Equitable Financial Life Insurance 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-20501
Entity Registrant Name	EQUITABLE FINANCIAL LIFE INSURANCE COMPANY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5570651
Entity Address, Address Line One	1290 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10104
City Area Code	212
Local Phone Number	554-1234
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		2,000,000
Documents Incorporated by Reference	Equitable Financial Life Insurance Company meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Central Index Key	0000727920

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Dec. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $68,087 and $68,636) (allowance for credit losses of $24 and $22)		$ 58,947	$ 73,076
Mortgage loans on real estate (net of allowance for credit losses of $129 and $62)		16,464	14,016
Policy loans		3,563	3,540
Other equity investments	[1]	2,942	2,759
Trading securities, at fair value		283	379
Other invested assets		2,835	2,910
Total investments		85,034	96,680
Cash and cash equivalents		797	1,815
Deferred policy acquisition costs		5,857	4,267
Amounts due from reinsurers (allowance for credit losses of [$—] and $5) (includes amounts accounted for at fair value of [$—] and $5,813)	[2]	15,885	13,300
Loans to affiliates		1,900	1,900
GMIB reinsurance contract asset, at fair value		1,306	2,068
Current and deferred income taxes		1,479	842
Other assets		3,898	3,023
Separate Accounts assets		111,479	143,912
Total Assets		227,635	267,807
LIABILITIES
Policyholders’ account balances		79,731	75,467
Future policy benefits and other policyholders' liabilities		33,536	36,851
Broker-dealer related payables		95	630
Amounts due to reinsurers		282	135
Other liabilities		3,951	2,078
Separate Accounts liabilities		111,479	143,912
Total Liabilities		229,074	259,073
Redeemable noncontrolling interest	[3]	21	28
Commitments and contingent liabilities	[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		8,536	8,546
Accumulated deficit		(1,986)	(2,199)
Accumulated other comprehensive income (loss)		(8,012)	2,357
Total Equity		(1,460)	8,706
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 227,635	$ 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 16 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	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 68,087	$ 68,636
Fixed maturities available-for-sale, allowance for credit losses	24	22
Mortgage loans on real estate, valuation allowances	129	62
Reinsurance recoverable, allowance for credit loss	10	5
Reinsurance recoverable, fair value	$ 4,114	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Policy charges and fee income	$ 2,941	$ 3,391	$ 3,464
Premiums	725	750	806
Net derivative gains (losses)	1,508	(4,685)	(1,541)
Net investment income (loss)	3,077	3,483	3,208
Investment gains (losses), net:
Credit and intent to sell losses on available for sale debt securities and loans	(319)	2	(58)
Other investment gains (losses), net	(643)	851	845
Total investment gains (losses), net	(962)	853	787
Investment management and service fees	706	1,004	1,010
Other income	131	93	57
Total revenues	8,126	4,889	7,791
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	2,935	2,982	4,951
Interest credited to policyholders’ account balances	1,311	1,128	1,118
Compensation and benefits	202	328	309
Commissions	703	700	636
Interest expense	6	1	0
Amortization of deferred policy acquisition costs	466	456	1,333
Other operating costs and expenses	1,041	1,164	830
Total benefits and other deductions	6,664	6,759	9,177
Income (loss) from continuing operations, before income taxes	1,462	(1,870)	(1,386)
Income tax (expense) benefit	(279)	474	627
Net income (loss)	1,183	(1,396)	(759)
Less: Net income (loss) attributable to the noncontrolling interest	(3)	0	0
Net income (loss) attributable to Equitable Financial	$ 1,186	$ (1,396)	$ (759)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ 1,183	$ (1,396)	$ (759)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	(10,369)	(2,238)	2,999
Other comprehensive income (loss)		(10,369)	(2,238)	2,999
Comprehensive income (loss)		(9,186)	(3,634)	2,240
Less: Comprehensive income (loss) attributable to the noncontrolling interest	[1]	(3)		0
Comprehensive income (loss) attributable to Equitable Financial		$ (9,183)	$ (3,634)	$ 2,240
[1]See Note 15 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	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Cumulative effect of adoption	Cumulative effect of adoption Total	Cumulative effect of adoption Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 11,565	$ 11,552	$ 2	$ 7,809	$ 2,145	$ 1,596	$ 13	$ (32)	$ (32)	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(2,149)	(2,149)			(2,149)
Net income (loss)	(760)	(759)			(759)		(1)
Other comprehensive income (loss)	2,999	2,999				2,999
Other	20	32		32			(12)
Ending balance at Dec. 31, 2020	11,643	11,643	2	7,841	(795)	4,595	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(8)	(8)			(8)
Capital contribution from parent company	750	750		750
Net income (loss)	(1,396)	(1,396)			(1,396)
Other comprehensive income (loss)	(2,238)	(2,238)				(2,238)
Other	(45)	(45)		(45)
Ending balance at Dec. 31, 2021	8,706	8,706	2	8,546	(2,199)	2,357	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(967)	(967)			(967)
Net income (loss)	1,186	1,186			1,186
Other comprehensive income (loss)	(10,369)	(10,369)				(10,369)
Other	(16)	(16)		(10)	(6)
Ending balance at Dec. 31, 2022	$ (1,460)	$ (1,460)	$ 2	$ 8,536	$ (1,986)	$ (8,012)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Net income (loss)		$ 1,183	$ (1,396)	$ (759)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances		1,311	1,128	1,118
Policy charges and fee income		(2,941)	(3,391)	(3,464)
Net derivative (gains) losses		(1,508)	4,685	1,541
Credit and intent to sell losses on available for sale debt securities and loans		319	(2)	58
Investment (gains) losses, net		643	(851)	(845)
Realized and unrealized (gains) losses on trading securities		41	58	(106)
Non-cash long-term incentive compensation expense		20	(16)	29
Amortization and depreciation		463	316	1,249
Equity (income) loss from limited partnerships		(186)	(489)	(74)
Changes in:
Reinsurance recoverable	[1]	(1,029)	(1,165)	(283)
Capitalization of deferred policy acquisition costs		(700)	(724)	(565)
Future policy benefits		2	(181)	1,857
Current and deferred income taxes		235	(481)	(306)
Other, net		(170)	575	(218)
Net cash provided by (used in) operating activities		(2,317)	(1,934)	(768)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale		14,966	33,815	18,453
Mortgage loans on real estate		1,154	1,677	630
Trading account securities		266	5,062	1,913
Real estate joint ventures		0	0	55
Short-term investments		(483)	87	1,494
Other		355	1,720	973
Payment for the purchase/origination of:
Fixed maturities, available-for-sale		(17,838)	(42,573)	(26,402)
Mortgage loans on real estate		(3,683)	(2,546)	(1,747)
Trading account securities		(220)	(164)	(534)
Short-term investments		0	(6)	(1,098)
Other		(745)	(2,663)	(1,174)
Cash settlements related to derivative instruments, net		(160)	(5,981)	1,204
Issuance of loans to affiliates		0	(1,000)	0
Repayments of loans to affiliates		0	0	300
Investment in capitalized software, leasehold improvements and EDP equipment		(49)	(59)	(66)
Other, net		81	78	(406)
Net cash provided by (used in) investing activities		(6,356)	(12,553)	(6,405)
Cash flows from financing activities:
Deposits		15,372	16,930	10,928
Withdrawals		(6,833)	(7,073)	(4,370)
Transfers (to) from Separate Accounts		1,621	2,159	2,517
Change in collateralized pledged assets		36	34	(140)
Change in collateralized pledged liabilities		(1,572)	1,411	859
Capital contribution from parent company		0	750	0
Shareholder dividend paid		(930)	(7)	(2,149)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds		3	13	9
Other, net		(42)	42	70
Net cash provided by (used in) financing activities		7,655	14,259	7,724
Change in cash and cash equivalents		(1,018)	(228)	551
Cash and cash equivalents, beginning of year		1,815	2,043	1,492
Cash and cash equivalents, end of year		797	1,815	2,043
Supplemental cash flow information:
Income taxes (refunded) paid		45	(7)	(323)
Non-cash transactions from investing and financing activities:
Dividend to Parent		(37)	0	0
Transfer of assets to reinsurer		$ (2,762)	$ (9,023)	$ 0
[1]Amount includes cash paid for Global Atlantic Transaction in 2022 of $7 million and for Venerable Transaction in 2021 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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash paid for Venerable reinsurance transaction	$ 7	$ 494

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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. Global Atlantic Reinsurance Transaction On October 3, 2022, Equitable Financial completed the transactions (the “Global Atlantic 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 Global Atlantic 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”). The Reinsured Contracts predominately include certain of Equitable Financial’s contracts that offer the highest guaranteed general account crediting rates of 3%. At the closing of the Global Atlantic Transaction, the Reinsurer deposited assets supporting the general account liabilities relating to the Reinsured Contracts into a trust account for the benefit of Equitable Financial, which assets will secure its obligations to Equitable Financial under the EQUI-VEST Reinsurance Agreement. Commonwealth Annuity and Life Insurance Company, an insurance company domiciled in the Commonwealth of Massachusetts and affiliate of the Reinsurer (“Commonwealth”), provided a guarantee of the Reinsurer’s payment obligation to Equitable Financial under the EQUI-VEST Reinsurance Agreement. The Company transferred assets of $2.8 billion, including primarily available-for-sale securities, cash and policy loans as the consideration for the reinsurance transaction. In addition, the Company recorded $4.1 billion of direct insurance liabilities ceded under the reinsurance contract included in amounts due from reinsurers and $1.2 billion of deferred gain on cost of reinsurance included within other liabilities. Additionally, $5.3 billion of Separate Account liabilities were ceded under a modified coinsurance portion of the agreement. Venerable Reinsurance Transaction 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those VIEs that meet the requirements for consolidation. Financial results in the historical consolidated financial statements may not be indicative of the results of operations, comprehensive income (loss), financial position, equity or cash flows that would have been achieved had we operated as a separate, standalone entity during the reporting periods presented. We believe that the consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. The years “2022”, “2021” and “2020” refer to the years ended December 31, 2022, 2021 and 2020, 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 December 31, 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 has finalized key accounting policy decisions and executed the intended implementation plan including modifying actuarial valuation systems, modernizing key finance processes including data sourcing, analytical procedures and reporting, and updating internal controls. The Company is ready for adoption of the guidance as of January 1, 2023 using the modified retrospective approach, except for Market Risk Benefits (MRBs) which will use the full retrospective approach. Based upon the modified retrospective transition method, the Company estimates that the January 1, 2021 transition date impact from LDTI adoption is a decrease in total U.S. GAAP equity of $3.8 billion. This is primarily due to accounting for our variable annuity guarantees that are not currently measured at fair value as MRBs in the extremely low interest rate environment as of January 1, 2021. For full year 2021, GAAP net income under LDTI basis is estimated to be $2.5 billion higher than the previously reported 2021 net income of ($1.4) billion due to better alignment between MRB liabilities and our economic hedging program. As of December 31, 2021, the impact on total equity is a decrease of approximately $1.3 billion and in line with our prior estimates. The U.S. GAAP net income for full year 2022 is estimated to be positive and less volatile under LDTI. The estimated impact to total U.S. GAAP equity as of December 31, 2022, is expected to be significantly mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business that results in a positive impact from accounting for its variable annuity guarantees as MRBs under the guidance at December 31, 2022. Investments The carrying values of fixed maturities classified as AFS are reported at fair value. Changes in fair value are reported in OCI, net of allowance for credit losses, policy related amounts and deferred income taxes. Changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REIT, perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Effective January 1, 2021, the Company began classifying certain preferred stock as equity securities to better reflect the economics and nature of these securities. These preferred stock securities are reported in other equity investments. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s IUS Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, and the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist. When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in a timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings or as a reduction of the amortized cost basis for interest and principal, respectively. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). COLI has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. As of December 31, 2022 and 2021, the carrying value of COLI was $888 million and $1.0 billion, respectively, and is reported in other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include equity, currency, and interest rate futures, total return and/or other equity swaps, interest rate swaps and floors, swaptions, variance swaps and equity options, all of which may be exchange-traded or contracted in the OTC market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “other invested assets” or as liabilities within “other liabilities”. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “net derivative gains (losses)” without considering changes in the fair value of the economically associated assets or liabilities. The Company has designated certain derivatives it uses to economically manage asset/liability risk in relationships which qualify for hedge accounting. To qualify for hedge accounting, we formally document our designation at inception of the hedge relationship as a cash flow, fair value or net investment hedge. This documentation includes our risk management objective and strategy for undertaking the hedging transaction. The Company identifies how the hedging instrument is expected to offset the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness. To qualify for hedge accounting, a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed and documented at inception and periodically throughout the life of the hedge accounting relationship. The Company does not exclude any components of the hedging instrument from the effectiveness assessments and therefore does not separately measure or account for any excluded components of the hedging instrument. While in cash flow hedge relationships, any periodic net receipts and payments from the hedging instrument are included in the income or expense line that the hedged item’s periodic income or expense is recognized. Other changes in the fair value of the hedging instrument while in a cash flow hedging relationship are reported within OCI. These amounts are deferred in AOCI until they are reclassified to Net income (loss). The reclassified amount offsets the effect of the cash flows on Net income (loss) in the same period when the hedged item affects earnings and on the same line as the hedged item. We discontinue cash flow hedge accounting prospectively when the Company determines: (1) the hedging instrument is no longer highly effective in offsetting changes in the cash flow from the hedged risk, (2) the hedged item is no longer probable of occurring within two months of their forecast, or (3) the hedging instrument is otherwise redesignated from the hedging relationship. Changes in the fair value of the derivative after discontinuation of cash flow hedge accounting are accounted for as freestanding derivative positions not designated to hedge accounting relationships unless and until the derivative is redesignated to a hedge accounting relationship. When cash flow hedge accounting is discontinued the amounts deferred in AOCI during the hedge relationship continue to be deferred in AOCI, as long as the hedged items continue to be probable of occurring within two months of their forecast, until the hedged item affects Net income (loss). Any amount deferred in AOCI for hedged items which are no longer probable of occurring within two months of their forecast will be reclassified to “net derivative gains (losses)” at that time. The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. Once those criteria are met, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of income (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value. Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the CECL model in order to provide for the risk of credit losses in the lending process. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a PD / LGD model. The PD / LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including LTV ratios, DSC ratios, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery. For individually evaluated mortgages, the Company continues to recognize a valuation allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • LTV ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • DSC ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as a TDR and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgage loans. Based on its monthly monitoring of mortgages, a class of potential problem mortgage loans are also identified, consisting of mortgage loans not currently classified as problem mortgage loans but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within other assets. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. Troubled Debt Restructuring The Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate and privately negotiated fixed maturities included in the balance sheet as fixed maturities AFS. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the TDR. A credit allowance may have been recorded prior to the period when the loan is modified in a TDR. Accordingly, the carrying value (net of the allowance) before and after modification through a TDR may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. Net Investment Income (Loss), Investment Gains (Losses) Net, and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. Fair Value of Financial Instruments See Note 7 of the Notes to these Consolidated Financial Statements for additional information regarding determining the fair value of financial instruments. Recognition of Insurance Income and Related Expenses Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. 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 December 31, 2022 and 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. DAC Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. In each reporting period, DAC amortization, net of the accrual of imputed interest on DAC balances, is recorded to amortization of deferred policy acquisition costs. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. The determination of DAC, including amortization and recoverability estimates, is based on models that involve numerous assumptions and subjective judgments, including those regarding policyholder behavior, surrender and withdrawal rates, mortality experience, and other inputs including financial market volati

