balance at Mar. 31, 2021	$ 6,907	$ 6,907	$ 2	$ 7,827	$ (2,403)	$ 1,481	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Net income (loss)	$ (1,608)	$ 5,750
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	270	289
Policy charges and fee income	(880)	(905)
Net derivative (gains) losses	2,778	(9,532)
Credit losses on AFS debt securities and loans	(1)	12
Investment (gains) losses, net	(182)	(67)
Realized and unrealized (gains) losses on trading securities	27	148
Non-cash long-term incentive compensation expense	15	4
Amortization and depreciation	68	990
Equity (income) loss from limited partnerships	(107)	(25)
Changes in:
Reinsurance recoverable	(130)	(96)
Capitalization of deferred policy acquisition costs	(157)	(159)
Future policy benefits	19	1,846
Current and deferred income taxes	(590)	1,465
Other, net	281	(329)
Net cash provided by (used in) operating activities	(197)	(609)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	9,151	2,576
Mortgage loans on real estate	245	120
Trading account securities	709	476
Short-term investments	18	715
Other	775	132
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(9,939)	(4,772)
Mortgage loans on real estate	(353)	(181)
Trading account securities	(61)	(110)
Short-term investments	(5)	(359)
Other	(1,225)	(183)
Cash settlements related to derivative instruments, net	(2,980)	5,630
Investment in capitalized software, leasehold improvements and EDP equipment	(8)	(11)
Other, net	198	84
Net cash provided by (used in) investing activities	(3,475)	4,117
Cash flows from financing activities:
Deposits	7,101	2,362
Withdrawals	(1,478)	(1,117)
Transfer (to) from Separate Accounts	526	529
Change in collateralized pledged assets	(1,393)	44
Change in collateralized pledged liabilities	93	656
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds	7	0
Other, net	(10)	18
Net cash provided by (used in) financing activities	4,846	2,492
Change in cash and cash equivalents	1,174	6,000
Cash and cash equivalents, beginning of year	2,043	1,492
Cash and cash equivalents, end of year	3,217	7,492
Non-cash transactions:
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 13

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2021
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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature, with the exception of the Company’s update of its interest rate assumption and adoption of new economic scenario generator as further described below in Assumption Updates and Model Changes. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying unaudited 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 variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The terms “first quarter 2021” and “first quarter 2020” refer to the three months ended March 31, 2021 and 2020, respectively. The terms “first three months of 2021” and “first three months of 2020” refer to the three months ended March 31, 2021 and 2020, respectively. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Adoption of New Accounting Pronouncements Description 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. On January 1, 2021, the Company adopted the new accounting standards update. The new guidance is applied either on a retrospective, modified retrospective or prospective basis based on the items to which the amendments relate. The adoption did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows as of the adoption date. 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: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update, cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. Interest rates used to discount the liability will need to be updated quarterly using an upper medium grade (low credit risk) fixed-income instrument yield. 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. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (“AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. 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”). 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. 4. Expanded footnote disclosures. The ASU requires additional disclosures including disaggregated roll-forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs. Companies will also be required to disclose information about significant inputs, judgements, assumptions and methods used in measurement. 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 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 the 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. Changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REIT, 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. Effective January 1, 2021, the Company began classifying certain preferred stock as equity securities to better reflect the economics and nature of these securities. These preferred stock securities are reported in other equity investments. 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. 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. When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in a timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. 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 or as a reduction of the amortized cost basis for interest and principal, respectively. 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 March 31, 2021 and December 31, 2020, the carrying value of COLI was $990 million and $989 million, respectively, and is reported in other invested assets in the consolidated balance sheets. 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 March 31, 2021 and December 31, 2020, the Company consolidated one private equity limited partnership for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets in the Company’s consolidated balance sheets at March 31, 2021 and December 31, 2020 are total assets of $10 million and $12 million, respectively related to this VIE. Non-Consolidated VIEs As of March 31, 2021 and December 31, 2020, respectively, the Company held approximately $1.5 billion and $1.3 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 $173.1 billion and $165.8 billion as of March 31, 2021 and December 31, 2020, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1.5 billion and $1.3 billion and approximately $1.2 billion and $1.2 billion of unfunded commitments as of March 31, 2021 and December 31, 2020, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations. Assumption Updates and Model Changes The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets. However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. Due to the extraordinary economic conditions driven by the COVID-19 pandemic in the first quarter of 2020, the Company updated its interest rate assumption to grade from the current interest rate environment to an ultimate five-year historical average over a 10-year period. As such, the 10-year U.S. Treasury yield grades from the current level to an ultimate 5-year average of 2.25%. The low interest rate environment and update to the interest rate assumption caused a loss recognition event for the Company’s life interest-sensitive products, as well as to certain run-off business. This loss recognition event caused an acceleration of DAC amortization on the life interest-sensitive products and an increase in the premium deficiency reserve on the run-off business in the first quarter of 2020. Impact of Assumption Updates There were no assumption changes in the first quarter of 2021. The net impact of the assumption update in the first quarter of 2020 was an increase in policy charges and fee income of $54 million, an increase in policyholders’ benefits of $1.3 billion, a decrease in interest credited to policyholders’ account balances of $6 million, and an increase in amortization of DAC of $840 million. This resulted in a decrease in income (loss) from operations, before income taxes of $2.1 billion and a decrease in net income (loss) of $1.7 billion. Model Changes There were no model changes in the first quarter of 2021. In the first quarter of 2020, the Company adopted a new economic scenario generator to calculate the fair value of the GMIB reinsurance contract asset and GMxB derivative features liability, eliminating reliance on AXA for scenario production. The new economic scenario generator allows for a tighter calibration of U.S. indices, better reflecting the Company’s actual portfolio. The net impact of the new economic scenario generator resulted in an increase in income (loss) from continuing operations, before income taxes of $165 million, and an increase to net income (loss) of $130 million during 2020. Revision of Prior Period Financial Statements The Company identified certain errors in its previously issued financial statements primarily related to the calculation of actuarially determined insurance contract assets and liabilities. The impact of these errors to the current and the prior periods consolidated financial statements was not considered to be material. In order to improve the consistency and comparability of the financial statements, management revised the consolidated financial statements to include the revisions discussed herein. See Note 13 to the Notes to Consolidated Financial Statements for details of the revisions.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Fixed Maturities AFS 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 March 31, 2021 was $503 million. There was no accrued interest written off for AFS fixed maturities for the three months ended March 31, 2021. The following tables provide information relating to the Company’s fixed maturities classified as AFS. AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses Gross Gross Fair Value (in millions) March 31, 2021: Fixed Maturities: Corporate (1) $ 46,231 $ 19 $ 2,547 $ 608 $ 48,151 U.S. Treasury, government and agency 14,786 — 1,227 174 15,839 States and political subdivisions 515 — 75 7 583 Foreign governments 1,064 — 47 38 1,073 Residential mortgage-backed (2) 109 — 11 — 120 Asset-backed (3) 4,699 — 27 2 4,724 Commercial mortgage-backed 1,482 — 26 18 1,490 Redeemable preferred stock (4) 41 — 11 — 52 Total at March 31, 2021 $ 68,927 $ 19 $ 3,971 $ 847 $ 72,032 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 ______________ (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) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments). The contractual maturities of AFS fixed maturities as of March 31, 2021 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) March 31, 2021: Contractual maturities: Due in one year or less $ 2,462 $ 2,480 Due in years two through five 14,540 15,300 Due in years six through ten 17,488 18,443 Due after ten years 28,087 29,423 Subtotal 62,577 65,646 Residential mortgage-backed 109 120 Asset-backed 4,699 4,724 Commercial mortgage-backed 1,482 1,490 Redeemable preferred stock 41 52 Total at March 31, 2021 $ 68,908 $ 72,032 The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2021 and 2020: Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Three Months Ended March 31, 2021 2020 (in millions) Proceeds from sales $ 7,188 $ 1,722 Gross gains on sales $ 291 $ 69 Gross losses on sales $ (116) $ (3) Credit losses $ (6) $ (2) 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 Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of period $ 28 $ 15 Previously recognized impairments on securities that matured, paid, prepaid or sold — — 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 2 2 Additional credit losses this period on securities previously impaired 4 — 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 at March 31, $ 34 $ 17 ______________ (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, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (4,891) — — — (4,891) Reclassification adjustment: — Included in Net income (loss) (176) — — — (176) Excluded from Net income (loss) — — — — — Other (1) (31) — — — (31) Impact of net unrealized investment gains (losses) — 164 1,001 826 1,991 Net unrealized investment gains (losses) excluding credit losses 3,132 (302) (813) (424) 1,593 Net unrealized investment gains (losses) with credit losses (8) 1 2 1 (4) Balance, March 31, 2021 $ 3,124 $ (301) $ (811) $ (423) $ 1,589 Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 2,026 — — — 2,026 Reclassification adjustment: — Included in Net income (loss) (63) — — — (63) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) — 621 (812) (373) (564) Net unrealized investment gains (losses) excluding credit losses 5,047 (205) (1,004) (806) 3,032 Net unrealized investment gains (losses) with credit losses (7) — 1 1 (5) Balance, March 31, 2020 $ 5,040 $ (205) $ (1,003) $ (805) $ 3,027 _____________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments). The following tables disclose the fair values and gross unrealized losses of the 1,510 issues as of March 31, 2021 and the 537 issues as of December 31, 2020 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) March 31, 2021: Fixed Maturities: Corporate $ 11,338 $ 568 $ 466 $ 29 $ 11,804 $ 597 U.S. Treasury, government and agency 4,970 174 — — 4,970 174 States and political subdivisions 108 7 — — 108 7 Foreign governments 424 34 29 4 453 38 Residential mortgage-backed 4 — 3 — 7 — Asset-backed 649 2 17 — 666 2 Commercial mortgage-backed 778 18 — — 778 18 Redeemable preferred stock (1) — — — — — — Total at March 31, 2021 $ 18,271 $ 803 $ 515 $ 33 $ 18,786 $ 836 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 ______________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments). 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 0.7% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of March 31, 2021 and December 31, 2020 were $328 million and $338 million, respectively, representing 4.7% and 2.9% 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 March 31, 2021 and December 31, 2020, respectively, approximately $2.6 billion and $2.4 billion, or 3.8% and 3.6%, of the $68.9 billion and $68.1 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 $48 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, respectively, the $33 million and $39 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 an adjustment to allowance for credit losses for these securities was not warranted at either March 31, 2021 or December 31, 2020. As of March 31, 2021 and December 31, 2020, 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 March 31, 2021, 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 March 31, 2021 was $30 million and $29 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the three months ended March 31, 2021. As of March 31, 2021, 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 three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 77 $ 33 Current-period provision for expected credit losses (7) 11 Write-offs charged against the allowance — — Recoveries of amounts previously written off — (1) Net change in allowance (7) 10 Balance, end of period $ 70 $ 43 Agricultural mortgages: Balance, beginning of period $ 4 $ 3 Current-period provision for expected credit losses — — Write-offs charged against the allowance — — Recoveries of amounts previously written off — — Net change in allowance — — Balance, end of period $ 4 $ 3 Total allowance for credit losses $ 74 $ 46 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 March 31, 2021 and December 31, 2020. LTV Ratios (1) March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ — $ 324 $ 772 $ 1,096 50% - 70% 313 1,294 364 803 657 3,681 7,112 70% - 90% — 321 456 452 220 668 2,117 90% plus — — — 12 5 290 307 Total commercial $ 313 $ 1,615 $ 820 $ 1,267 $ 1,206 $ 5,411 $ 10,632 Agricultural: 0% - 50% $ 51 $ 218 $ 131 $ 152 $ 140 $ 853 $ 1,545 50% - 70% 41 275 120 158 101 444 1,139 70% - 90% — — — 3 — 18 21 90% plus — — — — — — — Total agricultural $ 92 $ 493 $ 251 $ 313 $ 241 $ 1,315 $ 2,705 Total mortgage loans: 0% - 50% $ 51 $ 218 $ 131 $ 152 $ 464 $ 1,625 $ 2,641 50% - 70% 354 1,569 484 961 758 4,125 8,251 70% - 90% — 321 456 455 220 686 2,138 90% plus — — — 12 5 290 307 Total mortgage loans $ 405 $ 2,108 $ 1,071 $ 1,580 $ 1,447 $ 6,726 $ 13,337 Debt Service Coverage Ratios (2) March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 226 $ 1,230 $ 492 $ 772 $ 268 $ 3,319 $ 6,307 1.8x to 2.0x — 227 90 118 378 438 1,251 1.5x to 1.8x — 98 138 187 424 758 1,605 1.2x to 1.5x — 60 56 154 81 699 1,050 1.0x to 1.2x 87 — 44 — — 124 255 Less than 1.0x — — — 36 55 73 164 Total commercial $ 313 $ 1,615 $ 820 $ 1,267 $ 1,206 $ 5,411 $ 10,632 Agricultural: Greater than 2.0x $ 11 $ 67 $ 26 $ 24 $ 34 $ 233 $ 395 1.8x to 2.0x 19 37 31 24 15 94 220 1.5x to 1.8x 25 117 33 39 43 249 506 1.2x to 1.5x 22 182 118 124 82 428 956 1.0x to 1.2x 15 86 34 91 66 267 559 Less than 1.0x — 4 9 11 1 44 69 Total agricultural $ 92 $ 493 $ 251 $ 313 $ 241 $ 1,315 $ 2,705 March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Total mortgage loans: Greater than 2.0x $ 237 $ 1,297 $ 518 $ 796 $ 302 $ 3,552 $ 6,702 1.8x to 2.0x 19 264 121 142 393 532 1,471 1.5x to 1.8x 25 215 171 226 467 1,007 2,111 1.2x to 1.5x 22 242 174 278 163 1,127 2,006 1.0x to 1.2x 102 86 78 91 66 391 814 Less than 1.0x — 4 9 47 56 117 233 Total mortgage loans $ 405 $ 2,108 $ 1,071 $ 1,580 $ 1,447 $ 6,726 $ 13,337 _____________ (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. 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 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 March 31, 2021 and December 31, 2020. 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) March 31, 2021: Mortgage loans: Commercial: 0% - 50% $ 936 $ — $ 160 $ — $ — $ — $ 1,096 50% - 70% 4,370 877 1,156 597 112 — 7,112 70% - 90% 844 374 289 376 143 91 2,117 90% plus 157 — — 77 — 73 307 Total commercial $ 6,307 $ 1,251 $ 1,605 $ 1,050 $ 255 $ 164 $ 10,632 Agricultural: 0% - 50% $ 297 $ 99 $ 301 $ 510 $ 300 $ 38 $ 1,545 50% - 70% 98 119 205 446 259 12 1,139 70% - 90% — 2 — — — 19 21 90% plus — — — — — — — Total agricultural $ 395 $ 220 $ 506 $ 956 $ 559 $ 69 $ 2,705 Total mortgage loans: 0% - 50% $ 1,233 $ 99 $ 461 $ 510 $ 300 $ 38 $ 2,641 50% - 70% 4,468 996 1,361 1,043 371 12 8,251 70% - 90% 844 376 289 376 143 110 2,138 90% plus 157 — — 77 — 73 307 Total mortgage loans $ 6,702 $ 1,471 $ 2,111 $ 2,006 $ 814 $ 233 $ 13,337 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 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: 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 Total mortgage loans $ 6,339 $ 1,523 $ 2,457 $ 1,997 $ 741 $ 166 $ 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. (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 March 31, 2021 and December 31, 2020, 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) March 31, 2021: Mortgage loans: Commercial $ — $ — $ — $ — $ 10,632 $ 10,632 $ — $ 10,632 $ — $ — Agricultural 10 4 80 94 2,611 2,705 — 2,705 — — Total $ 10 $ 4 $ 80 $ 94 $ 13,243 $ 13,337 $ — $ 13,337 $ — $ — 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 $ — $ — _______________ (1) Amounts presented at amortized cost basis. As of March 31, 2021 and December 31, 2020, 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 There were no mortgage loan on real estate or fixed maturities accounted for as a TDR during the three months ended March 31, 2021 and 2020. Equity Securities The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2021. Unrealized and Realized Gains (Losses) from Equity Securities (1) Three Months Ended March 31, 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 17 Net investment gains (losses) recognized on securities sold during the period (6) Unrealized and realized gains (losses) on equity securities 11 ______________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments). Trading Securities As of March 31, 2021 and December 31, 2020, respectively, the fair value of the Company’s trading securities was $4.7 billion and $5.3 billion. As of March 31, 2021 and December 31, 2020, respectively, trading securities included the General Account’s investment in Separate Accounts, which had carrying values of $41 million and $43 million. The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2021 and 2020: Net Investment Income (Loss) from Trading Securities Three Months Ended March 31, 2021 2020 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (49) $ (163) Net investment gains (losses) recognized on securities sold during the period 22 3 Unrealized and realized gains (losses) on trading securities (27) (160) Interest and dividend income from trading securities 36 49 Net investment income (loss) from trading securities $ 9 $ (111)

