Equitable Financial Life Insurance 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	Q3
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Central Index Key	0000727920
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $70,347 and $68,636) (allowance for credit losses of $22 and $22)		$ 60,195	$ 73,076
Mortgage loans on real estate (net of allowance for credit losses of $83 and $62)		15,671	14,016
Policy loans		3,538	3,540
Other equity investments	[1]	2,941	2,759
Trading securities, at fair value		310	379
Other invested assets		1,973	2,910
Total investments		84,628	96,680
Cash and cash equivalents		833	1,815
Deferred policy acquisition costs		5,933	4,267
Amounts due from reinsurers (allowance for credit losses of [$—] and $5) (includes amounts accounted for at fair value of [$—] and $5,813)	[2]	12,062	13,300
Loans to affiliates		1,900	1,900
GMIB reinsurance contract asset, at fair value		1,372	2,068
Current and deferred income taxes		2,859	842
Other assets		4,365	3,023
Separate Accounts assets		106,605	143,912
Total Assets		220,557	267,807
LIABILITIES
Policyholders’ account balances		76,121	75,467
Future policy benefits and other policyholders' liabilities		33,647	36,851
Broker-dealer related payables		284	630
Amounts due to reinsurers		109	135
Other liabilities		3,373	2,078
Separate Accounts liabilities		106,605	143,912
Total Liabilities		220,139	259,073
Redeemable noncontrolling interest	[3]	20	28
Commitments and contingent liabilities (4)	[4]
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		8,559	8,546
Accumulated deficit		(1,068)	(2,199)
Accumulated other comprehensive income (loss)		(7,095)	2,357
Total Equity		398	8,706
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 220,557	$ 267,807
[1]See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.[2]Represents the fair value of the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction and Note 7 of the Notes to these Consolidated Financial Statements. (4) See Note 12 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 70,347	$ 68,636
Fixed maturities available-for-sale, allowance for credit losses	22	22
Mortgage loans on real estate, valuation allowances	83	62
Reinsurance recoverable, allowance for credit loss	7	5
Reinsurance recoverable, fair value	$ 4,312	$ 5,813
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

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Policy charges and fee income	$ 727	$ 811	$ 2,229	$ 2,581
Premiums	193	181	548	574
Net derivative gains (losses)	26	(236)	2,921	(4,152)
Net investment income (loss)	788	885	2,238	2,655
Investment gains (losses), net:
Credit and intent to sell losses on available for sale debt securities and loans	(273)	(2)	(272)	4
Other investment gains (losses), net	(75)	166	(640)	753
Total investment gains (losses), net	(348)	164	(912)	757
Investment management and service fees	173	228	547	791
Other income	25	24	72	65
Total revenues	1,584	2,057	7,643	3,271
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	510	708	2,260	2,383
Interest credited to policyholders’ account balances	351	285	930	841
Compensation and benefits	56	111	145	246
Commissions	208	140	543	494
Interest expense	2	0	2	1
Amortization of deferred policy acquisition costs	120	93	405	342
Other operating costs and expenses	204	223	776	847
Total benefits and other deductions	1,451	1,560	5,061	5,154
Income (loss) from continuing operations, before income taxes	133	497	2,582	(1,883)
Income tax (expense) benefit	(45)	(99)	(498)	500
Net income (loss)	88	398	2,084	(1,383)
Less: Net income (loss) attributable to the noncontrolling interest	0	0	(4)	1
Net income (loss) attributable to Equitable Financial	$ 88	$ 398	$ 2,088	$ (1,384)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ 88	$ 398	$ 2,084	$ (1,383)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	(2,261)	(354)	(9,452)	(2,309)
Other comprehensive income (loss), net of income taxes		(2,261)	(354)	(9,452)	(2,309)
Comprehensive income (loss)		(2,173)	44	(7,368)	(3,692)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	[1]	0	0	(4)	1
Comprehensive income (loss) attributable to Equitable Financial		$ (2,173)	$ 44	$ (7,364)	$ (3,693)
[1]See Note 10 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2020	$ 11,643	$ 2	$ 7,841	$ (795)	$ 4,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(7)			(7)
Capital contribution from parent company	750		750
Net income (loss)	(1,384)			(1,384)
Other comprehensive income (loss)	(2,309)				(2,309)
Other	(53)		(52)	(1)
Ending balance at Sep. 30, 2021	8,640	2	8,539	(2,187)	2,286
Beginning balance at Jun. 30, 2021	8,589	2	8,531	(2,584)	2,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	398			398
Other comprehensive income (loss)	(354)				(354)
Other	7		8	(1)
Ending balance at Sep. 30, 2021	8,640	2	8,539	(2,187)	2,286
Beginning balance at Dec. 31, 2021	8,706	2	8,546	(2,199)	2,357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(951)			(951)
Net income (loss)	2,088			2,088
Other comprehensive income (loss)	(9,452)				(9,452)
Other	7		13	(6)
Ending balance at Sep. 30, 2022	398	2	8,559	(1,068)	(7,095)
Beginning balance at Jun. 30, 2022	3,501	2	8,539	(206)	(4,834)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(951)			(951)
Net income (loss)	88			88
Other comprehensive income (loss)	(2,261)				(2,261)
Other	21		20	1
Ending balance at Sep. 30, 2022	$ 398	$ 2	$ 8,559	$ (1,068)	$ (7,095)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Net income (loss)		$ 2,084	$ (1,383)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances		930	841
Policy charges and fee income		(2,229)	(2,581)
Net derivative (gains) losses		(2,921)	4,152
Credit and intent to sell losses on available for sale debt securities and loans		272	(4)
Investment (gains) losses, net		640	(753)
Realized and unrealized (gains) losses on trading securities		53	49
Non-cash long-term incentive compensation expense		44	(23)
Amortization and depreciation		362	242
Equity (income) loss from limited partnerships		(184)	(371)
Changes in:
Reinsurance recoverable	[1]	(826)	(824)
Capitalization of deferred policy acquisition costs		(550)	(519)
Future policy benefits		111	33
Current and deferred income taxes		496	(507)
Other, net		(97)	229
Net cash provided by (used in) operating activities		(1,815)	(1,419)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale		14,017	25,629
Mortgage loans on real estate		901	1,417
Trading account securities		177	5,010
Short-term investments		(14)	84
Other		270	1,509
Payment for the purchase/origination of:
Fixed maturities, available-for-sale		(16,313)	(32,790)
Mortgage loans on real estate		(2,604)	(1,680)
Trading account securities		(166)	(142)
Short-term investments		0	(5)
Other		(603)	(2,377)
Cash settlements related to derivative instruments, net		921	(6,522)
Issuance of loans to affiliates		0	(1,000)
Repayments of loans to affiliates		0	0
Investment in capitalized software, leasehold improvements and EDP equipment		(24)	(41)
Other, net		123	(15)
Net cash provided by (used in) investing activities		(3,315)	(10,923)
Cash flows from financing activities:
Deposits		11,299	12,336
Withdrawals		(4,930)	(4,647)
Transfers (to) from Separate Accounts		1,109	1,569
Change in collateralized pledged assets		38	55
Change in collateralized pledged liabilities		(2,467)	1,492
Capital contribution from parent company		0	750
Shareholder dividend paid		(930)	(7)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds		(1)	10
Other, net		29	48
Net cash provided by (used in) financing activities		4,147	11,606
Change in cash and cash equivalents		(983)	(736)
Cash and cash equivalents, beginning of year		1,816	2,043
Cash and cash equivalents, end of year		833	1,307
Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations		4	3
Dividend to Parent		(22)	0
Transfer of assets to reinsurer		$ 0	$ (9,023)
[1]Amount includes cash paid for Venerable Transaction of $494 million. See Note 1 of the Notes to these Consolidated Financial Statements.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Cash paid for Venerable reinsurance transaction	$ 494

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2022
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, LLC (“Equitable Distributors”) and Equitable Investment Management Group, LLC (“EIMG”), which both are wholly-owned indirect subsidiaries of Holdings. On June 1, 2021, Holdings completed the sale (the “Venerable Transaction”) of CS Life to Venerable Insurance and Annuity Company, an insurance company domiciled in Iowa (“VIAC”), pursuant to the Master Transaction Agreement, dated October 27, 2020 (the “Master Transaction Agreement”), among the Company, VIAC and, solely with respect to Article XIV thereof, Venerable Holdings, Inc., a Delaware corporation (“Venerable”). VIAC issued a surplus note in aggregate principal amount of $60 million, to Equitable Financial for cash consideration. Immediately following the closing of the Venerable Transaction, CS Life and Equitable Financial entered into a coinsurance and modified coinsurance agreement (the “Reinsurance Agreement”), pursuant to which Equitable Financial ceded to CS Life, on a combined coinsurance and modified coinsurance basis, the Block, comprised of non-New York “Accumulator” policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees. At the closing of the Transaction, CS Life deposited assets supporting the general account liabilities relating to the Block into a trust account for the benefit of Equitable Financial, which assets will secure its obligations to Equitable Financial under the Reinsurance Agreement. The Company transferred assets of $9.5 billion, including primarily available for sale securities and cash, to a collateral trust account as the consideration for the reinsurance transaction. In addition, the Company recorded $9.6 billion of direct insurance liabilities ceded under the reinsurance contract, of which $5.3 billion is accounted at fair value, as the reinsurance of GMxB with no lapse guarantee riders are embedded derivatives. Additionally, $16.9 billion of Separate Account liabilities were ceded under a modified coinsurance portion of the agreement. In addition, upon the completion of the Venerable Transaction, EIMG acquired an approximate 9.09% equity interest in Venerable’s parent holding company, VA Capital Company LLC. In connection with such investment, EIMG designated a member to the Board of Managers of VA Capital Company LLC.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
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. 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, 2021. 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 “third quarter 2022” and “third quarter 2021” refer to the three months ended September 30, 2022 and 2021, respectively. The terms “first nine months of 2022” and “first nine months of 2021” refer to the nine months ended September 30, 2022 and 2021, respectively. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. 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. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 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. 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement. 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 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. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be positive to the current amount of reported total equity as of September 30, 2022. As of September 30, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of September 30, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between September 30, 2022 and January 1, 2023. Securities Sold under Agreements to Repurchase Securities sold under agreements to repurchase involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. Securities sold under agreements to repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the requirements of each respective counterparty. Transfers of securities under these agreements to repurchase are evaluated by the Company to determine whether they satisfy the criteria for accounting treatment as secured borrowing arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales with related forward repurchase commitments. All of the Company’s securities repurchase transactions are accounted for as secured borrowings with the related obligations distinctly captioned in the consolidated balance sheets on a gross basis. Income and expenses associated with repurchase agreements are recognized as investment income and investment expense, respectively, within net investment income (loss). As of September 30, 2022 and December 31, 2021, the Company had no Securities sold under agreements to repurchase outstanding. During the year ended December 31, 2021 there was no activity on Securities sold under agreements to repurchase. 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 September 30, 2022 and December 31, 2021, the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIEs model. Included in Other invested assets and Mortgage loans on real estate in the Company’s consolidated balance sheets at September 30, 2022 and December 31, 2021 are total assets of $360 million and $169 million, respectively related to these VIEs. Non-Consolidated VIEs Assumption Updates The Company conducts its annual review of its assumptions 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. The net impact of assumption changes in the three and nine months ended September 30, 2022 decreased policy charges and fee income by $17 million, decreased policyholders’ benefits by $235 million, increased interest credited to policyholders’ account balances by $1 million, increased net derivative losses by $85 million, and decreased amortization of DAC by $7 million. This resulted in an increase in income (loss) from operations, before income taxes of $139 million and increased net income (loss) by $110 million. The net impact of assumption changes in the three and nine months ended September 30, 2021 decreased policy charges and fee income by $32 million, decreased policyholders’ benefits by $100 million, decreased net derivative gains by $249 million, and decreased amortization of DAC by $19 million. This resulted in a decrease in income (loss) from operations, before income taxes of $162 million and decreased net income (loss) by $128 million. As part of this annual update, the reference interest rate utilized in our GAAP fair value calculations was updated from the LIBOR swap curve to the US Treasury curve due to the impending cessation of LIBOR and our GAAP fair value liability risk margins were increased, resulting in little impact to overall valuation as our view regarding market participant pricing of our guarantees has not changed at this time. Model Changes