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 was $550 million and $470 million, respectively. There was no accrued interest written off for AFS fixed maturities for the years ended December 31, 2022, 2021 and 2020. 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) December 31, 2022 Fixed Maturities: Corporate (1) $ 46,053 $ 24 $ 89 $ 6,655 $ 39,463 U.S. Treasury, government and agency 7,049 — 1 1,312 5,738 States and political subdivisions 540 — 7 76 471 Foreign governments 985 — 2 151 836 Residential mortgage-backed (2) 860 — 1 84 777 Asset-backed (3) 8,817 — 3 371 8,449 Commercial mortgage-backed 3,742 — — 572 3,170 Redeemable preferred stock 41 — 2 — 43 Total at December 31, 2022 $ 68,087 $ 24 $ 105 $ 9,221 $ 58,947 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 December 31, 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) December 31, 2022: Contractual maturities: Due in one year or less $ 1,516 $ 1,497 Due in years two through five 13,452 12,727 Due in years six through ten 14,632 12,979 Due after ten years 25,003 19,305 Subtotal 54,603 46,508 Residential mortgage-backed 860 777 Asset-backed 8,817 8,449 Commercial mortgage-backed 3,742 3,170 Redeemable preferred stock 41 43 Total at December 31, 2022 $ 68,063 $ 58,947 The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the years ended December 31, 2022, 2021 and 2020: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Year Ended December 31, 2022 2021 2020 (in millions) Proceeds from sales $ 11,683 $ 26,678 $ 12,670 Gross gains on sales $ 38 $ 1,141 $ 854 Gross losses on sales $ (668) $ (189) $ (34) Net (increase) decrease in Allowance for Credit and Intent to Sell losses (1) $ (253) $ (16) $ (13) ______________ (1) Amounts reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 11 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction. 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 Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ 42 $ 28 $ 15 Previously recognized impairments on securities that matured, paid, prepaid or sold (261) (2) — Recognized impairments on securities impaired to fair value this period (1) (2) 246 — — Credit losses recognized this period on securities for which credit losses were not previously recognized — 9 6 Additional credit losses this period on securities previously impaired 9 7 7 Increases due to passage of time on previously recorded credit losses — — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — — Balance at December 31, $ 36 $ 42 $ 28 ______________ (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 reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 11 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction. The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI. 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 (14,456) — — — (14,456) Reclassification adjustment: — Included in net income (loss) 885 — — — 885 Other (1) — — — (1,489) (1,489) Impact of net unrealized investment gains (losses) — 1,354 750 2,409 4,513 Net unrealized investment gains (losses) excluding credit losses (9,109) 1,070 (227) 247 (8,019) Net unrealized investment gains (losses) with credit losses (7) 1 — 1 (5) Balance, December 31, 2022 $ (9,116) $ 1,071 $ (227) $ 248 $ (8,024) Balance, January 1, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (2,902) — — — (2,902) Reclassification adjustment: — Included in net income (loss) (835) — — — (835) Other (2) (31) — — — (31) Impact of net unrealized investment gains (losses) — 182 837 577 1,596 Net unrealized investment gains (losses) excluding credit losses 4,462 (284) (977) (673) 2,528 Net unrealized investment gains (losses) with credit losses — — — — — Balance, December 31, 2021 $ 4,462 $ (284) $ (977) $ (673) $ 2,528 Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 5,953 — — — 5,953 Reclassification adjustment: Included in Net income (loss) (802) — — — (802) Impact of net unrealized investment gains (losses) — 360 (1,623) (818) (2,081) Net unrealized investment gains (losses) excluding credit losses 8,235 (466) (1,815) (1,251) 4,703 Net unrealized investment gains (losses) with credit losses (5) — 1 1 (3) Balance, December 31, 2020 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 _____________ (1) Reflects a Deferred Tax Asset valuation allowance of $1.5 billion recorded during the fourth quarter of 2022. See Note 14 o f the Notes to these Consolidated Financial Statements for additional details. (2) 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 4,798 issues as of December 31, 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) December 31, 2022 Fixed Maturities: Corporate $ 22,034 $ 2,431 $ 15,014 $ 4,222 $ 37,048 $ 6,653 U.S. Treasury, government and agency 5,465 1,294 204 18 5,669 1,312 States and political subdivisions 91 18 158 58 249 76 Foreign governments 349 42 418 109 767 151 Residential mortgage-backed 665 49 79 35 744 84 Asset-backed 6,262 228 1,759 143 8,021 371 Commercial mortgage-backed 1,572 200 1,580 372 3,152 572 Total at December 31, 2022 $ 36,438 $ 4,262 $ 19,212 $ 4,957 $ 55,650 $ 9,219 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 0.8% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of December 31, 2022 and 2021 were $327 million and $280 million, respectively, representing 22.4% 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 December 31, 2022 and 2021, respectively, approximately $2.9 billion and $2.8 billion, or 4.3% and 4.1%, of the $68.1 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 $208 million and $18 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, respectively, the $5.0 billion 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 December 31, 2022 or December 31, 2021. As of December 31, 2022 and 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 December 31, 2022, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads. Mortgage Loans on Real Estate Accrued interest receivable on commercial and agricultural mortgage loans as of December 31, 2022 and 2021 was $71 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the years ended December 31, 2022 and 2021. As of December 31, 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 years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 57 $ 77 $ 33 Current-period provision for expected credit losses 66 (20) 44 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — Net change in allowance 66 (20) 44 Balance, end of period $ 123 $ 57 $ 77 Agricultural mortgages: Balance, beginning of period $ 5 $ 4 $ 3 Current-period provision for expected credit losses 1 1 1 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — Net change in allowance 1 1 1 Balance, end of period $ 6 $ 5 $ 4 Total allowance for credit losses $ 129 $ 62 $ 81 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 and economic assumptions. Credit Quality Information The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2022 and 2021. Loan to Value (“LTV”) Ratios (1) December 31, 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% $ 624 $ 130 $ — $ — $ 119 $ 1,242 $ — $ — $ 2,115 50% - 70% 2,285 1,569 906 313 623 2,254 328 — 8,278 70% - 90% 363 415 463 329 424 1,314 — 34 3,342 90% plus — — — — 35 233 — — 268 Total commercial $ 3,272 $ 2,114 $ 1,369 $ 642 $ 1,201 $ 5,043 $ 328 $ 34 $ 14,003 Agricultural: 0% - 50% $ 163 $ 182 $ 228 $ 129 $ 132 $ 725 $ — $ — $ 1,559 50% - 70% 190 185 222 68 83 267 — — 1,015 70% - 90% — — — — — 16 — — 16 90% plus — — — — — — — — — Total agricultural $ 353 $ 367 $ 450 $ 197 $ 215 $ 1,008 $ — $ — $ 2,590 Total mortgage loans: 0% - 50% $ 787 $ 312 $ 228 $ 129 $ 251 $ 1,967 $ — $ — $ 3,674 50% - 70% 2,475 1,754 1,128 381 706 2,521 328 — 9,293 70% - 90% 363 415 463 329 424 1,330 — 34 3,358 90% plus — — — — 35 233 — — 268 Total mortgage loans $ 3,625 $ 2,481 $ 1,819 $ 839 $ 1,416 $ 6,051 $ 328 $ 34 $ 16,593 Debt Service Coverage (“DSC”) Ratios (2) December 31, 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 $ 771 $ 1,159 $ 1,113 $ 102 $ 571 $ 1,911 $ — $ — $ 5,627 1.8x to 2.0x 158 215 164 197 186 477 279 — 1,676 1.5x to 1.8x 337 390 32 153 176 1,175 4 — 2,267 1.2x to 1.5x 1,041 259 — 92 73 917 — — 2,382 1.0x to 1.2x 507 43 60 98 160 492 45 34 1,439 Less than 1.0x 458 48 — — 35 71 — — 612 December 31, 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) Total commercial $ 3,272 $ 2,114 $ 1,369 $ 642 $ 1,201 $ 5,043 $ 328 $ 34 $ 14,003 Agricultural: Greater than 2.0x $ 51 $ 40 $ 62 $ 21 $ 12 $ 193 $ — $ — $ 379 1.8x to 2.0x 16 58 35 24 14 51 — — 198 1.5x to 1.8x 69 42 111 18 19 196 — — 455 1.2x to 1.5x 107 147 177 98 99 298 — — 926 1.0x to 1.2x 91 80 61 30 60 257 — — 579 Less than 1.0x 19 — 4 6 11 13 — — 53 Total agricultural $ 353 $ 367 $ 450 $ 197 $ 215 $ 1,008 $ — $ — $ 2,590 Total mortgage loans: Greater than 2.0x $ 822 $ 1,199 $ 1,175 $ 123 $ 583 $ 2,104 $ — $ — $ 6,006 1.8x to 2.0x 174 273 199 221 200 528 279 — 1,874 1.5x to 1.8x 406 432 143 171 195 1,371 4 — 2,722 1.2x to 1.5x 1,148 406 177 190 172 1,215 — — 3,308 1.0x to 1.2x 598 123 121 128 220 749 45 34 2,018 Less than 1.0x 477 48 4 6 46 84 — — 665 Total mortgage loans $ 3,625 $ 2,481 $ 1,819 $ 839 $ 1,416 $ 6,051 $ 328 $ 34 $ 16,593 _____________ (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 December 31, 2022 and 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) December 31, 2022: Mortgage loans: Commercial $ 56 $ — $ — $ 56 $ 13,947 $ 14,003 $ — $ 14,003 $ — $ — Agricultural 3 5 13 21 2,553 2,574 16 2,590 — — Total $ 59 $ 5 $ 13 $ 77 $ 16,500 $ 16,577 $ 16 $ 16,593 $ — $ — 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 December 31, 2022 and 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $14 million and $14 million, respectively. The carrying values of those mortgage loans are presented net of an allowance of $2 million and $2 million, respectively, as of December 31, 2022 and 2021. Troubled Debt Restructuring During the years ended December 31, 2022, 2021 and 2020, 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 years ended December 31, 2022 and 2021. Unrealized and Realized Gains (Losses) from Equity Securities Year Ended December 31, 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (109) $ 9 Net investment gains (losses) recognized on securities sold during the period (36) (2) Unrealized and realized gains (losses) on equity securities $ (145) $ 7 Trading Securities As of December 31, 2022 and 2021, respectively, the fair value of the Company’s trading securities was $283 million and $379 million. As of December 31, 2022 and 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $38 million and $44 million. The table below shows a breakdown of net investment income (loss) from trading securities during the years ended December 31, 2022, 2021 and 2020: Net Investment Income (Loss) from Trading Securities Year Ended December 31, 2022 2021 2020 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (35) $ (264) $ 96 Net investment gains (losses) recognized on securities sold during the period (6) 206 10 Unrealized and realized gains (losses) on trading securities (41) (58) 106 Interest and dividend income from trading securities 13 92 206 Net investment income (loss) from trading securities $ (28) $ 34 $ 312 Net Investment Income (Loss) The following table breaks out net investment income (loss) by asset category: Year Ended December 31, 2022 2021 2020 (in millions) Fixed maturities $ 2,478 $ 2,293 $ 2,193 Mortgage loans on real estate 586 547 516 Other equity investments 74 525 79 Policy loans 203 209 198 Trading securities (28) 34 312 Other investment income 57 47 49 Gross investment income (loss) 3,370 3,655 3,347 Investment expenses (293) (172) (139) Net investment income (loss) $ 3,077 $ 3,483 $ 3,208 Investment Gains (Losses), Net Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Fixed maturities $ (885) $ 834 $ 801 Mortgage loans on real estate (66) 20 (45) Other equity investments (1) — — 30 Other (11) (1) 1 Investment gains (losses), net $ (962) $ 853 $ 787 _____________ (1) Investment gains (losses), net of Other equity investments includes Real Estate Held for production during the years ended December 31, 2021 and December 31, 2020. For the years ended December 31, 2022, 2021 and 2020, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $1 million, $2 million and $2 million.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 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 these cross currency swaps are designated and qualify as cash flow hedges, the corresponding 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 December 31, 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 $ 1,431 $ 99 $ 85 $ 921 $ 7 $ 42 Interest swaps 955 — 294 955 — 395 Total: designated for hedge accounting 2,386 99 379 1,876 7 437 Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 4,320 — — 2,213 — — Swaps 11,159 38 — 13,310 5 — Options 39,863 7,549 3,396 48,380 12,015 5,059 Interest rate contracts: Futures 12,693 — — 12,455 — — Swaps 1,498 — 166 1,876 — 45 Credit contracts: Credit default swaps 102 — 2 619 2 3 Currency contracts: Currency swaps 397 4 13 541 1 — Other freestanding contracts: Margin — 193 — — 102 — Collateral — 142 4,469 — 178 6,154 Total: Not designated for hedge accounting 70,032 7,926 8,046 79,394 12,303 11,261 Embedded derivatives: Amounts due from reinsurers (5) — 4,114 — — 5,813 — GMIB reinsurance contracts (2) — 1,306 — — 2,068 — GMxB derivative features liability (3) — — 5,773 — — 8,525 SCS, SIO, MSO and IUL indexed features (4) — — 4,077 — — 6,641 Total embedded derivatives — 5,420 9,850 — 7,881 15,166 Total derivative instruments $ 72,418 $ 13,445 $ 18,275 $ 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. Derivative Instruments by Category Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net NII (3) Interest Credited To Policyholders Account Balances AOCI Net Interest Credited To Policyholders Account Balances AOCI Net Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: Designated for hedge accounting Cash flow hedges: Currency Swaps $ 19 $ 7 $ (4) $ 24 $ (2) $ (45) $ 5 $ — $ — $ — Interest Swaps (86) — — 206 (69) — (87) (9) — (87) Total: Designated for hedge accounting (67) 7 (4) 230 (71) (45) (82) (9) — (87) Derivatives: Not designated for hedge accounting Equity contracts: Futures 349 — — — (607) — — (955) — — Swaps 2,626 — — — (3,608) — — (3,353) — — Options (2,752) — — — 3,883 — — 1,663 — — Interest rate contracts: Futures (1,645) — — — (727) — — 1,745 — — Swaps (492) — — — (2,316) — — 2,832 — — Credit contracts: Credit default swaps 8 — — — 1 — — — — — Currency contracts: Currency swaps 10 — — — 3 — — (2) — — Total: Not designated for hedge accounting (1,896) — — — (3,371) — — 1,939 — — Embedded Derivatives: Amounts due from reinsurers (1,706) — — — 517 — — — — — GMIB reinsurance contracts (726) — — — (777) — — 472 — — GMxB derivative features liability 3,062 — — — 2,792 — — (2,238) — — SCS, SIO, MSO and IUL indexed features 2,857 — — — (3,760) — — (1,693) — — Total Embedded Derivatives 3,487 — — — (1,228) — — (3,459) — — Total derivatives instruments $ 1,524 $ 7 $ (4) $ 230 $ (4,670) $ (45) $ (82) $ (1,529) $ — $ (87) ______________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the years ended December 31, 2022, 2021 and 2020, investment fees of $16 million, $15 million and $12 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 Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ (208) $ (126) $ (38) Amount recorded in AOCI Currency swaps 29 (35) — Interest swaps 102 (183) (108) Total amount recorded in AOCI 131 (218) (108) Amount reclassified from AOCI to income Currency swaps (1) (5) 40 — Interest swaps (1) 104 96 20 Total amount reclassified from AOCI to income 99 136 20 Balance, end of period (2) $ 22 $ (208) $ (126) ______________ (1) Currency swaps reclassified from AOCI to income are reported in net investment income in the consolidated statements of income (loss). Interest swaps reclassified from AOCI to income are reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) The Company does not estimate the amount of the deferred losses in AOCI at years ended December 31, 2022, 2021 and 2020 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 December 31, 2022 and 2021 are exchange-traded and net settled daily in cash. As of December 31, 2022 and 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 $222 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 $103 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 $16 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 December 31, 2022 and 2021, respectively, the Company held $4.5 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 $142 million and $178 million as of December 31, 2022 and 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 December 31, 2022 and 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 December 31, 2022 and 2021: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 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 $ 8,024 $ 6,980 $ 1,044 $ (848) $ 196 Other financial assets 1,791 — 1,791 — 1,791 Other invested assets $ 9,815 $ 6,980 $ 2,835 $ (848) $ 1,987 Liabilities: Derivative liabilities $ 7,577 $ 6,980 $ 597 $ — $ 597 Other financial liabilities 3,354 — 3,354 — 3,354 Other liabilities $ 10,931 $ 6,980 $ 3,951 $ — $ 3,951 ______________ (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	12 Months Ended
	Dec. 31, 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 NYDFS. Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Summarized financial information for the Company’s Closed Block is as follows: December 31, 2022 2021 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,688 $ 5,928 Policyholder dividend obligation — — Other liabilities 68 39 Total Closed Block liabilities 5,756 5,967 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0) 2,948 3,390 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,645 1,771 Policy loans 569 602 Cash and other invested assets — 63 Other assets 155 90 Total assets designated to the Closed Block 5,317 5,916 Excess of Closed Block liabilities over assets designated to the Closed Block 439 51 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and ($43) (166) 172 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 273 $ 223 The Company’s Closed Block revenues and expenses were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Revenues: Premiums and other income $ 125 $ 144 $ 157 Net investment income (loss) 221 237 251 Investment gains (losses), net (3) 4 — Total revenues 343 385 408 Benefits and Other Deductions: Policyholders’ benefits and dividends 328 372 399 Other operating costs and expenses 2 3 1 Total benefits and other deductions 330 375 400 Net income (loss), before income taxes 13 10 8 Income tax (expense) benefit (1) (2) (2) Net income (loss) $ 12 $ 8 $ 6 A reconciliation of the Company’s policyholder dividend obligation follows: Year Ended December 31, 2022 2021 2020 (in millions) Beginning balance $ — $ 160 $ 2 Unrealized investment gains (losses) — (160) 158 Ending balance $ — $ — $ 160