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
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 its 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 the CDS that it sold. The maximum potential amount of future payments the Company could be required to make under the credit derivatives sold 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 March 31, 2021 Three Months Ended March 31, 2021 Fair Value Notional Derivative Assets Derivative Net Derivative (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 4,802 $ — $ — $ (293) Swaps 19,254 5 2 (1,270) Options 43,102 9,755 4,240 1,143 Interest rate contracts: Swaps 13,919 2 2,141 (2,916) Futures 14,759 — — (947) Swaptions — — — — Credit contracts: Credit default swaps 951 6 3 1 Other freestanding contracts: Foreign currency contracts 524 — 1 — Margin — 40 — — Collateral — 1,605 3,876 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,133 — (724) GMxB derivative features liability (4) — — 7,681 3,357 SCS, SIO, MSO and IUL indexed features (5) — — 5,169 (1,126) Total derivative instruments $ 97,311 $ 13,546 $ 23,113 Net derivative gains (losses) (6) $ (2,775) ______________ (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 $3 million are reported in net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category December 31, 2020 Three Months Ended March 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 $ — $ — $ 258 Swaps 22,404 6 — 3,763 Options 35,786 8,383 3,715 (3,843) Interest rate contracts: Swaps 23,773 551 653 3,578 Futures 18,161 — — 1,993 Swaptions — — — 9 Credit contracts: Credit default swaps 919 8 1 (13) Other freestanding contracts: Foreign currency contracts 347 — — (3) Margin — 26 66 — Collateral — 212 3,835 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,859 — 892 GMxB derivative features liability (4) — — 10,936 (1,166) SCS, SIO, MSO and IUL indexed features (5) — — 4,378 4,067 Total derivative instruments $ 105,657 $ 12,045 $ 23,584 Net derivative gains (losses) $ 9,535 ______________ (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 $3 million are reported in net derivative gains (losses) in the consolidated statements of income (loss). Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based and treasury futures contracts as of March 31, 2021 and December 31, 2020 are exchange-traded and net settled daily in cash. As of March 31, 2021 and December 31, 2020, 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 $219 million and $135 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 $123 million and $263 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 $29 million and $35 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 March 31, 2021 and December 31, 2020, respectively, the Company held $3.9 billion and $3.8 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 $1.6 billion and $212 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of March 31, 2021 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 $ 11,413 $ 10,238 $ 1,175 $ — $ 1,175 Other financial assets 1,373 — 1,373 — 1,373 Other invested assets $ 12,786 $ 10,238 $ 2,548 $ — $ 2,548 Liabilities: Derivative liabilities $ 10,262 $ 10,238 $ 24 $ — $ 24 Other financial liabilities 1,870 — 1,870 — 1,870 Other liabilities $ 12,132 $ 10,238 $ 1,894 $ — $ 1,894 ______________ (1) Financial instruments sent (held). 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 instruments 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).

CLOSED BLOCK

CLOSED BLOCK	3 Months Ended
	Mar. 31, 2021
Closed Block Disclosure [Abstract]
CLOSED BLOCK	CLOSED BLOCK As 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 New York State Department of Financial Services (the “NYDFS”). Closed Summarized financial information for the Company’s Closed Block is as follows: March 31, 2021 December 31, 2020 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,133 $ 6,201 Policyholder dividend obligation 28 160 Other liabilities 63 39 Total Closed Block liabilities 6,224 6,400 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,381 and $3,359) (allowance for credit losses of $0) 3,623 3,718 Mortgage loans on real estate (net of allowance for credit losses of $6 and $6) 1,761 1,773 Policy loans 636 648 Cash and other invested assets 19 28 Other assets 128 169 Total assets designated to the Closed Block 6,167 6,336 Excess of Closed Block liabilities over assets designated to the Closed Block 57 64 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $28 and $160; and net of income tax: $(45) and $(42) 179 167 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 236 $ 231 The Company’s Closed Block revenues and expenses were as follows: Three Months Ended March 31, 2021 2020 (in millions) Revenues: Premiums and other income $ 39 $ 42 Net investment income (loss) 60 66 Investment gains (losses), net — — Total revenues 99 108 Benefits and Other Deductions: Policyholders’ benefits and dividends 106 103 Other operating costs and expenses 1 — Total benefits and other deductions 107 103 Net income (loss), before income taxes (8) 5 Income tax (expense) benefit (1) — Net income (loss) $ (9) $ 5 A reconciliation of the Company’s policyholder dividend obligation follows: Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of year $ 160 $ 2 Unrealized investment gains (losses) (132) — Balance, end of year $ 28 $ 2

INSURANCE LIABILITIES

INSURANCE LIABILITIES	3 Months Ended
	Mar. 31, 2021
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 Three Months Ended March 31, 2021 and 2020 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2021 $ 5,093 $ (84) $ 6,025 $ (2,859) Paid guarantee benefits (133) 4 (91) 13 Other changes in reserve 123 (1) 32 713 Balance, March 31, 2021 $ 5,083 $ (81) $ 5,966 $ (2,133) Balance, January 1, 2020 $ 4,775 $ (99) $ 4,671 $ (2,466) Paid guarantee benefits (111) 5 (74) 20 Other changes in reserve 377 (11) 1,675 (859) Balance, March 31, 2020 $ 5,041 $ (105) $ 6,272 $ (3,305) 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 March 31, 2021 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 March 31, 2021 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 $ 15,647 $ 86 $ 53 $ 164 $ 15,950 Separate Accounts 55,734 9,712 3,349 34,329 103,124 Total Account Values $ 71,381 $ 9,798 $ 3,402 $ 34,493 $ 119,074 NAR, gross $ 96 $ 35 $ 1,509 $ 16,402 $ 18,042 NAR, net of amounts reinsured $ 96 $ 33 $ 1,057 $ 16,402 $ 17,588 Average attained age of policyholders (in years) 51.4 68.5 75.0 70.4 55.3 Percentage of policyholders over age 70 11.4% 49.1% 70.8% 55.0% 20.4% 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 $ 212 $ 228 Separate Accounts — — 25,451 36,802 62,253 Total Account Values $ — $ — $ 25,467 $ 37,014 $ 62,481 NAR, gross $ — $ — $ 680 $ 8,598 $ 9,278 NAR, net of amounts reinsured $ — $ — $ 219 $ 7,835 $ 8,054 Average attained age of policyholders (in years) N/A N/A 64.4 70.3 68.1 Weighted average years remaining until annuitization N/A N/A 5.6 0.6 2.4 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 of the 2020 Form 10-K. 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 March 31, 2021 December 31, 2020 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 48,656 $ 19,245 $ 46,850 $ 18,771 Fixed income 5,362 2,584 5,506 2,701 Balanced 48,011 40,152 47,053 39,439 Other 1,095 272 1,111 275 Total $ 103,124 $ 62,253 $ 100,520 $ 61,186 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, 2021 $ 1,016 $ (883) $ 133 Paid guarantee benefits (15) — (15) Other changes in reserves 44 (18) 26 Balance, March 31, 2021 $ 1,045 $ (901) $ 144 Balance, January 1, 2020 $ 894 $ (808) $ 86 Paid guarantee benefits (13) — (13) Other changes in reserves 39 (19) 20 Balance, March 31, 2020 $ 920 $ (827) $ 93

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 46,909 $ 1,242 $ 48,151 U.S. Treasury, government and agency — 15,839 — 15,839 States and political subdivisions — 545 38 583 Foreign governments — 1,073 — 1,073 Residential mortgage-backed (2) — 120 — 120 Asset-backed (3) — 4,659 65 4,724 Commercial mortgage-backed — 1,486 4 1,490 Redeemable preferred stock — 52 — 52 Total fixed maturities, AFS — 70,683 1,349 72,032 Other equity investments 400 372 2 774 Trading securities 198 4,464 — 4,662 Other invested assets: Short-term investments — 69 — 69 Assets of consolidated VIEs/VOEs — — 10 10 Swaps — (2,136) — (2,136) Credit default swaps — 3 — 3 Options — 5,515 — 5,515 Total other invested assets — 3,451 10 3,461 Cash equivalents 1,545 1,045 — 2,590 GMIB reinsurance contracts asset — — 2,133 2,133 Separate Accounts assets (4) 134,115 2,390 — 136,505 Total Assets $ 136,258 $ 82,405 $ 3,494 $ 222,157 Liabilities: GMxB derivative features’ liability $ — $ — $ 7,681 $ 7,681 SCS, SIO, MSO and IUL indexed features’ liability — 5,169 — 5,169 Total Liabilities $ — $ 5,169 $ 7,681 $ 12,850 ______________ (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 March 31, 2021 the fair value of such investments was $365 million. 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 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, 2020 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, 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 classified 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 $131 million and $160 million as of March 31, 2021 and December 31, 2020, 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 three months ended March 31, 2021, AFS fixed maturities with fair values of $549 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 $2 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 8.0% of total equity as of March 31, 2021. During the three months ended March 31, 2020, AFS fixed maturities with fair values of $126 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 $0 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.7% of total equity as of March 31, 2020. The tables below present reconciliations for all Level 3 assets and liabilities for the three months ended March 31, 2021 and 2020, respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Commercial Mortgage- backed Asset-backed (in millions) Balance, January 1, 2021 $ 1,687 $ 39 $ — $ 20 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — — Investment gains (losses), net (6) — — — Subtotal (5) — — — Other comprehensive income (loss) 9 (1) — — Purchases 165 — 4 50 Sales (67) — — (5) Transfers into Level 3 (1) 2 — — — Transfers out of Level 3 (1) (549) — — — Balance, March 31, 2021 $ 1,242 $ 38 $ 4 $ 65 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) 1 — — — Investment gains (losses), net (2) — — — Subtotal (1) — — — Other comprehensive income (loss) (60) (3) — (8) Purchases 61 — — 48 Sales (46) — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) (26) — — (100) Balance, March 31, 2020 $ 1,174 $ 36 $ — $ 40 ______________ (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, 2021 $ 15 $ 2,859 $ 1 $ (10,936) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) (1) — (724) — 3,357 Total realized and unrealized gains (losses) — (724) — 3,357 Purchases (2) — 12 — (117) Sales (3) (1) (14) — 15 Settlements — — — — Change in estimate (4) — — — — Activity related to consolidated VIEs/VOEs (2) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — (1) — Balance, March 31, 2021 $ 12 $ 2,133 $ — $ (7,681) 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) — 892 — (1,166) Total realized and unrealized gains (losses) — 892 — (1,166) Purchases (2) — 11 — (108) Sales (3) — (19) — 10 Settlements — — — — Change in estimate (4) — (45) — — Activity related to consolidated VIEs/VOEs (1) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, March 31, 2020 $ 15 $ 3,305 $ — $ (9,580) ______________ (1) The Company’s non-performance risk impact of $84 million for GMxB Derivative Features Liability and $(16) million for the GMIB Reinsurance Contract Asset during the three months ended March 31, 2021, 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 three months ended March 31, 2021 and 2020 by category for Level 3 assets and liabilities still held as of March 31, 2021 and 2020, respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at March 31, 2021: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 9 Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) State and political subdivisions — (1) Total fixed maturities, AFS — 8 GMIB reinsurance contracts (724) — GMxB derivative features liability 3,357 — Total $ 2,633 $ 8 Held at March 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (60) State and political subdivisions — (3) Asset-backed — (8) Total fixed maturities, AFS — (71) GMIB reinsurance contracts 892 — Separate Account assets — — GMxB derivative features liability (1,166) — Total $ (274) $ (71) 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 March 31, 2021 and December 31, 2020, respectively. Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2021 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 34 Matrix pricing Spread over Benchmark 20 - 245 bps 155 bps 771 Market EBITDA multiples 4.0x - 32.3x 11.4x Other equity investments 2 Market comparable companies Revenue multiple 9.6x - 17.2x 16.0x Fair Valuation Technique Significant Range Weighted Average (2) (in millions) GMIB reinsurance contract asset 2,133 Discounted cash flow Lapse rates 0.6%-16% 1.93% Liabilities: GMIBNLG 7,625 Discounted cash flow Non-performance risk 102.0 bps 3.44% GWBL/GMWB 134 Discounted cash flow Lapse rates 0.8%-16% 1.93% 24% GIB (76) Discounted cash flow Lapse rates 0.8%-15.6% 1.93% GMAB (2) Discounted cash flow Lapse rates 0.8%-16% 1.93% ______________ (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, 2020 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 28 Matrix pricing model Spread over benchmark 45 - 195 bps 152 bps 1,148 Market comparable companies EBITDA multiples 3.5x - 33.1x 10.8x 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 0.01%-0.18% 50 bps 2.80% Liabilities: GMIBNLG 10,713 Discounted cash flow Non-performance risk 96.0 bps 0.01%-0.19% 3.19% 1.56% GWBL/GMWB 190 Discounted cash flow Non-performance risk 96.0 bps 1.69% 24% GIB 31 Discounted cash flow Non-performance risk 96.0 bps 1.69% GMAB 2 Discounted cash flow Non-performance risk 96.0 bps 1.69% ______________ (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 March 31, 2021 and December 31, 2020, respectively, are approximately $556 million and $586 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 utilization rates would tend to increase the GMIBNLG liability, while decreases in withdrawal rates and volatility rates would tend to decrease the GMIBNLG liability. The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities. Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 The carrying values and fair values as of March 31, 2021 and December 31, 2020 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 Carr