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 was $561 million and $470 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 30, 2022 and 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) September 30, 2022 Fixed Maturities: Corporate (1) $ 47,882 $ 22 $ 69 $ 7,515 $ 40,414 U.S. Treasury, government and agency 7,238 — 4 1,311 5,931 States and political subdivisions 600 — 8 78 530 Foreign governments 1,114 — 2 190 926 Residential mortgage-backed (2) 494 — 1 25 470 Asset-backed (3) 9,235 — 1 540 8,696 Commercial mortgage-backed 3,743 — — 558 3,185 Redeemable preferred stock 41 — 2 — 43 Total at September 30, 2022 $ 70,347 $ 22 $ 87 $ 10,217 $ 60,195 December 31, 2021: Fixed Maturities: Corporate (1) $ 45,578 $ 22 $ 2,382 $ 214 $ 47,724 U.S. Treasury, government and agency 13,032 — 2,196 14 15,214 States and political subdivisions 527 — 73 3 597 Foreign governments 1,124 — 42 14 1,152 Residential mortgage-backed (2) 82 — 8 — 90 Asset-backed (3) 5,904 — 20 19 5,905 Commercial mortgage-backed 2,348 — 19 26 2,341 Redeemable preferred stock 41 — 12 — 53 Total at December 31, 2021 $ 68,636 $ 22 $ 4,752 $ 290 $ 73,076 ______________ (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. The contractual maturities of AFS fixed maturities as of September 30, 2022 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) September 30, 2022: Contractual maturities: Due in one year or less $ 1,147 $ 1,130 Due in years two through five 13,178 12,415 Due in years six through ten 17,063 15,083 Due after ten years 25,424 19,173 Subtotal 56,812 47,801 Residential mortgage-backed 494 470 Asset-backed 9,235 8,696 Commercial mortgage-backed 3,743 3,185 Redeemable preferred stock 41 43 Total at September 30, 2022 $ 70,325 $ 60,195 The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the three and nine months ended September 30, 2022 and 2021: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Proceeds from sales $ 878 $ 3,575 $ 11,512 $ 20,294 Gross gains on sales $ — $ 172 $ 38 $ 1,017 Gross losses on sales $ (73) $ (6) $ (663) $ (160) Net change in Allowance for Credit and Intent to Sell losses $ (248) $ (2) $ (251) $ (14) 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 and Intent to Sell Loss Impairments Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ 32 $ 40 $ 42 $ 28 Previously recognized impairments on securities that matured, paid, prepaid or sold (2) (2) (15) (3) Recognized impairments on securities impaired to fair value this period (1) (2) 251 — 251 — Credit losses recognized this period on securities for which credit losses were not previously recognized (1) 1 — 9 Additional credit losses this period on securities previously impaired 5 1 7 6 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 September 30, $ 285 $ 40 $ 285 $ 40 ______________ (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. (2) Amounts reflected as of three and nine months ended September 30, 2022 represents AFS fixed maturities in an unrealized loss position, which the Company intends to sell in anticipation of the EQUI-VEST Transaction. For additional details on the EQUI-VEST Transaction, see Note 14 of the Notes to the Consolidated Financial Statements. 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, July 1, 2022 $ (6,647) $ 851 $ (250) $ 1,270 $ (4,776) Net investment gains (losses) arising during the period (3,811) — — — (3,811) Reclassification adjustment: Included in net income (loss) 327 — — — 327 Excluded from net income (loss) — — — — — Other — — — — — Impact of net unrealized investment gains (losses) — 386 41 641 1,068 Net unrealized investment gains (losses) excluding credit losses (10,131) 1,237 (209) 1,911 (7,192) Net unrealized investment gains (losses) with credit losses 1 — — — 1 Balance, September 30, 2022 $ (10,130) $ 1,237 $ (209) $ 1,911 $ (7,191) Balance, July 1, 2021 $ 4,931 $ (389) $ (1,037) $ (736) $ 2,769 Net investment gains (losses) arising during the period (362) — — — (362) Reclassification adjustment: — Included in net income (loss) (165) — — — (165) Excluded from net income (loss) — — — — — Other (1) — — — — — Impact of net unrealized investment gains (losses) — 28 55 93 176 Net unrealized investment gains (losses) excluding credit losses 4,404 (361) (982) (643) 2,418 Net unrealized investment gains (losses) with credit losses (1) — — — (1) Balance, September 30, 2021 $ 4,403 $ (361) $ (982) $ (643) $ 2,417 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, 2022 $ 4,462 $ (284) $ (977) $ (673) $ 2,528 Net investment gains (losses) arising during the period (15,466) — — — (15,466) Reclassification adjustment: — Included in net income (loss) 881 — — — 881 Excluded from net income (loss) — — — — — Other — — — — — Impact of net unrealized investment gains (losses) — 1,520 768 2,583 4,871 Net unrealized investment gains (losses) excluding credit losses (10,123) 1,236 (209) 1,910 (7,186) Net unrealized investment gains (losses) with credit losses (7) 1 — 1 (5) Balance, September 30, 2022 $ (10,130) $ 1,237 $ (209) $ 1,911 $ (7,191) Balance, January 1, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (3,057) — — — (3,057) Reclassification adjustment: — Included in net income (loss) (739) — — — (739) Excluded from net income (loss) — — — — — Other (1) (31) — — — (31) Impact of net unrealized investment gains (losses) — 105 832 607 1,544 Net unrealized investment gains (losses) excluding credit losses 4,403 (361) (982) (643) 2,417 Net unrealized investment gains (losses) with credit losses — — — — — Balance, September 30, 2021 $ 4,403 $ (361) $ (982) $ (643) $ 2,417 (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments. The following tables disclose the fair values and gross unrealized losses of the 4,803 issues as of September 30, 2022 and the 1,896 issues as of December 31, 2021 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) September 30, 2022 Fixed Maturities: Corporate $ 30,859 $ 6,100 $ 5,327 $ 1,413 $ 36,186 $ 7,513 U.S. Treasury, government and agency 5,438 1,292 201 19 5,639 1,311 States and political subdivisions 287 71 13 7 300 78 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) Foreign governments 605 138 167 52 772 190 Residential mortgage-backed 433 25 1 — 434 25 Asset-backed 8,023 498 439 42 8,462 540 Commercial mortgage-backed 2,374 367 809 191 3,183 558 Total at September 30, 2022 $ 48,019 $ 8,491 $ 6,957 $ 1,724 $ 54,976 $ 10,215 December 31, 2021: Fixed Maturities: Corporate $ 9,497 $ 150 $ 1,301 $ 62 $ 10,798 $ 212 U.S. Treasury, government and agency 947 10 103 4 1,050 14 States and political subdivisions 112 2 11 1 123 3 Foreign governments 349 6 92 8 441 14 Asset-backed 3,843 19 38 — 3,881 19 Commercial mortgage-backed 1,515 22 96 4 1,611 26 Total at December 31, 2021 $ 16,263 $ 209 $ 1,641 $ 79 $ 17,904 $ 288 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 September 30, 2022 and December 31, 2021 were $275 million and $280 million, respectively, representing 69.1% and 3.2% 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 September 30, 2022 and December 31, 2021, respectively, approximately $2.9 billion and $2.8 billion, or 4.1% and 4.1%, of the $70.3 billion and $68.6 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 $241 million and $18 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, respectively, the $1,724 million and $79 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 of t he Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to allowance for credit losses for these securities was not warranted at either September 30, 2022 or December 31, 2021. As of September 30, 2022 and December 31, 2021, 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 September 30, 2022, the Company determined that the unrealized loss was primarily due to increases in interest rates, credit spreads and changes in credit ratings. Mortgage Loans on Real Estate Accrued interest receivable on commercial and agricultural mortgage loans as of September 30, 2022 and December 31, 2021 was $63 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the nine months ended September 30, 2022 and 2021. As of September 30, 2022, 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 and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 58 $ 59 $ 57 $ 77 Current-period provision for expected credit losses 19 1 20 (17) Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — Net change in allowance 19 1 20 (17) Balance, end of period $ 77 $ 60 $ 77 $ 60 Agricultural mortgages: Balance, beginning of period $ 6 $ 4 $ 5 $ 4 Current-period provision for expected credit losses — — 1 Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — Net change in allowance — — 1 — Balance, end of period $ 6 $ 4 $ 6 $ 4 Total allowance for credit losses $ 83 $ 64 $ 83 $ 64 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 and • changes in credit quality. Credit Quality Information The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of September 30, 2022 and December 31, 2021. Loan to Value (“LTV”) Ratios (1) September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ 488 $ 130 $ — $ — $ 119 $ 1,452 $ — $ — $ 2,189 50% - 70% 1,780 1,857 1,255 275 733 2,597 273 — 8,770 70% - 90% 136 124 115 368 315 898 — 33 1,989 90% plus — — — — 35 174 — — 209 Total commercial $ 2,404 $ 2,111 $ 1,370 $ 643 $ 1,202 $ 5,121 $ 273 $ 33 $ 13,157 Agricultural: 0% - 50% $ 121 $ 190 $ 214 $ 123 $ 135 $ 754 $ — $ — $ 1,537 50% - 70% 182 179 238 86 82 277 — — 1,044 70% - 90% 1 — — — — 15 — — 16 90% plus — — — — — — — — — Total agricultural $ 304 $ 369 $ 452 $ 209 $ 217 $ 1,046 $ — $ — $ 2,597 Total mortgage loans: 0% - 50% $ 609 $ 320 $ 214 $ 123 $ 254 $ 2,206 $ — $ — $ 3,726 50% - 70% 1,962 2,036 1,493 361 815 2,874 273 — 9,814 70% - 90% 137 124 115 368 315 913 — 33 2,005 90% plus — — — — 35 174 — — 209 Total mortgage loans $ 2,708 $ 2,480 $ 1,822 $ 852 $ 1,419 $ 6,167 $ 273 $ 33 $ 15,754 Debt Service Coverage (“DSC”) Ratios (2) September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 605 $ 1,143 $ 1,078 $ 103 $ 571 $ 1,846 $ — $ — $ 5,346 1.8x to 2.0x 135 187 165 216 186 421 161 — 1,471 1.5x to 1.8x 413 274 32 177 250 1,173 75 — 2,394 1.2x to 1.5x 614 259 60 92 47 1,376 — — 2,448 1.0x to 1.2x 222 248 35 55 148 234 37 33 1,012 Less than 1.0x 415 — — — — 71 — — 486 Total commercial $ 2,404 $ 2,111 $ 1,370 $ 643 $ 1,202 $ 5,121 $ 273 $ 33 $ 13,157 September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Agricultural: Greater than 2.0x $ 48 $ 40 $ 62 $ 22 $ 12 $ 195 $ — $ — $ 379 1.8x to 2.0x 17 58 35 24 14 63 — — 211 1.5x to 1.8x 48 42 112 28 19 202 — — 451 1.2x to 1.5x 89 154 174 99 100 313 — — 929 1.0x to 1.2x 86 74 65 30 66 260 — — 581 Less than 1.0x 16 1 4 6 6 13 — — 46 Total agricultural $ 304 $ 369 $ 452 $ 209 $ 217 $ 1,046 $ — $ — $ 2,597 Total mortgage loans: Greater than 2.0x $ 653 $ 1,183 $ 1,140 $ 125 $ 583 $ 2,041 $ — $ — $ 5,725 1.8x to 2.0x 152 245 200 240 200 484 161 — 1,682 1.5x to 1.8x 461 316 144 205 269 1,375 75 — 2,845 1.2x to 1.5x 703 413 234 191 147 1,689 — — 3,377 1.0x to 1.2x 308 322 100 85 214 494 37 33 1,593 Less than 1.0x 431 1 4 6 6 84 — — 532 Total mortgage loans $ 2,708 $ 2,480 $ 1,822 $ 852 $ 1,419 $ 6,167 $ 273 $ 33 $ 15,754 _____________ (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, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ 184 $ 293 $ 992 $ — $ — $ 1,469 50% - 70% 1,944 1,286 339 619 491 2,533 139 — 7,351 70% - 90% 190 236 412 415 276 972 — — 2,501 90% plus — — — 35 5 73 — — 113 Total commercial $ 2,134 $ 1,522 $ 751 $ 1,253 $ 1,065 $ 4,570 $ 139 $ — $ 11,434 Agricultural: 0% - 50% $ 180 $ 212 $ 128 $ 129 $ 119 $ 738 $ — $ — $ 1,506 50% - 70% 200 268 102 126 87 338 — — 1,121 70% - 90% — — — — — 17 — — 17 90% plus — — — — — — — — — Total agricultural $ 380 $ 480 $ 230 $ 255 $ 206 $ 1,093 $ — $ — $ 2,644 Total mortgage loans: 0% - 50% $ 180 $ 212 $ 128 $ 313 $ 412 $ 1,730 $ — $ — $ 2,975 50% - 70% 2,144 1,554 441 745 578 2,871 139 — 8,472 70% - 90% 190 236 412 415 276 989 — — 2,518 90% plus — — — 35 5 73 — — 113 Total mortgage loans $ 2,514 $ 2,002 $ 981 $ 1,508 $ 1,271 $ 5,663 $ 139 $ — $ 14,078 DSC Ratios (2) December 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 1,143 $ 1,243 $ 210 $ 772 $ 485 $ 2,218 $ — $ — $ 6,071 1.8x to 2.0x 185 135 182 46 161 372 68 — 1,149 1.5x to 1.8x 275 49 284 211 166 919 48 — 1,952 1.2x to 1.5x 264 95 75 101 253 701 — — 1,489 1.0x to 1.2x 267 — — 88 — 287 23 — 665 Less than 1.0x — — — 35 — 73 — — 108 Total commercial $ 2,134 $ 1,522 $ 751 $ 1,253 $ 1,065 $ 4,570 $ 139 $ — $ 11,434 Agricultural: Greater than 2.0x $ 49 $ 64 $ 25 $ 22 $ 24 $ 210 $ — $ — $ 394 1.8x to 2.0x 52 37 25 14 14 70 — — 212 1.5x to 1.8x 43 113 28 22 41 193 — — 440 1.2x to 1.5x 161 179 112 116 72 355 — — 995 1.0x to 1.2x 75 83 31 77 54 226 — — 546 Less than 1.0x — 4 9 4 1 39 — — 57 Total agricultural $ 380 $ 480 $ 230 $ 255 $ 206 $ 1,093 $ — $ — $ 2,644 Total mortgage loans: Greater than 2.0x $ 1,192 $ 1,307 $ 235 $ 794 $ 509 $ 2,428 $ — $ — $ 6,465 1.8x to 2.0x 237 172 207 60 175 442 68 — 1,361 1.5x to 1.8x 318 162 312 233 207 1,112 48 — 2,392 1.2x to 1.5x 425 274 187 217 325 1,056 — — 2,484 1.0x to 1.2x 342 83 31 165 54 513 23 — 1,211 Less than 1.0x — 4 9 39 1 112 — — 165 Total mortgage loans $ 2,514 $ 2,002 $ 981 $ 1,508 $ 1,271 $ 5,663 $ 139 $ — $ 14,078 _____________ (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. Past-Due and Nonaccrual Mortgage Loan Status The following table provides information relating to the aging analysis of past-due mortgage loans as of September 30, 2022 and December 31, 2021, 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 Total (in millions) September 30, 2022: Mortgage loans: Commercial $ — $ — $ — $ — $ 13,157 $ 13,157 $ — $ 13,157 $ — $ — Agricultural 12 7 19 38 2,543 2,581 16 2,597 — — Total $ 12 $ 7 $ 19 $ 38 $ 15,700 $ 15,738 $ 16 $ 15,754 $ — $ — December 31, 2021: Mortgage loans: Commercial $ — $ — $ — $ — $ 11,434 $ 11,434 $ — $ 11,434 $ — $ — Agricultural 1 1 25 27 2,601 2,628 16 2,644 — — Total $ 1 $ 1 $ 25 $ 27 $ 14,035 $ 14,062 $ 16 $ 14,078 $ — $ — _______________ (1) Amounts presented at amortized cost basis. As of September 30, 2022 and December 31, 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $13 million and $14 million, respectively. Troubled Debt Restructuring During the three and nine months ended September 30, 2022 and 2021, the Company identified an immaterial amount of TDRs. Equity Securities The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and nine months ended September 30, 2022 and 2021. Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (31) $ (1) $ (138) $ 19 Net investment gains (losses) recognized on securities sold during the period (2) (3) (12) 1 Unrealized and realized gains (losses) on equity securities $ (33) $ (4) $ (150) $ 20 Trading Securities As of September 30, 2022 and December 31, 2021, respectively, the fair value of the Company’s trading securities was $310 million and $379 million. As of September 30, 2022 and December 31, 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $33 million and $44 million. The table below shows a breakdown of net investment income (loss) from trading securities during the three and nine months ended September 30, 2022 and 2021: Net Investment Income (Loss) from Trading Securities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (8) $ (47) $ (53) $ (264) Net investment gains (losses) recognized on securities sold during the period 1 40 — 215 Unrealized and realized gains (losses) on trading securities (7) (7) (53) (49) Interest and dividend income from trading securities 1 4 6 80 Net investment income (loss) from trading securities $ (6) $ (3) $ (47) $ 31

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2022
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 and cash flow hedges, which are 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. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by the Company between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees to CS Life. As this contract provides full risk transfer and therefore has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the Amounts Due from Reinsurers related to the GMIB with NLG are accounted for as an embedded derivative. The Company has in place an economic hedge program using 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 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. Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows The Company purchases private placement debt securities and issues funding agreements in the FABN program in currencies other than its functional U.S. dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed U.S. dollar amounts with improved net investment yields or net product costs over equivalent U.S. dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting. The first cross currency swap hedges were designated and applied hedge accounting during the quarter ended June 30, 2021. These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since designation and qualification as cash flow hedges, cross currency swap interest accruals are recognized in Net investment income and in Interest credited to policyholders’ account balances. The tables below present quantitative disclosures about the Company’s derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments. The following table presents the gross notional amount and estimated fair value of the Company’s derivatives: Derivative Instruments by Category September 30, 2022 December 31, 2021 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,267 $ 178 $ 118 $ 921 $ 7 $ 42 Interest swaps 955 1 252 955 — 395 Total: designated for hedge accounting 2,222 179 370 1,876 7 437 Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 3,648 — — 2,213 — — Swaps 9,763 23 — 13,310 5 — Options 36,687 6,207 3,897 48,380 12,015 5,059 Interest rate contracts: Futures 5,456 — — 12,455 — — Swaps 1,116 — 134 1,876 — 45 Swaptions — — — — — — Credit contracts: Credit default swaps 100 — 2 619 2 3 Currency contracts: Currency swaps 326 24 — 541 1 — Currency forwards — — — — — — Other freestanding contracts: Margin — 98 — — 102 — Collateral — 140 3,323 — 178 6,154 Total: Not designated for hedge accounting 57,096 6,492 7,356 79,394 12,303 11,261 September 30, 2022 December 31, 2021 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Embedded derivatives: Amounts due from reinsurers (5) — 4,312 — — 5,813 — GMIB reinsurance contracts (2) — 1,372 — — 2,068 — GMxB derivative features liability (3) — — 5,834 — — 8,525 SCS, SIO, MSO and IUL indexed features (4) — — 2,056 — — 6,641 Total embedded derivatives — 5,684 7,890 — 7,881 15,166 Total derivative instruments $ 59,318 $ 12,355 $ 15,616 $ 81,270 $ 20,191 $ 26,864 ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (3) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (4) Reported in policyholders’ account balances in the consolidated balance sheets. (5) Represents GMIB NLG ceded related to the Venerable Transaction. The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss). Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 7 $ 5 $ (36) $ 111 $ 21 $ 7 $ (46) $ 116 Interest swaps (38) — — 94 (79) — — 242 Total: designated for hedge accounting (31) 5 (36) 205 (58) 7 (46) 358 Derivatives: not designated for hedge accounting Equity contracts: Futures 34 — — — 548 — — — Swaps 591 — — — 3,353 — — — Options (650) — — — (4,381) — — — Interest rate contracts: Futures (412) — — — (1,445) — — — Swaps (125) — — — (428) — — — Swaptions — — — — — — — — Credit contracts: Credit default swaps — — — — 8 — — — Currency contracts: Currency swaps 23 — — — 41 — — — Currency forwards — — — — — — — — Other contracts: Margin — — — — — — — — Collateral — — — — — — — — Total: not designated for hedge accounting (539) — — — (2,304) — — — Embedded derivatives: Amounts due from reinsurers (364) — — — (1,506) — — — GMIB reinsurance contracts (227) — — — (672) — — — GMxB derivative features liability 427 — — — 2,932 — — — SCS, SIO, MSO and IUL indexed features 766 — — — 4,543 — — — Total embedded derivatives 602 — — — 5,297 — — — Total derivatives $ 32 $ 5 $ (36) $ 205 $ 2,935 $ 7 $ (46) $ 358 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ — $ — $ (15) $ 7 $ — $ — $ (32) $ 7 Interest swaps (26) — — (9) (54) $ — $ — (42) Total: designated for hedge accounting (26) — (15) (2) (54) $ — $ (32) (35) Derivatives: not designated for hedge accounting Equity contracts: Futures (6) — — — (466) $ — $ — — Swaps (3) — — — (2,609) $ — $ — — Options (169) — — — 2,175 $ — $ — — Interest rate contracts: Futures (92) — — — (888) $ — $ — — Swaps 67 — — — (2,375) $ — $ — — Swaptions — — — — — $ — $ — — Credit contracts: Credit default swaps — — — — 2 $ — $ — — Currency contracts: Currency swaps 3 — — — 3 $ — $ — — Currency forwards — — — — — $ — $ — — Other contracts: Margin — — — — — $ — $ — — Collateral — — — — — $ — $ — — Total: not designated for hedge accounting (200) — — — (4,158) $ — $ — — Embedded derivatives: Amounts due from reinsurers 344 — — — 586 $ — $ — — GMIB reinsurance contracts (128) — — — (694) $ — $ — — GMxB derivative features liability (395) — — — 2,291 $ — $ — — SCS, SIO, MSO and IUL indexed features 173 — — — (2,113) $ — $ — — Total embedded derivatives (6) — — — 70 $ — $ — — Total derivatives $ (232) $ — $ (15) $ (2) $ (4,142) $ — $ (32) $ (35) _____________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the three and nine months ended September 30, 2022 and 2021, investment fees of $6 million and $4 million, $14 million and $10 million respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss). The following table presents a roll-forward of cash flow hedges recognized in AOCI. Roll-forward of Cash flow hedges in AOCI Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ (55) $ (158) $ (208) $ (126) Amount recorded in AOCI — — — — Currency swaps 77 7 77 7 Interest swaps 51 (40) 149 (118) Total amount recorded in AOCI 128 (33) 226 (111) Amount reclassified from AOCI to income — — — — Currency swaps 34 — 39 — Interest swaps 43 31 93 77 Total amount reclassified from AOCI to income 77 31 132 77 Balance, end of period (1) $ 150 $ (160) $ 150 $ (160) ______________ (1) The Company does not estimate the amount of the deferred losses in AOCI at three and nine months ended September 30, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated. Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based and treasury futures contracts as of September 30, 2022 and December 31, 2021 are exchange-traded and net settled daily in cash. As of September 30, 2022 and December 31, 2021, 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 $175 million and $90 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 $57 million and $196 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 $14 million and $16 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 September 30, 2022 and December 31, 2021, respectively, the Company held $3.3 billion and $6.2 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 $140 million and $178 million as of September 30, 2022 and December 31, 2021, respectively, in the normal operation of its collateral arrangements. The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position. As of September 30, 2022 and December 31, 2021 there were no net liability derivative positions with counterparties with credit risk-related contingent features whose credit rating has fallen. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements. The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of September 30, 2022 and December 31, 2021: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of September 30, 2022 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 $ 6,672 $ 5,971 $ 701 $ (596) $ 105 Other financial assets 1,272 — 1,272 — 1,272 Other invested assets $ 7,944 $ 5,971 $ 1,973 $ (596) $ 1,377 Liabilities: Derivative liabilities $ 7,131 $ 5,971 $ 1,160 $ — $ 1,160 Other financial liabilities 2,213 — 2,213 — 2,213 Other liabilities $ 9,344 $ 5,971 $ 3,373 $ — $ 3,373 ______________ (1) Financial instruments sent (held). As of December 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 $ 12,309 $ 10,724 $ 1,585 $ (961) $ 624 Other financial assets 1,325 — 1,325 — 1,325 Other invested assets $ 13,634 $ 10,724 $ 2,910 $ (961) $ 1,949 Liabilities: Derivative liabilities $ 10,738 $ 10,724 $ 14 $ — $ 14 Other financial liabilities 2,064 — 2,064 — 2,064 Other liabilities $ 12,802 $ 10,724 $ 2,078 $ — $ 2,078 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK

CLOSED BLOCK	9 Months Ended
	Sep. 30, 2022
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 Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. Summarized financial information for the Company’s Closed Block is as follows: September 30, 2022 December 31, 2021 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,750 $ 5,928 Policyholder dividend obligation — — Other liabilities 74 39 Total Closed Block liabilities 5,824 5,967 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,190 and $3,185) (allowance for credit losses of $0 and $0) 2,932 3,390 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,687 1,771 Policy loans 575 602 Cash and other invested assets — 63 Other assets 154 90 Total assets designated to the Closed Block 5,348 5,916 Excess of Closed Block liabilities over assets designated to the Closed Block 476 51 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $54 and $(43) (193) 172 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 283 $ 223 The Company’s Closed Block revenues and expenses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Revenues: Premiums and other income $ 29 $ 33 $ 93 $ 109 Net investment income (loss) 52 59 164 179 Investment gains (losses), net (1) — (2) 2 Total revenues 80 92 255 290 Benefits and Other Deductions: Policyholders’ benefits and dividends 92 108 248 304 Other operating costs and expenses — 2 — 3 Total benefits and other deductions 92 110 248 307 Net income (loss), before income taxes (12) (18) 7 (17) Income tax (expense) benefit (5) (2) (1) (3) Net income (loss) $ (17) $ (20) $ 6 $ (20) A reconciliation of the Company’s policyholder dividend obligation follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Beginning balance $ — $ 72 $ — $ 160 Unrealized investment gains (losses) — (47) — (135) Ending balance $ — $ 25 $ — $ 25

INSURANCE LIABILITIES

INSURANCE LIABILITIES	9 Months Ended
	Sep. 30, 2022
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 GMIB that are reflected in the consolidated balance sheets in GMIB reinsurance contract asset are at fair value. Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature Three and Nine Months Ended September 30, 2022 and 2021 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, July 1, 2022 $ 5,153 $ (2,295) $ 6,217 $ (3,838) Paid guarantee benefits (152) 63 (171) 46 Other changes in reserve 377 (146) (325) 377 Balance, September 30, 2022 $ 5,378 $ (2,378) $ 5,721 $ (3,415) Balance, July 1, 2021 $ 5,140 $ (2,281) $ 5,945 $ (4,444) Paid guarantee benefits (104) 42 (87) 15 Other changes in reserve 7 (3) 152 126 Impact of the Venerable Transaction (1) — — — — Balance, September 30, 2021 $ 5,043 $ (2,242) $ 6,010 $ (4,303) GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2022 $ 5,011 $ (2,237) $ 5,952 $ (4,207) Paid guarantee benefits (433) 180 (437) 53 Other changes in reserve 800 (321) 206 739 Balance, September 30, 2022 $ 5,378 $ (2,378) $ 5,721 $ (3,415) Balance, January 1, 2021 $ 5,093 $ (84) $ 6,025 $ (2,859) Paid guarantee benefits (351) 65 (271) 41 Other changes in reserve 301 (47) 256 656 Impact of the Venerable Transaction (1) — (2,176) — (2,141) Balance, September 30, 2021 $ 5,043 $ (2,242) $ 6,010 $ (4,303) ____________ (1) Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1- Organization, for details on the Venerable Transaction. 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 and amounts due from reinsurers related to GMIB NLG product features (GMIB NLG Reinsurance) 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 of the Notes to these Consolidated Financial Statements. 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 September 30, 2022 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 September 30, 2022 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 $ 16,657 $ 94 $ 48 $ 148 $ 16,947 Separate Accounts 44,481 7,106 2,384 24,547 78,518 Total Account Values $ 61,138 $ 7,200 $ 2,432 $ 24,695 $ 95,465 NAR, gross $ 1,108 $ 1,784 $ 1,975 $ 24,164 $ 29,031 NAR, net of amounts reinsured $ 1,096 $ 1,612 $ 1,439 $ 13,074 $ 17,221 Average attained age of policyholders (in years) 51.6 69.7 76.0 71.6 55.4 Percentage of policyholders over age 70 12.1% 52.5% 74.2% 60.0% 21.2% Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 14 $ 193 $ 207 Separate Accounts — — 19,738 25,771 45,509 Total Account Values $ — $ — $ 19,752 $ 25,964 $ 45,716 NAR, gross $ — $ — $ 546 $ 8,237 $ 8,783 NAR, net of amounts reinsured $ — $ — $ 176 $ 3,377 $ 3,553 Average attained age of policyholders (in years) N/A N/A 65.6 71.3 69.1 Weighted average years remaining until annuitization N/A N/A 5.5 0.5 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 Notes to the Consolidated Financial Statements 2021 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 September 30, 2022 December 31, 2021 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 37,248 $ 13,453 $ 52,744 $ 20,009 Fixed income 4,464 2,026 5,384 2,505 Balanced 35,678 29,776 48,152 40,228 Other 1,128 254 1,025 264 Total $ 78,518 $ 45,509 $ 107,305 $ 63,006 Hedging Programs for GMDB, GMIB, GIB and Other Features 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. 2022 2021 Direct Liability Reinsurance Ceded Net Direct Liability Reinsurance Ceded Net (in millions) Balance, July 1, 1,127 (940) 187 1,064 (909) 155 Paid guarantee benefits (45) — (45) (24) — (24) Other changes in reserves 74 (16) 58 38 (11) 27 Balance, September 30, $ 1,156 $ (956) $ 200 $ 1,078 $ (920) $ 158 Balance, January 1, 1,090 (928) 162 1,016 (883) 133 Paid guarantee benefits (61) — (61) (52) — (52) Other changes in reserves 127 (28) 99 114 (37) 77 Balance, September 30, $ 1,156 $ (956) $ 200 $ 1,078 $ (920) $ 158