DAC AND POLICYHOLDER BONUS INTE

DAC AND POLICYHOLDER BONUS INTEREST CREDITS	12 Months Ended
	Dec. 31, 2022
Contract holder Bonus Interest Credits [Abstract]
DAC AND POLICYHOLDER BONUS INTEREST CREDITS	DAC AND POLICYHOLDER BONUS INTEREST CREDITS Changes in the DAC asset for the years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of year $ 4,267 $ 3,816 $ 4,225 Capitalization of commissions, sales and issue expenses 702 724 564 Amortization: Impact of assumptions updates and model changes 7 19 (866) All other (473) (475) (467) Total amortization (466) (456) (1,333) Change in unrealized investment gains and losses 1,354 183 360 Balance, end of year $ 5,857 $ 4,267 $ 3,816 The deferred asset for policyholder bonus interest credits is reported in other assets in the consolidated balance sheets and changes in the deferred asset for policyholder bonus Interest credits are reported in interest credited to policyholders’ account balances. For the years ended December 31, 2022, 2021 and 2020 changes were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of year $ 361 $ 405 $ 431 Amortization charged to income (41) (44) (26) Balance, end of year $ 320 $ 361 $ 405

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 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 December 31, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 37,360 $ 2,103 $ 39,463 U.S. Treasury, government and agency — 5,738 — 5,738 States and political subdivisions — 442 29 471 Foreign governments — 836 — 836 Residential mortgage-backed (2) — 777 — 777 Asset-backed (3) — 8,449 — 8,449 Commercial mortgage-backed — 3,138 32 3,170 Redeemable preferred stock — 43 — 43 Total fixed maturities, AFS — 56,783 2,164 58,947 Other equity investments 137 478 12 627 Trading securities 160 123 — 283 Other invested assets: Short-term investments — 485 — 485 Assets of consolidated VIEs/VOEs — — 5 5 Swaps — (416) — (416) Credit default swaps — (2) — (2) Options — 4,153 — 4,153 Total other invested assets — 4,220 5 4,225 Cash equivalents 397 258 — 655 Amounts due from reinsurer (5) — — 4,114 4,114 GMIB reinsurance contracts asset — — 1,306 1,306 Separate Accounts assets (4) 108,378 2,429 1 110,808 Total Assets $ 109,072 $ 64,291 $ 7,602 $ 180,965 Liabilities: GMxB derivative features’ liability $ — $ — $ 5,773 $ 5,773 SCS, SIO, MSO and IUL indexed features’ liability — 4,077 — 4,077 Total Liabilities $ — $ 4,077 $ 5,773 $ 9,850 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2022 the fair value of such investments was $456 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 the 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 $92 million and $148 million as of December 31, 2022 and 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 $151 million and $210 million at December 31, 2022 and 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 year ended December 31, 2022, fixed maturities with fair values of $121 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 $168 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 19.8% of total equity as of December 31, 2022. During the year ended December 31, 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 $27 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 8.5% of total equity as of December 31, 2021. The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the years ended December 31, 2022, 2021 and 2020, respectively. 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) 5 — — — Investment gains (losses), net (5) — — — Subtotal — — — — Other comprehensive income (loss) (157) (5) (2) — Purchases 1,093 — 14 — Sales (379) (1) — (2) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 168 — — — Transfers out of Level 3 (1) (115) — — (6) Balance, December 31, 2022 $ 2,103 $ 29 $ 32 $ — 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) $ (154) $ (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) 5 — — — Investment gains (losses), net (16) — — — Subtotal (11) — — — Other comprehensive income (loss) 34 (2) — — Purchases 937 — 20 6 Sales (468) (2) — (18) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 27 — — — Transfers out of Level 3 (1) (713) — — — Balance, December 31, 2021 $ 1,493 $ 35 $ 20 $ 8 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) $ 28 $ (2) $ — $ — Balance, January 1, 2020 $ 1,246 $ 39 $ — $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — — Investment gains (losses), net (16) — — — Subtotal (12) — — — Other comprehensive income (loss) (17) 2 — — Purchases 513 — — 20 Sales (224) (2) — — Transfers into Level 3 (1) 184 — — — Transfers out of Level 3 (1) (3) — — (100) Balance, December 31, 2020 $ 1,687 $ 39 $ — $ 20 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) $ (18) $ 2 $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of December 31, 2022 and 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. 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 $ 5,813 $ 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) — (1,706) (726) — 3,062 Total realized and unrealized gains (losses) (1) (1,706) (726) — 3,062 Other comprehensive income (loss) — — — — — Purchases (2) 8 123 41 — (456) Sales (3) — (116) (77) — 146 Change of estimate — — — — — Activity related to consolidated VIEs/VOEs (3) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, December 31, 2022 $ 17 $ 4,114 $ 1,306 $ 1 $ (5,773) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (1,706) $ (726) $ — $ 3,062 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) — 517 (777) — 2,792 Total realized and unrealized gains (losses) 2 517 (777) — 2,792 Other comprehensive income (loss) — — — — — Purchases (2) 1 73 44 1 (458) Sales (3) (1) (36) (58) — 77 Other — 5,259 — — — Activity related to consolidated VIEs/VOEs (4) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — (1) — Balance, December 31, 2021 $ 13 $ 5,813 $ 2,068 $ 1 $ (8,525) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 2 $ 517 $ (777) $ — $ 2,792 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, 2020 $ 16 $ — $ 2,466 $ — $ (8,316) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) — — 472 — (2,238) Total realized and unrealized gains (losses) — — 472 — (2,238) Other comprehensive income (loss) — — — — — Purchases (2) 3 — 45 1 (441) Sales (3) — — (79) — 59 Change in estimate — — (45) — — Activity related to consolidated VIEs/VOEs (4) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, December 31, 2020 $ 15 $ — $ 2,859 $ 1 $ (10,936) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ — $ — $ 472 $ — $ (2,238) 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 years ended December 31, 2022, 2021 and 2020, the Company’s non-performance risk impact of $522 million, ($217) million and ($758) million for the GMxB Derivative Features Liability ($45) million, ($26) million and $14 million for the GMIB Reinsurance Contract Asset, and ($60) million, $19 million and $0 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 December 31, 2022 and 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 December 31, 2022 and 2021, respectively. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2022 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 413 Matrix pricing model Spread over Benchmark 20 bps - 797 bps 204 bps 1,029 Market comparable companies EBITDA multiples Discount Rate Cash flow Multiples Loan to Value 5.3x - 35.8x 9.0% - 45.7% 0.0x - 10.3x 0.0% - 40.4% 13.6x 11.9% 6.1x 12.0% Other equity investments 4 Market comparable companies Revenue multiple 0.5x - 10.8x 2.4x Fair Valuation Technique Significant Range Weighted Average (2) GMIB reinsurance contract asset 1,306 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 0.26% - 26.23% 0.06% - 10.93% 0.04% - 62.30% 69 bps - 133 bps 14% - 32% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 3.05% 0.99% 5.40% 70 bps 24% 3.09% (same for all ages) (same for all ages) Amount Due from Reinsurers 4,114 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 0.26% - 26.23% 0.06% - 10.93% 0.04% - 62.30% 51 bps 14% - 32% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 2.01% 1.32% 7.95% 51 bps 24% 2.33% (same for all ages) (same for all ages) Liabilities: GMIB NLG 5,770 Discounted cash flow Non-performance risk Lapse Withdrawal Annuitization Mortality (1): Ages 0-40 Ages 41-60 Ages 61-115 147 bps 0.26% - 35.42% 0.06% - 10.93% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.54% 0.42% - 41.42% 147 bps 4.26% 1.25% 5.95% 1.73% (same for all ages) (same for all ages) GWBL/GMWB 70 Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 0.00% - 8.00% 100% once starting 14% - 32% 147 bps 3.05% 0.99% 24% GIB (65) Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 0.20% - 1.24% 0.04% - 100.00% 14% - 32% 147 bps 3.05% 0.99% 5.40% 24% GMAB (2) Discounted cash flow Lapse rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 14% - 32% 147 bps 3.05% 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. 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 - 1