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three months ended March 31, 2021 and 2020 was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company did not enter into any new significant transactions with related parties during the three months ended March 31, 2021.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2021 and December 31, 2020 follow: March 31, December 31, 2021 2020 (in millions) Unrealized gains (losses) on investments $ 1,486 $ 4,600 Defined benefit pension plans (5) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ 1,481 $ 4,595 The components of OCI, net of taxes for the three months ended March 31, 2021 and 2020, follow: Three Months Ended March 31, 2021 2020 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (3,868) $ 1,596 (Gains) losses reclassified into net income (loss) during the period (1) (164) (48) Net unrealized gains (losses) on investments (4,032) 1,548 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 918 (38) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $(828) and $403) (3,114) 1,510 Other comprehensive income (loss), attributable to Equitable Financial $ (3,114) $ 1,510 ____________ (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $44 million and $13 million,for the three months ended March 31, 2021 and 2020, respectively.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of period $ 41 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests — (5) Purchase/change of redeemable noncontrolling interests 7 (2) Balance, end of period $ 48 $ 32

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 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 $150 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 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 has commenced settlement discussions with the Brach class action plaintiffs through a non-binding mediation process. No assurances can be given about the outcome of that mediation process. Separately, a substantial number of policy owners have opted out of the Brach class action and are not participating in that mediation process. Most have not yet filed suit. Others filed suit previously. They include five other federal actions challenging the COI rate increase that 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. Two 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 $472 million and pledged collateral with a carrying value of $6.7 billion as of March 31, 2021. 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 Three Months Ended March 31, 2021 Outstanding Balance at December 31, 2020 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 March 31, 2021 (in millions) Short-term funding agreements: Due in one year or less $ 5,634 $ 16,050 $ 12,724 $ 173 $ — $ 9,133 Long-term funding agreements: Due in years two through five 722 — — (173) — 549 Due in more than five years 534 — — — — 534 Total long-term funding agreements 1,256 — — (173) — 1,083 Total funding agreements (1) $ 6,890 $ 16,050 $ 12,724 $ — $ — $ 10,216 ____________ (1) The $6 million and $7 million difference between the funding agreements carrying value shown in fair value table for March 31, 2021 and December 31, 2020, 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 Three Months Ended March 31, 2021 Outstanding Balance at December 31, 2020 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 March 31, 2021 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ — $ — $ — Long-term funding agreements: Due in years two through five 1,150 450 — — — 1,600 Due in more than five years 800 750 — — — 1,550 Total long-term funding agreements 1,950 1,200 — — — 3,150 Total funding agreements (1) $ 1,950 $ 1,200 $ — $ — $ — $ 3,150 _____________ (1) The $18 million and $11 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2021 and December 31, 2020, respectively, 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 March 31, 2021, these arrangements include commitments by the Company to provide equity financing of $1.2 billion (including $283 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 March 31, 2021. The Company had $456 million of commitments under existing mortgage loan agreements as of March 31, 2021. 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.

REVISION OF PRIOR PERIOD FINANC

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2021
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. March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Balance Sheets: Assets: Investments: Other invested assets 1,595 12 1,607 Total investments 90,613 12 90,625 Deferred policy acquisition costs 4,068 (85) 3,983 Total Assets $ 218,841 $ (73) $ 218,768 Liabilities: Future policy benefits and other policyholders’ liabilities 37,830 32 37,862 Current and deferred income taxes 1,637 (22) 1,615 Total Liabilities $ 199,928 $ 10 $ 199,938 EQUITY Retained earnings 7,953 (83) 7,870 Total equity attributable to Equitable Financial 18,872 (83) 18,789 Total Equity 18,881 (83) 18,798 Total Liabilities, Redeemable Noncontrolling interest and Equity $ 218,841 $ (73) $ 218,768 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Income (Loss) REVENUES: Policy charges and fee income 904 1 905 Net derivative gains (losses) 9,533 (1) 9,532 Net investment income (loss) 591 13 604 Other income 17 (2) 15 Total revenues 11,588 11 11,599 BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits 2,597 29 2,626 Amortization of deferred policy acquisition costs 1,058 (36) 1,022 Other operating costs and expenses 213 1 214 Total benefits and deductions 4,398 (6) 4,392 Income (loss) from continuing operations, before income taxes 7,190 17 7,207 Income tax (expense) benefit from continuing operations (1,454) (3) (1,457) Net income (loss) 5,736 14 5,750 Net income (loss) attributable to Equitable Financial $ 5,743 $ 14 $ 5,757 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Comprehensive Income (Loss) Net income (loss) $ 5,736 $ 14 $ 5,750 Foreign currency translation adjustment — — — Change in unrealized gains (losses), net of reclassification adjustment 1,514 (4) 1,510 Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment — — — Other comprehensive (income) loss from discontinued operations — — — Other comprehensive income 1,514 (4) 1,510 Comprehensive income (loss) 7,250 10 7,260 Less: Comprehensive income (loss) attributable to noncontrolling interest (7) — (7) Comprehensive income (loss) attributable to Equitable Financial $ 7,257 $ 10 $ 7,267 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Equity: Retained earnings, beginning of year $ 2,242 $ (97) $ 2,145 Net income (loss) attributable to Equitable Financial 5,743 14 5,757 Retained earnings, end of period $ 7,953 $ (83) $ 7,870 Accumulated other comprehensive income (loss), beginning of year $ 1,592 $ 4 $ 1,596 Other comprehensive income (loss) 1,514 (4) 1,510 Accumulated other comprehensive income (loss), end of period $ 3,106 $ — $ 3,106 Total Equitable Financial equity, end of period $ 18,872 $ (83) $ 18,789 Total equity, end of period $ 18,881 $ (83) $ 18,798 March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Cash Flows: Cash flow from operating activities: Net income (loss) $ 5,736 $ 14 $ 5,750 Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: Policy charges and fee income (904) (1) (905) Net derivative (gains) losses (9,533) 1 (9,532) Amortization and depreciation 1,025 (35) 990 Future policy benefits 1,817 29 1,846 Reinsurance recoverable (97) 1 (96) Current and deferred income taxes 1,462 3 1,465 Net cash provided by (used in) operating activities $ (621) $ 12 $ (609) Cash flows from financing activities: Change in collateralized pledged assets 45 (1) 44 Change in collateralized pledged liabilities 667 (11) 656 Net cash provided by (used in) financing activities $ 2,504 $ (12) $ 2,492 Cash and cash equivalents, end of period 7,492 — 7,492

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Funding Agreement-Backed NotesPursuant to the FABN program discussed in Note 12, in April 2021, Equitable Financial issued a $350 million funding agreement to the Trust with a fixed interest rate of 0.50% per annum and a maturity date of April 6, 2023. In addition, on the same date Equitable Financial issued a $650 million funding agreement to the Trust with a floating interest rate equal to the compounded Secured Overnight Financing Rate (“SOFR”) plus 39 basis points per annum which matures on April 6, 2023. Funding agreements issued to the Trust will be reported in Policyholders' account balances in the consolidated balance sheets in subsequent periods.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature, with the exception of the Company’s update of its interest rate assumption and adoption of new economic scenario generator as further described below in Assumption Updates and Model Changes. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying unaudited 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 variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The terms “first quarter 2021” and “first quarter 2020” refer to the three months ended March 31, 2021 and 2020, respectively. The terms “first three months of 2021” and “first three months of 2020” refer to the three months ended March 31, 2021 and 2020, 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 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. On January 1, 2021, the Company adopted the new accounting standards update. The new guidance is applied either on a retrospective, modified retrospective or prospective basis based on the items to which the amendments relate. The adoption did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows as of the adoption date. 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: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update, cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. Interest rates used to discount the liability will need to be updated quarterly using an upper medium grade (low credit risk) fixed-income instrument yield. 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. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (“AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. 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”). 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. 4. Expanded footnote disclosures. The ASU requires additional disclosures including disaggregated roll-forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs. Companies will also be required to disclose information about significant inputs, judgements, assumptions and methods used in measurement. 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 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 the 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. Changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REIT, 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. Effective January 1, 2021, the Company began classifying certain preferred stock as equity securities to better reflect the economics and nature of these securities. These preferred stock securities are reported in other equity investments. 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. 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. When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in a timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. 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 or as a reduction of the amortized cost basis for interest and principal, respectively. 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 March 31, 2021 and December 31, 2020, the carrying value of COLI was $990 million and $989 million, respectively, and is reported in other invested assets in the consolidated balance sheets.
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 March 31, 2021 and December 31, 2020, the Company consolidated one private equity limited partnership for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets in the Company’s consolidated balance sheets at March 31, 2021 and December 31, 2020 are total assets of $10 million and $12 million, respectively related to this VIE. Non-Consolidated VIEs
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 March 31, 2021 and December 31, 2020, 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)	3 Months Ended
	Mar. 31, 2021
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 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. On January 1, 2021, the Company adopted the new accounting standards update. The new guidance is applied either on a retrospective, modified retrospective or prospective basis based on the items to which the amendments relate. The adoption did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows as of the adoption date. 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: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update, cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. Interest rates used to discount the liability will need to be updated quarterly using an upper medium grade (low credit risk) fixed-income instrument yield. 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. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (“AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. 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”). 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. 4. Expanded footnote disclosures. The ASU requires additional disclosures including disaggregated roll-forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs. Companies will also be required to disclose information about significant inputs, judgements, assumptions and methods used in measurement. 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 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 the adoption of this guidance will have on the Company’s consolidated financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Fixed Maturities by Classification	The following tables provide information relating to the Company’s fixed maturities classified as AFS. AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses Gross Gross Fair Value (in millions) March 31, 2021: Fixed Maturities: Corporate (1) $ 46,231 $ 19 $ 2,547 $ 608 $ 48,151 U.S. Treasury, government and agency 14,786 — 1,227 174 15,839 States and political subdivisions 515 — 75 7 583 Foreign governments 1,064 — 47 38 1,073 Residential mortgage-backed (2) 109 — 11 — 120 Asset-backed (3) 4,699 — 27 2 4,724 Commercial mortgage-backed 1,482 — 26 18 1,490 Redeemable preferred stock (4) 41 — 11 — 52 Total at March 31, 2021 $ 68,927 $ 19 $ 3,971 $ 847 $ 72,032 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 ______________ (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) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments).
Contractual Maturities of Available-for-Sale Fixed Maturities	The contractual maturities of AFS fixed maturities as of March 31, 2021 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) March 31, 2021: Contractual maturities: Due in one year or less $ 2,462 $ 2,480 Due in years two through five 14,540 15,300 Due in years six through ten 17,488 18,443 Due after ten years 28,087 29,423 Subtotal 62,577 65,646 Residential mortgage-backed 109 120 Asset-backed 4,699 4,724 Commercial mortgage-backed 1,482 1,490 Redeemable preferred stock 41 52 Total at March 31, 2021 $ 68,908 $ 72,032
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 three months ended March 31, 2021 and 2020: Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Three Months Ended March 31, 2021 2020 (in millions) Proceeds from sales $ 7,188 $ 1,722 Gross gains on sales $ 291 $ 69 Gross losses on sales $ (116) $ (3) Credit losses $ (6) $ (2)
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 Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of period $ 28 $ 15 Previously recognized impairments on securities that matured, paid, prepaid or sold — — 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 2 2 Additional credit losses this period on securities previously impaired 4 — 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 at March 31, $ 34 $ 17 ______________ (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, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (4,891) — — — (4,891) Reclassification adjustment: — Included in Net income (loss) (176) — — — (176) Excluded from Net income (loss) — — — — — Other (1) (31) — — — (31) Impact of net unrealized investment gains (losses) — 164 1,001 826 1,991 Net unrealized investment gains (losses) excluding credit losses 3,132 (302) (813) (424) 1,593 Net unrealized investment gains (losses) with credit losses (8) 1 2 1 (4) Balance, March 31, 2021 $ 3,124 $ (301) $ (811) $ (423) $ 1,589 Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 2,026 — — — 2,026 Reclassification adjustment: — Included in Net income (loss) (63) — — — (63) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) — 621 (812) (373) (564) Net unrealized investment gains (losses) excluding credit losses 5,047 (205) (1,004) (806) 3,032 Net unrealized investment gains (losses) with credit losses (7) — 1 1 (5) Balance, March 31, 2020 $ 5,040 $ (205) $ (1,003) $ (805) $ 3,027 _____________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments).
Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities	The following tables disclose the fair values and gross unrealized losses of the 1,510 issues as of March 31, 2021 and the 537 issues as of December 31, 2020 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) March 31, 2021: Fixed Maturities: Corporate $ 11,338 $ 568 $ 466 $ 29 $ 11,804 $ 597 U.S. Treasury, government and agency 4,970 174 — — 4,970 174 States and political subdivisions 108 7 — — 108 7 Foreign governments 424 34 29 4 453 38 Residential mortgage-backed 4 — 3 — 7 — Asset-backed 649 2 17 — 666 2 Commercial mortgage-backed 778 18 — — 778 18 Redeemable preferred stock (1) — — — — — — Total at March 31, 2021 $ 18,271 $ 803 $ 515 $ 33 $ 18,786 $ 836 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 ______________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments).
Financing Receivable, Allowance for Credit Loss	The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 77 $ 33 Current-period provision for expected credit losses (7) 11 Write-offs charged against the allowance — — Recoveries of amounts previously written off — (1) Net change in allowance (7) 10 Balance, end of period $ 70 $ 43 Agricultural mortgages: Balance, beginning of period $ 4 $ 3 Current-period provision for expected credit losses — — Write-offs charged against the allowance — — Recoveries of amounts previously written off — — Net change in allowance — — Balance, end of period $ 4 $ 3 Total allowance for credit losses $ 74 $ 46
Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of March 31, 2021 and December 31, 2020. LTV Ratios (1) March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ — $ 324 $ 772 $ 1,096 50% - 70% 313 1,294 364 803 657 3,681 7,112 70% - 90% — 321 456 452 220 668 2,117 90% plus — — — 12 5 290 307 Total commercial $ 313 $ 1,615 $ 820 $ 1,267 $ 1,206 $ 5,411 $ 10,632 Agricultural: 0% - 50% $ 51 $ 218 $ 131 $ 152 $ 140 $ 853 $ 1,545 50% - 70% 41 275 120 158 101 444 1,139 70% - 90% — — — 3 — 18 21 90% plus — — — — — — — Total agricultural $ 92 $ 493 $ 251 $ 313 $ 241 $ 1,315 $ 2,705 Total mortgage loans: 0% - 50% $ 51 $ 218 $ 131 $ 152 $ 464 $ 1,625 $ 2,641 50% - 70% 354 1,569 484 961 758 4,125 8,251 70% - 90% — 321 456 455 220 686 2,138 90% plus — — — 12 5 290 307 Total mortgage loans $ 405 $ 2,108 $ 1,071 $ 1,580 $ 1,447 $ 6,726 $ 13,337 Debt Service Coverage Ratios (2) March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 226 $ 1,230 $ 492 $ 772 $ 268 $ 3,319 $ 6,307 1.8x to 2.0x — 227 90 118 378 438 1,251 1.5x to 1.8x — 98 138 187 424 758 1,605 1.2x to 1.5x — 60 56 154 81 699 1,050 1.0x to 1.2x 87 — 44 — — 124 255 Less than 1.0x — — — 36 55 73 164 Total commercial $ 313 $ 1,615 $ 820 $ 1,267 $ 1,206 $ 5,411 $ 10,632 Agricultural: Greater than 2.0x $ 11 $ 67 $ 26 $ 24 $ 34 $ 233 $ 395 1.8x to 2.0x 19 37 31 24 15 94 220 1.5x to 1.8x 25 117 33 39 43 249 506 1.2x to 1.5x 22 182 118 124 82 428 956 1.0x to 1.2x 15 86 34 91 66 267 559 Less than 1.0x — 4 9 11 1 44 69 Total agricultural $ 92 $ 493 $ 251 $ 313 $ 241 $ 1,315 $ 2,705 March 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (in millions) Total mortgage loans: Greater than 2.0x $ 237 $ 1,297 $ 518 $ 796 $ 302 $ 3,552 $ 6,702 1.8x to 2.0x 19 264 121 142 393 532 1,471 1.5x to 1.8x 25 215 171 226 467 1,007 2,111 1.2x to 1.5x 22 242 174 278 163 1,127 2,006 1.0x to 1.2x 102 86 78 91 66 391 814 Less than 1.0x — 4 9 47 56 117 233 Total mortgage loans $ 405 $ 2,108 $ 1,071 $ 1,580 $ 1,447 $ 6,726 $ 13,337 _____________ (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. 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 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 March 31, 2021 and December 31, 2020. 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) March 31, 2021: Mortgage loans: Commercial: 0% - 50% $ 936 $ — $ 160 $ — $ — $ — $ 1,096 50% - 70% 4,370 877 1,156 597 112 — 7,112 70% - 90% 844 374 289 376 143 91 2,117 90% plus 157 — — 77 — 73 307 Total commercial $ 6,307 $ 1,251 $ 1,605 $ 1,050 $ 255 $ 164 $ 10,632 Agricultural: 0% - 50% $ 297 $ 99 $ 301 $ 510 $ 300 $ 38 $ 1,545 50% - 70% 98 119 205 446 259 12 1,139 70% - 90% — 2 — — — 19 21 90% plus — — — — — — — Total agricultural $ 395 $ 220 $ 506 $ 956 $ 559 $ 69 $ 2,705 Total mortgage loans: 0% - 50% $ 1,233 $ 99 $ 461 $ 510 $ 300 $ 38 $ 2,641 50% - 70% 4,468 996 1,361 1,043 371 12 8,251 70% - 90% 844 376 289 376 143 110 2,138 90% plus 157 — — 77 — 73 307 Total mortgage loans $ 6,702 $ 1,471 $ 2,111 $ 2,006 $ 814 $ 233 $ 13,337 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 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: 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 Total mortgage loans $ 6,339 $ 1,523 $ 2,457 $ 1,997 $ 741 $ 166 $ 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. (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 March 31, 2021 and December 31, 2020, 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) March 31, 2021: Mortgage loans: Commercial $ — $ — $ — $ — $ 10,632 $ 10,632 $ — $ 10,632 $ — $ — Agricultural 10 4 80 94 2,611 2,705 — 2,705 — — Total $ 10 $ 4 $ 80 $ 94 $ 13,243 $ 13,337 $ — $ 13,337 $ — $ — 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 $ — $ — _______________ (1) Amounts presented at amortized cost basis.
Net Investment Income (Loss) from Equity and Trading Securities	The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2021. Unrealized and Realized Gains (Losses) from Equity Securities (1) Three Months Ended March 31, 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 17 Net investment gains (losses) recognized on securities sold during the period (6) Unrealized and realized gains (losses) on equity securities 11 ______________ (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see Note 2 Significant Accounting Policies – Investments). The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2021 and 2020: Net Investment Income (Loss) from Trading Securities Three Months Ended March 31, 2021 2020 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (49) $ (163) Net investment gains (losses) recognized on securities sold during the period 22 3 Unrealized and realized gains (losses) on trading securities (27) (160) Interest and dividend income from trading securities 36 49 Net investment income (loss) from trading securities $ 9 $ (111)