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 38,520 $ 1,894 $ 40,414 U.S. Treasury, government and agency — 5,931 — 5,931 States and political subdivisions — 501 29 530 Foreign governments — 926 — 926 Residential mortgage-backed (2) — 470 — 470 Asset-backed (3) — 8,686 10 8,696 Commercial mortgage-backed — 3,153 32 3,185 Redeemable preferred stock — 43 — 43 Total fixed maturities, AFS — 58,230 1,965 60,195 Other equity investments 173 467 12 652 Trading securities 158 152 — 310 Other invested assets: Short-term investments — 14 — 14 Assets of consolidated VIEs/VOEs — — 5 5 Swaps — (277) — (277) Credit default swaps — (2) — (2) Options — 2,310 — 2,310 Total other invested assets — 2,045 5 2,050 Cash equivalents 297 190 — 487 Amounts due from reinsurer (5) — — 4,312 4,312 GMIB reinsurance contracts asset — — 1,372 1,372 Separate Accounts assets (4) 103,556 2,367 1 105,924 Total Assets $ 104,184 $ 63,451 $ 7,667 $ 175,302 Liabilities: GMxB derivative features’ liability $ — $ — $ 5,834 $ 5,834 SCS, SIO, MSO and IUL indexed features’ liability — 2,056 — 2,056 Total Liabilities $ — $ 2,056 $ 5,834 $ 7,890 ______________ (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 September 30, 2022 the fair value of such investments was $452 million. (5) This represents GMIB NLG ceded reserves related to Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction. Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 46,231 $ 1,493 $ 47,724 U.S. Treasury, government and agency — 15,214 — 15,214 States and political subdivisions — 562 35 597 Foreign governments — 1,152 — 1,152 Residential mortgage-backed (2) — 90 — 90 Asset-backed (3) — 5,897 8 5,905 Commercial mortgage-backed — 2,321 20 2,341 Redeemable preferred stock — 53 — 53 Total fixed maturities, AFS — 71,520 1,556 73,076 Other equity investments 243 434 5 682 Trading securities 193 186 — 379 Other invested assets: Short-term investments — — — — Assets of consolidated VIEs/VOEs — — 8 8 Swaps — (469) — (469) Credit default swaps — (1) — (1) Options — 6,956 — 6,956 Total other invested assets — 6,486 8 6,494 Cash equivalents 1,109 273 — 1,382 Amounts due from reinsurer (5) — — 5,813 5,813 GMIB reinsurance contracts asset — — 2,068 2,068 Separate Accounts assets (4) 140,740 2,565 1 143,306 Total Assets $ 142,285 $ 81,464 $ 9,451 $ 233,200 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,525 $ 8,525 SCS, SIO, MSO and IUL indexed features’ liability — 6,641 — 6,641 Total Liabilities $ — $ 6,641 $ 8,525 $ 15,166 ______________ (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, 2021 the fair value of such investments was $404 million. (5) This represents GMIB NLG ceded reserves related to Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction. 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 of the Notes to these Consolidated Financial Statements 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 GMIB NLG 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. Also included are the Amounts due from Reinsurers related to the GMIB NLG product features (GMIB NLG Reinsurance). The fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios. The valuations of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and equity projections of Separate Account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the U.S. Treasury curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMIB NLG feature to reflect the claims-paying ratings of counterparties and the Company. Due to the unique, long duration of the GMIB NLG feature and GMIB NLG Reinsurance, risk margins were applied to the non-capital markets inputs to the GMIB NLG valuations. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $139 million and $148 million as of September 30, 2022 and December 31, 2021, respectively, to recognize incremental counterparty non-performance risk. After giving consideration to collateral arrangements, the Company reduced the fair value of its Amounts due from Reinsurers by $199 million and $210 million at September 30, 2022 and December 31, 2021 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 nine months ended September 30, 2022, fixed maturities with fair values of $114 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, fixed maturities with fair value of $90 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 51.3% of total equity as of September 30, 2022. During the nine months ended September 30, 2021, fixed maturities with fair values of $713 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, 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 8.3% of total equity as of September 30, 2021. The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three and nine months ended September 30, 2022 and 2021, respectively. Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, July 1, 2022 $ 1,752 $ 30 $ 25 $ 18 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — — Investment gains (losses), net (3) — — — Subtotal (2) — — — Other comprehensive income (loss) (70) (1) — — Purchases 217 — 7 (2) Sales (35) — — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 25 — — — Transfers out of Level 3 (1) 7 — — (6) Balance, September 30, 2022 $ 1,894 $ 29 $ 32 $ 10 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ (70) $ (1) $ — $ — Balance, July 1, 2021 $ 1,249 $ 37 $ 11 $ 127 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net (1) — — Subtotal — — — — Other comprehensive income (loss) 4 — — — Purchases 259 — (1) (120) Sales (70) — — (2) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) (2) — — — Transfers out of Level 3 (1) — — — — Balance, September 30, 2021 $ 1,440 $ 37 $ 10 $ 5 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 4 $ — $ — $ — Other Equity Investments (6) Amounts Due from Reinsurers GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, July 1, 2022 $ 18 $ 4,681 $ 1,612 $ 1 $ (6,189) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (1) — — — — Net derivative gains (losses) (1) — (364) (227) — 427 Total realized and unrealized gains (losses) (1) (364) (227) — 427 Other comprehensive income (loss) — — — — — Purchases (2) — 28 10 — (110) Sales (3) — (33) (23) — 38 Activity related to consolidated VIEs/VOEs — — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, September 30, 2022 $ 17 $ 4,312 $ 1,372 $ 1 $ (5,834) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (364) $ (227) $ — $ 427 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Balance, July 1, 2021 $ 13 $ 5,510 $ 2,290 $ 1 $ (8,455) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income 1 — — — — Net derivative gains (losses) — 344 (128) — (395) Total realized and unrealized gains (losses) 1 344 (128) — (395) Other comprehensive income (loss) — — — — — Purchases (2) — 31 10 (1) (109) Sales (3) (1) (16) (16) — 21 Other — — — — — Activity related to consolidated VIEs/VOEs 1 — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) 1 — — — — Balance, September 30, 2021 $ 15 $ 5,869 $ 2,156 $ — $ (8,938) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 1 $ 344 $ (128) $ — $ (395) Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Other Equity Investments (6) Amounts Due from Reinsurers GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2022 $ 13 $ 5,815 $ 2,068 $ 1 $ (8,525) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (1) — — — — Net derivative gains (losses) (1) — (1,506) (672) — 2,932 Total realized and unrealized gains (losses) (1) (1,506) (672) — 2,932 Other comprehensive income (loss) — — — — — Purchases (2) 8 89 31 — (345) Sales (3) — (86) (55) — 104 Activity related to consolidated VIEs/VOEs (3) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, September 30, 2022 $ 17 $ 4,312 $ 1,372 $ 1 $ (5,834) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (1,506) $ (672) $ — $ 2,932 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Balance, January 1, 2021 $ 15 $ — $ 2,859 $ 1 $ (10,936) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income 2 — — — — Net derivative gains (losses) — 586 (694) — 2,291 Total realized and unrealized gains (losses) 2 586 (694) — 2,291 Other comprehensive income (loss) — — — — — Purchases (2) — 40 32 — (344) Sales (3) (1) (16) (41) — 51 Other — 5,259 — — — Activity related to consolidated VIEs/VOEs (1) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — (1) — Balance, September 30, 2021 $ 15 $ 5,869 $ 2,156 $ — $ (8,938) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 2 $ 586 $ (694) $ — $ 2,291 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — ______________ (1) For the three and nine months ended September 30, 2022 and 2021, the Company’s non-performance risk impact of $(41) million , (92) million, $835 million and (68) million for the GMxB Derivative Features Liability, $8 million, 8 million, $(80) million and 9 million for the GMIB Reinsurance Contract Asset, and $(16) million, (19) million, $(93) million and (7) million for the Amounts due from Reinsurers, respectively, is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid. (4) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (5) For instruments held as of September 30, 2022 and September 30, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income. (6) Other Equity Investments include other invested assets. 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 September 30, 2022 and December 31, 2021, respectively. Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2022 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 237 Matrix pricing model Spread over Benchmark 20 bps - 797 bps 171 bps 917 Market comparable companies EBITDA multiples Discount Rate Cash flow Multiples Loan to Value 5.7x - 38.5x 5.5% - 41.5% 0.5x - 12.0x 0.0% - 46.7% 14.1x 8.3% 6.4x 26.3% Other equity investments 4 Market comparable companies Revenue multiple 0.5x - 9.9x 2.8x Fair Valuation Technique Significant Range Weighted Average (2) GMIB reinsurance contract asset 1,372 Discounted cash flow Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 0.38% - 22.66% 0.14% - 10.02% 0.04% - 60.54% 101 bps - 167 bps 14% - 35% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 2.92% 1.02% 5.61% 103 bps 25% 3.09% (same for all ages) (same for all ages) Amount Due from Reinsurers 4,312 Discounted Cash Flow Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 0.38% - 22.66% 0.14% - 10.02% 0.04% - 60.54% 63 bps 14% - 35% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 1.93% 1.38% 8.27% 63 bps 25% 2.28% (same for all ages) (same for all ages) Liabilities: GMIB NLG 5,826 Discounted cash flow Non-performance risk Lapse Withdrawal Annuitization Mortality (1): Ages 0-40 Ages 41-60 Ages 61-115 186 bps 0.38% - 28.79% 0.14% - 10.02% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.56% 0.44% - 43.60% 186 bps 4.23% 1.27% 6.10% 1.71% (same for all ages) (same for all ages) GWBL/GMWB 74 Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 0.00% - 8.00% 100% once starting 14% - 35% 186 bps 2.92% 1.02% 25% GIB (64) Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 0.26% - 2.10% 0.04% - 100.00% 14% - 35% 186 bps 2.92% 1.02% 5.61% 25% GMAB (1) Discounted cash flow Lapse rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 14% - 35% 186 bps 2.92% 25% ______________ (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, 2021 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 248 Matrix pricing model Spread over benchmark 20 - 270 bps 146 bps 888 Market comparable companies EBITDA multiples Cash flow multiples Loan to Value 4.9x - 62.3x 6.2% - 21.5% 0.5x -10.0x 3.1%-63.4% 13.0x 9.1% 5.5x 30.8% Other equity investments 4 Market comparable companies Revenue multiple 7.8x - 10.3x 9.5x GMIB reinsurance contract asset 2,068 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 61 - 115 57 bps - 93 bps 0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00% 60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages) Amount Due from Reinsurers 5,813 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 -

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three and nine months ended September 30, 2022 and 2021 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	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of September 30, 2022 and December 31, 2021 follow: September 30, December 31, 2022 2021 (in millions) Unrealized gains (losses) on investments $ (7,091) $ 2,362 Defined benefit pension plans (4) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (7,095) $ 2,357 The components of OCI, net of taxes for the three and nine months ended September 30, 2022 and 2021, follow: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (3,010) $ (285) $ (12,224) $ (2,409) (Gains) losses reclassified into net income (loss) during the period (1) 258 (130) 696 (608) Net unrealized gains (losses) on investments (2,752) (415) (11,528) (3,017) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 491 61 2,076 708 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(602), $(94), $(2,513) and $(614)) (2,261) (354) (9,452) (2,309) Other comprehensive income (loss), attributable to Equitable Financial $ (2,261) $ (354) $ (9,452) $ (2,309) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(69) million, $35 million, $(185) million and $162 million for the three and nine months ended September 30, 2022 and 2021, respectively. Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ 21 $ 24 $ 28 $ 41 Net earnings (loss) attributable to redeemable noncontrolling interests — — (4) $ 1 Purchase/change of redeemable noncontrolling interests (1) 1 (4) $ (17) Balance, end of period $ 20 $ 25 $ 20 $ 25

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Litigation and Regulatory Matters 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. 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 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 September 30, 2022, 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 $250 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 entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit was a putative class action on behalf of all persons who purchased variable annuities from Equitable Financial, in which the volatility management tool was subsequently implemented and who claim to have suffered injury as a result thereof. Plaintiff asserted a claim for breach of contract alleging that Equitable Financial implemented the volatility management strategy in violation of applicable law. In September 2022, this lawsuit was withdrawn with prejudice. In February 2016, a lawsuit was filed in 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 2008, 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 the District of Arizona in 2017 and consolidated with the Brach matter in federal court in New York. The consolidated amended class action complaint alleges the following claims: breach of contract; misrepresentations 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 certifying nationwide breach of contract and Section 4226 classes, and a New York State Section 349 class. Owners of a substantial number of policies opted out of the Brach class action. Most opt-out policies are not yet the subject of litigation. Others filed suit previously, including three federal actions that have been coordinated with the Brach action and contain similar allegations along with additional allegations for violations of state consumer protection statutes and common law fraud. In March 2022, the federal district court issued a summary judgment decision, denying in significant part but granting in part Equitable Financial’s motion and denying the motion filed by plaintiffs in the coordinated actions. In July 2022, the federal district court granted Equitable Financial’s motion to reconsider its summary judgment decision in part and granted summary judgment as to a portion of the Section 4226 class. The federal district court also agreed to consider whether it should decertify the Section 4226 class and set a briefing schedule. Equitable Financial has commenced settlement discussions with the Brach class action plaintiffs and plaintiffs in the coordinated actions. No assurances can be given about the outcome of those settlement discussions. Equitable Financial has settled actual and threatened litigations challenging the COI increase by individual policyowners and one entity that invested in numerous policies purchased in the life settlement market. Two actions are also pending against Equitable Financial in New York state court. In July 2022, the trial court in one of the New York state court actions, Hobish v. AXA Equitable Life Insurance Company, granted in significant part Equitable Financial’s motion for summary judgment and denied plaintiff’s cross motion. That plaintiff filed a notice of appeal and Equitable filed a notice of cross-appeal. Equitable Financial is vigorously defending each of these matters. As with other financial services companies, Equitable Financial 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. In July 2022, the SEC issued an order with findings that daily separate account and portfolio operating expenses disclosed in customer prospectuses for the EQUI-VEST variable annuity product and incorporated in the calculation of net investment portfolio results in EQUI-VEST quarterly account statements were not properly presented or referenced in those account statements. The Company neither admitted nor denied the findings, but agreed to prospectively modify the relevant account statements and cross-reference the relevant prospectus disclosures, and pay a civil monetary penalty of $50 million, to be distributed to plan participants. The Company has fully accrued for the cost of the settlement and its implementation. Obligations under Funding Agreements Federal Home Loan Bank (“FHLB”) 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 $364 million and pledged collateral with a carrying value of $11.0 billion as of September 30, 2022. 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 of the Notes to these Consolidated Financial Statements. The table below summarizes the Company’s activity of funding agreements with the FHLB. Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2022 Outstanding Balance at December 31, 2021 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 September 30, 2022 (in millions) Short-term funding agreements: Due in one year or less $ 5,353 $ 40,964 $ (41,132) $ 153 $ — $ 5,338 Long-term funding agreements: Due in years two through five 1,290 647 — (153) — 1,784 Due in more than five years — 705 — — — 705 Total long-term funding agreements 1,290 1,352 — (153) — 2,489 Total funding agreements (1) $ 6,643 $ 42,316 $ (41,132) $ — $ — $ 7,827 ____________ (1) The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for September 30, 2022 and December 31, 2021, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates. Funding Agreement-Backed Notes Program (“FABN”) Under the FABN program, Equitable Financial may issue funding agreements in U.S. dollar or foreign currencies 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, maturity and currency payment terms to the applicable Trust Notes. The Company hedges the foreign currency exposure of foreign currency denominated funding agreements using cross currency swaps as discussed in Note 4 of the Notes to these Consolidated Financial Statements. As of September 30, 2022, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10 billion. Funding agreements issued to the Trust, including any foreign currency transaction adjustments, are reported in policyholders’ account balances in the consolidated balance sheets. Foreign currency transaction adjustments to policyholder’s account balances are recognized in net income (loss) as an adjustment to interest credited to policyholders’ account balances and are offset in interest credited to policyholders’ account balances by a release of AOCI from deferred changes in fair value of designated and qualifying cross currency swap cash flow hedges. The table below summarizes Equitable Financial’s issuances of funding agreements under the FABN program. Change in FABN Funding Agreements during the Nine Months Ended September 30, 2022 Outstanding Balance at December 31, 2021 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Foreign Currency Transaction Adjustment Outstanding Balance at September 30, 2022 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Long-term funding agreements: Due in years two through five 4,600 — — (1,000) 500 — 4,100 Due in more than five years 2,119 — — — (500) (79) 1,540 Total long-term funding agreements 6,719 — — (1,000) — (79) 5,640 Total funding agreements (1) $ 6,719 $ — $ — $ — $ — $ (79) $ 6,640 _____________ (1) The $28 million and $70 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2022 and December 31, 2021, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment. Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. As of September 30, 2022, these arrangements include commitments by the Company to provide equity financing of $1.3 billion 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 September 30, 2022. The Company had $880 million of commitments under existing mortgage loan agreements as of September 30, 2022. 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.