INSURANCE LIABILITIES

INSURANCE LIABILITIES	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2022, 2021 and 2020 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2020 $ 4,775 $ (99) $ 4,671 $ (2,466) Paid guarantee benefits (495) 15 (293) 79 Other changes in reserve 813 — 1,647 (472) Balance, December 31, 2020 5,093 (84) 6,025 (2,859) Paid guarantee benefits (461) 113 (377) 58 Other changes in reserve 379 (90) 304 735 Impact of the Venerable transaction (1) — (2,176) — (2,141) Balance, December 31, 2021 5,011 (2,237) 5,952 (4,207) Paid guarantee benefits (595) 249 (602) 76 Other changes in reserve 875 (355) 309 797 Balance, December 31, 2022 $ 5,291 $ (2,343) $ 5,659 $ (3,334) ____________ (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 December 31, 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 December 31, 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 $ 16,847 $ 96 $ 45 $ 144 $ 17,132 Separate Accounts 47,047 7,309 2,452 25,212 82,020 Total Account Values $ 63,894 $ 7,405 $ 2,497 $ 25,356 $ 99,152 NAR, gross $ 688 $ 1,409 $ 1,843 $ 23,101 $ 27,041 NAR, net of amounts reinsured $ 675 $ 1,277 $ 1,341 $ 12,470 $ 15,763 Average attained age of policyholders (in years) 51.6 69.9 76.1 71.8 55.3 Percentage of policyholders over age 70 12.1% 53.3% 74.7% 60.7% 21.1% 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 $ 187 $ 201 Separate Accounts — — 20,322 26,530 46,852 Total Account Values $ — $ — $ 20,336 $ 26,717 $ 47,053 NAR, gross $ — $ — $ 489 $ 7,540 $ 8,029 NAR, net of amounts reinsured $ — $ — $ 158 $ 3,071 $ 3,229 Average attained age of policyholders (in years) N/A N/A 65.9 71.4 69.3 Weighted average years remaining until annuitization N/A N/A 5.3 0.5 2.3 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 these Consolidated Financial Statements. Separate Accounts Investments by Investment Category Underlying Variable Annuity Contracts with GMDB and GMIB Features The total Account Values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Variable Insurance Trust Mutual Funds December 31, 2022 2021 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 39,722 $ 14,067 $ 52,744 $ 20,009 Fixed income 4,403 1,962 5,384 2,505 Balanced 36,785 30,573 48,152 40,228 Other 1,110 250 1,025 264 Total $ 82,020 $ 46,852 $ 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. Direct Liability Reinsurance Ceded Net (in millions) Balance, January 1, 2020 $ 894 $ (808) $ 86 Paid guarantee benefits (40) — (40) Other changes in reserves 162 (75) 87 Balance, December 31, 2020 1,016 (883) 133 Paid guarantee benefits (84) — (84) Other changes in reserves 158 (45) 113 Balance, December 31, 2021 1,090 (928) 162 Paid guarantee benefits (79) — (79) Other changes in reserves 144 (9) 135 Balance at December 31, 2022 $ 1,155 $ (937) $ 218

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company's operating leases primarily consist of real estate leases for office space. The Company also has operating leases for various types of office furniture and equipment. For certain equipment leases, the Company applies a portfolio approach to effectively account for the RoU operating lease assets and liabilities. For lease agreements for which the lease term or classification was reassessed after the occurrence of a change in the lease terms or a modification of the lease that did not result in a separate contract, the Company elected to combine the lease and related non-lease components for its operating leases; however, the non-lease components associated with the Company’s operating leases are primarily variable in nature and as such are not included in the determination of the RoU operating lease asset and lease liability, but are recognized in the period in which the obligation for those payments is incurred. The Company’s operating leases may include options to extend or terminate the lease, which are not included in the determination of the RoU operating asset or lease liability unless they are reasonably certain to be exercised. The Company's operating leases have remaining lease terms of 1 year to 15 years, some of which include options to extend the leases. The Company typically does not include its renewal options in its lease terms for calculating its RoU operating lease asset and lease liability as the renewal options allow the Company to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options until close to the initial end date of the lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As the Company's operating leases do not provide an implicit rate, the Company’s incremental borrowing rate, based on the information available at the lease commencement date, is used in determining the present value of lease payments. The Company primarily subleases floor space within its New Jersey and New York lease properties to various third parties. The lease term for these subleases typically corresponds to the original lease term. Balance Sheet Classification of Operating Lease Assets and Liabilities December 31, Balance Sheet Line Item 2022 2021 (in millions) Assets Operating lease assets Other assets $ 148 $ 215 Liabilities Operating lease liabilities Other liabilities $ 190 $ 278 The table below summarizes the components of lease costs for the years ended December 31, 2022, 2021 and 2020. Lease Costs Year Ended December 31, 2022 2021 2020 (in millions) Operating lease cost $ 77 $ 73 $ 77 Variable operating lease cost 12 10 11 Sublease income (19) (18) (18) Net lease cost $ 70 $ 65 $ 70 Maturities of lease liabilities as of December 31, 2022 are as follows: Maturities of Lease Liabilities December 31, 2022 (in millions) Operating Leases: 2023 $ 85 2024 36 2025 28 2026 23 2027 19 Thereafter 24 Total lease payments 215 Less: Interest (25) Present value of lease liabilities $ 190 Equitable Financial signed a 15-year lease which is expected to commence in 2023 once certain conditions of the lease are met, relating to approximately 89,000 square feet of space in New York City. Additionally, during December 2021, Equitable Financial amended its Syracuse office lease. The amendment included extending for an additional 5-year period, commencing January 1, 2024, approximately 143,000 square feet of space in Syracuse, NY. The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate. Weighted Averages - Remaining Operating Lease Term and Discount Rate December 31, 2022 2021 Weighted-average remaining operating lease term 4 years 5 years Weighted-average discount rate for operating leases 3.00 % 2.90 % Supplemental cash flow information related to leases was as follows: Lease Liabilities Information Year Ended December 31, 2022 2021 2020 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 $ 94 $ 94 Non-cash transactions: Leased assets obtained in exchange for new operating lease liabilities $ 7 $ 26 $ 20

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
REINSURANCE	REINSURANCE The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The following table summarizes the effect of reinsurance. The impact of the reinsurance transaction described above results in an increase in reinsurance ceded. Year Ended December 31, 2022 2021 2020 (in millions) Direct premiums $ 764 $ 762 $ 764 Reinsurance assumed 180 181 195 Reinsurance ceded (219) (193) (153) Premiums $ 725 $ 750 $ 806 Direct charges and fee income $ 3,592 $ 3,962 $ 2,684 Reinsurance ceded (651) (571) 780 Policy charges and fee income $ 2,941 $ 3,391 $ 3,464 Direct policyholders’ benefits $ 3,868 $ 3,553 $ 5,233 Reinsurance assumed 210 243 218 Reinsurance ceded (1,143) (814) (500) Policyholders’ benefits $ 2,935 $ 2,982 $ 4,951 Ceded Reinsurance The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases. On June 1, 2021, Holdings completed the sale of CSLRC to VIAC. Immediately following the closing of the Transaction, CSLRC and Equitable Financial entered into the Reinsurance Agreement, pursuant to which Equitable Financial ceded to CSLRC, on a combined coinsurance and modified coinsurance basis, legacy variable annuity policies sold by Equitable Financial between 2006-2008. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction. On October 3, 2022, as part of the Global Atlantic Transaction, Equitable Financial ceded to First Allmerica Financial Life Insurance Company 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. As of December 31, 2022 and 2021, the Company had reinsured with non-affiliates in the aggregate approximately 41.7% and 47.6%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 59.8% and 59.8% of its current liability exposure, respectively, resulting from the GMIB feature. For additional information, see Note 8 of the Notes to these Consolidated Financial Statements. In addition to the above, the Company cedes a portion of its group health, extended term insurance, and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements. Assumed Reinsurance In addition to the sale of insurance products, the Company currently acts as a professional retrocessionaire by assuming risk from professional reinsurers. The Company assumes accident, life, health, aviation, special risk and space risks by participating in or reinsuring various reinsurance pools and arrangements. The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves. December 31, 2022 2021 (in millions) Ceded Reinsurance: Estimated net fair values of ceded GMIB reinsurance contracts, considered derivatives (1) $ 1,306 $ 2,068 Estimated net fair values of ceded GMIB NLG ceded reserves to Venerable (2) 4,114 $ 5,813 Third-party reinsurance recoverables related to insurance contracts 15,016 12,459 Top reinsurers: Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating) 8,966 10,335 First Allmerica-GAF 4,005 Ceded group health reserves 14 40 Third-party reinsurance payables related to insurance contracts 275 127 Top reinsurers: First Allmerica-GAF 147 — Assumed Reinsurance: Reinsurance assumed reserves 662 758 ______________ (1) The estimated fair values increased ($762) million, ($791) million and $393 million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Reported in amounts due from reinsurers. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable transaction.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Cost Sharing and General Service Agreements Equitable Financial has a general services agreement with Holdings whereby Equitable Financial will benefit from the services received by Holdings and its affiliates. The general services agreement with Holdings replaces existing cost-sharing and general service agreements with various affiliates. Equitable Financial continues to provide services to Holdings and various Affiliates under a separate existing general services agreement with Holdings. Costs allocated to the Company from Holdings totaled $75 million, $30 million and $41 million for the years ended December 31, 2022, 2021 and 2020, respectively, and are allocated based on cost center tracking of expenses. The cost centers are approved annually and are updated based on business area needs throughout the year. Investment Management and Service Fees and Expenses EIMG, a subsidiary of Equitable Financial, provides investment management services to EQAT, EQ Premier VIP Trust, 1290 Funds and other trusts, all of which are considered related parties. Investment management and service fees earned are calculated as a percentage of assets under management and are recorded as revenue as the related services are performed. Year Ended December 31, 2022 2021 2020 (in millions) Revenue received or accrued for: Investment management and administrative services provided to EQAT, EQ Premier VIP Trust and 1290 Funds (1) $ 708 $ 757 $ 724 On June 22, 2021, Holdings completed the formation of EIM, a wholly owned indirect subsidiary of Holdings. Effective August 1, 2021, following the formation of EIM, EIMG terminated, and EIM, entered into certain administrative agreements with separate accounts held by the Company. In addition, on October 1, 2021, the Company entered into an investment advisory and management agreement in which EIM became the investment manager for the Company’s general account portfolio. The Company recorded investment management fee expense from EIM of $92 million and $46 million for the years ended December 31, 2022 and 2021, respectively. AB provides investment management and related services to various funds held by the Company. The Company recorded investment management fee expense from AB of $44 million, $102 million, and $109 million for the years ended December 31, 2022, 2021 and 2020, respectively. Distribution Revenue and Expenses with Affiliates Equitable Distributors receives commissions and fee revenue from Equitable America for sales of its insurance products. The commissions and fees earned from Equitable America are based on the various selling agreements. Year Ended December 31, 2022 2021 2020 (in millions) Revenue received or accrued for: Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products $ 82 $ 38 $ 38 Equitable Financial pays commissions and fees to Equitable Distribution Holding Corporation and its subsidiaries (“Equitable Distribution”) for sales of insurance products. The commissions and fees paid to Equitable Distribution are based on various selling agreements. Year Ended December 31, 2022 2021 2020 (in millions) Expenses paid or accrued for: Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network $ 718 $ 712 $ 625 _____________ (1) For years ended 2021 and 2020, amounts included fees received from Other AXA Trusts of $3 million and $4 million. Insurance-Related Transactions with Affiliates The reinsurance arrangements with EQ AZ Life Re provide important capital management benefits to Equitable Financial. As of December 31, 2022, the Company’s GMIB reinsurance contract asset with EQ AZ Life Re had carrying values of $77 million and is reported in GMIB contract reinsurance asset, at fair value in the Consolidated Balance Sheets. Ceded premiums and policy fee income in 2022, 2021 and 2020 totaled approximately $48 million, $48 million and $51 million, respectively. Ceded claims paid in 2022, 2021 and 2020 were $105 million, $93 million and $72 million, respectively. Investments in Unconsolidated Equity Interests in Affiliates AB VIEs As of December 31, 2022 and 2021, respectively, the Company held approximately $331 million and $313 million of invested assets in the form of equity interests issued in non-corporate legal entities that were determined by the Company to be VIEs, as further described in Note 2 of the Notes to these Consolidated Financial Statements. These legal entities are related parties of Equitable Financial. The Company reflects these equity interests in the Consolidated Balance Sheets as other equity investments. The net assets of these unconsolidated VIEs are approximately $771 million and $968 million as of December 31, 2022 and 2021, respectively. The Company also has approximately $74 million and $126 million of unfunded commitments as of December 31, 2022 and 2021, respectively with these legal entities. AXA VIEs As of December 31, 2022 the Company held no invested assets in the form of equity interests issued in non-corporate legal entities that were determined by the Company to be VIEs. As of December 31, 2021, the Company held $278 million of invested assets in the form of equity interests issued in non-corporate legal entities that were determined by the Company to be VIEs, as further described in Note 2 of the Notes to these Consolidated Financial Statements. These legal entities are related parties of Equitable Financial. The Company reflects these equity interests in the Consolidated Balance Sheets as other equity investments. The net assets of these unconsolidated VIEs were $12.0 billion as of December 31, 2021. The Company also had approximately $157 million of unfunded commitments as of December 31, 2021 with these legal entities. Loans Issued to Holdings In June 2021, Equitable Life made a $1.0 billion 10-year term loan to Holdings. The loan has an interest rate of 3.23% and matures in June 2031. As of December 31, 2022 and 2021, the amount outstanding was $1.0 billion. In November 2019, Equitable Financial made a $900 million loan to Holdings. The loan has an interest rate of one-month LIBOR plus 1.33%. The loan matures on November 24, 2024. As of December 31, 2022 and 2021, the amount outstanding was $900 million.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Equitable Financial sponsors the following employee benefit plans: 401(k) Plan Equitable Financial sponsors the Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for a company contribution, a company matching contribution and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $17 million, $29 million and $19 million for the years ended December 31, 2022, 2021 and 2020, respectively. Pension Plan Equitable Financial sponsors the Equitable Retirement Plan (the “ Equitable Financial QP”), a frozen qualified defined benefit pension plan covering its eligible employees and financial professionals. This pension plan is non-contributory, and its benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period in the plan. Effective December 31, 2015, primary liability for the obligations of Equitable Financial under the Equitable Financial QP was transferred from Equitable Financial to AXA Financial, and upon the merger of AXA Financial into Holdings, Holdings assumes primary liability under terms of an Assumption Agreement. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. The Equitable Financial QP is not governed by a collective-bargaining agreement and is not under a financial improvement plan or a rehabilitation plan. For the years ended December 31, 2022, 2021 and 2020, (income)/expenses related to the plan were ($25) million, ($12) million and $9 million, respectively. The following table presents the funded status of the plan: December 31, 2022 2021 (in millions) Equitable Retirement Plan Total plan assets $ 1,801 $ 2,395 Accumulated benefit obligation $ 1,614 $ 2,045 Funded status 111.6 % 117.1 % Other Benefit Plans Equitable Financial also sponsors a non-qualified retirement plan, a medical and life retiree plan, a post-employment plan and deferred compensation plan. The expenses related to these plans were $22 million, $23 million and $32 million for the years ended December 31, 2022, 2021 and 2020, respectively.