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Three Months Ended March 31, 2021 Fair Value Notional Derivative Assets Derivative Net Derivative (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 4,802 $ — $ — $ (293) Swaps 19,254 5 2 (1,270) Options 43,102 9,755 4,240 1,143 Interest rate contracts: Swaps 13,919 2 2,141 (2,916) Futures 14,759 — — (947) Swaptions — — — — Credit contracts: Credit default swaps 951 6 3 1 Other freestanding contracts: Foreign currency contracts 524 — 1 — Margin — 40 — — Collateral — 1,605 3,876 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,133 — (724) GMxB derivative features liability (4) — — 7,681 3,357 SCS, SIO, MSO and IUL indexed features (5) — — 5,169 (1,126) Total derivative instruments $ 97,311 $ 13,546 $ 23,113 Net derivative gains (losses) (6) $ (2,775) ______________ (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 $3 million are reported in net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category December 31, 2020 Three Months Ended March 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 $ — $ — $ 258 Swaps 22,404 6 — 3,763 Options 35,786 8,383 3,715 (3,843) Interest rate contracts: Swaps 23,773 551 653 3,578 Futures 18,161 — — 1,993 Swaptions — — — 9 Credit contracts: Credit default swaps 919 8 1 (13) Other freestanding contracts: Foreign currency contracts 347 — — (3) Margin — 26 66 — Collateral — 212 3,835 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,859 — 892 GMxB derivative features liability (4) — — 10,936 (1,166) SCS, SIO, MSO and IUL indexed features (5) — — 4,378 4,067 Total derivative instruments $ 105,657 $ 12,045 $ 23,584 Net derivative gains (losses) $ 9,535 ______________ (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 $3 million are reported in net derivative gains (losses) in the consolidated statements of income (loss).
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 March 31, 2021 and December 31, 2020: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of March 31, 2021 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 $ 11,413 $ 10,238 $ 1,175 $ — $ 1,175 Other financial assets 1,373 — 1,373 — 1,373 Other invested assets $ 12,786 $ 10,238 $ 2,548 $ — $ 2,548 Liabilities: Derivative liabilities $ 10,262 $ 10,238 $ 24 $ — $ 24 Other financial liabilities 1,870 — 1,870 — 1,870 Other liabilities $ 12,132 $ 10,238 $ 1,894 $ — $ 1,894 ______________ (1) Financial instruments sent (held). 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 instruments 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).

CLOSED BLOCK (Tables)

CLOSED BLOCK (Tables)	3 Months Ended
	Mar. 31, 2021
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: March 31, 2021 December 31, 2020 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,133 $ 6,201 Policyholder dividend obligation 28 160 Other liabilities 63 39 Total Closed Block liabilities 6,224 6,400 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,381 and $3,359) (allowance for credit losses of $0) 3,623 3,718 Mortgage loans on real estate (net of allowance for credit losses of $6 and $6) 1,761 1,773 Policy loans 636 648 Cash and other invested assets 19 28 Other assets 128 169 Total assets designated to the Closed Block 6,167 6,336 Excess of Closed Block liabilities over assets designated to the Closed Block 57 64 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $28 and $160; and net of income tax: $(45) and $(42) 179 167 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 236 $ 231
Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Three Months Ended March 31, 2021 2020 (in millions) Revenues: Premiums and other income $ 39 $ 42 Net investment income (loss) 60 66 Investment gains (losses), net — — Total revenues 99 108 Benefits and Other Deductions: Policyholders’ benefits and dividends 106 103 Other operating costs and expenses 1 — Total benefits and other deductions 107 103 Net income (loss), before income taxes (8) 5 Income tax (expense) benefit (1) — Net income (loss) $ (9) $ 5
Closed Block Dividend Obligation	A reconciliation of the Company’s policyholder dividend obligation follows: Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of year $ 160 $ 2 Unrealized investment gains (losses) (132) — Balance, end of year $ 28 $ 2

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 Three Months Ended March 31, 2021 and 2020 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2021 $ 5,093 $ (84) $ 6,025 $ (2,859) Paid guarantee benefits (133) 4 (91) 13 Other changes in reserve 123 (1) 32 713 Balance, March 31, 2021 $ 5,083 $ (81) $ 5,966 $ (2,133) Balance, January 1, 2020 $ 4,775 $ (99) $ 4,671 $ (2,466) Paid guarantee benefits (111) 5 (74) 20 Other changes in reserve 377 (11) 1,675 (859) Balance, March 31, 2020 $ 5,041 $ (105) $ 6,272 $ (3,305)
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 March 31, 2021 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 March 31, 2021 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 $ 15,647 $ 86 $ 53 $ 164 $ 15,950 Separate Accounts 55,734 9,712 3,349 34,329 103,124 Total Account Values $ 71,381 $ 9,798 $ 3,402 $ 34,493 $ 119,074 NAR, gross $ 96 $ 35 $ 1,509 $ 16,402 $ 18,042 NAR, net of amounts reinsured $ 96 $ 33 $ 1,057 $ 16,402 $ 17,588 Average attained age of policyholders (in years) 51.4 68.5 75.0 70.4 55.3 Percentage of policyholders over age 70 11.4% 49.1% 70.8% 55.0% 20.4% 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 $ 212 $ 228 Separate Accounts — — 25,451 36,802 62,253 Total Account Values $ — $ — $ 25,467 $ 37,014 $ 62,481 NAR, gross $ — $ — $ 680 $ 8,598 $ 9,278 NAR, net of amounts reinsured $ — $ — $ 219 $ 7,835 $ 8,054 Average attained age of policyholders (in years) N/A N/A 64.4 70.3 68.1 Weighted average years remaining until annuitization N/A N/A 5.6 0.6 2.4 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 March 31, 2021 December 31, 2020 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 48,656 $ 19,245 $ 46,850 $ 18,771 Fixed income 5,362 2,584 5,506 2,701 Balanced 48,011 40,152 47,053 39,439 Other 1,095 272 1,111 275 Total $ 103,124 $ 62,253 $ 100,520 $ 61,186
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, 2021 $ 1,016 $ (883) $ 133 Paid guarantee benefits (15) — (15) Other changes in reserves 44 (18) 26 Balance, March 31, 2021 $ 1,045 $ (901) $ 144 Balance, January 1, 2020 $ 894 $ (808) $ 86 Paid guarantee benefits (13) — (13) Other changes in reserves 39 (19) 20 Balance, March 31, 2020 $ 920 $ (827) $ 93

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 46,909 $ 1,242 $ 48,151 U.S. Treasury, government and agency — 15,839 — 15,839 States and political subdivisions — 545 38 583 Foreign governments — 1,073 — 1,073 Residential mortgage-backed (2) — 120 — 120 Asset-backed (3) — 4,659 65 4,724 Commercial mortgage-backed — 1,486 4 1,490 Redeemable preferred stock — 52 — 52 Total fixed maturities, AFS — 70,683 1,349 72,032 Other equity investments 400 372 2 774 Trading securities 198 4,464 — 4,662 Other invested assets: Short-term investments — 69 — 69 Assets of consolidated VIEs/VOEs — — 10 10 Swaps — (2,136) — (2,136) Credit default swaps — 3 — 3 Options — 5,515 — 5,515 Total other invested assets — 3,451 10 3,461 Cash equivalents 1,545 1,045 — 2,590 GMIB reinsurance contracts asset — — 2,133 2,133 Separate Accounts assets (4) 134,115 2,390 — 136,505 Total Assets $ 136,258 $ 82,405 $ 3,494 $ 222,157 Liabilities: GMxB derivative features’ liability $ — $ — $ 7,681 $ 7,681 SCS, SIO, MSO and IUL indexed features’ liability — 5,169 — 5,169 Total Liabilities $ — $ 5,169 $ 7,681 $ 12,850 ______________ (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 March 31, 2021 the fair value of such investments was $365 million. 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 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 three months ended March 31, 2021 and 2020, respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Commercial Mortgage- backed Asset-backed (in millions) Balance, January 1, 2021 $ 1,687 $ 39 $ — $ 20 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — — Investment gains (losses), net (6) — — — Subtotal (5) — — — Other comprehensive income (loss) 9 (1) — — Purchases 165 — 4 50 Sales (67) — — (5) Transfers into Level 3 (1) 2 — — — Transfers out of Level 3 (1) (549) — — — Balance, March 31, 2021 $ 1,242 $ 38 $ 4 $ 65 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) 1 — — — Investment gains (losses), net (2) — — — Subtotal (1) — — — Other comprehensive income (loss) (60) (3) — (8) Purchases 61 — — 48 Sales (46) — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) (26) — — (100) Balance, March 31, 2020 $ 1,174 $ 36 $ — $ 40 ______________ (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, 2021 $ 15 $ 2,859 $ 1 $ (10,936) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses) (1) — (724) — 3,357 Total realized and unrealized gains (losses) — (724) — 3,357 Purchases (2) — 12 — (117) Sales (3) (1) (14) — 15 Settlements — — — — Change in estimate (4) — — — — Activity related to consolidated VIEs/VOEs (2) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — (1) — Balance, March 31, 2021 $ 12 $ 2,133 $ — $ (7,681) 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) — 892 — (1,166) Total realized and unrealized gains (losses) — 892 — (1,166) Purchases (2) — 11 — (108) Sales (3) — (19) — 10 Settlements — — — — Change in estimate (4) — (45) — — Activity related to consolidated VIEs/VOEs (1) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, March 31, 2020 $ 15 $ 3,305 $ — $ (9,580) ______________ (1) The Company’s non-performance risk impact of $84 million for GMxB Derivative Features Liability and $(16) million for the GMIB Reinsurance Contract Asset during the three months ended March 31, 2021, 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 three months ended March 31, 2021 and 2020 by category for Level 3 assets and liabilities still held as of March 31, 2021 and 2020, respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at March 31, 2021: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 9 Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) State and political subdivisions — (1) Total fixed maturities, AFS — 8 GMIB reinsurance contracts (724) — GMxB derivative features liability 3,357 — Total $ 2,633 $ 8 Held at March 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (60) State and political subdivisions — (3) Asset-backed — (8) Total fixed maturities, AFS — (71) GMIB reinsurance contracts 892 — Separate Account assets — — GMxB derivative features liability (1,166) — Total $ (274) $ (71)
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 March 31, 2021 and December 31, 2020, respectively. Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2021 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 34 Matrix pricing Spread over Benchmark 20 - 245 bps 155 bps 771 Market EBITDA multiples 4.0x - 32.3x 11.4x Other equity investments 2 Market comparable companies Revenue multiple 9.6x - 17.2x 16.0x Fair Valuation Technique Significant Range Weighted Average (2) (in millions) GMIB reinsurance contract asset 2,133 Discounted cash flow Lapse rates 0.6%-16% 1.93% Liabilities: GMIBNLG 7,625 Discounted cash flow Non-performance risk 102.0 bps 3.44% GWBL/GMWB 134 Discounted cash flow Lapse rates 0.8%-16% 1.93% 24% GIB (76) Discounted cash flow Lapse rates 0.8%-15.6% 1.93% GMAB (2) Discounted cash flow Lapse rates 0.8%-16% 1.93% ______________ (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, 2020 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 28 Matrix pricing model Spread over benchmark 45 - 195 bps 152 bps 1,148 Market comparable companies EBITDA multiples 3.5x - 33.1x 10.8x 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 0.01%-0.18% 50 bps 2.80% Liabilities: GMIBNLG 10,713 Discounted cash flow Non-performance risk 96.0 bps 0.01%-0.19% 3.19% 1.56% GWBL/GMWB 190 Discounted cash flow Non-performance risk 96.0 bps 1.69% 24% GIB 31 Discounted cash flow Non-performance risk 96.0 bps 1.69% GMAB 2 Discounted cash flow Non-performance risk 96.0 bps 1.69% ______________ (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 March 31, 2021 and December 31, 2020 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) March 31, 2021: Mortgage loans on real estate $ 13,263 $ — $ — $ 13,514 $ 13,514 Policy loans $ 3,603 $ — $ — $ 4,575 $ 4,575 Loans to affiliates $ 900 $ — $ 927 $ — $ 927 Policyholders’ liabilities: Investment contracts $ 2,030 $ — $ — $ 2,143 $ 2,143 FHLB funding agreements $ 10,223 $ — $ 10,284 $ — $ 10,284 FABN funding agreements $ 3,132 $ — $ 3,087 $ — $ 3,087 Separate Accounts liabilities $ 10,658 $ — $ — $ 10,658 $ 10,658 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

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 follow: March 31, December 31, 2021 2020 (in millions) Unrealized gains (losses) on investments $ 1,486 $ 4,600 Defined benefit pension plans (5) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ 1,481 $ 4,595
Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes for the three months ended March 31, 2021 and 2020, follow: Three Months Ended March 31, 2021 2020 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (3,868) $ 1,596 (Gains) losses reclassified into net income (loss) during the period (1) (164) (48) Net unrealized gains (losses) on investments (4,032) 1,548 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 918 (38) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $(828) and $403) (3,114) 1,510 Other comprehensive income (loss), attributable to Equitable Financial $ (3,114) $ 1,510 ____________ (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $44 million and $13 million,for the three months ended March 31, 2021 and 2020, respectively.