INSURANCE STATUTORY FINANCIAL I

INSURANCE STATUTORY FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2022
Insurance Statutory Financial Information [Abstract]
INSURANCE STATUTORY FINANCIAL INFORMATION	INSURANCE STATUTORY FINANCIAL INFORMATION Prescribed and Permitted Accounting Practices As of September 30, 2022, the following three prescribed and permitted practices resulted in net income (loss) and capital and surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied. Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the general account assets used to fully hedge the interest rate risk inherent in its variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the New York Insurance Regulation 213 (“Reg 213”) impact of the Venerable Transaction on Equitable Financial’s statutory capital and surplus and enables Equitable Financial to more effectively neutralize the impact of interest rates on its statutory surplus and to better align with our economic hedging program. The impact of applying this permitted practice relative to SSAP 108 as written was an increase of approximately $128 million in statutory special surplus funds and a decrease of $332 million and $1.2 billion in statutory net income as of and for the three and nine months ended September 30, 2022, respectively, which will be amortized over five years for each of the retrospective and prospective components. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable Transaction. The NAIC Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of New York. However, Reg 213 adopted in May of 2019 and as amended in February 2020 and March 2021, differs from the NAIC variable annuity reserve and capital framework. Reg 213 requires Equitable Financial to carry statutory basis reserves for its variable annuity contract obligations equal to the greater of those required under (i) the NAIC standard or (ii) a revised version of the NYDFS requirement in effect prior to the adoption of the first amendment for contracts issued prior to January 1, 2020, and for policies issued after that date a new standard that in current market conditions imposes more conservative reserving requirements for variable annuity contracts than the NAIC standard. The impact of the application of Reg 213 was a decrease of approximately $2.2 billion in statutory surplus as of September 30, 2022 compared to statutory surplus under the NAIC variable annuity framework. Our hedging program is designed to hedge the economics of our insurance liabilities and largely offsets Reg 213 and NAIC framework reserve movements due to interest rates and equities. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable Financial’s Reg 213 reserves are 100% phased-in. As of September 30, 2022, given the prevailing market conditions and business mix, there are no Reg 213 redundant reserves over the US RBC CTE 98 total asset requirement (“TAR”). Finally, the continued application of Reg 213 resulted in a corresponding increase of $0.8 billion and a decrease of $0.9 billion in statutory net income for the three and nine months ended September 30, 2022, which was largely offset by net income gains on our hedging program during the same period as noted. During the fourth quarter 2020, the Equitable Financial received approval from NYDFS for its proposed amended Plan of Operation for Separate Account No. 68 (“SA 68”) for our Structured Capital Strategies product and Separate Account No. 69 (“SA 69”) for our Equi-Vest product Structured Investment Option, to change the accounting basis of these two non-insulated Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law to align with how we manage and measure our overall general account asset portfolio. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. We applied this change effective January 1, 2021. The impact of the application is an increase of approximately $2.3 billion in statutory surplus and an increase in statutory net income as of and for the three and nine months ended September 30, 2022 of $426 million and $2.4 billion, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS EQUI-VEST Reinsurance Transaction On October 3, 2022, Equitable Financial completed the transactions (the “EQUI-VEST Transaction”) contemplated by the previously announced Master Transaction Agreement, dated August 16, 2022, by and between Equitable Financial and First Allmerica Financial Life Insurance Company, a Massachusetts-domiciled insurance company (the “Reinsurer”), a wholly owned subsidiary of Global Atlantic Financial Group. At the closing of the EQUI-VEST Transaction, Equitable Financial and the Reinsurer entered into a Coinsurance and Modified Coinsurance Agreement (the “EQUI-VEST Reinsurance Agreement”), pursuant to which Equitable Financial ceded to the Reinsurer, on a combined coinsurance and modified coinsurance basis, a 50% quota share of approximately 360,000 legacy Group EQUI-VEST deferred variable annuity contracts issued by Equitable Financial between 1980 and 2008, which predominately include Equitable Financial’s highest guaranteed general account crediting rates of 3%, supported by general account assets of approximately $4 billion and $5 billion of separate account value (the “Reinsured Contracts”).

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
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. 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, 2021. 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 “third quarter 2022” and “third quarter 2021” refer to the three months ended September 30, 2022 and 2021, respectively. The terms “first nine months of 2022” and “first nine months of 2021” refer to the nine months ended September 30, 2022 and 2021, respectively.
Recent Accounting Pronouncements and Future Adoption of New Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. 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. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 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. 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement. 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 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. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be positive to the current amount of reported total equity as of September 30, 2022. As of September 30, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of September 30, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between September 30, 2022 and January 1, 2023.
Securities Sold under Agreements to Repurchase	Securities Sold under Agreements to Repurchase Securities sold under agreements to repurchase involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. Securities sold under agreements to repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the requirements of each respective counterparty. Transfers of securities under these agreements to repurchase are evaluated by the Company to determine whether they satisfy the criteria for accounting treatment as secured borrowing arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales with related forward repurchase commitments. All of the Company’s securities repurchase transactions are accounted for as secured borrowings with the related obligations distinctly captioned in the consolidated balance sheets on a gross basis. Income and expenses associated with repurchase agreements are recognized as investment income and investment expense, respectively, within net investment income (loss). As of September 30, 2022 and December 31, 2021, the Company had no Securities sold under agreements to repurchase outstanding. During the year ended December 31, 2021 there was no activity on Securities sold under agreements to repurchase.
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 September 30, 2022 and December 31, 2021, the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIEs model. Included in Other invested assets and Mortgage loans on real estate in the Company’s consolidated balance sheets at September 30, 2022 and December 31, 2021 are total assets of $360 million and $169 million, respectively related to these VIEs. Non-Consolidated VIEs
Assumption Updates and Model Changes	Assumption Updates The Company conducts its annual review of its assumptions 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.
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 September 30, 2022 and December 31, 2021, 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)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	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. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 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. 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement. 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 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. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be positive to the current amount of reported total equity as of September 30, 2022. As of September 30, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of September 30, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between September 30, 2022 and January 1, 2023.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of 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) September 30, 2022 Fixed Maturities: Corporate (1) $ 47,882 $ 22 $ 69 $ 7,515 $ 40,414 U.S. Treasury, government and agency 7,238 — 4 1,311 5,931 States and political subdivisions 600 — 8 78 530 Foreign governments 1,114 — 2 190 926 Residential mortgage-backed (2) 494 — 1 25 470 Asset-backed (3) 9,235 — 1 540 8,696 Commercial mortgage-backed 3,743 — — 558 3,185 Redeemable preferred stock 41 — 2 — 43 Total at September 30, 2022 $ 70,347 $ 22 $ 87 $ 10,217 $ 60,195 December 31, 2021: Fixed Maturities: Corporate (1) $ 45,578 $ 22 $ 2,382 $ 214 $ 47,724 U.S. Treasury, government and agency 13,032 — 2,196 14 15,214 States and political subdivisions 527 — 73 3 597 Foreign governments 1,124 — 42 14 1,152 Residential mortgage-backed (2) 82 — 8 — 90 Asset-backed (3) 5,904 — 20 19 5,905 Commercial mortgage-backed 2,348 — 19 26 2,341 Redeemable preferred stock 41 — 12 — 53 Total at December 31, 2021 $ 68,636 $ 22 $ 4,752 $ 290 $ 73,076 ______________ (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.
Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities	The contractual maturities of AFS fixed maturities as of September 30, 2022 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) September 30, 2022: Contractual maturities: Due in one year or less $ 1,147 $ 1,130 Due in years two through five 13,178 12,415 Due in years six through ten 17,063 15,083 Due after ten years 25,424 19,173 Subtotal 56,812 47,801 Residential mortgage-backed 494 470 Asset-backed 9,235 8,696 Commercial mortgage-backed 3,743 3,185 Redeemable preferred stock 41 43 Total at September 30, 2022 $ 70,325 $ 60,195
Schedule of 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 allowance for credit losses for AFS fixed maturities for the three and nine months ended September 30, 2022 and 2021: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Proceeds from sales $ 878 $ 3,575 $ 11,512 $ 20,294 Gross gains on sales $ — $ 172 $ 38 $ 1,017 Gross losses on sales $ (73) $ (6) $ (663) $ (160) Net change in Allowance for Credit and Intent to Sell losses $ (248) $ (2) $ (251) $ (14)
Schedule of 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 and Intent to Sell Loss Impairments Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ 32 $ 40 $ 42 $ 28 Previously recognized impairments on securities that matured, paid, prepaid or sold (2) (2) (15) (3) Recognized impairments on securities impaired to fair value this period (1) (2) 251 — 251 — Credit losses recognized this period on securities for which credit losses were not previously recognized (1) 1 — 9 Additional credit losses this period on securities previously impaired 5 1 7 6 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 September 30, $ 285 $ 40 $ 285 $ 40 ______________ (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. (2) Amounts reflected as of three and nine months ended September 30, 2022 represents AFS fixed maturities in an unrealized loss position, which the Company intends to sell in anticipation of the EQUI-VEST Transaction. For additional details on the EQUI-VEST Transaction, see Note 14 of the Notes to the Consolidated Financial Statements.
Schedule of 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, July 1, 2022 $ (6,647) $ 851 $ (250) $ 1,270 $ (4,776) Net investment gains (losses) arising during the period (3,811) — — — (3,811) Reclassification adjustment: Included in net income (loss) 327 — — — 327 Excluded from net income (loss) — — — — — Other — — — — — Impact of net unrealized investment gains (losses) — 386 41 641 1,068 Net unrealized investment gains (losses) excluding credit losses (10,131) 1,237 (209) 1,911 (7,192) Net unrealized investment gains (losses) with credit losses 1 — — — 1 Balance, September 30, 2022 $ (10,130) $ 1,237 $ (209) $ 1,911 $ (7,191) Balance, July 1, 2021 $ 4,931 $ (389) $ (1,037) $ (736) $ 2,769 Net investment gains (losses) arising during the period (362) — — — (362) Reclassification adjustment: — Included in net income (loss) (165) — — — (165) Excluded from net income (loss) — — — — — Other (1) — — — — — Impact of net unrealized investment gains (losses) — 28 55 93 176 Net unrealized investment gains (losses) excluding credit losses 4,404 (361) (982) (643) 2,418 Net unrealized investment gains (losses) with credit losses (1) — — — (1) Balance, September 30, 2021 $ 4,403 $ (361) $ (982) $ (643) $ 2,417 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, 2022 $ 4,462 $ (284) $ (977) $ (673) $ 2,528 Net investment gains (losses) arising during the period (15,466) — — — (15,466) Reclassification adjustment: — Included in net income (loss) 881 — — — 881 Excluded from net income (loss) — — — — — Other — — — — — Impact of net unrealized investment gains (losses) — 1,520 768 2,583 4,871 Net unrealized investment gains (losses) excluding credit losses (10,123) 1,236 (209) 1,910 (7,186) Net unrealized investment gains (losses) with credit losses (7) 1 — 1 (5) Balance, September 30, 2022 $ (10,130) $ 1,237 $ (209) $ 1,911 $ (7,191) Balance, January 1, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (3,057) — — — (3,057) Reclassification adjustment: — Included in net income (loss) (739) — — — (739) Excluded from net income (loss) — — — — — Other (1) (31) — — — (31) Impact of net unrealized investment gains (losses) — 105 832 607 1,544 Net unrealized investment gains (losses) excluding credit losses 4,403 (361) (982) (643) 2,417 Net unrealized investment gains (losses) with credit losses — — — — — Balance, September 30, 2021 $ 4,403 $ (361) $ (982) $ (643) $ 2,417 (1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.
Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities	The following tables disclose the fair values and gross unrealized losses of the 4,803 issues as of September 30, 2022 and the 1,896 issues as of December 31, 2021 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) September 30, 2022 Fixed Maturities: Corporate $ 30,859 $ 6,100 $ 5,327 $ 1,413 $ 36,186 $ 7,513 U.S. Treasury, government and agency 5,438 1,292 201 19 5,639 1,311 States and political subdivisions 287 71 13 7 300 78 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) Foreign governments 605 138 167 52 772 190 Residential mortgage-backed 433 25 1 — 434 25 Asset-backed 8,023 498 439 42 8,462 540 Commercial mortgage-backed 2,374 367 809 191 3,183 558 Total at September 30, 2022 $ 48,019 $ 8,491 $ 6,957 $ 1,724 $ 54,976 $ 10,215 December 31, 2021: Fixed Maturities: Corporate $ 9,497 $ 150 $ 1,301 $ 62 $ 10,798 $ 212 U.S. Treasury, government and agency 947 10 103 4 1,050 14 States and political subdivisions 112 2 11 1 123 3 Foreign governments 349 6 92 8 441 14 Asset-backed 3,843 19 38 — 3,881 19 Commercial mortgage-backed 1,515 22 96 4 1,611 26 Total at December 31, 2021 $ 16,263 $ 209 $ 1,641 $ 79 $ 17,904 $ 288
Schedule of Financing Receivable, Allowance for Credit Loss on Mortgage Loans	The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 58 $ 59 $ 57 $ 77 Current-period provision for expected credit losses 19 1 20 (17) Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — Net change in allowance 19 1 20 (17) Balance, end of period $ 77 $ 60 $ 77 $ 60 Agricultural mortgages: Balance, beginning of period $ 6 $ 4 $ 5 $ 4 Current-period provision for expected credit losses — — 1 Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — Net change in allowance — — 1 — Balance, end of period $ 6 $ 4 $ 6 $ 4 Total allowance for credit losses $ 83 $ 64 $ 83 $ 64
Schedule of Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of September 30, 2022 and December 31, 2021. Loan to Value (“LTV”) Ratios (1) September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ 488 $ 130 $ — $ — $ 119 $ 1,452 $ — $ — $ 2,189 50% - 70% 1,780 1,857 1,255 275 733 2,597 273 — 8,770 70% - 90% 136 124 115 368 315 898 — 33 1,989 90% plus — — — — 35 174 — — 209 Total commercial $ 2,404 $ 2,111 $ 1,370 $ 643 $ 1,202 $ 5,121 $ 273 $ 33 $ 13,157 Agricultural: 0% - 50% $ 121 $ 190 $ 214 $ 123 $ 135 $ 754 $ — $ — $ 1,537 50% - 70% 182 179 238 86 82 277 — — 1,044 70% - 90% 1 — — — — 15 — — 16 90% plus — — — — — — — — — Total agricultural $ 304 $ 369 $ 452 $ 209 $ 217 $ 1,046 $ — $ — $ 2,597 Total mortgage loans: 0% - 50% $ 609 $ 320 $ 214 $ 123 $ 254 $ 2,206 $ — $ — $ 3,726 50% - 70% 1,962 2,036 1,493 361 815 2,874 273 — 9,814 70% - 90% 137 124 115 368 315 913 — 33 2,005 90% plus — — — — 35 174 — — 209 Total mortgage loans $ 2,708 $ 2,480 $ 1,822 $ 852 $ 1,419 $ 6,167 $ 273 $ 33 $ 15,754 Debt Service Coverage (“DSC”) Ratios (2) September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 605 $ 1,143 $ 1,078 $ 103 $ 571 $ 1,846 $ — $ — $ 5,346 1.8x to 2.0x 135 187 165 216 186 421 161 — 1,471 1.5x to 1.8x 413 274 32 177 250 1,173 75 — 2,394 1.2x to 1.5x 614 259 60 92 47 1,376 — — 2,448 1.0x to 1.2x 222 248 35 55 148 234 37 33 1,012 Less than 1.0x 415 — — — — 71 — — 486 Total commercial $ 2,404 $ 2,111 $ 1,370 $ 643 $ 1,202 $ 5,121 $ 273 $ 33 $ 13,157 September 30, 2022 Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Agricultural: Greater than 2.0x $ 48 $ 40 $ 62 $ 22 $ 12 $ 195 $ — $ — $ 379 1.8x to 2.0x 17 58 35 24 14 63 — — 211 1.5x to 1.8x 48 42 112 28 19 202 — — 451 1.2x to 1.5x 89 154 174 99 100 313 — — 929 1.0x to 1.2x 86 74 65 30 66 260 — — 581 Less than 1.0x 16 1 4 6 6 13 — — 46 Total agricultural $ 304 $ 369 $ 452 $ 209 $ 217 $ 1,046 $ — $ — $ 2,597 Total mortgage loans: Greater than 2.0x $ 653 $ 1,183 $ 1,140 $ 125 $ 583 $ 2,041 $ — $ — $ 5,725 1.8x to 2.0x 152 245 200 240 200 484 161 — 1,682 1.5x to 1.8x 461 316 144 205 269 1,375 75 — 2,845 1.2x to 1.5x 703 413 234 191 147 1,689 — — 3,377 1.0x to 1.2x 308 322 100 85 214 494 37 33 1,593 Less than 1.0x 431 1 4 6 6 84 — — 532 Total mortgage loans $ 2,708 $ 2,480 $ 1,822 $ 852 $ 1,419 $ 6,167 $ 273 $ 33 $ 15,754 _____________ (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, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ — $ 184 $ 293 $ 992 $ — $ — $ 1,469 50% - 70% 1,944 1,286 339 619 491 2,533 139 — 7,351 70% - 90% 190 236 412 415 276 972 — — 2,501 90% plus — — — 35 5 73 — — 113 Total commercial $ 2,134 $ 1,522 $ 751 $ 1,253 $ 1,065 $ 4,570 $ 139 $ — $ 11,434 Agricultural: 0% - 50% $ 180 $ 212 $ 128 $ 129 $ 119 $ 738 $ — $ — $ 1,506 50% - 70% 200 268 102 126 87 338 — — 1,121 70% - 90% — — — — — 17 — — 17 90% plus — — — — — — — — — Total agricultural $ 380 $ 480 $ 230 $ 255 $ 206 $ 1,093 $ — $ — $ 2,644 Total mortgage loans: 0% - 50% $ 180 $ 212 $ 128 $ 313 $ 412 $ 1,730 $ — $ — $ 2,975 50% - 70% 2,144 1,554 441 745 578 2,871 139 — 8,472 70% - 90% 190 236 412 415 276 989 — — 2,518 90% plus — — — 35 5 73 — — 113 Total mortgage loans $ 2,514 $ 2,002 $ 981 $ 1,508 $ 1,271 $ 5,663 $ 139 $ — $ 14,078 DSC Ratios (2) December 31, 2021 Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 1,143 $ 1,243 $ 210 $ 772 $ 485 $ 2,218 $ — $ — $ 6,071 1.8x to 2.0x 185 135 182 46 161 372 68 — 1,149 1.5x to 1.8x 275 49 284 211 166 919 48 — 1,952 1.2x to 1.5x 264 95 75 101 253 701 — — 1,489 1.0x to 1.2x 267 — — 88 — 287 23 — 665 Less than 1.0x — — — 35 — 73 — — 108 Total commercial $ 2,134 $ 1,522 $ 751 $ 1,253 $ 1,065 $ 4,570 $ 139 $ — $ 11,434 Agricultural: Greater than 2.0x $ 49 $ 64 $ 25 $ 22 $ 24 $ 210 $ — $ — $ 394 1.8x to 2.0x 52 37 25 14 14 70 — — 212 1.5x to 1.8x 43 113 28 22 41 193 — — 440 1.2x to 1.5x 161 179 112 116 72 355 — — 995 1.0x to 1.2x 75 83 31 77 54 226 — — 546 Less than 1.0x — 4 9 4 1 39 — — 57 Total agricultural $ 380 $ 480 $ 230 $ 255 $ 206 $ 1,093 $ — $ — $ 2,644 Total mortgage loans: Greater than 2.0x $ 1,192 $ 1,307 $ 235 $ 794 $ 509 $ 2,428 $ — $ — $ 6,465 1.8x to 2.0x 237 172 207 60 175 442 68 — 1,361 1.5x to 1.8x 318 162 312 233 207 1,112 48 — 2,392 1.2x to 1.5x 425 274 187 217 325 1,056 — — 2,484 1.0x to 1.2x 342 83 31 165 54 513 23 — 1,211 Less than 1.0x — 4 9 39 1 112 — — 165 Total mortgage loans $ 2,514 $ 2,002 $ 981 $ 1,508 $ 1,271 $ 5,663 $ 139 $ — $ 14,078 _____________ (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.
Schedule of Age Analysis Of Past Due Mortgage Loans	The following table provides information relating to the aging analysis of past-due mortgage loans as of September 30, 2022 and December 31, 2021, 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 Total (in millions) September 30, 2022: Mortgage loans: Commercial $ — $ — $ — $ — $ 13,157 $ 13,157 $ — $ 13,157 $ — $ — Agricultural 12 7 19 38 2,543 2,581 16 2,597 — — Total $ 12 $ 7 $ 19 $ 38 $ 15,700 $ 15,738 $ 16 $ 15,754 $ — $ — December 31, 2021: Mortgage loans: Commercial $ — $ — $ — $ — $ 11,434 $ 11,434 $ — $ 11,434 $ — $ — Agricultural 1 1 25 27 2,601 2,628 16 2,644 — — Total $ 1 $ 1 $ 25 $ 27 $ 14,035 $ 14,062 $ 16 $ 14,078 $ — $ — _______________ (1) Amounts presented at amortized cost basis.
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities	The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and nine months ended September 30, 2022 and 2021. Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (31) $ (1) $ (138) $ 19 Net investment gains (losses) recognized on securities sold during the period (2) (3) (12) 1 Unrealized and realized gains (losses) on equity securities $ (33) $ (4) $ (150) $ 20 Net Investment Income (Loss) from Trading Securities Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (8) $ (47) $ (53) $ (264) Net investment gains (losses) recognized on securities sold during the period 1 40 — 215 Unrealized and realized gains (losses) on trading securities (7) (7) (53) (49) Interest and dividend income from trading securities 1 4 6 80 Net investment income (loss) from trading securities $ (6) $ (3) $ (47) $ 31