SHARE-BASED COMPENSATION PROGRA

SHARE-BASED COMPENSATION PROGRAMS	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PROGRAMS	SHARE-BASED COMPENSATION PROGRAMS Compensation costs for years ended December 31, 2022, 2021 and 2020 for share-based payment arrangements as further described herein are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Performance Shares $ 25 $ 12 $ 13 Stock Options 1 — 5 Restricted Stock Unit Awards 35 27 18 Total Compensation Expenses $ 61 $ 39 $ 36 Income Tax Benefit $ 12 $ 8 $ 7 Since 2018, Holdings has granted equity awards under the Equitable Holdings, Inc. 2018 Omnibus Incentive Plan and the Equitable Holdings, Inc. 2019 Omnibus Incentive Plan (together the “Omnibus Plans”) which were adopted by Holdings on April 25, 2018 and February 28, 2019 respectively. Awards under the Omnibus Plans are linked to Holdings’ common stock. As of December 31, 2022, the common stock reserved and available for issuance under the Omnibus Plans was 22 million shares. Holdings may issue new shares or use common stock held in treasury for awards linked to Holdings’ common stock. Equitable Financial’s Participation in Holdings’ Equity Award Plans Equitable Financial’s employees, financial professionals and directors in 2019 and 2018 were granted equity awards under the Omnibus Plans with the exception of the Holdings restricted stock units (“Holdings RSUs”) granted to financial professionals in 2018. All grants discussed in this section will be settled in shares of Holdings’ common stock except for the RSUs granted to financial professionals in 2019 and 2018 which will be settled in cash. For awards with graded vesting schedules and service-only vesting conditions, including Holdings RSUs and other forms of share-based payment awards, Holdings applies a straight-line expense attribution policy for the recognition of compensation cost. Actual forfeitures with respect to the 2022, 2021 and 2020 grants were considered immaterial in the recognition of compensation cost. Annual Awards Each year, the Compensation Committee of the Holdings’ Board of Directors approves an equity-based award program with awards under the program granted at its regularly scheduled meeting in February. Annual awards under Holdings’ equity programs for 2022, 2021 and 2020 consisted of a mix of equity vehicles including Holdings RSUs, Holdings stock options and Holdings performance shares. If Holdings pays any ordinary dividend in cash, all outstanding Holdings RSUs and performance shares will accrue dividend equivalents in the form of additional Holdings RSUs or performance shares to be settled or forfeited consistent with the terms of the related award. Holdings RSUs Holdings RSUs granted to Equitable Financial employees vest ratably in equal annual installments over a three-year period. The fair value of the awards was measured using the closing price of the Holdings share on the grant date, and the resulting compensation expense will be recognized over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible, but not less than one year. Holdings Stock Options Holdings stock options granted to Equitable Financial employees have a three-year graded vesting schedule, with one-third vesting on each of the three anniversaries. The total grant date fair value of Holdings stock options will be charged to expense over the shorter of the vesting period or the period up to the date at which the participant becomes retirement eligible, but not less than one year. Holdings Performance Shares Holdings performance shares granted to Equity Financial employees are subject to performance conditions and a three-year cliff-vesting. The performance shares consist of two distinct tranches; one based on Holding’s return-on-equity targets (the “ROE Performance Shares”) and the other based on the Holdings’ relative total shareholder return targets (the “TSR Performance Shares”), each comprising approximately one-half of the award. Participants may receive from 0% to 200% of the unearned performance shares granted. The grant-date fair value of the ROE Performance Shares is established once all of Holdings’ applicable Non-GAAP ROE targets are determined and approved. The fair value of the awards was measured using the closing price of the Holdings share on the grant date. The grant-date fair value of the TSR Performance Shares was measured using a Monte Carlo approach. Under the Monte Carlo approach, stock returns were simulated for Holdings and the selected peer companies to estimate the payout percentages established by the conditions of the award. The aggregate grant-date fair value of the unearned TSR Performance Shares will be recognized as compensation expense over the shorter of the cliff-vesting period or the period up to the date at which the participant becomes retirement eligible, but not less than one year. Director Awards Holdings makes annual grants of unrestricted Holdings shares to non-employee directors of Holdings and Equitable Financial. The fair value of these awards was measured using the closing price of Holdings shares on the grant date. These awards immediately vest and all compensation expense is recognized at the grant date. Prior Equity Award Grants In 2017 and prior years, equity awards for employees, financial professional and directors in our businesses were available under the umbrella of AXA’s global equity program. Accordingly, equity awards granted in 2017 and prior years were linked to AXA’s stock. The fair values of these prior awards are measured at the grant date by reference to the closing price of the AXA ordinary share, and the result, as adjusted for achievement of performance targets and pre-vesting forfeitures, generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. Summary of Stock Option Activity A summary of activity in the AXA and Holdings option plans during 2022 as follows: Options Outstanding EQH Shares AXA Ordinary Shares Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2022 1,664 $ 21.66 729 € 22.44 Options granted — 15.69 — — Options exercised (54) 19.34 (148) 20.40 Options forfeited, net (20) 22.57 (22) 23.92 Options expired — — — — Options Outstanding at December 31, 2022 1,590 $ 21.72 559 € 22.92 Aggregate intrinsic value (1) $ 4,862 € — Weighted average remaining contractual term (in years) 6.54 4.00 Options Exercisable at December 31, 2022 1,247 $ 21.42 529 € 23.00 Aggregate intrinsic value (1) $ 4,183 € — Weighted average remaining contractual term (in years) 6.40 3.91 ____________ (1) Aggregate intrinsic value, presented in thousands, is calculated as the excess of the closing market price on December 31, 2022 of the respective underlying shares over the strike prices of the option awards. For awards with strike prices higher than market prices, intrinsic value is shown as zero. A summary of stock option grant assumptions activity in Holdings option plans during years ended December 31, 2022 , 2021, and 2020 follows: EQH Shares (1) 2022 (2) 2021 (2) 2020 Dividend yield —% —% 2.59% Expected volatility —% —% 26.00% Risk-free interest rates —% —% 1.19% Expected life in years 0.0 0.0 6.0 Weighted average fair value per option at grant date $ — $ — $ 4.37 ____________ (1) The expected volatility is based on historical selected peer data, the weighted average expected term is determined by using the simplified method due to lack of sufficient historical data, the expected dividend yield based on Holdings’ expected annualized dividend, and the risk-free interest rate is based on the U.S. Treasury bond yield for the appropriate expected term. (2) No stock options granted during the years ended December 31, 2022 and 2021. As of December 31, 2022, approximately $31 thousand of unrecognized compensation cost related to AXA unvested stock option awards is expected to be recognized by the Equitable Financial over a weighted-average period of 0.2 years. Approximately $92 thousand of unrecognized compensation cost related to Holdings unvested stock option awards is expected to be recognized by the Equitable Financial over a weighted average period of 0.15 years. Summary of Restricted Stock Unit Award Activity The market price of a Holdings share is used as the basis for the fair value measure of a Holdings RSU. For purposes of determining compensation cost for stock-settled Holdings RSUs, fair value is fixed at the grant date until settlement, absent modification to the terms of the award. For liability-classified cash-settled Holdings and AXA RSUs, fair value is remeasured at the end of each reporting period. As of December 31, 2022, approximately 1.9 million Holdings RSUs awards remain unvested. Unrecognized compensation cost related to these awards totaled approximately $25 million and is expected to be recognized over a weighted-average period of 1.6 years. The following table summarizes Holdings restricted share units activity for 2022. Shares of Holdings Restricted Stock Weighted Average Grant Date Unvested as of January 1, 2022 2,391,091 $ 21.15 Granted 997,973 33.28 Forfeited (145,072) 28.79 Vested (1,299,023) 23.71 Unvested as of December 31, 2022 1,944,969 $ 29.78 Summary of Performance Award Activity As of December 31, 2022, approximately 1.1 million Holdings remain unvested. Unrecognized compensation cost related to these awards totaled approximately $8 million and is expected to be recognized over a weighted-average period of 1.5 years. The following table summarizes Holdings and AXA performance awards activity for 2022. Shares of Holdings Performance Awards Weighted-Average Grant Date Shares of AXA Performance Awards Weighted-Average Grant Date Unvested as of January 1, 2022 993,320 $ 28.87 52,844 $ 21.28 Granted 568,749 33.01 — — Forfeited (87,498) 28.41 — — Vested (403,201) 23.89 (52,844) 21.28 Unvested as of December 31, 2022 1,071,369 $ 32.98 — $ —