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended March 31, 2021 2020 (in millions) Balance, beginning of period $ 41 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests — (5) Purchase/change of redeemable noncontrolling interests 7 (2) Balance, end of period $ 48 $ 32

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Activity of Funding Agreements	Change in FHLB Funding Agreements during the Three Months Ended March 31, 2021 Outstanding Balance at December 31, 2020 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 March 31, 2021 (in millions) Short-term funding agreements: Due in one year or less $ 5,634 $ 16,050 $ 12,724 $ 173 $ — $ 9,133 Long-term funding agreements: Due in years two through five 722 — — (173) — 549 Due in more than five years 534 — — — — 534 Total long-term funding agreements 1,256 — — (173) — 1,083 Total funding agreements (1) $ 6,890 $ 16,050 $ 12,724 $ — $ — $ 10,216 ____________ (1) The $6 million and $7 million difference between the funding agreements carrying value shown in fair value table for March 31, 2021 and December 31, 2020, 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 Three Months Ended March 31, 2021 Outstanding Balance at December 31, 2020 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 March 31, 2021 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ — $ — $ — Long-term funding agreements: Due in years two through five 1,150 450 — — — 1,600 Due in more than five years 800 750 — — — 1,550 Total long-term funding agreements 1,950 1,200 — — — 3,150 Total funding agreements (1) $ 1,950 $ 1,200 $ — $ — $ — $ 3,150 _____________

REVISION OF PRIOR PERIOD FINA_2

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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. March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Balance Sheets: Assets: Investments: Other invested assets 1,595 12 1,607 Total investments 90,613 12 90,625 Deferred policy acquisition costs 4,068 (85) 3,983 Total Assets $ 218,841 $ (73) $ 218,768 Liabilities: Future policy benefits and other policyholders’ liabilities 37,830 32 37,862 Current and deferred income taxes 1,637 (22) 1,615 Total Liabilities $ 199,928 $ 10 $ 199,938 EQUITY Retained earnings 7,953 (83) 7,870 Total equity attributable to Equitable Financial 18,872 (83) 18,789 Total Equity 18,881 (83) 18,798 Total Liabilities, Redeemable Noncontrolling interest and Equity $ 218,841 $ (73) $ 218,768 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Income (Loss) REVENUES: Policy charges and fee income 904 1 905 Net derivative gains (losses) 9,533 (1) 9,532 Net investment income (loss) 591 13 604 Other income 17 (2) 15 Total revenues 11,588 11 11,599 BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits 2,597 29 2,626 Amortization of deferred policy acquisition costs 1,058 (36) 1,022 Other operating costs and expenses 213 1 214 Total benefits and deductions 4,398 (6) 4,392 Income (loss) from continuing operations, before income taxes 7,190 17 7,207 Income tax (expense) benefit from continuing operations (1,454) (3) (1,457) Net income (loss) 5,736 14 5,750 Net income (loss) attributable to Equitable Financial $ 5,743 $ 14 $ 5,757 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Comprehensive Income (Loss) Net income (loss) $ 5,736 $ 14 $ 5,750 Foreign currency translation adjustment — — — Change in unrealized gains (losses), net of reclassification adjustment 1,514 (4) 1,510 Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment — — — Other comprehensive (income) loss from discontinued operations — — — Other comprehensive income 1,514 (4) 1,510 Comprehensive income (loss) 7,250 10 7,260 Less: Comprehensive income (loss) attributable to noncontrolling interest (7) — (7) Comprehensive income (loss) attributable to Equitable Financial $ 7,257 $ 10 $ 7,267 Three Months Ended March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Equity: Retained earnings, beginning of year $ 2,242 $ (97) $ 2,145 Net income (loss) attributable to Equitable Financial 5,743 14 5,757 Retained earnings, end of period $ 7,953 $ (83) $ 7,870 Accumulated other comprehensive income (loss), beginning of year $ 1,592 $ 4 $ 1,596 Other comprehensive income (loss) 1,514 (4) 1,510 Accumulated other comprehensive income (loss), end of period $ 3,106 $ — $ 3,106 Total Equitable Financial equity, end of period $ 18,872 $ (83) $ 18,789 Total equity, end of period $ 18,881 $ (83) $ 18,798 March 31, 2020 As Previously Impact of Revisions As Revised (in millions) Consolidated Statements of Cash Flows: Cash flow from operating activities: Net income (loss) $ 5,736 $ 14 $ 5,750 Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: Policy charges and fee income (904) (1) (905) Net derivative (gains) losses (9,533) 1 (9,532) Amortization and depreciation 1,025 (35) 990 Future policy benefits 1,817 29 1,846 Reinsurance recoverable (97) 1 (96) Current and deferred income taxes 1,462 3 1,465 Net cash provided by (used in) operating activities $ (621) $ 12 $ (609) Cash flows from financing activities: Change in collateralized pledged assets 45 (1) 44 Change in collateralized pledged liabilities 667 (11) 656 Net cash provided by (used in) financing activities $ 2,504 $ (12) $ 2,492 Cash and cash equivalents, end of period 7,492 — 7,492

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2021principalSubsidiary
Organization [Abstract]
Number of principal subsidiaries	2

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Carrying value of COLI	$ 990	$ 989

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) $ in Millions	Mar. 31, 2021USD ($)partnership	Dec. 31, 2020USD ($)partnership	Mar. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Assets	$ 253,184	$ 251,294	$ 218,768
Investments	$ 98,388	$ 102,195	$ 90,625
Consolidated Limited Partnerships
Variable Interest Entity [Line Items]
Number of consolidated private equity limited partnership | partnership	1	1
Assets	$ 10	$ 12
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Assets	173,100	165,800
Investments	1,500	1,300
Variable interest, maximum loss exposure	1,500	1,300
Unfunded commitments	$ 1,200	$ 1,200

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates and Model Changes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Change in Accounting Estimate [Line Items]
Policy charges and fee income	$ 880	$ 905
Policyholders’ benefits	823	2,626
Interest credited to policyholders’ account balances	270	289
Income (loss) from operations, before income taxes	(2,195)	7,207
Net income (loss)	$ (1,608)	5,750
Long-term Lapses Partial Withdrawal Rates And Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Policy charges and fee income		54
Policyholders’ benefits		1,300
Interest credited to policyholders’ account balances		(6)
Amortization of deferred policy acquisition costs, net		840
Income (loss) from operations, before income taxes		(2,100)
Net income (loss)		$ (1,700)
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
	Mar. 31, 2021USD ($)issue	Dec. 31, 2020USD ($)issue	Mar. 31, 2020USD ($)
Net Investment Income [Line Items]
Number of unrealized loss positions | issue	1,510	537
Debt securities exposure in single issuer greater than stated percentage of total investments	0.70%
Amortized cost	$ 68,908,000,000
Gross unrealized losses	33,000,000	$ 39,000,000
Allowance for credit loss	74,000,000		$ 46,000,000
Separate account equity investment carrying value	41,000,000	43,000,000
Fixed Maturities [Member]
Net Investment Income [Line Items]
Accrued investment income receivable	503,000,000
Accrued interest, written off	0
Amortized cost	68,927,000,000	68,136,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 328,000,000	$ 338,000,000
Debt securities exposure in single issuer of total investments, percent	4.70%	2.90%
Gross unrealized losses	$ 29,000,000	$ 32,000,000
Commercial Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	30,000,000
Accrued interest, written off	0
Agricultural Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	29,000,000
Accrued interest, written off	0
Individually Assessed Mortgage Loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0
Allowance for credit loss	0
Recurring
Net Investment Income [Line Items]
Investment gains (losses), net	4,662,000,000	5,340,000,000
Other Than Investment Grade | External Credit Rating, Non Investment Grade | Fixed Maturities [Member]
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost	$ 2,600,000,000	$ 2,400,000,000
Percentage of available for sale securities	3.80%	3.60%
Unrealized loss on available for sale securities	$ 48,000,000	$ 48,000,000

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 68,927		$ 68,136
Allowance for Credit Losses	19		13
Gross Unrealized Gains	3,971		8,338
Gross Unrealized Losses	847		108
Fair Value	72,032		76,353
Amortized Cost
Due in one year or less, Amortized Cost	2,462
Due in years two through five, Amortized Cost	14,540
Due in years six through ten, Amortized Cost	17,488
Due after ten years, Amortized Cost	28,087
Subtotal	62,577
Amortized cost	68,908
Fair Value
Due in one year or less	2,480
Due in years two through five	15,300
Due in years six through ten	18,443
Due after ten years	29,423
Subtotal	65,646
Fair Value	72,032
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	7,188	$ 1,722
Gross gains on sales	291	69
Gross losses on sales	(116)	(3)
Credit losses	(6)	(2)
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	28	15
Previously recognized impairments on securities that matured, paid, prepaid or sold	0	0
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	2	2
Additional credit losses this period on securities previously impaired	4	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	34	$ 17
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,231		48,501
Allowance for Credit Losses	19		13
Gross Unrealized Gains	2,547		4,703
Gross Unrealized Losses	608		89
Fair Value	48,151		53,102
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,786		12,644
Allowance for Credit Losses	0		0
Gross Unrealized Gains	1,227		3,304
Gross Unrealized Losses	174		5
Fair Value	15,839		15,943
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	515		482
Allowance for Credit Losses	0		0
Gross Unrealized Gains	75		92
Gross Unrealized Losses	7		0
Fair Value	583		574
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,064		1,011
Allowance for Credit Losses	0		0
Gross Unrealized Gains	47		98
Gross Unrealized Losses	38		6
Fair Value	1,073		1,103
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109		119
Allowance for Credit Losses	0		0
Gross Unrealized Gains	11		12
Gross Unrealized Losses	0		0
Fair Value	120		131
Amortized Cost
Without single maturity date	109
Fair Value
Without single maturity date	120
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,699		3,633
Allowance for Credit Losses	0		0
Gross Unrealized Gains	27		28
Gross Unrealized Losses	2		5
Fair Value	4,724		3,656
Amortized Cost
Without single maturity date	4,699
Fair Value
Without single maturity date	4,724
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,482		1,148
Allowance for Credit Losses	0		0
Gross Unrealized Gains	26		55
Gross Unrealized Losses	18		0
Fair Value	1,490		1,203
Amortized Cost
Without single maturity date	1,482
Fair Value
Without single maturity date	1,490
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41		598
Allowance for Credit Losses	0		0
Gross Unrealized Gains	11		46
Gross Unrealized Losses	0		3
Fair Value	52		$ 641
Amortized Cost
Without single maturity date	41
Fair Value
Without single maturity date	$ 52

INVESTMENTS - Net Unrealized In

INVESTMENTS - Net Unrealized Investment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,643	$ 11,565
Ending balance	6,907	18,798
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	8,230	3,084
Net investment gains (losses) arising during the period	(4,891)	2,026
Included in Net income (loss)	(176)	(63)
Excluded from net income (loss)	0	0
Other	(31)
Impact of net unrealized investment gains (losses)	0	0
Net unrealized investment gains (losses) excluding OTTI losses	3,132	5,047
Net unrealized investment gains (losses) with OTTI losses	(8)	(7)
Ending balance	3,124	5,040
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	(466)	(826)
Impact of net unrealized investment gains (losses)	164	621
Net unrealized investment gains (losses) excluding OTTI losses	(302)	(205)
Ending balance	(301)	(205)
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	(1,814)	(192)
Impact of net unrealized investment gains (losses)	1,001	(812)
Net unrealized investment gains (losses) excluding OTTI losses	(813)	(1,004)
Ending balance	(811)	(1,003)
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	(1,250)	(433)
Impact of net unrealized investment gains (losses)	826	(373)
Net unrealized investment gains (losses) excluding OTTI losses	(424)	(806)
Ending balance	(423)	(805)
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	4,700	1,633
Net investment gains (losses) arising during the period	(4,891)	2,026
Included in Net income (loss)	(176)	(63)
Excluded from net income (loss)	0	0
Other	(31)
Impact of net unrealized investment gains (losses)	1,991	(564)
Net unrealized investment gains (losses) excluding OTTI losses	1,593	3,032
Net unrealized investment gains (losses) with OTTI losses	(4)	(5)
Ending balance	1,589	3,027
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	1	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	2	1
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	$ 1

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	$ 18,271	$ 4,669
Less than 12 months, Gross Unrealized Losses	803	64
12 months or longer, Fair Value	515	439
12 Months or Longer, Gross Unrealized Losses	33	39
Total Fair Value	18,786	5,108
Total Gross Unrealized Losses	836	103
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	11,338	2,773
Less than 12 months, Gross Unrealized Losses	568	52
12 months or longer, Fair Value	466	332
12 Months or Longer, Gross Unrealized Losses	29	32
Total Fair Value	11,804	3,105
Total Gross Unrealized Losses	597	84
U.S. Treasury, government and agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	4,970	881
Less than 12 months, Gross Unrealized Losses	174	5
12 months or longer, Fair Value	0	0
12 Months or Longer, Gross Unrealized Losses	0	0
Total Fair Value	4,970	881
Total Gross Unrealized Losses	174	5
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	108
Less than 12 months, Gross Unrealized Losses	7
12 months or longer, Fair Value	0
12 Months or Longer, Gross Unrealized Losses	0
Total Fair Value	108
Total Gross Unrealized Losses	7
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	424	153
Less than 12 months, Gross Unrealized Losses	34	2
12 months or longer, Fair Value	29	20
12 Months or Longer, Gross Unrealized Losses	4	4
Total Fair Value	453	173
Total Gross Unrealized Losses	38	6
Residential mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	4
Less than 12 months, Gross Unrealized Losses	0
12 months or longer, Fair Value	3
12 Months or Longer, Gross Unrealized Losses	0
Total Fair Value	7
Total Gross Unrealized Losses	0
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	649	809
Less than 12 months, Gross Unrealized Losses	2	4
12 months or longer, Fair Value	17	76
12 Months or Longer, Gross Unrealized Losses	0	1
Total Fair Value	666	885
Total Gross Unrealized Losses	2	5
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	778
Less than 12 months, Gross Unrealized Losses	18
12 months or longer, Fair Value	0
12 Months or Longer, Gross Unrealized Losses	0
Total Fair Value	778
Total Gross Unrealized Losses	18
Redeemable preferred stock
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, Fair Value	0	53
Less than 12 months, Gross Unrealized Losses	0	1
12 months or longer, Fair Value	0	11
12 Months or Longer, Gross Unrealized Losses	0	2
Total Fair Value	0	64
Total Gross Unrealized Losses	$ 0	$ 3