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments by Category	The following table presents the gross notional amount and estimated fair value of the Company’s derivatives: Derivative Instruments by Category September 30, 2022 December 31, 2021 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,267 $ 178 $ 118 $ 921 $ 7 $ 42 Interest swaps 955 1 252 955 — 395 Total: designated for hedge accounting 2,222 179 370 1,876 7 437 Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 3,648 — — 2,213 — — Swaps 9,763 23 — 13,310 5 — Options 36,687 6,207 3,897 48,380 12,015 5,059 Interest rate contracts: Futures 5,456 — — 12,455 — — Swaps 1,116 — 134 1,876 — 45 Swaptions — — — — — — Credit contracts: Credit default swaps 100 — 2 619 2 3 Currency contracts: Currency swaps 326 24 — 541 1 — Currency forwards — — — — — — Other freestanding contracts: Margin — 98 — — 102 — Collateral — 140 3,323 — 178 6,154 Total: Not designated for hedge accounting 57,096 6,492 7,356 79,394 12,303 11,261 September 30, 2022 December 31, 2021 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Embedded derivatives: Amounts due from reinsurers (5) — 4,312 — — 5,813 — GMIB reinsurance contracts (2) — 1,372 — — 2,068 — GMxB derivative features liability (3) — — 5,834 — — 8,525 SCS, SIO, MSO and IUL indexed features (4) — — 2,056 — — 6,641 Total embedded derivatives — 5,684 7,890 — 7,881 15,166 Total derivative instruments $ 59,318 $ 12,355 $ 15,616 $ 81,270 $ 20,191 $ 26,864 ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (3) Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (4) Reported in policyholders’ account balances in the consolidated balance sheets. (5) Represents GMIB NLG ceded related to the Venerable Transaction. The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss). Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 7 $ 5 $ (36) $ 111 $ 21 $ 7 $ (46) $ 116 Interest swaps (38) — — 94 (79) — — 242 Total: designated for hedge accounting (31) 5 (36) 205 (58) 7 (46) 358 Derivatives: not designated for hedge accounting Equity contracts: Futures 34 — — — 548 — — — Swaps 591 — — — 3,353 — — — Options (650) — — — (4,381) — — — Interest rate contracts: Futures (412) — — — (1,445) — — — Swaps (125) — — — (428) — — — Swaptions — — — — — — — — Credit contracts: Credit default swaps — — — — 8 — — — Currency contracts: Currency swaps 23 — — — 41 — — — Currency forwards — — — — — — — — Other contracts: Margin — — — — — — — — Collateral — — — — — — — — Total: not designated for hedge accounting (539) — — — (2,304) — — — Embedded derivatives: Amounts due from reinsurers (364) — — — (1,506) — — — GMIB reinsurance contracts (227) — — — (672) — — — GMxB derivative features liability 427 — — — 2,932 — — — SCS, SIO, MSO and IUL indexed features 766 — — — 4,543 — — — Total embedded derivatives 602 — — — 5,297 — — — Total derivatives $ 32 $ 5 $ (36) $ 205 $ 2,935 $ 7 $ (46) $ 358 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI Net Net Investment Income Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ — $ — $ (15) $ 7 $ — $ — $ (32) $ 7 Interest swaps (26) — — (9) (54) $ — $ — (42) Total: designated for hedge accounting (26) — (15) (2) (54) $ — $ (32) (35) Derivatives: not designated for hedge accounting Equity contracts: Futures (6) — — — (466) $ — $ — — Swaps (3) — — — (2,609) $ — $ — — Options (169) — — — 2,175 $ — $ — — Interest rate contracts: Futures (92) — — — (888) $ — $ — — Swaps 67 — — — (2,375) $ — $ — — Swaptions — — — — — $ — $ — — Credit contracts: Credit default swaps — — — — 2 $ — $ — — Currency contracts: Currency swaps 3 — — — 3 $ — $ — — Currency forwards — — — — — $ — $ — — Other contracts: Margin — — — — — $ — $ — — Collateral — — — — — $ — $ — — Total: not designated for hedge accounting (200) — — — (4,158) $ — $ — — Embedded derivatives: Amounts due from reinsurers 344 — — — 586 $ — $ — — GMIB reinsurance contracts (128) — — — (694) $ — $ — — GMxB derivative features liability (395) — — — 2,291 $ — $ — — SCS, SIO, MSO and IUL indexed features 173 — — — (2,113) $ — $ — — Total embedded derivatives (6) — — — 70 $ — $ — — Total derivatives $ (232) $ — $ (15) $ (2) $ (4,142) $ — $ (32) $ (35) _____________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the three and nine months ended September 30, 2022 and 2021, investment fees of $6 million and $4 million, $14 million and $10 million respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss).
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table presents a roll-forward of cash flow hedges recognized in AOCI. Roll-forward of Cash flow hedges in AOCI Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ (55) $ (158) $ (208) $ (126) Amount recorded in AOCI — — — — Currency swaps 77 7 77 7 Interest swaps 51 (40) 149 (118) Total amount recorded in AOCI 128 (33) 226 (111) Amount reclassified from AOCI to income — — — — Currency swaps 34 — 39 — Interest swaps 43 31 93 77 Total amount reclassified from AOCI to income 77 31 132 77 Balance, end of period (1) $ 150 $ (160) $ 150 $ (160) ______________ (1) The Company does not estimate the amount of the deferred losses in AOCI at three and nine months ended September 30, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.
Schedule of 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 September 30, 2022 and December 31, 2021: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of September 30, 2022 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 $ 6,672 $ 5,971 $ 701 $ (596) $ 105 Other financial assets 1,272 — 1,272 — 1,272 Other invested assets $ 7,944 $ 5,971 $ 1,973 $ (596) $ 1,377 Liabilities: Derivative liabilities $ 7,131 $ 5,971 $ 1,160 $ — $ 1,160 Other financial liabilities 2,213 — 2,213 — 2,213 Other liabilities $ 9,344 $ 5,971 $ 3,373 $ — $ 3,373 ______________ (1) Financial instruments sent (held). As of December 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 $ 12,309 $ 10,724 $ 1,585 $ (961) $ 624 Other financial assets 1,325 — 1,325 — 1,325 Other invested assets $ 13,634 $ 10,724 $ 2,910 $ (961) $ 1,949 Liabilities: Derivative liabilities $ 10,738 $ 10,724 $ 14 $ — $ 14 Other financial liabilities 2,064 — 2,064 — 2,064 Other liabilities $ 12,802 $ 10,724 $ 2,078 $ — $ 2,078 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK (Tables)

CLOSED BLOCK (Tables)	9 Months Ended
	Sep. 30, 2022
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: September 30, 2022 December 31, 2021 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,750 $ 5,928 Policyholder dividend obligation — — Other liabilities 74 39 Total Closed Block liabilities 5,824 5,967 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,190 and $3,185) (allowance for credit losses of $0 and $0) 2,932 3,390 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,687 1,771 Policy loans 575 602 Cash and other invested assets — 63 Other assets 154 90 Total assets designated to the Closed Block 5,348 5,916 Excess of Closed Block liabilities over assets designated to the Closed Block 476 51 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $54 and $(43) (193) 172 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 283 $ 223
Schedule of Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Revenues: Premiums and other income $ 29 $ 33 $ 93 $ 109 Net investment income (loss) 52 59 164 179 Investment gains (losses), net (1) — (2) 2 Total revenues 80 92 255 290 Benefits and Other Deductions: Policyholders’ benefits and dividends 92 108 248 304 Other operating costs and expenses — 2 — 3 Total benefits and other deductions 92 110 248 307 Net income (loss), before income taxes (12) (18) 7 (17) Income tax (expense) benefit (5) (2) (1) (3) Net income (loss) $ (17) $ (20) $ 6 $ (20)
Schedule of Closed Block Dividend Obligation	A reconciliation of the Company’s policyholder dividend obligation follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Beginning balance $ — $ 72 $ — $ 160 Unrealized investment gains (losses) — (47) — (135) Ending balance $ — $ 25 $ — $ 25

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Schedule of 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 and Nine Months Ended September 30, 2022 and 2021 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, July 1, 2022 $ 5,153 $ (2,295) $ 6,217 $ (3,838) Paid guarantee benefits (152) 63 (171) 46 Other changes in reserve 377 (146) (325) 377 Balance, September 30, 2022 $ 5,378 $ (2,378) $ 5,721 $ (3,415) Balance, July 1, 2021 $ 5,140 $ (2,281) $ 5,945 $ (4,444) Paid guarantee benefits (104) 42 (87) 15 Other changes in reserve 7 (3) 152 126 Impact of the Venerable Transaction (1) — — — — Balance, September 30, 2021 $ 5,043 $ (2,242) $ 6,010 $ (4,303) GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2022 $ 5,011 $ (2,237) $ 5,952 $ (4,207) Paid guarantee benefits (433) 180 (437) 53 Other changes in reserve 800 (321) 206 739 Balance, September 30, 2022 $ 5,378 $ (2,378) $ 5,721 $ (3,415) Balance, January 1, 2021 $ 5,093 $ (84) $ 6,025 $ (2,859) Paid guarantee benefits (351) 65 (271) 41 Other changes in reserve 301 (47) 256 656 Impact of the Venerable Transaction (1) — (2,176) — (2,141) Balance, September 30, 2021 $ 5,043 $ (2,242) $ 6,010 $ (4,303) ____________ (1) Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1- Organization, for details on the Venerable Transaction.
Schedule of 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 September 30, 2022 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 September 30, 2022 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 $ 16,657 $ 94 $ 48 $ 148 $ 16,947 Separate Accounts 44,481 7,106 2,384 24,547 78,518 Total Account Values $ 61,138 $ 7,200 $ 2,432 $ 24,695 $ 95,465 NAR, gross $ 1,108 $ 1,784 $ 1,975 $ 24,164 $ 29,031 NAR, net of amounts reinsured $ 1,096 $ 1,612 $ 1,439 $ 13,074 $ 17,221 Average attained age of policyholders (in years) 51.6 69.7 76.0 71.6 55.4 Percentage of policyholders over age 70 12.1% 52.5% 74.2% 60.0% 21.2% Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 14 $ 193 $ 207 Separate Accounts — — 19,738 25,771 45,509 Total Account Values $ — $ — $ 19,752 $ 25,964 $ 45,716 NAR, gross $ — $ — $ 546 $ 8,237 $ 8,783 NAR, net of amounts reinsured $ — $ — $ 176 $ 3,377 $ 3,553 Average attained age of policyholders (in years) N/A N/A 65.6 71.3 69.1 Weighted average years remaining until annuitization N/A N/A 5.5 0.5 2.4 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5%
Schedule of 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 September 30, 2022 December 31, 2021 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 37,248 $ 13,453 $ 52,744 $ 20,009 Fixed income 4,464 2,026 5,384 2,505 Balanced 35,678 29,776 48,152 40,228 Other 1,128 254 1,025 264 Total $ 78,518 $ 45,509 $ 107,305 $ 63,006
Schedule of 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. 2022 2021 Direct Liability Reinsurance Ceded Net Direct Liability Reinsurance Ceded Net (in millions) Balance, July 1, 1,127 (940) 187 1,064 (909) 155 Paid guarantee benefits (45) — (45) (24) — (24) Other changes in reserves 74 (16) 58 38 (11) 27 Balance, September 30, $ 1,156 $ (956) $ 200 $ 1,078 $ (920) $ 158 Balance, January 1, 1,090 (928) 162 1,016 (883) 133 Paid guarantee benefits (61) — (61) (52) — (52) Other changes in reserves 127 (28) 99 114 (37) 77 Balance, September 30, $ 1,156 $ (956) $ 200 $ 1,078 $ (920) $ 158

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of 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 September 30, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 38,520 $ 1,894 $ 40,414 U.S. Treasury, government and agency — 5,931 — 5,931 States and political subdivisions — 501 29 530 Foreign governments — 926 — 926 Residential mortgage-backed (2) — 470 — 470 Asset-backed (3) — 8,686 10 8,696 Commercial mortgage-backed — 3,153 32 3,185 Redeemable preferred stock — 43 — 43 Total fixed maturities, AFS — 58,230 1,965 60,195 Other equity investments 173 467 12 652 Trading securities 158 152 — 310 Other invested assets: Short-term investments — 14 — 14 Assets of consolidated VIEs/VOEs — — 5 5 Swaps — (277) — (277) Credit default swaps — (2) — (2) Options — 2,310 — 2,310 Total other invested assets — 2,045 5 2,050 Cash equivalents 297 190 — 487 Amounts due from reinsurer (5) — — 4,312 4,312 GMIB reinsurance contracts asset — — 1,372 1,372 Separate Accounts assets (4) 103,556 2,367 1 105,924 Total Assets $ 104,184 $ 63,451 $ 7,667 $ 175,302 Liabilities: GMxB derivative features’ liability $ — $ — $ 5,834 $ 5,834 SCS, SIO, MSO and IUL indexed features’ liability — 2,056 — 2,056 Total Liabilities $ — $ 2,056 $ 5,834 $ 7,890 ______________ (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 September 30, 2022 the fair value of such investments was $452 million. (5) This represents GMIB NLG ceded reserves related to Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction. Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 46,231 $ 1,493 $ 47,724 U.S. Treasury, government and agency — 15,214 — 15,214 States and political subdivisions — 562 35 597 Foreign governments — 1,152 — 1,152 Residential mortgage-backed (2) — 90 — 90 Asset-backed (3) — 5,897 8 5,905 Commercial mortgage-backed — 2,321 20 2,341 Redeemable preferred stock — 53 — 53 Total fixed maturities, AFS — 71,520 1,556 73,076 Other equity investments 243 434 5 682 Trading securities 193 186 — 379 Other invested assets: Short-term investments — — — — Assets of consolidated VIEs/VOEs — — 8 8 Swaps — (469) — (469) Credit default swaps — (1) — (1) Options — 6,956 — 6,956 Total other invested assets — 6,486 8 6,494 Cash equivalents 1,109 273 — 1,382 Amounts due from reinsurer (5) — — 5,813 5,813 GMIB reinsurance contracts asset — — 2,068 2,068 Separate Accounts assets (4) 140,740 2,565 1 143,306 Total Assets $ 142,285 $ 81,464 $ 9,451 $ 233,200 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,525 $ 8,525 SCS, SIO, MSO and IUL indexed features’ liability — 6,641 — 6,641 Total Liabilities $ — $ 6,641 $ 8,525 $ 15,166 ______________ (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, 2021 the fair value of such investments was $404 million. (5) This represents GMIB NLG ceded reserves related to Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.
Schedule of Reconciliation of Assets and Liabilities at Level 3	The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three and nine months ended September 30, 2022 and 2021, respectively. Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, July 1, 2022 $ 1,752 $ 30 $ 25 $ 18 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — — Investment gains (losses), net (3) — — — Subtotal (2) — — — Other comprehensive income (loss) (70) (1) — — Purchases 217 — 7 (2) Sales (35) — — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 25 — — — Transfers out of Level 3 (1) 7 — — (6) Balance, September 30, 2022 $ 1,894 $ 29 $ 32 $ 10 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ (70) $ (1) $ — $ — Balance, July 1, 2021 $ 1,249 $ 37 $ 11 $ 127 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net (1) — — Subtotal — — — — Other comprehensive income (loss) 4 — — — Purchases 259 — (1) (120) Sales (70) — — (2) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) (2) — — — Transfers out of Level 3 (1) — — — — Balance, September 30, 2021 $ 1,440 $ 37 $ 10 $ 5 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 4 $ — $ — $ — Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, January 1, 2022 $ 1,493 $ 35 $ 20 $ 8 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 3 — — — Investment gains (losses), net (3) — — — Subtotal — — — — Other comprehensive income (loss) (151) (5) (2) — Purchases 765 — 14 9 Sales (195) (1) — (1) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 90 — — — Transfers out of Level 3 (1) (108) — — (6) Balance, September 30, 2022 $ 1,894 $ 29 $ 32 $ 10 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ (148) $ (5) $ (2) $ — 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) 4 — — — Investment gains (losses), net (14) — — — Subtotal (10) — — — Other comprehensive income (loss) 30 (1) — — Purchases 718 — 10 3 Sales (272) (1) — (18) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) (713) — — — Balance, September 30, 2021 $ 1,440 $ 37 $ 10 $ 5 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 30 $ (2) $ — $ — Other Equity Investments (6) Amounts Due from Reinsurers GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, July 1, 2022 $ 18 $ 4,681 $ 1,612 $ 1 $ (6,189) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (1) — — — — Net derivative gains (losses) (1) — (364) (227) — 427 Total realized and unrealized gains (losses) (1) (364) (227) — 427 Other comprehensive income (loss) — — — — — Purchases (2) — 28 10 — (110) Sales (3) — (33) (23) — 38 Activity related to consolidated VIEs/VOEs — — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, September 30, 2022 $ 17 $ 4,312 $ 1,372 $ 1 $ (5,834) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (364) $ (227) $ — $ 427 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Balance, July 1, 2021 $ 13 $ 5,510 $ 2,290 $ 1 $ (8,455) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income 1 — — — — Net derivative gains (losses) — 344 (128) — (395) Total realized and unrealized gains (losses) 1 344 (128) — (395) Other comprehensive income (loss) — — — — — Purchases (2) — 31 10 (1) (109) Sales (3) (1) (16) (16) — 21 Other — — — — — Activity related to consolidated VIEs/VOEs 1 — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) 1 — — — — Balance, September 30, 2021 $ 15 $ 5,869 $ 2,156 $ — $ (8,938) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 1 $ 344 $ (128) $ — $ (395) Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Other Equity Investments (6) Amounts Due from Reinsurers GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2022 $ 13 $ 5,815 $ 2,068 $ 1 $ (8,525) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (1) — — — — Net derivative gains (losses) (1) — (1,506) (672) — 2,932 Total realized and unrealized gains (losses) (1) (1,506) (672) — 2,932 Other comprehensive income (loss) — — — — — Purchases (2) 8 89 31 — (345) Sales (3) — (86) (55) — 104 Activity related to consolidated VIEs/VOEs (3) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, September 30, 2022 $ 17 $ 4,312 $ 1,372 $ 1 $ (5,834) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (1,506) $ (672) $ — $ 2,932 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — Balance, January 1, 2021 $ 15 $ — $ 2,859 $ 1 $ (10,936) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income 2 — — — — Net derivative gains (losses) — 586 (694) — 2,291 Total realized and unrealized gains (losses) 2 586 (694) — 2,291 Other comprehensive income (loss) — — — — — Purchases (2) — 40 32 — (344) Sales (3) (1) (16) (41) — 51 Other — 5,259 — — — Activity related to consolidated VIEs/VOEs (1) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — (1) — Balance, September 30, 2021 $ 15 $ 5,869 $ 2,156 $ — $ (8,938) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 2 $ 586 $ (694) $ — $ 2,291 Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (5) $ — $ — $ — $ — $ — (1) For the three and nine months ended September 30, 2022 and 2021, the Company’s non-performance risk impact of $(41) million , (92) million, $835 million and (68) million for the GMxB Derivative Features Liability, $8 million, 8 million, $(80) million and 9 million for the GMIB Reinsurance Contract Asset, and $(16) million, (19) million, $(93) million and (7) million for the Amounts due from Reinsurers, respectively, is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid. (4) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (5) For instruments held as of September 30, 2022 and September 30, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Schedule of 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 September 30, 2022 and December 31, 2021, respectively. Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2022 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 237 Matrix pricing model Spread over Benchmark 20 bps - 797 bps 171 bps 917 Market comparable companies EBITDA multiples Discount Rate Cash flow Multiples Loan to Value 5.7x - 38.5x 5.5% - 41.5% 0.5x - 12.0x 0.0% - 46.7% 14.1x 8.3% 6.4x 26.3% Other equity investments 4 Market comparable companies Revenue multiple 0.5x - 9.9x 2.8x Fair Valuation Technique Significant Range Weighted Average (2) GMIB reinsurance contract asset 1,372 Discounted cash flow Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 0.38% - 22.66% 0.14% - 10.02% 0.04% - 60.54% 101 bps - 167 bps 14% - 35% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 2.92% 1.02% 5.61% 103 bps 25% 3.09% (same for all ages) (same for all ages) Amount Due from Reinsurers 4,312 Discounted Cash Flow Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 0.38% - 22.66% 0.14% - 10.02% 0.04% - 60.54% 63 bps 14% - 35% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 1.93% 1.38% 8.27% 63 bps 25% 2.28% (same for all ages) (same for all ages) Liabilities: GMIB NLG 5,826 Discounted cash flow Non-performance risk Lapse Withdrawal Annuitization Mortality (1): Ages 0-40 Ages 41-60 Ages 61-115 186 bps 0.38% - 28.79% 0.14% - 10.02% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.56% 0.44% - 43.60% 186 bps 4.23% 1.27% 6.10% 1.71% (same for all ages) (same for all ages) GWBL/GMWB 74 Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 0.00% - 8.00% 100% once starting 14% - 35% 186 bps 2.92% 1.02% 25% GIB (64) Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 0.26% - 2.10% 0.04% - 100.00% 14% - 35% 186 bps 2.92% 1.02% 5.61% 25% GMAB (1) Discounted cash flow Lapse rates Volatility rates - Equity Non-performance risk 0.50% - 22.66% 14% - 35% 186 bps 2.92% 25% ______________ (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, 2021 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 248 Matrix pricing model Spread over benchmark 20 - 270 bps 146 bps 888 Market comparable companies EBITDA multiples Cash flow multiples Loan to Value 4.9x - 62.3x 6.2% - 21.5% 0.5x -10.0x 3.1%-63.4% 13.0x 9.1% 5.5x 30.8% Other equity investments 4 Market comparable companies Revenue multiple 7.8x - 10.3x 9.5x GMIB reinsurance contract asset 2,068 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 61 - 115 57 bps - 93 bps 0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00% 60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages) Amount Due from Reinsurers 5,813 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 61 - 115 37 bps 0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00% 37 bps 1.70% 1.18% 7.20% 24% 2.17% (same for all ages) (same for all ages) Liabilities: GMIB NLG 8,503 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 61 - 115 111 bps 1.04%-23.57% 0.27%-8.66% 0.03%-100.00% 0.01%-0.19% 0.07%-0.57% 0.44%-43.60% 111 bps 3.55% 1.04% 5.24% 1.62% (same for all ages) (same for all ages) GWBL/GMWB 99 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity 111 bps 0.60%-20.86% 0.00%-8.00% 100% once starting 11%-31% 2.65% 0.93% 24% GIB (75) Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity 111 bps 0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 11%-31% 2.65% 0.93% 5.27% 24% GMAB (3) Discounted cash flow Non-performance risk Lapse rates Volatility rates - Equity 111 bps 0.60%-20.86% 11%-31% 2.65% 24% ______________ (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.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value	The carrying values and fair values as of September 30, 2022 and December 31, 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements 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) September 30, 2022: Mortgage loans on real estate $ 15,671 $ — $ — $ 13,931 $ 13,931 Policy loans $ 3,538 $ — $ — $ 4,418 $ 4,418 Loans to affiliates $ 1,900 $ — $ 1,729 $ — $ 1,729 Policyholders’ liabilities: Investment contracts $ 1,905 $ — $ — $ 1,730 $ 1,730 FHLB funding agreements $ 7,830 $ — $ 7,709 $ — $ 7,709 FABN funding agreements $ 6,613 $ — $ 5,914 $ — $ 5,914 Separate Accounts liabilities $ 9,806 $ — $ — $ 9,806 $ 9,806 December 31, 2021: Mortgage loans on real estate $ 14,016 $ — $ — $ 14,291 $ 14,291 Policy loans $ 3,540 $ — $ — $ 4,512 $ 4,512 Loans to affiliates $ 1,900 $ — $ 1,974 $ — $ 1,974 Policyholders’ liabilities: Investment contracts $ 1,916 $ — $ — $ 1,980 $ 1,980 FHLB funding agreements $ 6,647 $ — $ 6,679 $ — $ 6,679 FABN funding agreements $ 6,689 $ — $ 6,626 $ — $ 6,626 Separate Accounts liabilities $ 11,620 $ — $ — $ 11,620 $ 11,620