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES A summary of the income tax (expense) benefit in the consolidated statements of income (loss) follows: Year Ended December 31, 2022 2021 2020 (in millions) Income tax (expense) benefit: Current (expense) benefit $ 32 $ 11 $ (112) Deferred (expense) benefit (311) 463 739 Total $ (279) $ 474 $ 627 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 21%. The sources of the difference and their tax effects are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Expected income tax (expense) benefit $ (308) $ 393 $ 291 Non-taxable investment income 50 79 91 Tax audit interest (13) (14) (8) Tax settlements/uncertain tax position release — — 231 Tax credits 17 28 21 Deferred tax adjustment (21) — — Other (4) (12) 1 Income tax (expense) benefit $ (279) $ 474 $ 627 During the fourth quarter of 2020, the Company agreed to the Internal Revenue Service’s Revenue Agent’s Report for its consolidated 2010 through 2013 Federal corporate income tax returns. The impact on the Company’s financial statements and unrecognized tax benefits was a tax benefit of $231 million. The components of the net deferred income taxes are as follows: December 31, 2022 2021 Assets Liabilities Assets Liabilities (in millions) Compensation and related benefits $ 62 $ — $ 46 $ — Net operating loss and credits 505 — 732 — Reserves and reinsurance 1,307 — 2,072 — DAC — 1,008 — 685 Unrealized investment gains (losses) 1,910 — — 892 Investments 451 — — 18 Other 108 — 31 — Valuation allowance (1,489) — — — Total $ 2,854 $ 1,008 $ 2,881 $ 1,595 During the fourth quarter of 2022, the Company established a valuation allowance of $1.5 billion against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio. When assessing recoverability, the Company considers its ability and intent to hold the underlying securities to recovery. The recent increase in interest rates caused the portfolio to swing to an unrealized loss position. Due to the potential need for liquidity in a macro stress environment, the Company does not currently have the intent to hold the underlying securities to recovery. Based on all available evidence, as of December 31, 2022, the Company concluded that a valuation allowance should be established on the deferred tax assets related to unrealized tax capital losses, net of realized capital gains, that are not more-likely-than-not to be realized. The Company has Federal net operating loss carryforwards of $2.3 billion and $3.4 billion for the years ending December 31, 2022 and December 31, 2021, respectively which do not expire. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance at January 1, $ 295 $ 281 $ 297 Additions for tax positions of prior years — 17 229 Reductions for tax positions of prior years — (3) (250) Additions for tax positions of current year — — — Settlements with tax authorities — — 5 Balance at December 31, $ 295 $ 295 $ 281 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 43 $ 43 $ 47 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits as of December 31, 2022 and 2021 were $61 million and $47 million, respectively. For 2022, 2021 and 2020, respectively, there were $13 million, $14 million and ($21) million in interest expense (benefit) related to unrecognized tax benefits. It is reasonably possible that the total amount of unrecognized tax benefits will change within the next 12 months due to the conclusion of IRS proceedings and the addition of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. As of December 31, 2022, tax years 2014 and subsequent remain subject to examination by the IRS.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2022 and 2021 follow: December 31, 2022 2021 (in millions) Unrealized gains (losses) on investments $ (8,008) $ 2,362 Defined benefit pension plans (4) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (8,012) $ 2,357 The components of OCI, net of taxes for the years ended December 31, 2022, 2021 and 2020, follow: Year Ended December 31, 2022 2021 2020 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period (1) $ (12,915) $ (2,293) $ 4,698 (Gains) losses reclassified into net income (loss) during the period (2) 699 (686) (633) Net unrealized gains (losses) on investments (12,216) (2,979) 4,065 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 1,847 741 (1,066) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of ($871), ($595) and $798) (10,369) (2,238) 2,999 Other comprehensive income (loss), attributable to Equitable Financial $ (10,369) $ (2,238) $ 2,999 ____________ (1) For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $1.5 billion established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio. See Note 14 of the Notes to these Consolidated Financial Statements for details on the valuation allowance. (2) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of ($186) million, $182 million and ($168) million for the years ended December 31, 2022, 2021 and 2020, 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.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 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 December 31, 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 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. In January 2023, the federal district court declined to decertify the class and instead modified it to replace certain class members. Beginning October 30, 2023, the federal district court will hold one consolidated trial for the Brach action and the three coordinated actions. 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. 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 $394 million and pledged collateral with a carrying value of $11.8 billion as of December 31, 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 Year Ended December 31, 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 December 31, 2022 (in millions) Short-term funding agreements: Due in one year or less $ 5,353 $ 54,316 $ (53,790) $ 251 $ — $ 6,130 Long-term funding agreements: Due in years two through five 1,290 640 — (251) — 1,679 Due in more than five years — 692 — — — 692 Total long-term funding agreements 1,290 1,332 — (251) — 2,371 Total funding agreements (1) $ 6,643 $ 55,648 $ (53,790) $ — $ — $ 8,501 ____________ (1) The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for December 31, 2022 and 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 December 31, 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 Year Ended December 31, 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 December 31, 2022 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ 1,500 $ — $ — $ 1,500 Long-term funding agreements: Due in years two through five 4,600 400 — (1,500) 500 — 4,000 Due in more than five years 2,119 — — — (500) (34) 1,585 Total long-term funding agreements 6,719 400 — (1,500) — (34) 5,585 Total funding agreements (1) $ 6,719 $ 400 $ — $ — $ — $ (34) $ 7,085 _____________ (1) The $66 million and $70 million difference between the funding agreements notional value shown and carrying value table as of December 31, 2022 and 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 December 31, 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 December 31, 2022. The Company had $703 million of commitments under existing mortgage loan agreements as of December 31, 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	12 Months Ended
	Dec. 31, 2022
Insurance Statutory Financial Information [Abstract]
INSURANCE STATUTORY FINANCIAL INFORMATION	INSURANCE STATUTORY FINANCIAL INFORMATION For 2022, 2021 and 2020, respectively, Equitable Financial’s statutory net income (loss) totaled $134 million, ($865) million and $413 million. Statutory surplus, Capital stock and AVR totaled $6.6 billion and $6.5 billion as of December 31, 2022 and 2021, respectively. As of December 31, 2022, Equitable Financial, in accordance with various government and state regulations, had $5 million of securities on deposit with such government or state agencies. In 2022 and 2020, Equitable Financial paid to its direct parent, which subsequently distributed such amount to Holdings, an ordinary shareholder dividend of $930 million and $2.1 billion, respectively. Equitable Financial did not pay ordinary dividends during 2021 due to operating losses. Dividend Restrictions As a domestic insurance subsidiary regulated by the insurance laws of New York State, Equitable Financial is subject to restrictions as to the amounts the Company may pay as dividends and amounts the Company may repay of surplus notes to Holdings. State insurance statutes also typically place restrictions and limitations on the amount of dividends or other distributions payable by insurance company subsidiaries to their parent companies, as well as on transactions between an insurer and its affiliates. Under the New York insurance laws, which are applicable to Equitable Financial, a domestic stock life insurer may not, without prior approval of the NYDFS, pay an ordinary dividend to its stockholders exceeding an amount calculated based on a statutory formula (“Ordinary Dividend”). Dividends in excess of this amount require the insurer to file a notice of its intent to declare the dividends with the NYDFS and obtain prior approval or non-disapproval from the NYDFS with respect to such dividends (“Extraordinary Dividend”). Due to a permitted statutory accounting practice agreed to with the NYDFS, Equitable Financial will need the prior approval of the NYDFS to pay the portion, if any, of any Ordinary Dividend that exceeds the Ordinary Dividend that Equitable Financial would be permitted to pay under New York insurance law absent the application of such permitted practice (such excess, the “Permitted Practice Ordinary Dividend”). Applying the formulas above, Equitable Financial could pay an Ordinary Dividend of up to approximately $1.7 billion in 2023. Intercompany Reinsurance The company receives statutory reserve credits for reinsurance treaties with EQ AZ Life Re to the extent EQ AZ Life Re holds assets in an irrevocable trust (the “EQ AZ Life Re Trust”). As of December 31, 2022, EQ AZ Life Re holds $1.7 billion of assets in the EQ AZ Life Re Trust and letters of credit of $2.1 billion that are guaranteed by Holdings. Under the reinsurance transactions, EQ AZ Life Re is permitted to transfer assets from the EQ AZ Life Re Trust under certain circumstances. The level of statutory reserves held by EQ AZ Life Re fluctuate based on market movements, mortality experience and policyholder behavior. Increasing reserve requirements may necessitate that additional assets be placed in trust and/or additional letters of credit be secured, which could adversely impact EQ AZ Life Re’s liquidity. As of December 31, 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 $86 million in statutory special surplus funds, a decrease of $1.3 billion in statutory net income for the year ended December 31, 2022 and an increase of $1.4 billion for the year ended December 31, 2021, 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 $1.9 billion in statutory surplus as of December 31, 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 were 100% phased-in. As of December 31, 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 decrease of $0.7 billion in statutory net income for the year ended December 31, 2022, which was largely offset by net income gains on our hedging program during the same period as noted. During the fourth quarter 2020, 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 $2.2 billion in statutory surplus and an increase in statutory net income for the year ended December 31, 2022 of $2.3 billion. As of December 31, 2020 and for the year then ended, there were no differences in net income (loss) and capital and surplus resulting from practices prescribed and permitted by NYDFS and those prescribed by NAIC Accounting Practices and Procedures effective as of December 31, 2020. The Company cedes a portion of their statutory reserves to EQ AZ Life Re, a captive reinsurer, as part of the Company’s capital management strategy. EQ AZ Life Re prepares financial statements in a special purpose framework for statutory reporting. Differences between Statutory Accounting Principles and U.S. GAAP Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with SAP and total equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (g) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (h) certain assets, primarily prepaid assets, are not admissible under SAP but are admissible under U.S. GAAP; and (i) cost of reinsurance which is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ 28 $ 41 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests (3) — 1 Purchase/change of redeemable noncontrolling interests (4) (13) 1 Balance, end of period $ 21 $ 28 $ 41

REVENUES FROM EXTERNAL CUSTOMER

REVENUES FROM EXTERNAL CUSTOMERS	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUES FROM EXTERNAL CUSTOMERS	REVENUES FROM EXTERNAL CUSTOMERSRevenue from external customers, by product, is shown in the table that follows: Year Ended December 31, 2022 2021 2020 (in millions) Individual Variable Annuity Products Premiums $ 123 $ 126 $ 165 Fees (1) 1,792 2,364 2,555 Others 87 72 8 Total $ 2,002 $ 2,562 $ 2,728 Employer- Sponsored Premiums $ — $ — $ — Fees 506 611 500 Others 25 5 4 Total $ 531 $ 616 $ 504 Life Insurance Products Premiums $ 545 $ 566 $ 587 Fees 1,375 1,417 1,421 Others 10 7 23 Total $ 1,930 $ 1,990 $ 2,031 Employee Benefit Products Premiums $ 46 $ 40 $ 36 Fees — — — Others 8 — 15 Total $ 54 $ 40 $ 51 Other Premiums $ 11 $ 18 $ 18 Fees 12 16 13 Others 1 10 7 Total $ 24 $ 44 $ 38 ______________ (1) Excludes the amortization/capitalization of unearned revenue liability of ($38) million, ($13) million and ($14) million for the years ended December 31, 2022, 2021 and 2020, respectively.

SCHEDULE I - SUMMARY OF INVESTM

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary of Investments - Other than Investments in Related Parties	SCHEDULE I SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2022 Cost (1) Fair Value Carrying Value (in millions) Fixed maturities, AFS: U.S. government, agencies and authorities $ 7,049 $ 5,738 $ 5,738 State, municipalities and political subdivisions 540 471 471 Foreign governments 985 836 836 Public utilities 6,283 5,303 5,303 All other corporate bonds 39,770 34,160 34,160 Residential mortgage-backed 860 777 777 Asset-backed 8,817 8,449 8,449 Commercial mortgage-backed 3,742 3,170 3,170 Redeemable preferred stocks 41 43 43 Total fixed maturities, AFS 68,087 58,947 58,947 Mortgage loans on real estate (2) 16,593 14,675 16,464 Policy loans 3,563 3,850 3,563 Other equity investments 2,860 2,942 2,942 Trading securities 279 283 283 Other invested assets 2,835 2,835 2,835 Total Investments $ 94,217 $ 83,532 $ 85,034 ______________ (1) Cost for fixed maturities represents original cost, reduced by repayments and write-downs and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. (2) Carrying value for mortgage loans on real estate represents original cost adjusted for amortization of premiums or accretion of discount and reduced by credit loss allowance.