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, end of period	$ 74	$ 46
Commercial Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	77	33
Current-period provision for expected credit losses	(7)	11
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	(1)
Net change in allowance	(7)	10
Balance, end of period	70	43
Agricultural Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	4	3
Current-period provision for expected credit losses	0	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Net change in allowance	0	0
Balance, end of period	$ 4	$ 3

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	$ 456
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	456
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	313	$ 1,615
Fiscal year before current fiscal year	1,615	814
Two years before current fiscal year	820	1,267
Three years before current fiscal year	1,267	1,204
Four years before current fiscal year	1,206	2,563
Prior	5,411	3,028
Total Loans	10,632	10,491
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	0	162
Current	10,632	10,329
Total	10,632	10,491
Non-accruing Loans	0	0
Total Loans	10,632	10,491
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	0	162
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]
Current fiscal year	226	1,230
Fiscal year before current fiscal year	1,230	492
Two years before current fiscal year	492	772
Three years before current fiscal year	772	268
Four years before current fiscal year	268	1,942
Prior	3,319	1,230
Total Loans	6,307	5,934
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,307	5,934
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	227
Fiscal year before current fiscal year	227	83
Two years before current fiscal year	90	118
Three years before current fiscal year	118	378
Four years before current fiscal year	378	184
Prior	438	329
Total Loans	1,251	1,319
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,251	1,319
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	98
Fiscal year before current fiscal year	98	138
Two years before current fiscal year	138	187
Three years before current fiscal year	187	479
Four years before current fiscal year	424	437
Prior	758	616
Total Loans	1,605	1,955
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,605	1,955
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	60
Fiscal year before current fiscal year	60	57
Two years before current fiscal year	56	154
Three years before current fiscal year	154	79
Four years before current fiscal year	81	0
Prior	699	658
Total Loans	1,050	1,008
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,050	1,008
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	87	0
Fiscal year before current fiscal year	0	44
Two years before current fiscal year	44	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	124	123
Total Loans	255	167
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	255	167
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	36
Three years before current fiscal year	36	0
Four years before current fiscal year	55	0
Prior	73	72
Total Loans	164	108
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	164	108
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	324
Four years before current fiscal year	324	170
Prior	772	505
Total Loans	1,096	999
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,096	999
Commercial Mortgage Loans | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	936	839
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	936	839
Commercial Mortgage Loans | 0% - 50% | 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 | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	160	160
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	160	160
Commercial Mortgage Loans | 0% - 50% | 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
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]
Current fiscal year	313	1,294
Fiscal year before current fiscal year	1,294	357
Two years before current fiscal year	364	803
Three years before current fiscal year	803	656
Four years before current fiscal year	657	2,190
Prior	3,681	1,697
Total Loans	7,112	6,997
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	7,112	6,997
Commercial Mortgage Loans | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	4,370	4,095
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,370	4,095
Commercial Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	877	870
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	877	870
Commercial Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,156	1,452
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,156	1,452
Commercial Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	597	555
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	597	555
Commercial Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	112	25
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	112	25
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]
Current fiscal year	0	321
Fiscal year before current fiscal year	321	457
Two years before current fiscal year	456	452
Three years before current fiscal year	452	219
Four years before current fiscal year	220	203
Prior	668	538
Total Loans	2,117	2,190
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,117	2,190
Commercial Mortgage Loans | 70% - 90% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	844	844
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	844	844
Commercial Mortgage Loans | 70% - 90% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	374	449
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	374	449
Commercial Mortgage Loans | 70% - 90% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	289	343
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	289	343
Commercial Mortgage Loans | 70% - 90% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	376	376
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	376	376
Commercial Mortgage Loans | 70% - 90% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	143	142
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	143	142
Commercial Mortgage Loans | 70% - 90% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	91	36
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	91	36
Commercial Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	12
Three years before current fiscal year	12	5
Four years before current fiscal year	5	0
Prior	290	288
Total Loans	307	305
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	307	305
Commercial Mortgage Loans | 90% plus | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	157	156
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	157	156
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	77
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	77	77
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	73	72
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	73	72
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	92	495
Fiscal year before current fiscal year	493	264
Two years before current fiscal year	251	333
Three years before current fiscal year	313	259
Four years before current fiscal year	241	360
Prior	1,315	1,021
Total Loans	2,705	2,732
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	94	112
Current	2,611	2,620
Total	2,705	2,732
Non-accruing Loans	0	0
Total Loans	2,705	2,732
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	10	76
Agricultural Mortgage Loans | 60-89 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	4	7
Agricultural Mortgage Loans | 90 Days Or Greater
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	80	29
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	11	67
Fiscal year before current fiscal year	67	26
Two years before current fiscal year	26	36
Three years before current fiscal year	24	38
Four years before current fiscal year	34	71
Prior	233	167
Total Loans	395	405
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	395	405
Agricultural Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	19	38
Fiscal year before current fiscal year	37	35
Two years before current fiscal year	31	14
Three years before current fiscal year	24	15
Four years before current fiscal year	15	20
Prior	94	82
Total Loans	220	204
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	220	204
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	25	117
Fiscal year before current fiscal year	117	38
Two years before current fiscal year	33	41
Three years before current fiscal year	39	45
Four years before current fiscal year	43	52
Prior	249	209
Total Loans	506	502
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	506	502
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	22	183
Fiscal year before current fiscal year	182	120
Two years before current fiscal year	118	141
Three years before current fiscal year	124	90
Four years before current fiscal year	82	142
Prior	428	313
Total Loans	956	989
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	956	989
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	15	86
Fiscal year before current fiscal year	86	35
Two years before current fiscal year	34	93
Three years before current fiscal year	91	70
Four years before current fiscal year	66	57
Prior	267	233
Total Loans	559	574
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	559	574
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	4
Fiscal year before current fiscal year	4	10
Two years before current fiscal year	9	8
Three years before current fiscal year	11	1
Four years before current fiscal year	1	18
Prior	44	17
Total Loans	69	58
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	69	58
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	51	218
Fiscal year before current fiscal year	218	135
Two years before current fiscal year	131	169
Three years before current fiscal year	152	157
Four years before current fiscal year	140	236
Prior	853	652
Total Loans	1,545	1,567
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,545	1,567
Agricultural Mortgage Loans | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	297	297
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	297	297
Agricultural Mortgage Loans | 0% - 50% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	99	108
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	99	108
Agricultural Mortgage Loans | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	301	291
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	301	291
Agricultural Mortgage Loans | 0% - 50% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	510	520
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	510	520
Agricultural Mortgage Loans | 0% - 50% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	300	317
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	300	317
Agricultural Mortgage Loans | 0% - 50% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	38	34
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	38	34
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	41	277
Fiscal year before current fiscal year	275	129
Two years before current fiscal year	120	161
Three years before current fiscal year	158	102
Four years before current fiscal year	101	124
Prior	444	351
Total Loans	1,139	1,144
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,139	1,144
Agricultural Mortgage Loans | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	98	108
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	98	108
Agricultural Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	119	94
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	119	94
Agricultural Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	205	211
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	205	211
Agricultural Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	446	450
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	446	450
Agricultural Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	259	257
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	259	257
Agricultural Mortgage Loans | 50% - 70% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	12	24
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	12	24
Agricultural Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	3
Three years before current fiscal year	3	0
Four years before current fiscal year	0	0
Prior	18	18
Total Loans	21	21
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	21	21
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	2
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2	2
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	0	19
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0	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	19	0
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	19	0
Agricultural Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	0	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]
Current fiscal year	405	2,110
Fiscal year before current fiscal year	2,108	1,078
Two years before current fiscal year	1,071	1,600
Three years before current fiscal year	1,580	1,463
Four years before current fiscal year	1,447	2,923
Prior	6,726	4,049
Total Loans	13,337	13,223
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	94	274
Current	13,243	12,949
Total	13,337	13,223
Non-accruing Loans	0	0
Total Loans	13,337	13,223
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	10	238
Mortgages Loan | 60-89 Days
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	4	7
Mortgages Loan | 90 Days Or Greater
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	80	29
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	237	1,297
Fiscal year before current fiscal year	1,297	518
Two years before current fiscal year	518	808
Three years before current fiscal year	796	306
Four years before current fiscal year	302	2,013
Prior	3,552	1,397
Total Loans	6,702	6,339
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,702	6,339
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	19	265
Fiscal year before current fiscal year	264	118
Two years before current fiscal year	121	132
Three years before current fiscal year	142	393
Four years before current fiscal year	393	204
Prior	532	411
Total Loans	1,471	1,523
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,471	1,523
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	25	215
Fiscal year before current fiscal year	215	176
Two years before current fiscal year	171	228
Three years before current fiscal year	226	524
Four years before current fiscal year	467	489
Prior	1,007	825
Total Loans	2,111	2,457
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,111	2,457
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	22	243
Fiscal year before current fiscal year	242	177
Two years before current fiscal year	174	295
Three years before current fiscal year	278	169
Four years before current fiscal year	163	142
Prior	1,127	971
Total Loans	2,006	1,997
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,006	1,997
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	102	86
Fiscal year before current fiscal year	86	79
Two years before current fiscal year	78	93
Three years before current fiscal year	91	70
Four years before current fiscal year	66	57
Prior	391	356
Total Loans	814	741
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	814	741
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	4
Fiscal year before current fiscal year	4	10
Two years before current fiscal year	9	44
Three years before current fiscal year	47	1
Four years before current fiscal year	56	18
Prior	117	89
Total Loans	233	166
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	233	166
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	51	218
Fiscal year before current fiscal year	218	135
Two years before current fiscal year	131	169
Three years before current fiscal year	152	481
Four years before current fiscal year	464	406
Prior	1,625	1,157
Total Loans	2,641	2,566
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,641	2,566
Mortgages Loan | 0% - 50% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,233	1,136
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,233	1,136
Mortgages Loan | 0% - 50% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	99	108
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	99	108
Mortgages Loan | 0% - 50% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	461	451
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	461	451
Mortgages Loan | 0% - 50% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	510	520
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	510	520
Mortgages Loan | 0% - 50% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	300	317
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	300	317
Mortgages Loan | 0% - 50% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	38	34
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	38	34
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	354	1,571
Fiscal year before current fiscal year	1,569	486
Two years before current fiscal year	484	964
Three years before current fiscal year	961	758
Four years before current fiscal year	758	2,314
Prior	4,125	2,048
Total Loans	8,251	8,141
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	8,251	8,141
Mortgages Loan | 50% - 70% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	4,468	4,203
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,468	4,203
Mortgages Loan | 50% - 70% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	996	964
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	996	964
Mortgages Loan | 50% - 70% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,361	1,663
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,361	1,663
Mortgages Loan | 50% - 70% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	1,043	1,005
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,043	1,005
Mortgages Loan | 50% - 70% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	371	282
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	371	282
Mortgages Loan | 50% - 70% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	12	24
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	12	24
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	321
Fiscal year before current fiscal year	321	457
Two years before current fiscal year	456	455
Three years before current fiscal year	455	219
Four years before current fiscal year	220	203
Prior	686	556
Total Loans	2,138	2,211
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,138	2,211
Mortgages Loan | 70% - 90% | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	844	844
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	844	844
Mortgages Loan | 70% - 90% | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	376	451
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	376	451
Mortgages Loan | 70% - 90% | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	289	343
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	289	343
Mortgages Loan | 70% - 90% | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	376	395
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	376	395
Mortgages Loan | 70% - 90% | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	143	142
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	143	142
Mortgages Loan | 70% - 90% | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	110	36
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	110	36
Mortgages Loan | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	12
Three years before current fiscal year	12	5
Four years before current fiscal year	5	0
Prior	290	288
Total Loans	307	305
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	307	305
Mortgages Loan | 90% plus | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total Loans	157	156
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	157	156
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	77
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	77	77
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	73	72
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	$ 73	$ 72

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 17
Net investment gains (losses) recognized on securities sold during the period	(6)
Unrealized and realized gains (losses) on equity securities	$ 11

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (49)	$ (163)
Net investment gains (losses) recognized on securities sold during the period	22	3
Unrealized and realized gains (losses) on trading securities	(27)	(160)
Interest and dividend income from trading securities	36	49
Net investment income (loss) from trading securities	$ 9	$ (111)

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 97,311		$ 105,657
Derivative Assets	13,546		12,045
Derivative Liabilities	23,113		23,584
Net Derivative Gains (Losses)	(2,775)	$ 9,535
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	4,802		4,267
Derivative Assets	0		0
Derivative Liabilities	0		0
Net Derivative Gains (Losses)	(293)	258
Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	19,254		22,404
Derivative Assets	5		6
Derivative Liabilities	2		0
Net Derivative Gains (Losses)	(1,270)	3,763
Options
Derivatives, Fair Value [Line Items]
Notional Amount	43,102		35,786
Derivative Assets	9,755		8,383
Derivative Liabilities	4,240		3,715
Net Derivative Gains (Losses)	1,143	(3,843)
Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	13,919		23,773
Derivative Assets	2		551
Derivative Liabilities	2,141		653
Net Derivative Gains (Losses)	(2,916)	3,578
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	14,759		18,161
Derivative Assets	0		0
Derivative Liabilities	0		0
Net Derivative Gains (Losses)	(947)	1,993
Swaptions
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	0		0
Derivative Liabilities	0		0
Net Derivative Gains (Losses)	0	9
Credit default swaps
Derivatives, Fair Value [Line Items]
Notional Amount	951		919
Derivative Assets	6		8
Derivative Liabilities	3		1
Net Derivative Gains (Losses)	1	(13)
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	524		347
Derivative Assets	0		0
Derivative Liabilities	1		0
Net Derivative Gains (Losses)	0	(3)
Margin
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	40		26
Derivative Liabilities	0		66
Net Derivative Gains (Losses)	0	0
Collateral
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	1,605		212
Derivative Liabilities	3,876		3,835
Net Derivative Gains (Losses)	0	0
GMIB Reinsurance Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	2,133		2,859
Derivative Liabilities	0		0
Net Derivative Gains (Losses)	(724)	892
GMxB Derivative Features’ Liability
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	0		0
Derivative Liabilities	7,681		10,936
Net Derivative Gains (Losses)	3,357	(1,166)
SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Notional Amount	0		0
Derivative Assets	0		0
Derivative Liabilities	5,169		$ 4,378
Net Derivative Gains (Losses)	(1,126)	4,067
Investment fees	$ 3	$ 3