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 follow: September 30, December 31, 2022 2021 (in millions) Unrealized gains (losses) on investments $ (7,091) $ 2,362 Defined benefit pension plans (4) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (7,095) $ 2,357
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes for the three and nine months ended September 30, 2022 and 2021, follow: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (3,010) $ (285) $ (12,224) $ (2,409) (Gains) losses reclassified into net income (loss) during the period (1) 258 (130) 696 (608) Net unrealized gains (losses) on investments (2,752) (415) (11,528) (3,017) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 491 61 2,076 708 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(602), $(94), $(2,513) and $(614)) (2,261) (354) (9,452) (2,309) Other comprehensive income (loss), attributable to Equitable Financial $ (2,261) $ (354) $ (9,452) $ (2,309) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(69) million, $35 million, $(185) million and $162 million for the three and nine months ended September 30, 2022 and 2021, respectively.

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	9 Months Ended
	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Balance, beginning of period $ 21 $ 24 $ 28 $ 41 Net earnings (loss) attributable to redeemable noncontrolling interests — — (4) $ 1 Purchase/change of redeemable noncontrolling interests (1) 1 (4) $ (17) Balance, end of period $ 20 $ 25 $ 20 $ 25

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Activity of Funding Agreements	Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2022 Outstanding Balance at December 31, 2021 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 September 30, 2022 (in millions) Short-term funding agreements: Due in one year or less $ 5,353 $ 40,964 $ (41,132) $ 153 $ — $ 5,338 Long-term funding agreements: Due in years two through five 1,290 647 — (153) — 1,784 Due in more than five years — 705 — — — 705 Total long-term funding agreements 1,290 1,352 — (153) — 2,489 Total funding agreements (1) $ 6,643 $ 42,316 $ (41,132) $ — $ — $ 7,827 ____________ (1) The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for September 30, 2022 and December 31, 2021, 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 Nine Months Ended September 30, 2022 Outstanding Balance at December 31, 2021 Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Long-term Agreements Maturing Within Five Years Foreign Currency Transaction Adjustment Outstanding Balance at September 30, 2022 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Long-term funding agreements: Due in years two through five 4,600 — — (1,000) 500 — 4,100 Due in more than five years 2,119 — — — (500) (79) 1,540 Total long-term funding agreements 6,719 — — (1,000) — (79) 5,640 Total funding agreements (1) $ 6,719 $ — $ — $ — $ — $ (79) $ 6,640 _____________

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) principalSubsidiary	Dec. 31, 2021 USD ($)	Jun. 01, 2021 USD ($)
Organization [Abstract]
Number of principal subsidiaries | principalSubsidiary	2
Entity Information [Line Items]
Assets	$ 220,557,000,000	$ 267,807,000,000
Equitable Investment Management Group, LLC | VA Capital Company LLC
Entity Information [Line Items]
Percentage of voting interests acquired			9.09%
Equitable Financial Life Insurance Company (EFLIC) | Venerable Insurance and Annuity Company (VIAC)
Entity Information [Line Items]
Surplus notes			$ 60,000,000
Corporate Solutions Life Reinsurance Company (CS Life) | Alliance Bernstein
Entity Information [Line Items]
Assets			9,500,000,000
Direct insurance liabilities ceded			9,600,000,000
Separate account, liability, ceded			16,900,000,000
Corporate Solutions Life Reinsurance Company (CS Life) | Alliance Bernstein | GMxB derivative features’ liability
Entity Information [Line Items]
Fair value			$ 5,300,000,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 220,557	$ 267,807
Investments	84,628	96,680
Consolidated Limited Partnerships
Variable Interest Entity [Line Items]
Assets	360	169
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Assets	278,800	245,700
Investments	2,300	2,100
Variable interest, maximum loss exposure	2,300	2,100
Unfunded commitments	$ 1,300	$ 1,200

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Change in Accounting Estimate [Line Items]
Policy charges and fee income	$ 727	$ 811	$ 2,229	$ 2,581
Policyholders’ benefits	510	708	2,260	2,383
Interest credited to policyholders’ account balances	351	285	930	841
Net derivative gains (losses)	26	(236)	2,921	(4,152)
Income (loss) from continuing operations, before income taxes	133	497	2,582	(1,883)
Net income (loss)	88	398	2,084	(1,383)
Long-term Lapses Partial Withdrawal Rates And Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Policy charges and fee income	(17)	(32)	(17)	(32)
Policyholders’ benefits	235	100	235	100
Interest credited to policyholders’ account balances	(1)		(1)
Net derivative gains (losses)	(85)	(249)	(85)	(249)
Decrease in amortization of DAC	7	19	7	19
Income (loss) from continuing operations, before income taxes	139	(162)	139	(162)
Net income (loss)	$ 110	$ (128)	$ 110	$ (128)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) issue	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) issue	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) issue	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Net Investment Income [Line Items]
Number of unrealized loss positions | issue	4,803		4,803			1,896
Debt securities exposure in single issuer greater than stated percentage of total investments	0.70%		0.70%
Fixed maturities available-for-sale, amortized cost	$ 70,347,000,000		$ 70,347,000,000			$ 68,636,000,000
Gross unrealized losses	1,724,000,000		1,724,000,000			79,000,000
Allowance for credit loss	83,000,000	$ 64,000,000	83,000,000	$ 64,000,000		62,000,000
Separate account equity investment carrying value	33,000,000		33,000,000			44,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	561,000,000		561,000,000			470,000,000
Accrued interest, writeoff	0	0	0	0
Fixed maturities available-for-sale, amortized cost	70,300,000,000		70,300,000,000			68,600,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 275,000,000		$ 275,000,000			$ 280,000,000
Debt securities exposure in single issuer of total investments, percent	69.10%		69.10%			3.20%
Fixed maturities available-for-sale, amortized cost	$ 47,882,000,000		$ 47,882,000,000			$ 45,578,000,000
Gross unrealized losses	1,413,000,000		1,413,000,000			62,000,000
Commercial mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	63,000,000		63,000,000			57,000,000
Accrued interest, writeoff			0	0
Allowance for credit loss	77,000,000	60,000,000	77,000,000	60,000,000	$ 58,000,000	57,000,000	$ 59,000,000	$ 77,000,000
Non-accruing loans, carrying value	13,000,000		13,000,000			14,000,000
Agricultural mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	63,000,000		63,000,000			57,000,000
Accrued interest, writeoff			0	0
Allowance for credit loss	6,000,000	$ 4,000,000	6,000,000	$ 4,000,000	$ 6,000,000	5,000,000	$ 4,000,000	$ 4,000,000
Individually Assessed Mortgage loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0		0
Allowance for credit loss	0		0
Recurring
Net Investment Income [Line Items]
Investment gains (losses), net	310,000,000		310,000,000			379,000,000
Other Than Investment Grade | Non-Investment Grade | Fixed maturities
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost basis other than investment grade	$ 2,900,000,000		$ 2,900,000,000			$ 2,800,000,000
Percentage of available for sale securities	4.10%		4.10%			4.10%
Unrealized loss on available for sale securities	$ 241,000,000		$ 241,000,000			$ 18,000,000

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 70,347		$ 70,347		$ 68,636
Allowance for Credit Losses	22		22		22
Gross Unrealized Gains	87		87		4,752
Gross Unrealized Losses	10,217		10,217		290
Fair Value	60,195		60,195		73,076
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	1,147		1,147
Due in years two through five	13,178		13,178
Due in years six through ten	17,063		17,063
Due after ten years	25,424		25,424
Subtotal	56,812		56,812
Amortized cost	70,325		70,325
Fair Value
Due in one year or less	1,130		1,130
Due in years two through five	12,415		12,415
Due in years six through ten	15,083		15,083
Due after ten years	19,173		19,173
Subtotal	47,801		47,801
Fair Value	60,195		60,195		73,076
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	878	$ 3,575	11,512	$ 20,294
Gross gains on sales	0	172	38	1,017
Gross losses on sales	(73)	(6)	(663)	(160)
Net change in Allowance for Credit and Intent to Sell losses	(248)	(2)	(251)	(14)
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	32	40	42	28
Previously recognized impairments on securities that matured, paid, prepaid or sold	(2)	(2)	(15)	(3)
Recognized impairments on securities impaired to fair value this period	251	0	251	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	(1)	1	0	9
Additional credit losses this period on securities previously impaired	5	1	7	6
Increases due to passage of time on previously recorded credit losses	0	0	0	0
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	0	0	0	0
Balances, end of period	285	$ 40	285	$ 40
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	47,882		47,882		45,578
Allowance for Credit Losses	22		22		22
Gross Unrealized Gains	69		69		2,382
Gross Unrealized Losses	7,515		7,515		214
Fair Value	40,414		40,414		47,724
Fair Value
Fair Value	40,414		40,414		47,724
U.S. government, agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,238		7,238		13,032
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	4		4		2,196
Gross Unrealized Losses	1,311		1,311		14
Fair Value	5,931		5,931		15,214
Fair Value
Fair Value	5,931		5,931		15,214
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	600		600		527
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	8		8		73
Gross Unrealized Losses	78		78		3
Fair Value	530		530		597
Fair Value
Fair Value	530		530		597
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,114		1,114		1,124
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		42
Gross Unrealized Losses	190		190		14
Fair Value	926		926		1,152
Fair Value
Fair Value	926		926		1,152
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	494		494		82
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	1		1		8
Gross Unrealized Losses	25		25		0
Fair Value	470		470		90
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	494		494
Fair Value
Without single maturity date	470		470
Fair Value	470		470		90
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,235		9,235		5,904
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	1		1		20
Gross Unrealized Losses	540		540		19
Fair Value	8,696		8,696		5,905
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	9,235		9,235
Fair Value
Without single maturity date	8,696		8,696
Fair Value	8,696		8,696		5,905
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,743		3,743		2,348
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		19
Gross Unrealized Losses	558		558		26
Fair Value	3,185		3,185		2,341
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	3,743		3,743
Fair Value
Without single maturity date	3,185		3,185
Fair Value	3,185		3,185		2,341
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41		41		41
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		12
Gross Unrealized Losses	0		0		0
Fair Value	43		43		53
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	41		41
Fair Value
Without single maturity date	43		43
Fair Value	$ 43		$ 43		$ 53

INVESTMENTS - Net Unrealized Ga

INVESTMENTS - Net Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,501	$ 8,589	$ 8,706	$ 11,643
Ending balance	398	8,640	398	8,640
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	(6,647)	4,931	4,462	8,230
Net investment gains (losses) arising during the period	(3,811)	(362)	(15,466)	(3,057)
Included in Net income (loss)	327	(165)	881	(739)
Excluded from net income (loss)	0	0	0	0
Other	0	0	0	(31)
Impact of net unrealized investment gains (losses)	0	0	0	0
Net unrealized investment gains (losses) excluding OTTI losses	(10,131)	4,404	(10,123)	4,403
Net unrealized investment gains (losses) with OTTI losses	1	(1)	(7)	0
Ending balance	(10,130)	4,403	(10,130)	4,403
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	851	(389)	(284)	(466)
Impact of net unrealized investment gains (losses)	386	28	1,520	105
Net unrealized investment gains (losses) excluding OTTI losses	1,237	(361)	1,236	(361)
Ending balance	1,237	(361)	1,237	(361)
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	(250)	(1,037)	(977)	(1,814)
Impact of net unrealized investment gains (losses)	41	55	768	832
Net unrealized investment gains (losses) excluding OTTI losses	(209)	(982)	(209)	(982)
Ending balance	(209)	(982)	(209)	(982)
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	1,270	(736)	(673)	(1,250)
Impact of net unrealized investment gains (losses)	641	93	2,583	607
Net unrealized investment gains (losses) excluding OTTI losses	1,911	(643)	1,910	(643)
Ending balance	1,911	(643)	1,911	(643)
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	(4,776)	2,769	2,528	4,700
Net investment gains (losses) arising during the period	(3,811)	(362)	(15,466)	(3,057)
Included in Net income (loss)	327	(165)	881	(739)
Excluded from net income (loss)	0	0	0	0
Other	0	0	0	(31)
Impact of net unrealized investment gains (losses)	1,068	176	4,871	1,544
Net unrealized investment gains (losses) excluding OTTI losses	(7,192)	2,418	(7,186)	2,417
Net unrealized investment gains (losses) with OTTI losses	1	(1)	(5)	0
Ending balance	(7,191)	2,417	(7,191)	2,417
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	0	0	1	0
Fixed Maturities, AFS | 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	0	0	0	0
Fixed Maturities, AFS | 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	$ 0	$ 0	$ 1	$ 0

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	$ 48,019	$ 16,263
Less Than 12 Months, Gross Unrealized Losses	8,491	209
12 Months or Longer, Fair Value	6,957	1,641
12 Months or Longer, Gross Unrealized Losses	1,724	79
Total Fair Value	54,976	17,904
Total Gross Unrealized Losses	10,215	288
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	30,859	9,497
Less Than 12 Months, Gross Unrealized Losses	6,100	150
12 Months or Longer, Fair Value	5,327	1,301
12 Months or Longer, Gross Unrealized Losses	1,413	62
Total Fair Value	36,186	10,798
Total Gross Unrealized Losses	7,513	212
U.S. government, agencies and authorities
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	5,438	947
Less Than 12 Months, Gross Unrealized Losses	1,292	10
12 Months or Longer, Fair Value	201	103
12 Months or Longer, Gross Unrealized Losses	19	4
Total Fair Value	5,639	1,050
Total Gross Unrealized Losses	1,311	14
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	287	112
Less Than 12 Months, Gross Unrealized Losses	71	2
12 Months or Longer, Fair Value	13	11
12 Months or Longer, Gross Unrealized Losses	7	1
Total Fair Value	300	123
Total Gross Unrealized Losses	78	3
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	605	349
Less Than 12 Months, Gross Unrealized Losses	138	6
12 Months or Longer, Fair Value	167	92
12 Months or Longer, Gross Unrealized Losses	52	8
Total Fair Value	772	441
Total Gross Unrealized Losses	190	14
Residential mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	433
Less Than 12 Months, Gross Unrealized Losses	25
12 Months or Longer, Fair Value	1
12 Months or Longer, Gross Unrealized Losses	0
Total Fair Value	434
Total Gross Unrealized Losses	25
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	8,023	3,843
Less Than 12 Months, Gross Unrealized Losses	498	19
12 Months or Longer, Fair Value	439	38
12 Months or Longer, Gross Unrealized Losses	42	0
Total Fair Value	8,462	3,881
Total Gross Unrealized Losses	540	19
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	2,374	1,515
Less Than 12 Months, Gross Unrealized Losses	367	22
12 Months or Longer, Fair Value	809	96
12 Months or Longer, Gross Unrealized Losses	191	4
Total Fair Value	3,183	1,611
Total Gross Unrealized Losses	$ 558	$ 26

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period			$ 62
Balance, end of period	$ 83	$ 64	83	$ 64
Commercial mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	58	59	57	77
Current-period provision for expected credit losses	19	1	20	(17)
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off		0		0
Net change in allowance	19	1	20	(17)
Balance, end of period	77	60	77	60
Agricultural mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	6	4	5	4
Current-period provision for expected credit losses	0	0	1
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0		0
Net change in allowance	0	0	1	0
Balance, end of period	$ 6	$ 4	$ 6	$ 4