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule IV - Reinsurance	SCHEDULE IV REINSURANCE (1) AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 Gross Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net (in millions) 2022 Life insurance in-force $ 379,949 $ 156,088 $ 31,337 $ 255,197 12.3 % Premiums: Life insurance and annuities $ 712 $ 200 $ 172 $ 684 25.1 % Accident and health 52 19 8 41 19.5 % Total premiums $ 764 $ 219 $ 180 $ 725 24.8 % 2021 Life insurance in-force $ 388,520 $ 164,782 $ 31,971 $ 255,710 12.5 % Premiums: Life insurance and annuities $ 709 $ 170 $ 173 $ 712 24.3 % Accident and health 53 23 8 38 21.1 % Total premiums $ 762 $ 193 $ 181 $ 750 24.1 % 2020 Life insurance in-force $ 389,576 $ 72,110 $ 32,289 $ 349,755 9.2 % Premiums: Life insurance and annuities $ 712 $ 127 $ 186 $ 771 24.1 % Accident and health 52 26 9 35 24.8 % Total premiums $ 764 $ 153 $ 195 $ 806 24.1 % ______________ (1) Includes amounts related to the discontinued group life and health business.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those VIEs that meet the requirements for consolidation. Financial results in the historical consolidated financial statements may not be indicative of the results of operations, comprehensive income (loss), financial position, equity or cash flows that would have been achieved had we operated as a separate, standalone entity during the reporting periods presented. We believe that the consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. The years “2022”, “2021” and “2020” refer to the years ended December 31, 2022, 2021 and 2020, 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 December 31, 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 has finalized key accounting policy decisions and executed the intended implementation plan including modifying actuarial valuation systems, modernizing key finance processes including data sourcing, analytical procedures and reporting, and updating internal controls. The Company is ready for adoption of the guidance as of January 1, 2023 using the modified retrospective approach, except for Market Risk Benefits (MRBs) which will use the full retrospective approach. Based upon the modified retrospective transition method, the Company estimates that the January 1, 2021 transition date impact from LDTI adoption is a decrease in total U.S. GAAP equity of $3.8 billion. This is primarily due to accounting for our variable annuity guarantees that are not currently measured at fair value as MRBs in the extremely low interest rate environment as of January 1, 2021. For full year 2021, GAAP net income under LDTI basis is estimated to be $2.5 billion higher than the previously reported 2021 net income of ($1.4) billion due to better alignment between MRB liabilities and our economic hedging program. As of December 31, 2021, the impact on total equity is a decrease of approximately $1.3 billion and in line with our prior estimates. The U.S. GAAP net income for full year 2022 is estimated to be positive and less volatile under LDTI. The estimated impact to total U.S. GAAP equity as of December 31, 2022, is expected to be significantly mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business that results in a positive impact from accounting for its variable annuity guarantees as MRBs under the guidance at December 31, 2022.
Investments	Investments The carrying values of fixed maturities classified as AFS are reported at fair value. Changes in fair value are reported in OCI, net of allowance for credit losses, policy related amounts and deferred income taxes. Changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REIT, perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Effective January 1, 2021, the Company began classifying certain preferred stock as equity securities to better reflect the economics and nature of these securities. These preferred stock securities are reported in other equity investments. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s IUS Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, and the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist. When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in a timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings or as a reduction of the amortized cost basis for interest and principal, respectively. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). COLI has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. As of December 31, 2022 and 2021, the carrying value of COLI was $888 million and $1.0 billion, respectively, and is reported in other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value.
Derivatives	Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include equity, currency, and interest rate futures, total return and/or other equity swaps, interest rate swaps and floors, swaptions, variance swaps and equity options, all of which may be exchange-traded or contracted in the OTC market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “other invested assets” or as liabilities within “other liabilities”. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “net derivative gains (losses)” without considering changes in the fair value of the economically associated assets or liabilities. The Company has designated certain derivatives it uses to economically manage asset/liability risk in relationships which qualify for hedge accounting. To qualify for hedge accounting, we formally document our designation at inception of the hedge relationship as a cash flow, fair value or net investment hedge. This documentation includes our risk management objective and strategy for undertaking the hedging transaction. The Company identifies how the hedging instrument is expected to offset the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness. To qualify for hedge accounting, a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed and documented at inception and periodically throughout the life of the hedge accounting relationship. The Company does not exclude any components of the hedging instrument from the effectiveness assessments and therefore does not separately measure or account for any excluded components of the hedging instrument. While in cash flow hedge relationships, any periodic net receipts and payments from the hedging instrument are included in the income or expense line that the hedged item’s periodic income or expense is recognized. Other changes in the fair value of the hedging instrument while in a cash flow hedging relationship are reported within OCI. These amounts are deferred in AOCI until they are reclassified to Net income (loss). The reclassified amount offsets the effect of the cash flows on Net income (loss) in the same period when the hedged item affects earnings and on the same line as the hedged item. We discontinue cash flow hedge accounting prospectively when the Company determines: (1) the hedging instrument is no longer highly effective in offsetting changes in the cash flow from the hedged risk, (2) the hedged item is no longer probable of occurring within two months of their forecast, or (3) the hedging instrument is otherwise redesignated from the hedging relationship. Changes in the fair value of the derivative after discontinuation of cash flow hedge accounting are accounted for as freestanding derivative positions not designated to hedge accounting relationships unless and until the derivative is redesignated to a hedge accounting relationship. When cash flow hedge accounting is discontinued the amounts deferred in AOCI during the hedge relationship continue to be deferred in AOCI, as long as the hedged items continue to be probable of occurring within two months of their forecast, until the hedged item affects Net income (loss). Any amount deferred in AOCI for hedged items which are no longer probable of occurring within two months of their forecast will be reclassified to “net derivative gains (losses)” at that time. The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. Once those criteria are met, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of income (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value.
Mortgage Loans on Real Estate	Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the CECL model in order to provide for the risk of credit losses in the lending process. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a PD / LGD model. The PD / LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including LTV ratios, DSC ratios, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery. For individually evaluated mortgages, the Company continues to recognize a valuation allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • LTV ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • DSC ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as a TDR and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgage loans. Based on its monthly monitoring of mortgages, a class of potential problem mortgage loans are also identified, consisting of mortgage loans not currently classified as problem mortgage loans but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within other assets. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable.
Troubled Debt Restructuring	Troubled Debt RestructuringThe Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate and privately negotiated fixed maturities included in the balance sheet as fixed maturities AFS. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the TDR. A credit allowance may have been recorded prior to the period when the loan is modified in a TDR. Accordingly, the carrying value (net of the allowance) before and after modification through a TDR may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment.
Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses)	Net Investment Income (Loss), Investment Gains (Losses) Net, and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsSee Note 7 of the Notes to these Consolidated Financial Statements for additional information regarding determining the fair value of financial instruments.
Recognition of Insurance Income and Related Expenses	Recognition of Insurance Income and Related Expenses Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided.
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 December 31, 2022 and 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.
DAC	DAC Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. In each reporting period, DAC amortization, net of the accrual of imputed interest on DAC balances, is recorded to amortization of deferred policy acquisition costs. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. The determination of DAC, including amortization and recoverability estimates, is based on models that involve numerous assumptions and subjective judgments, including those regarding policyholder behavior, surrender and withdrawal rates, mortality experience, and other inputs including financial market volatility and market rates of return. After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. Amortization Policy In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. DAC associated with certain variable annuity products is amortized based on estimated assessments, with DAC on the remainder of variable annuities, UL and investment-type products amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Accounts fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, embedded derivatives and changes in the reserve of products that have indexed features such as SCS IUL and MSO, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or assessments is reflected in earnings (loss) in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable annuities and, to a lesser extent, on variable and interest-sensitive life insurance relates to projected future separate account performance. Management sets estimated future gross profit or assessment assumptions related to separate account performance using a long-term view of expected average market returns by applying a RTM approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC amortization for the period. The opposite occurs when returns are lower than expected. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. As of December 31, 2022, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance and variable annuities was 7.0% (4.9% net of product weighted average Separate Accounts fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (12.9% net of product weighted average Separate Accounts fees) and 0.0% ((2.1)% net of product weighted average Separate Accounts fees), respectively. The maximum duration over which these rate limitations may be applied is five years. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated periodically to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Other significant assumptions underlying gross profit estimates for UL and investment type products relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. As of December 31, 2022, the average rate of assumed investment yields, excluding policy loans, for the Company was 4.4% grading to 4.3% in 2026. Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. Many of the factors that affect gross margins are included in the determination of the Company’s dividends to these policyholders. DAC adjustments related to participating traditional life policies do not create significant volatility in results of operations as the Closed Block recognizes a cumulative policyholder dividend obligation expense in policyholders’ benefits for the excess of actual cumulative earnings over expected cumulative earnings as determined at the time of demutualization. DAC associated with non-participating traditional life policies are amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in income (loss) in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. DAC related to these policies are subject to recoverability testing as part of the Company’s premium deficiency testing. If a premium deficiency exists, DAC are reduced by the amount of the deficiency or to zero through a charge to current period earnings (loss). If the deficiency exceeds the DAC balance, the reserve for future policy benefits is increased by the excess, reflected in earnings (loss) in the period such deficiency occurs. For some products, policyholders can elect to modify product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. These transactions are known as internal replacements. If such modification substantially changes the contract, the associated DAC is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed.
Reinsurance	Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment and recognized as a component of other expenses on a basis consistent with the expected life of the underlying reinsured contracts. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as premiums ceded (assumed); and amounts due from reinsurers (amounts due to reinsurers) are established. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. Premiums, policy charges and fee income, and policyholders’ benefits include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives as they are net settled. These embedded derivatives are included in GMIB reinsurance contract asset, at fair value with changes in estimated fair value reported in net derivative gains (losses). Separate Account liabilities that have been ceded on a Modified coinsurance (Modco) basis, receivable and payable have been recognized on a net basis as right of offset exists. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within other assets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other income or other operating costs and expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate. For reinsurance contracts other than those accounted for as derivatives, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities.
Policyholder Bonus Interest Credits	Policyholder Bonus Interest Credits Policyholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these policyholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in other assets in the consolidated balance sheets and amortization is included in interest credited to policyholders’ account balances in the consolidated statements of income (loss).
Policyholders' Account Balances and Future Policy Benefits	Policyholders’ Account Balances and Future Policy Benefits Policyholders’ account balances relate to contracts or contract features where the Company has no significant insurance risk. This liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. For participating traditional life insurance policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial insurance assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Company’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated policyholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 3.5% to 6.3% (weighted average of 5.0%) for approximately 99.5% of life insurance liabilities and from 1.5% to 5.4% (weighted average of 3.6%) for annuity liabilities. Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its DI reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Obligations arising from funding agreements are also reported in policyholders’ account balances in the consolidated balance sheets. As a member of the FHLB, the Company has access to collateralized borrowings. The Company may also issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require the Company to pledge qualified mortgage-backed assets and/or government securities as collateral. The Company has issued and continues to offer certain variable annuity products with GMDB and/or contain a GMLB (collectively, the “GMxB features”) which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. The Company previously issued certain variable annuity products with GIB, GWBL, GMWB and GMAB features. The Company has also assumed reinsurance for products with GMxB features. Reserves for products that have GMIB features, but do not have no-lapse guarantee features, and products with GMDB features are determined by estimating the expected value of death or income benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. These reserves are recorded within future policy benefits and other policyholders’ liabilities. The determination of this estimated liability is based on models that involve numerous assumptions and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding separate account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a RTM approach, consistent with that used for DAC amortization. There can be no assurance that actual experience will be consistent with management’s estimates. Products that have a GMIBNLG rider, GIB, GWBL, GMWB and GMAB features and the assumed products with GMIB features (collectively “GMxB derivative features”) are considered either freestanding or embedded derivatives and discussed below under (“Embedded and Freestanding Insurance Derivatives”).
Policyholders' Dividend	Policyholders’ Dividends The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by the board of directors of the issuing insurance company. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by the Company.