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 3,900	$ 3,800
Cash and securities collateral	1,600	212
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	219	135
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	123	263
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirements	$ 29	$ 35

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives
Assets
Gross Amount Recognized	$ 11,413	$ 9,186
Gross Amount Offset in the Balance Sheets	10,238	8,206
Net Amount Presented in the Balance Sheets	1,175	980
Gross Amount not Offset in the Balance Sheets	0	(53)
Net Amount	1,175	927
Liabilities
Gross Amount Recognized	10,262	8,218
Gross Amount Offset in the Balance Sheets	10,238	8,206
Net Amount Presented in the Balance Sheets	24	12
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	24	12
Other financial instruments
Assets
Gross Amount Recognized	1,373	1,403
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,373	1,403
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,373	1,403
Other invested assets
Assets
Gross Amount Recognized	12,786	10,589
Gross Amount Offset in the Balance Sheets	10,238	8,206
Net Amount Presented in the Balance Sheets	2,548	2,383
Gross Amount not Offset in the Balance Sheets	0	(53)
Net Amount	2,548	2,330
Other financial liabilities
Liabilities
Gross Amount Recognized	1,870	1,568
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,870	1,568
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,870	1,568
Other liabilities
Liabilities
Gross Amount Recognized	12,132	9,786
Gross Amount Offset in the Balance Sheets	10,238	8,206
Net Amount Presented in the Balance Sheets	1,894	1,580
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 1,894	$ 1,580

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 6,133	$ 6,201
Policyholder dividend obligation	28	160	$ 2	$ 2
Other liabilities	63	39
Total Closed Block liabilities	6,224	6,400
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,381 and $3,359) (allowance for credit losses of $0)	3,623	3,718
Mortgage loans on real estate (net of allowance for credit losses of $6 and $6)	1,761	1,773
Policy loans	636	648
Cash and other invested assets	19	28
Other assets	128	169
Total assets designated to the Closed Block	6,167	6,336
Excess of Closed Block liabilities over assets designated to the Closed Block	57	64
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $28 and $160; and net of income tax: $(45) and $(42)	179	167
Maximum future earnings to be recognized from Closed Block assets and liabilities	236	231
Fixed maturities, available for sale, amortized cost	3,381	3,359
Fixed maturities available-for-sale, allowance for credit losses	0
Mortgage loans, credit losses	(6)	(6)
Policyholder dividend obligation	28	160	$ 2	$ 2
Closed block operations, income taxes	$ (45)	$ (42)

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Premiums and other income	$ 39	$ 42
Net investment income (loss)	60	66
Investment gains (losses), net	0	0
Total revenues	99	108
Benefits and Other Deductions:
Policyholders’ benefits and dividends	106	103
Other operating costs and expenses	1	0
Total benefits and other deductions	107	103
Net income (loss), before income taxes	(8)	5
Income tax (expense) benefit	(1)	0
Net income (loss)	$ (9)	$ 5

CLOSED BLOCK - Reconciliation o

CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Closed Block Dividend Obligation [Roll Forward]
Beginning Balance	$ 160	$ 2
Unrealized investment gains (losses)	(132)	0
Ending Balance	$ 28	$ 2

INSURANCE LIABILITIES - Rollfor

INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
GMDB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 5,093	$ 4,775
Paid guarantee benefits	(133)	(111)
Other changes in reserves	123	377
Balance, end of period	5,083	5,041
GMDB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(84)	(99)
Paid guarantee benefits	4	5
Other changes in reserves	(1)	(11)
Balance, end of period	(81)	(105)
GMIB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	6,025	4,671
Paid guarantee benefits	(91)	(74)
Other changes in reserves	32	1,675
Balance, end of period	5,966	6,272
GMIB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(2,859)	(2,466)
Paid guarantee benefits	13	20
Other changes in reserves	713	(859)
Balance, end of period	$ (2,133)	$ (3,305)

INSURANCE LIABILITIES - Variabl

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
GMDB Ceded
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 15,950
Separate Accounts	103,124	$ 100,520
Net Amount At Risk By Product And Guarantee, Account Value	119,074
NAR, gross	18,042
NAR, net of amounts reinsured	$ 17,588
Percentage of policyholders over age 70	20.40%
GMDB Ceded | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 15,647
Separate Accounts	55,734
Net Amount At Risk By Product And Guarantee, Account Value	71,381
NAR, gross	96
NAR, net of amounts reinsured	$ 96
Percentage of policyholders over age 70	11.40%
GMDB Ceded | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 86
Separate Accounts	9,712
Net Amount At Risk By Product And Guarantee, Account Value	9,798
NAR, gross	35
NAR, net of amounts reinsured	$ 33
Percentage of policyholders over age 70	49.10%
GMDB Ceded | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 53
Separate Accounts	3,349
Net Amount At Risk By Product And Guarantee, Account Value	3,402
NAR, gross	1,509
NAR, net of amounts reinsured	$ 1,057
Percentage of policyholders over age 70	70.80%
GMDB Ceded | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 164
Separate Accounts	34,329
Net Amount At Risk By Product And Guarantee, Account Value	34,493
NAR, gross	16,402
NAR, net of amounts reinsured	$ 16,402
Percentage of policyholders over age 70	55.00%
GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	$ 62,253	$ 61,186
Immediate Variable Annuity | GMDB Ceded
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 Ceded | 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 Ceded | 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 Ceded | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	51 years 4 months 24 days
Immediate Variable Annuity | GMDB Ceded | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	68 years 6 months
Immediate Variable Annuity | GMDB Ceded | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	75 years
Immediate Variable Annuity | GMDB Ceded | 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 Ceded | 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 Ceded | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	70 years 4 months 24 days
Immediate Variable Annuity | GMDB Ceded | 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 Ceded | 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	$ 228
Separate Accounts	62,253
Net Amount At Risk By Product And Guarantee, Account Value	62,481
NAR, gross	9,278
NAR, net of amounts reinsured	$ 8,054
Average attained age of policyholders (in years)	68 years 1 month 6 days
Weighted average years remaining until annuitization (in years)	2 years 4 months 24 days
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	25,451
Net Amount At Risk By Product And Guarantee, Account Value	25,467
NAR, gross	680
NAR, net of amounts reinsured	$ 219
Average attained age of policyholders (in years)	64 years 4 months 24 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	$ 212
Separate Accounts	36,802
Net Amount At Risk By Product And Guarantee, Account Value	37,014
NAR, gross	8,598
NAR, net of amounts reinsured	$ 7,835
Average attained age of policyholders (in years)	70 years 3 months 18 days
Weighted average years remaining until annuitization (in 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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Direct Liability
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 1,016	$ 894
Paid guaranteed benefits	(15)	(13)
Other changes in reserves	44	39
Balance, end of period	1,045	920
Reinsurance Ceded
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	(883)	(808)
Paid guaranteed benefits	0	0
Other changes in reserves	(18)	(19)
Balance, end of period	(901)	(827)
Net
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	133	86
Paid guaranteed benefits	(15)	(13)
Other changes in reserves	26	20
Balance, end of period	144	$ 93
GMDB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	103,124		$ 100,520
GMDB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	48,656		46,850
GMDB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	5,362		5,506
GMDB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	48,011		47,053
GMDB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	1,095		1,111
GMIB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	62,253		61,186
GMIB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	19,245		18,771
GMIB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	2,584		2,701
GMIB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	40,152		39,439
GMIB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	$ 272		$ 275

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Fair Value	$ 72,032	$ 76,353
Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	72,032	76,353
Other equity investments	774	15
Trading securities	4,662	5,340
Other invested assets:	3,461	4,674
Cash equivalents	2,590	1,470
GMIB reinsurance contracts asset	2,133	2,859
Separate Accounts assets	136,505	132,775
Total Assets	222,157	223,486
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	12,850	15,314
Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	402
Other equity investments	400	13
Trading securities	198	285
Other invested assets:	0	0
Cash equivalents	1,545	1,183
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	134,115	130,106
Total Assets	136,258	131,989
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	0	0
Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	70,683	74,205
Other equity investments	372	0
Trading securities	4,464	5,055
Other invested assets:	3,451	4,661
Cash equivalents	1,045	287
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	2,390	2,668
Total Assets	82,405	86,876
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	5,169	4,378
Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,349	1,746
Other equity investments	2	2
Trading securities	0	0
Other invested assets:	10	13
Cash equivalents	0	0
GMIB reinsurance contracts asset	2,133	2,859
Separate Accounts assets	0	1
Total Assets	3,494	4,621
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	7,681	10,936
Recurring | NAV
Assets, Fair Value Disclosure [Abstract]
Separate Accounts assets	365	356
Corporate | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	48,151	53,102
Corporate | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Corporate | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	46,909	51,415
Corporate | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,242	1,687
U.S. Treasury, government and agency
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,839	15,943
U.S. Treasury, government and agency | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,839	15,943
U.S. Treasury, government and agency | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
U.S. Treasury, government and agency | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	15,839	15,943
U.S. Treasury, government and agency | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions
Assets, Fair Value Disclosure [Abstract]
Fair Value	583	574
States and political subdivisions | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	583	574
States and political subdivisions | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	545	535
States and political subdivisions | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	38	39
Foreign governments
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,073	1,103
Foreign governments | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,073	1,103
Foreign governments | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Foreign governments | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,073	1,103
Foreign governments | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	120	131
Residential mortgage-backed | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	120	131
Residential mortgage-backed | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	120	131
Residential mortgage-backed | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	4,724	3,656
Asset-backed | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	4,724	3,656
Asset-backed | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	4,659	3,636
Asset-backed | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	65	20
Commercial mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,490	1,203
Commercial mortgage-backed | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,490	1,203
Commercial mortgage-backed | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Commercial mortgage-backed | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,486	1,203
Commercial mortgage-backed | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	4	0
Redeemable preferred stock
Assets, Fair Value Disclosure [Abstract]
Fair Value	52	641
Redeemable preferred stock | Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	52	641
Redeemable preferred stock | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	402
Redeemable preferred stock | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	52	239
Redeemable preferred stock | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Short-term investments | Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	69	83
Short-term investments | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Short-term investments | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	69	82
Short-term investments | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	1
Assets of consolidated VIEs/VOEs | Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	10	12
Assets of consolidated VIEs/VOEs | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	10	12
Swaps | Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(2,136)	(96)
Swaps | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Swaps | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(2,136)	(96)
Swaps | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	3	7
Credit default swaps | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	3	7
Credit default swaps | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	5,515	4,668
Options | Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	5,515	4,668
Options | Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
GMxB derivative features’ liability | Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	7,681	10,936
GMxB derivative features’ liability | Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	7,681	10,936
SCS, SIO, MSO and IUL indexed features’ liability | Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	5,169	4,378
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	5,169	4,378
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 0	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 131		$ 160
AFS fixed maturities transferred from Level 3 to Level 2	549	$ 126
AFS fixed maturities transferred from Level 2 to Level 3	$ 2	$ 0
AFS fixed maturities transferred between Level 2 and 3 (percentage)	8.00%	0.70%
Level 3 | Nonrecurring
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value measurements not included in quantitative information about level 3 fair value measurements	$ 556		$ 586

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total gains (losses), realized and unrealized, included in:
Investment gains (losses), net	$ 182	$ 67
Transfers into level 3	2	0
Transfers out of Level 3	(549)	(126)
Corporate
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)	9	(60)
States and political subdivisions
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)	(1)	(3)
Asset- backed
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)		(8)
GMIB Reinsurance Contract Asset
Total gains (losses), realized and unrealized, included in:
Other comprehensive income (loss)	0	0
Nonperformance risk	(16)
GMxB Derivative Features Liability
Total gains (losses), realized and unrealized, included in:
Nonperformance risk	84
Level 3 | Corporate
Total gains (losses), realized and unrealized, included in:
Beginning Balance	1,687	1,246
Net investment income (loss)	1	1
Investment gains (losses), net	(6)	(2)
Total realized and unrealized gains (losses)	(5)	(1)
Other comprehensive income (loss)	9	(60)
Purchases	165	61
Sales	(67)	(46)
Transfers into level 3	2	0
Transfers out of Level 3	(549)	(26)
Closing Balance	1,242	1,174
Level 3 | States and political subdivisions
Total gains (losses), realized and unrealized, included in:
Beginning Balance	39	39
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	(1)	(3)
Purchases	0	0
Sales	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	38	36
Level 3 | Commercial mortgage-backed
Total gains (losses), realized and unrealized, included in:
Beginning Balance	0	0
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	0	0
Purchases	4	0
Sales	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	4	0
Level 3 | Asset- backed
Total gains (losses), realized and unrealized, included in:
Beginning Balance	20	100
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	0	(8)
Purchases	50	48
Sales	(5)	0
Transfers into level 3	0	0
Transfers out of Level 3	0	(100)
Closing Balance	65	40
Level 3 | Equity Method Investments [Member]
Total gains (losses), realized and unrealized, included in:
Beginning Balance	15	16
Net investment income (loss)	0	0
Net derivative gain (losses)	0	0
Total realized and unrealized gains (losses)	0	0
Purchases	0	0
Sales	(1)	0
Settlements	0	0
Change in estimate	0	0
Activity related to consolidated VIEs/VOEs	(2)	(1)
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	12	15
Level 3 | GMIB Reinsurance Contract Asset
Total gains (losses), realized and unrealized, included in:
Beginning Balance	2,859	2,466
Net investment income (loss)	0	0
Net derivative gain (losses)	(724)	892
Total realized and unrealized gains (losses)	(724)	892
Purchases	12	11
Sales	(14)	(19)
Settlements	0	0
Change in estimate	0	(45)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	2,133	3,305
Level 3 | Separate Accounts Assets
Total gains (losses), realized and unrealized, included in:
Beginning Balance	1	0
Net investment income (loss)	0	0
Net derivative gain (losses)	0	0
Total realized and unrealized gains (losses)	0	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Change in estimate	0	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	(1)	0
Closing Balance	0	0
Level 3 | GMxB Derivative Features Liability
Total gains (losses), realized and unrealized, included in:
Beginning Balance	(10,936)	(8,316)
Net investment income (loss)	0	0
Net derivative gain (losses)	3,357	(1,166)
Total realized and unrealized gains (losses)	3,357	(1,166)
Purchases	(117)	(108)
Sales	15	10
Settlements	0	0
Change in estimate	0	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	$ (7,681)	$ (9,580)