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	$ 2,404	$ 2,134
Fiscal year before current fiscal year	2,111	1,522
Two years before current fiscal year	1,370	751
Three years before current fiscal year	643	1,253
Four years before current fiscal year	1,202	1,065
Prior	5,121	4,570
Revolving Loans Amortized Cost Basis	273	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	13,157	11,434
Total	13,157	11,434
Non-accruing Loans	0	0
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Commercial Mortgage Loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial Mortgage Loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial Mortgage Loans | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial Mortgage Loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	13,157	11,434
Commercial Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	605	1,143
Fiscal year before current fiscal year	1,143	1,243
Two years before current fiscal year	1,078	210
Three years before current fiscal year	103	772
Four years before current fiscal year	571	485
Prior	1,846	2,218
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	5,346	6,071
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	135	185
Fiscal year before current fiscal year	187	135
Two years before current fiscal year	165	182
Three years before current fiscal year	216	46
Four years before current fiscal year	186	161
Prior	421	372
Revolving Loans Amortized Cost Basis	161	68
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,471	1,149
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	413	275
Fiscal year before current fiscal year	274	49
Two years before current fiscal year	32	284
Three years before current fiscal year	177	211
Four years before current fiscal year	250	166
Prior	1,173	919
Revolving Loans Amortized Cost Basis	75	48
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,394	1,952
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	614	264
Fiscal year before current fiscal year	259	95
Two years before current fiscal year	60	75
Three years before current fiscal year	92	101
Four years before current fiscal year	47	253
Prior	1,376	701
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,448	1,489
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	222	267
Fiscal year before current fiscal year	248	0
Two years before current fiscal year	35	0
Three years before current fiscal year	55	88
Four years before current fiscal year	148	0
Prior	234	287
Revolving Loans Amortized Cost Basis	37	23
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	1,012	665
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	415	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	35
Four years before current fiscal year	0	0
Prior	71	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	486	108
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	488	0
Fiscal year before current fiscal year	130	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	184
Four years before current fiscal year	119	293
Prior	1,452	992
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,189	1,469
Commercial Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,780	1,944
Fiscal year before current fiscal year	1,857	1,286
Two years before current fiscal year	1,255	339
Three years before current fiscal year	275	619
Four years before current fiscal year	733	491
Prior	2,597	2,533
Revolving Loans Amortized Cost Basis	273	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	8,770	7,351
Commercial Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	136	190
Fiscal year before current fiscal year	124	236
Two years before current fiscal year	115	412
Three years before current fiscal year	368	415
Four years before current fiscal year	315	276
Prior	898	972
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	1,989	2,501
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	0
Three years before current fiscal year	0	35
Four years before current fiscal year	35	5
Prior	174	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	209	113
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	304	380
Fiscal year before current fiscal year	369	480
Two years before current fiscal year	452	230
Three years before current fiscal year	209	255
Four years before current fiscal year	217	206
Prior	1,046	1,093
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,597	2,644
Total	2,581	2,628
Non-accruing Loans	16	16
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Agricultural Mortgage Loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	38	27
Agricultural Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	12	1
Agricultural Mortgage Loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	7	1
Agricultural Mortgage Loans | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	19	25
Agricultural Mortgage Loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	2,543	2,601
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	48	49
Fiscal year before current fiscal year	40	64
Two years before current fiscal year	62	25
Three years before current fiscal year	22	22
Four years before current fiscal year	12	24
Prior	195	210
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	379	394
Agricultural Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	17	52
Fiscal year before current fiscal year	58	37
Two years before current fiscal year	35	25
Three years before current fiscal year	24	14
Four years before current fiscal year	14	14
Prior	63	70
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	211	212
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	48	43
Fiscal year before current fiscal year	42	113
Two years before current fiscal year	112	28
Three years before current fiscal year	28	22
Four years before current fiscal year	19	41
Prior	202	193
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	451	440
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	89	161
Fiscal year before current fiscal year	154	179
Two years before current fiscal year	174	112
Three years before current fiscal year	99	116
Four years before current fiscal year	100	72
Prior	313	355
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	929	995
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	86	75
Fiscal year before current fiscal year	74	83
Two years before current fiscal year	65	31
Three years before current fiscal year	30	77
Four years before current fiscal year	66	54
Prior	260	226
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	581	546
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	16	0
Fiscal year before current fiscal year	1	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	4
Four years before current fiscal year	6	1
Prior	13	39
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	46	57
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	121	180
Fiscal year before current fiscal year	190	212
Two years before current fiscal year	214	128
Three years before current fiscal year	123	129
Four years before current fiscal year	135	119
Prior	754	738
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,537	1,506
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	182	200
Fiscal year before current fiscal year	179	268
Two years before current fiscal year	238	102
Three years before current fiscal year	86	126
Four years before current fiscal year	82	87
Prior	277	338
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,044	1,121
Agricultural Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1	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	15	17
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	16	17
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
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	0	0
Mortgages Loan
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	2,708	2,514
Fiscal year before current fiscal year	2,480	2,002
Two years before current fiscal year	1,822	981
Three years before current fiscal year	852	1,508
Four years before current fiscal year	1,419	1,271
Prior	6,167	5,663
Revolving Loans Amortized Cost Basis	273	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	15,754	14,078
Total	15,738	14,062
Non-accruing Loans	16	16
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Mortgages Loan | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	38	27
Mortgages Loan | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	12	1
Mortgages Loan | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	7	1
Mortgages Loan | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	19	25
Mortgages Loan | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	15,700	14,035
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	653	1,192
Fiscal year before current fiscal year	1,183	1,307
Two years before current fiscal year	1,140	235
Three years before current fiscal year	125	794
Four years before current fiscal year	583	509
Prior	2,041	2,428
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	5,725	6,465
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	152	237
Fiscal year before current fiscal year	245	172
Two years before current fiscal year	200	207
Three years before current fiscal year	240	60
Four years before current fiscal year	200	175
Prior	484	442
Revolving Loans Amortized Cost Basis	161	68
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,682	1,361
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	461	318
Fiscal year before current fiscal year	316	162
Two years before current fiscal year	144	312
Three years before current fiscal year	205	233
Four years before current fiscal year	269	207
Prior	1,375	1,112
Revolving Loans Amortized Cost Basis	75	48
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,845	2,392
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	703	425
Fiscal year before current fiscal year	413	274
Two years before current fiscal year	234	187
Three years before current fiscal year	191	217
Four years before current fiscal year	147	325
Prior	1,689	1,056
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	3,377	2,484
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	308	342
Fiscal year before current fiscal year	322	83
Two years before current fiscal year	100	31
Three years before current fiscal year	85	165
Four years before current fiscal year	214	54
Prior	494	513
Revolving Loans Amortized Cost Basis	37	23
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	1,593	1,211
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	431	0
Fiscal year before current fiscal year	1	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	39
Four years before current fiscal year	6	1
Prior	84	112
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	532	165
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	609	180
Fiscal year before current fiscal year	320	212
Two years before current fiscal year	214	128
Three years before current fiscal year	123	313
Four years before current fiscal year	254	412
Prior	2,206	1,730
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	3,726	2,975
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,962	2,144
Fiscal year before current fiscal year	2,036	1,554
Two years before current fiscal year	1,493	441
Three years before current fiscal year	361	745
Four years before current fiscal year	815	578
Prior	2,874	2,871
Revolving Loans Amortized Cost Basis	273	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	9,814	8,472
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	137	190
Fiscal year before current fiscal year	124	236
Two years before current fiscal year	115	412
Three years before current fiscal year	368	415
Four years before current fiscal year	315	276
Prior	913	989
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	33	0
Total	2,005	2,518
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	0
Three years before current fiscal year	0	35
Four years before current fiscal year	35	5
Prior	174	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	$ 209	$ 113

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (31)	$ (1)	$ (138)	$ 19
Net investment gains (losses) recognized on securities sold during the period	(2)	(3)	(12)	1
Unrealized and realized gains (losses) on equity securities	$ (33)	$ (4)	$ (150)	$ 20

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (8)	$ (47)	$ (53)	$ (264)
Net investment gains (losses) recognized on securities sold during the period	1	40	0	215
Unrealized and realized gains (losses) on trading securities	(7)	(7)	(53)	(49)
Interest and dividend income from trading securities	1	4	6	80
Net investment income (loss) from trading securities	$ (6)	$ (3)	$ (47)	$ 31

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	$ 2,222	$ 1,876
Derivative Assets	179	7
Derivative Liabilities	370	437
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	57,096	79,394
Derivative Assets	6,492	12,303
Derivative Liabilities	7,356	11,261
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	1,267	921
Derivative Assets	178	7
Derivative Liabilities	118	42
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	326	541
Derivative Assets	24	1
Derivative Liabilities	0	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	955	955
Derivative Assets	1	0
Derivative Liabilities	252	395
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	1,116	1,876
Derivative Assets	0	0
Derivative Liabilities	134	45
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	3,648	2,213
Derivative Assets	0	0
Derivative Liabilities	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	9,763	13,310
Derivative Assets	23	5
Derivative Liabilities	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	36,687	48,380
Derivative Assets	6,207	12,015
Derivative Liabilities	3,897	5,059
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	5,456	12,455
Derivative Assets	0	0
Derivative Liabilities	0	0
Swaptions | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	100	619
Derivative Assets	0	2
Derivative Liabilities	2	3
Currency forwards | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	0	0
Margin | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	98	102
Derivative Liabilities	0	0
Collateral | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	140	178
Derivative Liabilities	3,323	6,154
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	4,312	5,813
Derivative Liabilities	0	0
GMIB reinsurance contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	1,372	2,068
Derivative Liabilities	0	0
GMxB derivative features liability
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	5,834	8,525
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	2,056	6,641
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	5,684	7,881
Derivative Liabilities	7,890	15,166
Total derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	59,318	81,270
Derivative Assets	12,355	20,191
Derivative Liabilities	$ 15,616	$ 26,864

DERIVATIVES - Financial Stateme

DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ 26	$ (236)	$ 2,921	$ (4,152)
Net investment income (loss)	788	885	2,238	2,655
Interest Credited To Policyholders Account Balances	(351)	(285)	(930)	(841)
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(31)	(26)	(58)	(54)
Net investment income (loss)	5	0	7	0
Interest Credited To Policyholders Account Balances	(36)	(15)	(46)	(32)
AOCI	205	(2)	358	(35)
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(539)	(200)	(2,304)	(4,158)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	7	0	21	0
Net investment income (loss)	5	0	7	0
Interest Credited To Policyholders Account Balances	(36)	(15)	(46)	(32)
AOCI	111	7	116	7
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	23	3	41	3
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(38)	(26)	(79)	(54)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	94	(9)	242	(42)
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(125)	67	(428)	(2,375)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	34	(6)	548	(466)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	591	(3)	3,353	(2,609)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(650)	(169)	(4,381)	2,175
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(412)	(92)	(1,445)	(888)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Swaptions | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	8	2
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Currency forwards | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Margin | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Collateral | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(364)	344	(1,506)	586
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
GMIB reinsurance contracts
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(227)	(128)	(672)	(694)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Investment fees	6	4
GMxB derivative features liability
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	427	(395)	2,932	2,291
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	766	173	4,543	(2,113)
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	602	(6)	5,297	70
Net investment income (loss)	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Total derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	32	(232)	2,935	(4,142)
Net investment income (loss)	5	0	7	0
Interest Credited To Policyholders Account Balances	(36)	(15)	(46)	(32)
AOCI	$ 205	$ (2)	358	(35)
Investment fees			$ 14	$ 10

DERIVATIVES - Rollforward for C

DERIVATIVES - Rollforward for Cash Flows Hedges in AOCI (Details) - Cash flow hedges recognized in AOCI - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ (55)	$ (158)	$ (208)	$ (126)
Amount recorded in AOCI	128	(33)	226	(111)
Amount reclassified from AOCI to income	77	31	132	77
Ending Balance, December 31	150	(160)	150	(160)
Currency swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	77	7	77	7
Amount reclassified from AOCI to income	34	0	39	0
Interest swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	51	(40)	149	(118)
Amount reclassified from AOCI to income	$ 43	$ 31	$ 93	$ 77

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 3,300	$ 6,200
Cash and securities collateral	140	178
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	175	90
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	57	196
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirements	$ 14	$ 16

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative
Assets
Gross Amount Recognized	$ 6,672	$ 12,309
Gross Amount Offset in the Balance Sheets	5,971	10,724
Net Amount Presented in the Balance Sheets	701	1,585
Gross Amount not Offset in the Balance Sheets	(596)	(961)
Net Amount	105	624
Liabilities
Gross Amount Recognized	7,131	10,738
Gross Amount Offset in the Balance Sheets	5,971	10,724
Net Amount Presented in the Balance Sheets	1,160	14
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,160	14
Other financial assets
Assets
Gross Amount Recognized	1,272	1,325
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,272	1,325
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,272	1,325
Other invested assets
Assets
Gross Amount Recognized	7,944	13,634
Gross Amount Offset in the Balance Sheets	5,971	10,724
Net Amount Presented in the Balance Sheets	1,973	2,910
Gross Amount not Offset in the Balance Sheets	(596)	(961)
Net Amount	1,377	1,949
Other financial liabilities
Liabilities
Gross Amount Recognized	2,213	2,064
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	2,213	2,064
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	2,213	2,064
Other liabilities
Liabilities
Gross Amount Recognized	9,344	12,802
Gross Amount Offset in the Balance Sheets	5,971	10,724
Net Amount Presented in the Balance Sheets	3,373	2,078
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 3,373	$ 2,078

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 5,750		$ 5,928
Policyholder dividend obligation	0	$ 0	0	$ 25	$ 72	$ 160
Other liabilities	74		39
Total Closed Block liabilities	5,824		5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,190 and $3,185) (allowance for credit losses of $0 and $0)	2,932		3,390
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4)	1,687		1,771
Policy loans	575		602
Cash and other invested assets	0		63
Other assets	154		90
Total assets designated to the Closed Block	5,348		5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	476		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $54 and $(43)	(193)		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	283		223
Fixed maturities, available for sale, amortized cost	3,190		3,185
Fixed maturities available-for-sale, allowance for credit losses	0		0
Mortgage loans, credit losses	4		4
Policyholder dividend obligation	0	$ 0	0	$ 25	$ 72	$ 160
Closed block operations, income taxes	$ 54		$ (43)

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Premiums and other income	$ 29	$ 33	$ 93	$ 109
Net investment income (loss)	52	59	164	179
Investment gains (losses), net	(1)	0	(2)	2
Total revenues	80	92	255	290
Benefits and Other Deductions:
Policyholders’ benefits and dividends	92	108	248	304
Other operating costs and expenses	0	2	0	3
Total benefits and other deductions	92	110	248	307
Net income (loss), before income taxes	(12)	(18)	7	(17)
Income tax (expense) benefit	(5)	(2)	(1)	(3)
Net income (loss)	$ (17)	$ (20)	$ 6	$ (20)

CLOSED BLOCK - Reconciliation o

CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement in Closed Block Dividend Obligation [Roll Forward]
Beginning balance	$ 0	$ 72	$ 0	$ 160
Unrealized investment gains (losses)	0	(47)	0	(135)
Ending balance	$ 0	$ 25	$ 0	$ 25

INSURANCE LIABILITIES - Rollfor

INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
GMDB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 5,153	$ 5,140	$ 5,011	$ 5,093
Paid guarantee benefits	(152)	(104)	(433)	(351)
Other changes in reserve	377	7	800	301
Balance, end of period	5,378	5,043	5,378	5,043
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Impact of the Venerable transaction		0		0
GMDB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(2,295)	(2,281)	(2,237)	(84)
Paid guarantee benefits	63	42	180	65
Other changes in reserve	(146)	(3)	(321)	(47)
Balance, end of period	(2,378)	(2,242)	(2,378)	(2,242)
Impact of the Venerable transaction		0		(2,176)
GMIB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	6,217	5,945	5,952	6,025
Paid guarantee benefits	(171)	(87)	(437)	(271)
Other changes in reserve	(325)	152	206	256
Balance, end of period	5,721	6,010	5,721	6,010
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Impact of the Venerable transaction		0		0
GMIB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(3,838)	(4,444)	(4,207)	(2,859)
Paid guarantee benefits	46	15	53	41
Other changes in reserve	377	126	739	656
Balance, end of period	$ (3,415)	(4,303)	$ (3,415)	(4,303)
Impact of the Venerable transaction		$ 0		$ (2,141)

INSURANCE LIABILITIES - Variabl

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
GMDB Ceded
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 16,947
Separate Accounts	78,518	$ 107,305
Total Account Values	95,465
NAR, gross	29,031
NAR, net of amounts reinsured	$ 17,221
Percentage of policyholders over age 70	21.20%
GMDB Ceded | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	55 years 4 months 24 days
GMDB Ceded | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMDB Ceded | Immediate Variable Annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
GMDB Ceded | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 16,657
Separate Accounts	44,481
Total Account Values	61,138
NAR, gross	1,108
NAR, net of amounts reinsured	$ 1,096
Percentage of policyholders over age 70	12.10%
GMDB Ceded | Return of Premium | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	51 years 7 months 6 days
GMDB Ceded | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 94
Separate Accounts	7,106
Total Account Values	7,200
NAR, gross	1,784
NAR, net of amounts reinsured	$ 1,612
Percentage of policyholders over age 70	52.50%
GMDB Ceded | Ratchet | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	69 years 8 months 12 days
GMDB Ceded | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 48
Separate Accounts	2,384
Total Account Values	2,432
NAR, gross	1,975
NAR, net of amounts reinsured	$ 1,439
Percentage of policyholders over age 70	74.20%
GMDB Ceded | Roll-Up | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	76 years
GMDB Ceded | Roll-Up | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMDB Ceded | Roll-Up | Immediate Variable Annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6%
GMDB Ceded | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 148
Separate Accounts	24,547
Total Account Values	24,695
NAR, gross	24,164
NAR, net of amounts reinsured	$ 13,074
Percentage of policyholders over age 70	60%
GMDB Ceded | Combo | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	71 years 7 months 6 days
GMDB Ceded | Combo | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMDB Ceded | Combo | Immediate Variable Annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	$ 45,509	$ 63,006
GMIB | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	207
Separate Accounts	45,509
Total Account Values	45,716
NAR, gross	8,783
NAR, net of amounts reinsured	$ 3,553
Average attained age of policyholders (in years)	69 years 1 month 6 days
Weighted average years remaining until annuitization (in years)	2 years 4 months 24 days
GMIB | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMIB | Immediate Variable Annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
GMIB | Return of Premium | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 0
Separate Accounts	0
Total Account Values	0
NAR, gross	0
NAR, net of amounts reinsured	0
GMIB | Ratchet | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	0
Separate Accounts	0
Total Account Values	0
NAR, gross	0
NAR, net of amounts reinsured	0
GMIB | Roll-Up | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	14
Separate Accounts	19,738
Total Account Values	19,752
NAR, gross	546
NAR, net of amounts reinsured	$ 176
Average attained age of policyholders (in years)	65 years 4 months 24 days
Weighted average years remaining until annuitization (in years)	5 years 6 months
GMIB | Roll-Up | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMIB | Roll-Up | Immediate Variable Annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6%
GMIB | Combo | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 193
Separate Accounts	25,771
Total Account Values	25,964
NAR, gross	8,237
NAR, net of amounts reinsured	$ 3,377
Average attained age of policyholders (in years)	71 years 3 months 18 days
Weighted average years remaining until annuitization (in years)	6 months
GMIB | Combo | Immediate Variable Annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3%
GMIB | Combo | Immediate Variable Annuity | 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Direct Liability
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 1,127	$ 1,064	$ 1,090	$ 1,016
Paid guaranteed benefits	(45)	(24)	(61)	(52)
Other changes in reserve	74	38	127	114
Balance, end of period	1,156	1,078	1,156	1,078
Reinsurance Ceded
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	(940)	(909)	(928)	(883)
Paid guaranteed benefits	0	0	0	0
Other changes in reserve	(16)	(11)	(28)	(37)
Balance, end of period	(956)	(920)	(956)	(920)
Net
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	187	155	162	133
Paid guaranteed benefits	(45)	(24)	(61)	(52)
Other changes in reserve	58	27	99	77
Balance, end of period	200	$ 158	200	$ 158
GMDB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	78,518		78,518		$ 107,305
GMDB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	37,248		37,248		52,744
GMDB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	4,464		4,464		5,384
GMDB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	35,678		35,678		48,152
GMDB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	1,128		1,128		1,025
GMIB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	45,509		45,509		63,006
GMIB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	13,453		13,453		20,009
GMIB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	2,026		2,026		2,505
GMIB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	29,776		29,776		40,228
GMIB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	$ 254		$ 254		$ 264