FAIR VALUE DISCLOSURES - Unreal

FAIR VALUE DISCLOSURES - Unrealized Gains (Losses) For Level 3 Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Level 3 Assets And Liabilities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	$ 2,633	$ (274)
OCI	8	(71)
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	9	(60)
States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(1)	(3)
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)		0
OCI		(8)
Fixed maturities, AFS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	8	(71)
GMIB reinsurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	(724)	892
OCI	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)	3,357	(1,166)
OCI	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	$ 13,546	$ 12,045
Corporate | Level 3 | Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 34	$ 28
Corporate | Level 3 | Matrix pricing model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0020	0.0045
Corporate | Level 3 | Matrix pricing model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0245	0.0195
Corporate | Level 3 | Matrix pricing model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0155	0.0152
Corporate | Level 3 | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 771	$ 1,148
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	4	3.5
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	32.3	33.1
Corporate | Level 3 | EBITDA multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	11.4	10.8
Corporate | Level 3 | Discount rate | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.060	0.056
Corporate | Level 3 | Discount rate | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.167	0.284
Corporate | Level 3 | Discount rate | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.085	0.086
Corporate | Level 3 | Cash flow multiples | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	1.6	1.9
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	25
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	6.7	6.8
Equity Method Investments [Member] | Level 3 | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value	$ 2	$ 2
Equity Method Investments [Member] | Level 3 | Revenue multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	9.6	9.7
Equity Method Investments [Member] | Level 3 | Revenue multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	17.2	26.4
Equity Method Investments [Member] | Level 3 | Revenue multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	16	18.5
GMIB reinsurance contracts | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	$ 2,133	$ 2,859
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	0.006
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	0.1600
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	0.0193
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	0.020
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	0.0089
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	0.610
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	0.0527
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	0.0055	0.0043
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	0.0088	0.0085
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	0.0056
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	0.11	0.070
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	0.28	0.320
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	0.238
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	0.0294
GMIBNLG | Level 3 | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 7,625	$ 10,713
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	0.011
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	0.257
GMIBNLG | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0344
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	0.004
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	0.020
GMIBNLG | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0095
GMIBNLG | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0102	0.0096
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	0.0518
GMIBNLG | Level 3 | Mortality rates | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0166
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	$ 134	$ 190
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	0.160
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	0.0193
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	0.080
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	0.0089
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 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	102	0.0096
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	0.11	0.070
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	0.28	0.320
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	$ (76)	$ 31
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	0.008
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	0.156
GIB | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0193
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	0.020
GIB | Level 3 | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0089
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	0.0527
GIB | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0102
GIB | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.11	0.070
GIB | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.28	0.320
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)	$ 2
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	0.008
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	0.160
GMAB | Level 3 | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.000193
GMAB | Level 3 | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0102	0.0096
GMAB | Level 3 | Volatility rates - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.11	0.070
GMAB | Level 3 | Volatility rates - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.28	0.320
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	Mar. 31, 2021	Dec. 31, 2020
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 13,263	$ 13,142
Policy loans	3,603	3,635
Policyholders’ liabilities: Investment contracts	69,550	63,109
Separate Accounts liabilities	137,070	133,350
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,263	13,142
Policy loans	3,603	3,635
Loans to affiliates	900	900
Policyholders’ liabilities: Investment contracts	2,030	2,069
FHLB funding agreements	10,223	6,897
FABN funding agreements	3,132	1,939
Separate Accounts liabilities	10,658	10,081
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,514	13,474
Policy loans	4,575	4,794
Loans to affiliates	927	938
Policyholders’ liabilities: Investment contracts	2,143	2,275
FHLB funding agreements	10,284	6,990
FABN funding agreements	3,087	1,971
Separate Accounts liabilities	10,658	10,081
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	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	927	938
Policyholders’ liabilities: Investment contracts	0	0
FHLB funding agreements	10,284	6,990
FABN funding agreements	3,087	1,971
Separate Accounts liabilities	0	0
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,514	13,474
Policy loans	4,575	4,794
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	2,143	2,275
FHLB funding agreements	0	0
FABN funding agreements	0	0
Separate Accounts liabilities	$ 10,658	$ 10,081

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Unrealized gains (losses) on investments	$ 1,486	$ 4,600
Defined benefit pension plans	(5)	(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$ 1,481	$ 4,595

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Other Comprehensive Income (Loss), Tax [Abstract]
Net unrealized gains (losses) arising during the period		$ (3,868)	$ 1,596
(Gains) losses reclassified into net income (loss) during the period		(164)	(48)
Net unrealized gains (losses) on investments		(4,032)	1,548
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		918	(38)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of, $(828) and $403)	[1]	(3,114)	1,510
Other comprehensive income (loss), attributable to Equitable Financial		(3,114)	1,510
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Deferred income taxes		(828)	403
Unrealized gains (losses) on investments
Other Comprehensive Income (Loss), Tax [Abstract]
Reclassification from AOCI, current period, tax		$ 44	$ 13
[1]	See Note 10 for details of change in unrealized gains (losses), net of adjustments.

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net earnings (loss) attributable to redeemable noncontrolling interests	$ 0	$ (7)
Redeemable Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	41	39
Net earnings (loss) attributable to redeemable noncontrolling interests	0	(5)
Purchase/change of redeemable noncontrolling interests	7	(2)
Balance, end of period	$ 48	$ 32

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	Mar. 31, 2021USD ($)	Feb. 29, 2016USD ($)legalActionfederalAction
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 150,000,000
Federal home loan bank stock	472,000,000
Carrying value of collateral pledged for federal home loan bank	6,700,000,000
Commitments by the Company to provide equity financing	1,200,000,000
Commitments under existing mortgage loan agreements	456,000,000
Trust Notes
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000,000
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		2
Affiliated Entity
Loss Contingencies [Line Items]
Commitments by the Company to provide equity financing	$ 283,000,000
Brach Family Foundation Litigation
Loss Contingencies [Line Items]
Liability for future policy benefits, face value of policy		$ 1,000,000

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,890
Proceeds From Funding Agreement, Financing Activities	16,050
Payments Of Funding Agreement, Financing Activities	12,724
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	10,216
Difference related to remaining amortization	6	$ 7
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,950
Proceeds From Funding Agreement, Financing Activities	1,200
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	3,150
Difference related to remaining amortization	18	$ 11
Short-Term Funding Agreements Maturing in Less Than One Year [Member] | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	5,634
Proceeds From Funding Agreement, Financing Activities	16,050
Payments Of Funding Agreement, Financing Activities	12,724
Advances From Funding Agreement, Current	173
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	9,133
Short-Term Funding Agreements Maturing in Less Than One Year [Member] | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Proceeds From Funding Agreement, Financing Activities	0
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	0
Long-Term Funding Agreements Maturing Between Two and Five Years [Member] | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	722
Proceeds From Funding Agreement, Financing Activities	0
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	(173)
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	549
Long-Term Funding Agreements Maturing Between Two and Five Years [Member] | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,150
Proceeds From Funding Agreement, Financing Activities	450
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	1,600
Long-Term Funding Agreements Maturing in Greater than Five Years [Member] | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	534
Proceeds From Funding Agreement, Financing Activities	0
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	534
Long-Term Funding Agreements Maturing in Greater than Five Years [Member] | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	800
Proceeds From Funding Agreement, Financing Activities	750
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	1,550
Long-Term Funding Agreements [Member] | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,256
Proceeds From Funding Agreement, Financing Activities	0
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	(173)
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	1,083
Long-Term Funding Agreements [Member] | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,950
Proceeds From Funding Agreement, Financing Activities	1,200
Payments Of Funding Agreement, Financing Activities	0
Advances From Funding Agreement, Current	0
Advances From Funding Agreement, Noncurrent	0
Outstanding Balance, period end	$ 3,150

REVISION OF PRIOR PERIOD FINA_3

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Other invested assets	$ 2,548	$ 2,383	$ 1,607
Investments	98,388	102,195	90,625
Deferred policy acquisition costs	4,076	3,816	3,983
Total Assets	253,184	251,294	218,768
LIABILITIES
Future policy benefits and other policyholders' liabilities	35,934	40,151	37,862
Current and deferred income taxes	0	234	1,615
Total Liabilities	246,229	239,610	199,938
Equity:
Retained earnings	(2,403)	(795)	7,870
Total equity attributable to Equitable Financial			18,789
Total Equity	6,907	11,643	18,798	$ 11,565
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$ 253,184	$ 251,294	218,768
As Previously Reported
ASSETS
Other invested assets			1,595
Investments			90,613
Deferred policy acquisition costs			4,068
Total Assets			218,841
LIABILITIES
Future policy benefits and other policyholders' liabilities			37,830
Current and deferred income taxes			1,637
Total Liabilities			199,928
Equity:
Retained earnings			7,953
Total equity attributable to Equitable Financial			18,872
Total Equity			18,881
Total Liabilities, Redeemable Noncontrolling Interest and Equity			218,841
Impact of Revisions
ASSETS
Other invested assets			12
Investments			12
Deferred policy acquisition costs			(85)
Total Assets			(73)
LIABILITIES
Future policy benefits and other policyholders' liabilities			32
Current and deferred income taxes			(22)
Total Liabilities			10
Equity:
Retained earnings			(83)
Total equity attributable to Equitable Financial			(83)
Total Equity			(83)
Total Liabilities, Redeemable Noncontrolling Interest and Equity			$ (73)

REVISION OF PRIOR PERIOD FINA_4

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Policy charges and fee income	$ 880	$ 905
Net derivative gains (losses)	(2,778)	9,532
Net investment income (loss)	836	604
Other income	14	15
Total Revenues	(377)	11,599
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	823	2,626
Amortization of deferred policy acquisition costs	62	1,022
Other operating costs and expenses	399	214
Total benefits and other deductions	1,818	4,392
Income (loss) from continuing operations, before income taxes	(2,195)	7,207
Income tax expense (benefit) from continuing operations	587	(1,457)
Net income (loss)	(1,608)	5,750
Net income (loss) attributable to Equitable Financial	$ (1,608)	5,757
As Previously Reported
REVENUES
Policy charges and fee income		904
Net derivative gains (losses)		9,533
Net investment income (loss)		591
Other income		17
Total Revenues		11,588
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits		2,597
Amortization of deferred policy acquisition costs		1,058
Other operating costs and expenses		213
Total benefits and other deductions		4,398
Income (loss) from continuing operations, before income taxes		7,190
Income tax expense (benefit) from continuing operations		(1,454)
Net income (loss)		5,736
Net income (loss) attributable to Equitable Financial		5,743
Impact of Revisions
REVENUES
Policy charges and fee income		1
Net derivative gains (losses)		(1)
Net investment income (loss)		13
Other income		(2)
Total Revenues		11
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits		29
Amortization of deferred policy acquisition costs		(36)
Other operating costs and expenses		1
Total benefits and other deductions		(6)
Income (loss) from continuing operations, before income taxes		17
Income tax expense (benefit) from continuing operations		(3)
Net income (loss)		14
Net income (loss) attributable to Equitable Financial		$ 14

REVISION OF PRIOR PERIOD FINA_5

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statements of Comprehensive Income (Loss):
Net income (loss)		$ (1,608)	$ 5,750
Foreign currency translation adjustment			0
Change in unrealized gains (losses), net of reclassification adjustment	[1]	(3,114)	1,510
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			0
Other comprehensive income (loss) from discontinued operations			0
Other comprehensive income (loss)		(3,114)	1,510
Comprehensive income (loss)		(4,722)	7,260
Less: Comprehensive income (loss) attributable to the noncontrolling interest		0	(7)
Comprehensive income (loss) attributable to Equitable Financial		$ (4,722)	7,267
As Previously Reported
Statements of Comprehensive Income (Loss):
Net income (loss)			5,736
Foreign currency translation adjustment			0
Change in unrealized gains (losses), net of reclassification adjustment			1,514
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			0
Other comprehensive income (loss) from discontinued operations			0
Other comprehensive income (loss)			1,514
Comprehensive income (loss)			7,250
Less: Comprehensive income (loss) attributable to the noncontrolling interest			(7)
Comprehensive income (loss) attributable to Equitable Financial			7,257
Impact of Revisions
Statements of Comprehensive Income (Loss):
Net income (loss)			14
Foreign currency translation adjustment			0
Change in unrealized gains (losses), net of reclassification adjustment			(4)
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			0
Other comprehensive income (loss) from discontinued operations			0
Other comprehensive income (loss)			(4)
Comprehensive income (loss)			10
Less: Comprehensive income (loss) attributable to the noncontrolling interest			0
Comprehensive income (loss) attributable to Equitable Financial			$ 10
[1]	See Note 10 for details of change in unrealized gains (losses), net of adjustments.

REVISION OF PRIOR PERIOD FINA_6

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 11,643	$ 11,565
Net income (loss) attributable to Equitable Financial	(1,608)	5,757
Other comprehensive income (loss)	(3,114)	1,510
Ending balance	6,907	18,798
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Equitable Financial		5,743
Other comprehensive income (loss)		1,514
Ending balance		18,881
Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Equitable Financial		14
Other comprehensive income (loss)		(4)
Ending balance		(83)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(795)	2,145
Net income (loss) attributable to Equitable Financial		5,757
Ending balance	(2,403)	7,870
Retained Earnings | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		2,242
Net income (loss) attributable to Equitable Financial		5,743
Ending balance		7,953
Retained Earnings | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(97)
Net income (loss) attributable to Equitable Financial		14
Ending balance		(83)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	4,595	1,596
Other comprehensive income (loss)	(3,114)	1,510
Ending balance	1,481	3,106
Accumulated Other Comprehensive Income (Loss) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		1,592
Other comprehensive income (loss)		1,514
Ending balance		3,106
Accumulated Other Comprehensive Income (Loss) | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		4
Other comprehensive income (loss)		(4)
Ending balance		0
Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,643	11,552
Other comprehensive income (loss)	(3,114)	1,510
Ending balance	$ 6,907	18,789
Parent | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		18,872
Parent | Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		$ (83)

REVISION OF PRIOR PERIOD FINA_7

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities:
Net income (loss)	$ (1,608)	$ 5,750
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income	(880)	(905)
Net derivative (gains) losses	2,778	(9,532)
Amortization and depreciation		990
Future policy benefits	19	1,846
Reinsurance recoverable	(130)	(96)
Current and deferred income taxes	(590)	1,465
Net cash provided by (used in) operating activities	(197)	(609)
Change in collateralized pledged assets	(1,393)	44
Change in collateralized pledged liabilities	93	656
Net cash provided by (used in) financing activities	4,846	2,492
Cash and cash equivalents	$ 3,217	7,492	$ 2,043	$ 1,492
As Previously Reported
Cash flow from operating activities:
Net income (loss)		5,736
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income		(904)
Net derivative (gains) losses		(9,533)
Amortization and depreciation		1,025
Future policy benefits		1,817
Reinsurance recoverable		(97)
Current and deferred income taxes		1,462
Net cash provided by (used in) operating activities		(621)
Change in collateralized pledged assets		45
Change in collateralized pledged liabilities		667
Net cash provided by (used in) financing activities		2,504
Cash and cash equivalents		7,492
Impact of Revisions
Cash flow from operating activities:
Net income (loss)		14
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income		(1)
Net derivative (gains) losses		1
Amortization and depreciation		(35)
Future policy benefits		29
Reinsurance recoverable		1
Current and deferred income taxes		3
Net cash provided by (used in) operating activities		12
Change in collateralized pledged assets		(1)
Change in collateralized pledged liabilities		(11)
Net cash provided by (used in) financing activities		(12)
Cash and cash equivalents		$ 0

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - Subsequent Event	1 Months Ended
	Apr. 30, 2021USD ($)
Funding Agreement-Backed Note, Fixed Rate, Due April 2023
Subsequent Event [Line Items]
Debt instrument, face amount	$ 350,000,000
Debt instrument, stated percentage	0.50%
Funding Agreement-Backed Note, Floating Rate, Due April 2023
Subsequent Event [Line Items]
Debt instrument, face amount	$ 650,000,000
Funding Agreement-Backed Note, Floating Rate, Due April 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.39%