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Fixed maturities, AFS:	$ 60,195	$ 73,076
Recurring
Assets:
Fixed maturities, AFS:	60,195	73,076
Other equity investments	652	682
Trading securities	310	379
Other invested assets:	2,050	6,494
Cash equivalents	487	1,382
Amounts due from reinsurer	4,312	5,813
GMIB reinsurance contracts asset	1,372	2,068
Separate Accounts assets	105,924	143,306
Total Assets	175,302	233,200
Liabilities:
Total Liabilities	7,890	15,166
Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Other equity investments	173	243
Trading securities	158	193
Other invested assets:	0	0
Cash equivalents	297	1,109
Amounts due from reinsurer	0	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	103,556	140,740
Total Assets	104,184	142,285
Liabilities:
Total Liabilities	0	0
Recurring | Level 2
Assets:
Fixed maturities, AFS:	58,230	71,520
Other equity investments	467	434
Trading securities	152	186
Other invested assets:	2,045	6,486
Cash equivalents	190	273
Amounts due from reinsurer	0	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	2,367	2,565
Total Assets	63,451	81,464
Liabilities:
Total Liabilities	2,056	6,641
Recurring | Level 3
Assets:
Fixed maturities, AFS:	1,965	1,556
Other equity investments	12	5
Trading securities	0	0
Other invested assets:	5	8
Cash equivalents	0	0
Amounts due from reinsurer	4,312	5,813
GMIB reinsurance contracts asset	1,372	2,068
Separate Accounts assets	1	1
Total Assets	7,667	9,451
Liabilities:
Total Liabilities	5,834	8,525
Recurring | NAV
Assets:
Separate Accounts assets	452	404
Corporate | Recurring
Assets:
Fixed maturities, AFS:	40,414	47,724
Corporate | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Corporate | Recurring | Level 2
Assets:
Fixed maturities, AFS:	38,520	46,231
Corporate | Recurring | Level 3
Assets:
Fixed maturities, AFS:	1,894	1,493
U.S. Treasury, government and agency
Assets:
Fixed maturities, AFS:	5,931	15,214
U.S. Treasury, government and agency | Recurring
Assets:
Fixed maturities, AFS:	5,931	15,214
U.S. Treasury, government and agency | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
U.S. Treasury, government and agency | Recurring | Level 2
Assets:
Fixed maturities, AFS:	5,931	15,214
U.S. Treasury, government and agency | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
States and political subdivisions
Assets:
Fixed maturities, AFS:	530	597
States and political subdivisions | Recurring
Assets:
Fixed maturities, AFS:	530	597
States and political subdivisions | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
States and political subdivisions | Recurring | Level 2
Assets:
Fixed maturities, AFS:	501	562
States and political subdivisions | Recurring | Level 3
Assets:
Fixed maturities, AFS:	29	35
Foreign governments
Assets:
Fixed maturities, AFS:	926	1,152
Foreign governments | Recurring
Assets:
Fixed maturities, AFS:	926	1,152
Foreign governments | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Foreign governments | Recurring | Level 2
Assets:
Fixed maturities, AFS:	926	1,152
Foreign governments | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
Residential mortgage-backed
Assets:
Fixed maturities, AFS:	470	90
Residential mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	470	90
Residential mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Residential mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	470	90
Residential mortgage-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
Asset-backed
Assets:
Fixed maturities, AFS:	8,696	5,905
Asset-backed | Recurring
Assets:
Fixed maturities, AFS:	8,696	5,905
Asset-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Asset-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	8,686	5,897
Asset-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	10	8
Commercial mortgage-backed
Assets:
Fixed maturities, AFS:	3,185	2,341
Commercial mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	3,185	2,341
Commercial mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Commercial mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	3,153	2,321
Commercial mortgage-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	32	20
Redeemable preferred stock
Assets:
Fixed maturities, AFS:	43	53
Redeemable preferred stock | Recurring
Assets:
Fixed maturities, AFS:	43	53
Redeemable preferred stock | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Redeemable preferred stock | Recurring | Level 2
Assets:
Fixed maturities, AFS:	43	53
Redeemable preferred stock | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
Short-term investments | Recurring
Assets:
Other invested assets:	14	0
Short-term investments | Recurring | Level 1
Assets:
Other invested assets:	0	0
Short-term investments | Recurring | Level 2
Assets:
Other invested assets:	14	0
Short-term investments | Recurring | Level 3
Assets:
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Recurring
Assets:
Other invested assets:	5	8
Assets of consolidated VIEs/VOEs | Recurring | Level 1
Assets:
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Recurring | Level 2
Assets:
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Recurring | Level 3
Assets:
Other invested assets:	5	8
Swaps | Recurring
Assets:
Other invested assets:	(277)	(469)
Swaps | Recurring | Level 1
Assets:
Other invested assets:	0	0
Swaps | Recurring | Level 2
Assets:
Other invested assets:	(277)	(469)
Swaps | Recurring | Level 3
Assets:
Other invested assets:	0	0
Credit default swaps | Recurring
Assets:
Other invested assets:	(2)	(1)
Credit default swaps | Recurring | Level 1
Assets:
Other invested assets:	0	0
Credit default swaps | Recurring | Level 2
Assets:
Other invested assets:	(2)	(1)
Credit default swaps | Recurring | Level 3
Assets:
Other invested assets:	0	0
Options | Recurring
Assets:
Other invested assets:	2,310	6,956
Options | Recurring | Level 1
Assets:
Other invested assets:	0	0
Options | Recurring | Level 2
Assets:
Other invested assets:	2,310	6,956
Options | Recurring | Level 3
Assets:
Other invested assets:	0	0
GMxB derivative features’ liability | Recurring
Liabilities:
Liabilities	5,834	8,525
GMxB derivative features’ liability | Recurring | Level 1
Liabilities:
Liabilities	0	0
GMxB derivative features’ liability | Recurring | Level 2
Liabilities:
Liabilities	0	0
GMxB derivative features’ liability | Recurring | Level 3
Liabilities:
Liabilities	5,834	8,525
SCS, SIO, MSO and IUL indexed features’ liability | Recurring
Liabilities:
Liabilities	2,056	6,641
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 1
Liabilities:
Liabilities	0	0
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 2
Liabilities:
Liabilities	2,056	6,641
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 3
Liabilities:
Liabilities	$ 0	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 139		$ 148
Fair value adjustments on amounts due from reinsurers	199		210
AFS fixed maturities transferred from Level 3 to Level 2	114	$ 713
AFS fixed maturities transferred from Level 2 to Level 3	$ 90	$ 0
AFS fixed maturities transferred between Level 2 and 3 (percentage)	51.30%	8.30%
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	$ 825		$ 430

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total gains and (losses), realized and unrealized, included in:
Transfers into Level 3			$ 90	$ 0
Transfers out of Level 3			(114)	(713)
Amounts Due from Reinsurers
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	$ (16)	$ (19)	(93)	(7)
GMIB reinsurance contract asset
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	8	8	(80)	9
GMxB Derivative Features Liability
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	(41)	(92)	835	(68)
Level 3 | Corporate
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	1,752	1,249	1,493	1,687
Net investment income (loss)	1	1	3	4
Investment gains (losses), net	(3)	(1)	(3)	(14)
Total realized and unrealized gains (losses)	(2)	0	0	(10)
Other comprehensive income (loss)	(70)	4	(151)	30
Purchases	217	259	765	718
Sales	(35)	(70)	(195)	(272)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	25	(2)	90	0
Transfers out of Level 3	7	0	(108)	(713)
Closing Balance	1,894	1,440	1,894	1,440
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(70)	4	(148)	30
Level 3 | States and political subdivisions
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	30	37	35	39
Net investment income (loss)	0		0	0
Investment gains (losses), net	0		0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	(1)	0	(5)	(1)
Purchases	0	0	0	0
Sales	0	0	(1)	(1)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	29	37	29	37
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(1)	0	(5)	(2)
Level 3 | CMBS
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	25	11	20	0
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	0	0	(2)	0
Purchases	7	(1)	14	10
Sales	0	0	0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	32	10	32	10
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	(2)	0
Level 3 | Asset-backed
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	18	127	8	20
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	(2)	(120)	9	3
Sales	0	(2)	(1)	(18)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(6)	0	(6)	0
Closing Balance	10	5	10	5
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Other Equity Investments
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	18	13	13	15
Net investment income (loss)	(1)	1	(1)	2
Investment gains (losses), net	0	0	0	0
Total realized and unrealized gains (losses)	(1)	1	(1)	2
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	8	0
Sales	0	(1)	0	(1)
Other		0		0
Activity related to consolidated VIEs/VOEs	0	1	(3)	(1)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	1	0	0
Closing Balance	17	15	17	15
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(1)	1	(1)	2
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Amounts Due from Reinsurers
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	4,681	5,510	5,815	0
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	(364)	344	(1,506)	586
Total realized and unrealized gains (losses)	(364)	344	(1,506)	586
Other comprehensive income (loss)	0	0	0	0
Purchases	28	31	89	40
Sales	(33)	(16)	(86)	(16)
Other		0		5,259
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	4,312	5,869	4,312	5,869
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(364)	344	(1,506)	586
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | GMIB reinsurance contract asset
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	1,612	2,290	2,068	2,859
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	(227)	(128)	(672)	(694)
Total realized and unrealized gains (losses)	(227)	(128)	(672)	(694)
Other comprehensive income (loss)	0	0	0	0
Purchases	10	10	31	32
Sales	(23)	(16)	(55)	(41)
Other		0		0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	1,372	2,156	1,372	2,156
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(227)	(128)	(672)	(694)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Separate Accounts Assets
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	1	1	1	1
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	(1)	0	0
Sales	0	0	0	0
Other		0		0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	(1)
Closing Balance	1	0	1	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | GMxB Derivative Features Liability
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	(6,189)	(8,455)	(8,525)	(10,936)
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	427	(395)	2,932	2,291
Total realized and unrealized gains (losses)	427	(395)	2,932	2,291
Other comprehensive income (loss)	0	0	0	0
Purchases	(110)	(109)	(345)	(344)
Sales	38	21	104	51
Other		0		0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	(5,834)	(8,938)	(5,834)	(8,938)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	427	(395)	2,932	2,291
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	$ 0	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) - Level 3 $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Corporate | Matrix Pricing Model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 237	$ 248
Corporate | Market Comparable Companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 917	$ 888
Corporate | Spread Over Benchmark | Matrix Pricing Model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0020	0.0020
Corporate | Spread Over Benchmark | Matrix Pricing Model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0797	0.0270
Corporate | Spread Over Benchmark | Matrix Pricing Model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0171	0.0146
Corporate | EBITDA Multiple | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	5.7	4.9
Corporate | EBITDA Multiple | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	38.5	62.3
Corporate | EBITDA Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	14.1	13
Corporate | Discount Rate | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.055	0.00062
Corporate | Discount Rate | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.415	0.00215
Corporate | Discount Rate | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.083	0.00091
Corporate | Cash Flow Multiples | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.5	0.5
Corporate | Cash Flow Multiples | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	12	10
Corporate | Cash Flow Multiples | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	6.4	5.5
Corporate | Loan to Value | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0	0.031
Corporate | Loan to Value | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.467	0.634
Corporate | Loan to Value | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.263	0.308
Other equity investments | Market Comparable Companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 4	$ 4
Other equity investments | Revenue Multiple | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.5	7.8
Other equity investments | Revenue Multiple | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	9.9	10.3
Other equity investments | Revenue Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	2.8	9.5
GMIB reinsurance contract asset | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,372	$ 2,068
GMIB reinsurance contract asset | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0038	0.000045
GMIB reinsurance contract asset | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2266	0.2086
GMIB reinsurance contract asset | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0292	0.00000265
GMIB reinsurance contract asset | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0014	0.000027
GMIB reinsurance contract asset | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1002	0.0866
GMIB reinsurance contract asset | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0102	0.0000
GMIB reinsurance contract asset | Utilization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.000004
GMIB reinsurance contract asset | Utilization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.006054	0.6044
GMIB reinsurance contract asset | Utilization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0561	0.00000527
GMIB reinsurance contract asset | Non-performance Risk | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0101	0.0057
GMIB reinsurance contract asset | Non-performance Risk | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0167	0.0093
GMIB reinsurance contract asset | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0103	0.0060
GMIB reinsurance contract asset | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.14	0.11
GMIB reinsurance contract asset | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.35	0.31
GMIB reinsurance contract asset | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.000025	0.24
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Minimum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.00
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Minimum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.00
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Minimum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0032	0.0000
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Maximum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0017	0.0000
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Maximum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0052	0.0000
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Maximum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4000	0.00004000
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0309	0.00000279
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000279
GMIB reinsurance contract asset | Mortality Rates | Discounted Cash Flow | Weighted Average | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000279
Amount Due from Reinsurers | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 4,312	$ 5,813
Amount Due from Reinsurers | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0038	0.0045
Amount Due from Reinsurers | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2266	0.2086
Amount Due from Reinsurers | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0193	0.0170
Amount Due from Reinsurers | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0014	0.0027
Amount Due from Reinsurers | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1002	0.0866
Amount Due from Reinsurers | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0138	0.0118
Amount Due from Reinsurers | Utilization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.0004
Amount Due from Reinsurers | Utilization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.6054	0.6044
Amount Due from Reinsurers | Utilization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0827	0.0720
Amount Due from Reinsurers | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0063	0.0037
Amount Due from Reinsurers | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0063	0.0037
Amount Due from Reinsurers | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.14	0.11
Amount Due from Reinsurers | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.35	0.31
Amount Due from Reinsurers | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.25	0.24
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Minimum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.00
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Minimum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.00
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Minimum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0032	0.0000
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Maximum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0017	0.0000
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Maximum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0052	0.0000
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Maximum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4000	0.00004000
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0228	0.00000217
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000217
Amount Due from Reinsurers | Mortality Rates | Discounted Cash Flow | Weighted Average | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000217
GMIB NLG | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 5,826	$ 8,503
GMIB NLG | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0038	0.000104
GMIB NLG | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2879	0.002357
GMIB NLG | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0423	0.00000355
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0014	0.000027
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1002	0.0866
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0127	0.00000104
GMIB NLG | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0186	0.0111
GMIB NLG | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0186	0.0111
GMIB NLG | Mortality Rates | Discounted Cash Flow | Minimum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.00
GMIB NLG | Mortality Rates | Discounted Cash Flow | Minimum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0007	0.00
GMIB NLG | Mortality Rates | Discounted Cash Flow | Minimum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0044	0.0000
GMIB NLG | Mortality Rates | Discounted Cash Flow | Maximum | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0018	0.0000
GMIB NLG | Mortality Rates | Discounted Cash Flow | Maximum | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0056	0.0000
GMIB NLG | Mortality Rates | Discounted Cash Flow | Maximum | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4360	0.00004360
GMIB NLG | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0171	0.00000162
GMIB NLG | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000162
GMIB NLG | Mortality Rates | Discounted Cash Flow | Weighted Average | Ages 61 - 115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.00000162
GMIB NLG | Annuitization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.000003
GMIB NLG | Annuitization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1	1
GMIB NLG | Annuitization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0610	0.00000524
GWBL/GMWB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 74	$ 99
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0050	0.0000
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2266	0.2086
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0292	0.00000265
GWBL/GMWB | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0	0
GWBL/GMWB | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0800	0.0800
GWBL/GMWB | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0102	0.0000
GWBL/GMWB | Utilization Rate | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1	1
GWBL/GMWB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0186	0.0111
GWBL/GMWB | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.14	0.11
GWBL/GMWB | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.35	0.31
GWBL/GMWB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.25	0.24
GIB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ (64)	$ (75)
GIB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0050	0.000060
GIB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2266	0.000000
GIB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0292	0.000265
GIB | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026	0.000013
GIB | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0210	0.0866
GIB | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0102	0.000093
GIB | Utilization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.000004
GIB | Utilization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1	1
GIB | Utilization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0561	0.000527
GIB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0186
GIB | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.14	0.11
GIB | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.35	0.31
GIB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.25	0.24
GMAB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ (1)	$ (3)
GMAB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0050	0.000060
GMAB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2266	0.2086
GMAB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0292	0.000265
GMAB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0186	0.0111
GMAB | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.14	0.11
GMAB | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.35	0.31
GMAB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.25	0.24

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 15,671	$ 14,016
Policy loans	3,538	3,540
Policyholders’ liabilities: Investment contracts	76,121	75,467
Separate Accounts liabilities	106,605	143,912
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	15,671	14,016
Policy loans	3,538	3,540
Loans to affiliates	1,900	1,900
Policyholders’ liabilities: Investment contracts	1,905	1,916
FHLB funding agreements	7,830	6,647
FABN funding agreements	6,613	6,689
Separate Accounts liabilities	9,806	11,620
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,931	14,291
Policy loans	4,418	4,512
Loans to affiliates	1,729	1,974
Policyholders’ liabilities: Investment contracts	1,730	1,980
FHLB funding agreements	7,709	6,679
FABN funding agreements	5,914	6,626
Separate Accounts liabilities	9,806	11,620
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	1,729	1,974
Policyholders’ liabilities: Investment contracts	0	0
FHLB funding agreements	7,709	6,679
FABN funding agreements	5,914	6,626
Separate Accounts liabilities	0	0
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	13,931	14,291
Policy loans	4,418	4,512
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	1,730	1,980
FHLB funding agreements	0	0
FABN funding agreements	0	0
Separate Accounts liabilities	$ 9,806	$ 11,620

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Unrealized gains (losses) on investments	$ (7,091)	$ 2,362
Defined benefit pension plans	(4)	(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$ (7,095)	$ 2,357

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss), Tax [Abstract]
Net unrealized gains (losses) arising during the period		$ (3,010)	$ (285)	$ (12,224)	$ (2,409)
(Gains) losses reclassified into net income (loss) during the period		258	(130)	696	(608)
Net unrealized gains (losses) on investments		(2,752)	(415)	(11,528)	(3,017)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		491	61	2,076	708
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(602), $(94), $(2,513) and $(614))	[1]	(2,261)	(354)	(9,452)	(2,309)
Other comprehensive income (loss), attributable to Equitable Financial		(2,261)	(354)	(9,452)	(2,309)
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Deferred income taxes		(602)	(94)	(2,513)	(614)
Unrealized Gains (losses) on Investments
Other Comprehensive Income (Loss), Tax [Abstract]
Reclassification from AOCI, current period, tax		$ (69)	$ 35	$ (185)	$ 162
[1]See Note 10 of the Notes to these Consolidated Financial Statements 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 21	$ 24	$ 28	$ 41
Net earnings (loss) attributable to redeemable noncontrolling interests	0	0	(4)	1
Purchase/change of redeemable noncontrolling interests	(1)	1	(4)	(17)
Balance, end of period	$ 20	$ 25	$ 20	$ 25

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	1 Months Ended
	Jul. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) legalAction	Feb. 29, 2016 USD ($)
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses		$ 250,000,000
Federal home loan bank stock		364,000,000
Carrying value of collateral pledged for federal home loan bank		11,000,000,000
Commitments by the Company to provide equity financing		1,300,000,000
Commitments under existing mortgage loan agreements		880,000,000
Letter of Credit
Loss Contingencies [Line Items]
Undrawn balance		17,000,000
Trust Notes
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 10,000,000,000
Equitable Financial | New York
Loss Contingencies [Line Items]
Number of actions | legalAction		2
Brach Family Foundation Litigation
Loss Contingencies [Line Items]
Liability for future policy benefits, face value of policy			$ 1,000,000
Sales and Disclosure Practices
Loss Contingencies [Line Items]
Civil monetary penalty	$ 50,000,000

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,643
Issued During the Period	42,316
Repaid During the Period	(41,132)
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	7,827
Difference related to remaining amortization	4	$ 4
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	6,719
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(79)
Outstanding Balance, period end	6,640
Difference related to remaining amortization	28	$ 70
Due in one year or less | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	5,353
Issued During the Period	40,964
Repaid During the Period	(41,132)
Long-term Agreements Maturing Within One Year	153
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	5,338
Due in one year or less | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	1,000
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	1,000
Due in years two through five | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,290
Issued During the Period	647
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(153)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,784
Due in years two through five | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,600
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,000)
Long-term Agreements Maturing Within Five Years	500
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	4,100
Due in more than five years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	705
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	705
Due in more than five years | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	2,119
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	(500)
Foreign Currency Transaction Adjustment	(79)
Outstanding Balance, period end	1,540
Long-term funding agreements | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,290
Issued During the Period	1,352
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(153)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	2,489
Long-term funding agreements | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	6,719
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,000)
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(79)
Outstanding Balance, period end	$ 5,640

INSURANCE STATUTORY FINANCIAL_2

INSURANCE STATUTORY FINANCIAL INFORMATION - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) prescribedAndPermittedPractice	Sep. 30, 2022 USD ($) prescribedAndPermittedPractice	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Number of prescribed and permitted practices | prescribedAndPermittedPractice	3	3
Statement of Statutory Accounting Principles 108
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase	$ 128,000,000	$ 128,000,000
Statutory accounting practices, statutory net income, decrease	$ 332,000,000	$ 1,200,000,000
Statutory accounting practices, hedging losses amortization period		5 years
Statutory accounting practices, statutory unassigned surplus, balance			$ 0
Regulation Number 213
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase (decrease) to new standard application		$ (2,200,000,000)
Statutory accounting practices, reserves phased-in, percentage	100%	100%
Statutory accounting practices, statutory net income, increase (decrease) to new standard application	$ 800,000,000	$ (900,000,000)
Regulation Number 213 with Seperate Accounts
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase (decrease) to new standard application	2,300,000,000	2,300,000,000
Statutory accounting practices, statutory net income, increase (decrease) to new standard application	$ 426,000,000	$ 2,400,000,000

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - Subsequent Event $ in Thousands	Oct. 03, 2022 USD ($)
Massachusetts Domiciled Insurance Company
Subsequent Event [Line Items]
Guaranteed credit rate (as a percent)	3%
Guaranteed credit amount of general account assets	$ 4,000,000
Reinsurance, guaranteed credit amount of separate account assets	$ 5,000,000
Number of Employees, Total | Reinsurance Transaction
Subsequent Event [Line Items]
Concentration risk, percentage	50%
Deferred variable annuity	$ 360