Embedded and Freestanding Insurance Derivatives	Embedded and Freestanding Insurance Derivatives Reserves for products or features within products that are considered either embedded or freestanding derivatives are measured at estimated fair value separately from the host variable annuity product, with changes in estimated fair value reported in net derivative gains (losses). The estimated fair values of these derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees attributable to the guarantee. The projections of future benefits and future fees require capital markets and actuarial assumptions, including expectations concerning policyholder behavior. A risk-neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk-free rates. Additionally, the Company cedes and assumes reinsurance of products with GMxB features, which are considered either an embedded or freestanding derivative and measured at fair value. The GMxB reinsurance contract asset and liabilities’ fair values reflect the present value of reinsurance premiums, net of recoveries, and risk margins over a range of market-consistent economic scenarios. Changes in the fair value of embedded and freestanding derivatives are reported in net derivative gains (losses). Embedded derivatives in direct and assumed reinsurance contracts are reported in future policyholders’ benefits and other policyholders’ liabilities. Amounts due from reinsurers contains the reinsurance of underlying GMIB contracts that are embedded derivatives, so the reinsurance has the same risk attributes as the underlying contracts and is an embedded derivatives carried at fair value. There are also embedded derivatives reported in the GMIB reinsurance contract asset related to ceded reinsurance contracts that are net settled, recorded at fair value in the consolidated balance sheets. Embedded derivatives fair values are determined based on the present value of projected future benefits minus the present value of projected future fees. At policy inception, a portion of the projected future guarantee fees to be
Separate Accounts	Separate Accounts Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Company. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed separate accounts liabilities. Assets and liabilities of the Separate Account represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of policyholders, and for which the Company does not bear the investment risk. Separate Accounts assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such Separate Accounts are offset within the same line in the consolidated statements of income (loss). Deposits to Separate Accounts are reported as increases in Separate Accounts assets and liabilities and are not reported in the consolidated statements of income (loss). Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account’s interests in Separate Accounts as trading securities, at fair value in the consolidated balance sheets.
Leases	Leases The Company does not record leases with an initial term of 12 months or less in its consolidated balance sheets, but instead recognizes lease expense for these leases on a straight-line basis over the lease term. For leases with a term greater than one year, the Company records in its consolidated balance sheets at the time of lease commencement or modification a RoU operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the consolidated statements of income (loss) over the lease term on a straight-line basis. RoU operating lease assets represent the Company’s right to use an underlying asset for the lease term and RoU operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
Broker-Dealer Revenues and Payables	Broker-Dealer Revenues, Receivables and Payables Certain of the Company’s subsidiaries provide investment management, brokerage and distribution services for affiliates and third parties. Third-party revenues earned from these services are reported in other income in the Company’s consolidated statement of income (loss). Receivables from and payables to clients include amounts due on cash and margin transactions. Securities owned by customers are held as collateral for receivables; such collateral is not reflected in the consolidated financial statements.
Capitalized Computer Software and Hosting Arrangements	Capitalized Computer Software and Hosting Arrangements Capitalized computer software and hosting arrangements include certain internal and external costs used to implement internal-use software and cloud computing hosting arrangements. These capitalized computer costs are included in other assets in the consolidated balance sheets and amortized on a straight-line basis over the estimated useful life of the software or term of the hosting arrangement that ranges between three
Income Taxes	Income Taxes The Company files as part of a consolidated Federal income tax return. The Company provides for federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized. Under accounting for uncertainty in income taxes guidance, the Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. Tax positions are then measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement.
Recognition of Investment Management and Service Fees and Related Expenses	Recognition of Investment Management and Service Fees and Related Expenses Investment management, advisory and service fees Reported as investment management and service fees in the Company’s consolidated statements of income (loss) are investment management fees earned by EIMG as well as certain asset-based fees associated with insurance contracts. EIMG provides investment management services, to EQ Premier VIP Trust, EQAT and 1290 Funds as well as two private investment trusts established in the Cayman Islands, AXA Allocation Funds Trust and AXA Offshore Multimanager Funds Trust (collectively, the “Other AXA Trusts”). The contracts supporting these revenue streams create a distinct, separately identifiable performance obligation for each day the assets are managed for the performance of a series of services that are substantially the same and have the same pattern of transfer to the customer. Accordingly, these investment management, advisory, and administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of AUM, are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur. Sub-advisory and sub-administrative expenses associated with these services are calculated and recorded as the related services are performed in other operating costs and expense in the consolidated statements of income (loss) as the Company is acting in a principal capacity in these transactions and, as such, reflects these revenues and expenses on a gross basis. Distribution services Revenues from distribution services include fees received as partial reimbursement of expenses incurred in connection with the sale of certain mutual funds and the 1290 Funds and for the distribution primarily of EQAT and EQ Premier VIP Trust shares to separate accounts in connection with the sale of variable life and annuity contracts. The amount and timing of revenues recognized from performance of these distribution services often is dependent upon the contractual arrangements with the customer and the specific product sold as further described below. Most open-end management investment companies, such as U.S. funds and the EQAT and EQ Premier VIP Trusts and the 1290 Funds, have adopted a plan under Rule 12b-1 of the Investment Company Act that allows for certain share classes to pay out of assets, distribution and service fees for the distribution and sale of its shares (“12b-1 Fees”). These open-end management investment companies have such agreements with the Company, and the Company has selling and distribution agreements pursuant to which it pays sales commissions to the financial intermediaries that distribute the shares. These agreements may be terminated by either party upon notice (generally 30 days) and do not obligate the financial intermediary to sell any specific amount of shares. The Company records 12b-1 fees monthly based upon a percentage of the NAV of the funds. At month-end, the variable consideration of the transaction price is no longer constrained as the NAV can be calculated and the value of consideration is determined. These services are separate and distinct from other asset management services as the customer can benefit from these services independently of other services. The Company accrues the corresponding 12b-1 fees paid to sub-distributors monthly as the expenses are incurred. The Company is acting in a principal capacity in these transactions; as such, these revenues and expenses are recorded on a gross basis in the consolidated statements of income (loss). Other revenues Also reported as investment management and service fees in the Company’s consolidated statements of income (loss) are other revenues from contracts with customers, primarily consisting of mutual fund reimbursements and other brokerage income. Other income Revenues from contracts with customers reported as other income in the Company’s consolidated statements of income (loss) primarily consist of advisory account fees and brokerage commissions from the Company’s broker-dealer operations and sales commissions from the Company’s general agents for the distribution of non-affiliate insurers’ life insurance and annuity products. These revenues are recognized at month-end when constraining factors, such as AUM and product mix, are resolved and the transaction pricing no longer is variable such that the value of consideration can be determined.
Accounting and Consolidation of VIEs	Accounting and Consolidation of VIEs For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity. Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. Consolidated VIEs As of December 31, 2022 and 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 December 31, 2022 and 2021 are total assets of $410 million and $169 million, respectively related to these VIEs. Non-Consolidated VIEs As of December 31, 2022 and 2021, respectively, the Company held approximately $2.3 billion and $2.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic
Assumption Updates and Model Changes	Assumption Updates and Model Changes The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets. However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. Due to the extraordinary economic conditions driven by the COVID-19 pandemic in the first quarter of 2020, the Company updated its interest rate assumption to grade from the current interest rate environment to an ultimate five-year historical average over a 10-year period. As such, the 10-year U.S. Treasury yield grades from the current level to an ultimate 5-year average of 2.25%. The low interest rate environment and update to the interest rate assumption caused a loss recognition event for the Company’s life interest-sensitive products, as well as to certain run-off business. This loss recognition event caused an acceleration of DAC amortization on the life interest-sensitive products and an increase in the premium deficiency reserve on the run-off business in the first quarter of 2020.
Fair Value Disclosures	U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of December 31, 2022 and 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)	12 Months Ended
	Dec. 31, 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 has finalized key accounting policy decisions and executed the intended implementation plan including modifying actuarial valuation systems, modernizing key finance processes including data sourcing, analytical procedures and reporting, and updating internal controls. The Company is ready for adoption of the guidance as of January 1, 2023 using the modified retrospective approach, except for Market Risk Benefits (MRBs) which will use the full retrospective approach. Based upon the modified retrospective transition method, the Company estimates that the January 1, 2021 transition date impact from LDTI adoption is a decrease in total U.S. GAAP equity of $3.8 billion. This is primarily due to accounting for our variable annuity guarantees that are not currently measured at fair value as MRBs in the extremely low interest rate environment as of January 1, 2021. For full year 2021, GAAP net income under LDTI basis is estimated to be $2.5 billion higher than the previously reported 2021 net income of ($1.4) billion due to better alignment between MRB liabilities and our economic hedging program. As of December 31, 2021, the impact on total equity is a decrease of approximately $1.3 billion and in line with our prior estimates. The U.S. GAAP net income for full year 2022 is estimated to be positive and less volatile under LDTI. The estimated impact to total U.S. GAAP equity as of December 31, 2022, is expected to be significantly mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business that results in a positive impact from accounting for its variable annuity guarantees as MRBs under the guidance at December 31, 2022.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2022 Fixed Maturities: Corporate (1) $ 46,053 $ 24 $ 89 $ 6,655 $ 39,463 U.S. Treasury, government and agency 7,049 — 1 1,312 5,738 States and political subdivisions 540 — 7 76 471 Foreign governments 985 — 2 151 836 Residential mortgage-backed (2) 860 — 1 84 777 Asset-backed (3) 8,817 — 3 371 8,449 Commercial mortgage-backed 3,742 — — 572 3,170 Redeemable preferred stock 41 — 2 — 43 Total at December 31, 2022 $ 68,087 $ 24 $ 105 $ 9,221 $ 58,947 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 December 31, 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) December 31, 2022: Contractual maturities: Due in one year or less $ 1,516 $ 1,497 Due in years two through five 13,452 12,727 Due in years six through ten 14,632 12,979 Due after ten years 25,003 19,305 Subtotal 54,603 46,508 Residential mortgage-backed 860 777 Asset-backed 8,817 8,449 Commercial mortgage-backed 3,742 3,170 Redeemable preferred stock 41 43 Total at December 31, 2022 $ 68,063 $ 58,947
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 years ended December 31, 2022, 2021 and 2020: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Year Ended December 31, 2022 2021 2020 (in millions) Proceeds from sales $ 11,683 $ 26,678 $ 12,670 Gross gains on sales $ 38 $ 1,141 $ 854 Gross losses on sales $ (668) $ (189) $ (34) Net (increase) decrease in Allowance for Credit and Intent to Sell losses (1) $ (253) $ (16) $ (13) ______________
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 Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ 42 $ 28 $ 15 Previously recognized impairments on securities that matured, paid, prepaid or sold (261) (2) — Recognized impairments on securities impaired to fair value this period (1) (2) 246 — — Credit losses recognized this period on securities for which credit losses were not previously recognized — 9 6 Additional credit losses this period on securities previously impaired 9 7 7 Increases due to passage of time on previously recorded credit losses — — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — — Balance at December 31, $ 36 $ 42 $ 28 ______________ (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.
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, January 1, 2022 $ 4,462 $ (284) $ (977) $ (673) $ 2,528 Net investment gains (losses) arising during the period (14,456) — — — (14,456) Reclassification adjustment: — Included in net income (loss) 885 — — — 885 Other (1) — — — (1,489) (1,489) Impact of net unrealized investment gains (losses) — 1,354 750 2,409 4,513 Net unrealized investment gains (losses) excluding credit losses (9,109) 1,070 (227) 247 (8,019) Net unrealized investment gains (losses) with credit losses (7) 1 — 1 (5) Balance, December 31, 2022 $ (9,116) $ 1,071 $ (227) $ 248 $ (8,024) Balance, January 1, 2021 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 Net investment gains (losses) arising during the period (2,902) — — — (2,902) Reclassification adjustment: — Included in net income (loss) (835) — — — (835) Other (2) (31) — — — (31) Impact of net unrealized investment gains (losses) — 182 837 577 1,596 Net unrealized investment gains (losses) excluding credit losses 4,462 (284) (977) (673) 2,528 Net unrealized investment gains (losses) with credit losses — — — — — Balance, December 31, 2021 $ 4,462 $ (284) $ (977) $ (673) $ 2,528 Balance, January 1, 2020 $ 3,084 $ (826) $ (192) $ (433) $ 1,633 Net investment gains (losses) arising during the period 5,953 — — — 5,953 Reclassification adjustment: Included in Net income (loss) (802) — — — (802) Impact of net unrealized investment gains (losses) — 360 (1,623) (818) (2,081) Net unrealized investment gains (losses) excluding credit losses 8,235 (466) (1,815) (1,251) 4,703 Net unrealized investment gains (losses) with credit losses (5) — 1 1 (3) Balance, December 31, 2020 $ 8,230 $ (466) $ (1,814) $ (1,250) $ 4,700 _____________ (1) Reflects a Deferred Tax Asset valuation allowance of $1.5 billion recorded during the fourth quarter of 2022. See Note 14 o f the Notes to these Consolidated Financial Statements for additional details. (2) 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 4,798 issues as of December 31, 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) December 31, 2022 Fixed Maturities: Corporate $ 22,034 $ 2,431 $ 15,014 $ 4,222 $ 37,048 $ 6,653 U.S. Treasury, government and agency 5,465 1,294 204 18 5,669 1,312 States and political subdivisions 91 18 158 58 249 76 Foreign governments 349 42 418 109 767 151 Residential mortgage-backed 665 49 79 35 744 84 Asset-backed 6,262 228 1,759 143 8,021 371 Commercial mortgage-backed 1,572 200 1,580 372 3,152 572 Total at December 31, 2022 $ 36,438 $ 4,262 $ 19,212 $ 4,957 $ 55,650 $ 9,219 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 years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 57 $ 77 $ 33 Current-period provision for expected credit losses 66 (20) 44 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — Net change in allowance 66 (20) 44 Balance, end of period $ 123 $ 57 $ 77 Agricultural mortgages: Balance, beginning of period $ 5 $ 4 $ 3 Current-period provision for expected credit losses 1 1 1 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — Net change in allowance 1 1 1 Balance, end of period $ 6 $ 5 $ 4 Total allowance for credit losses $ 129 $ 62 $ 81
Schedule of Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2022 and 2021. Loan to Value (“LTV”) Ratios (1) December 31, 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% $ 624 $ 130 $ — $ — $ 119 $ 1,242 $ — $ — $ 2,115 50% - 70% 2,285 1,569 906 313 623 2,254 328 — 8,278 70% - 90% 363 415 463 329 424 1,314 — 34 3,342 90% plus — — — — 35 233 — — 268 Total commercial $ 3,272 $ 2,114 $ 1,369 $ 642 $ 1,201 $ 5,043 $ 328 $ 34 $ 14,003 Agricultural: 0% - 50% $ 163 $ 182 $ 228 $ 129 $ 132 $ 725 $ — $ — $ 1,559 50% - 70% 190 185 222 68 83 267 — — 1,015 70% - 90% — — — — — 16 — — 16 90% plus — — — — — — — — — Total agricultural $ 353 $ 367 $ 450 $ 197 $ 215 $ 1,008 $ — $ — $ 2,590 Total mortgage loans: 0% - 50% $ 787 $ 312 $ 228 $ 129 $ 251 $ 1,967 $ — $ — $ 3,674 50% - 70% 2,475 1,754 1,128 381 706 2,521 328 — 9,293 70% - 90% 363 415 463 329 424 1,330 — 34 3,358 90% plus — — — — 35 233 — — 268 Total mortgage loans $ 3,625 $ 2,481 $ 1,819 $ 839 $ 1,416 $ 6,051 $ 328 $ 34 $ 16,593 Debt Service Coverage (“DSC”) Ratios (2) December 31, 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 $ 771 $ 1,159 $ 1,113 $ 102 $ 571 $ 1,911 $ — $ — $ 5,627 1.8x to 2.0x 158 215 164 197 186 477 279 — 1,676 1.5x to 1.8x 337 390 32 153 176 1,175 4 — 2,267 1.2x to 1.5x 1,041 259 — 92 73 917 — — 2,382 1.0x to 1.2x 507 43 60 98 160 492 45 34 1,439 Less than 1.0x 458 48 — — 35 71 — — 612 December 31, 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) Total commercial $ 3,272 $ 2,114 $ 1,369 $ 642 $ 1,201 $ 5,043 $ 328 $ 34 $ 14,003 Agricultural: Greater than 2.0x $ 51 $ 40 $ 62 $ 21 $ 12 $ 193 $ — $ — $ 379 1.8x to 2.0x 16 58 35 24 14 51 — — 198 1.5x to 1.8x 69 42 111 18 19 196 — — 455 1.2x to 1.5x 107 147 177 98 99 298 — — 926 1.0x to 1.2x 91 80 61 30 60 257 — — 579 Less than 1.0x 19 — 4 6 11 13 — — 53 Total agricultural $ 353 $ 367 $ 450 $ 197 $ 215 $ 1,008 $ — $ — $ 2,590 Total mortgage loans: Greater than 2.0x $ 822 $ 1,199 $ 1,175 $ 123 $ 583 $ 2,104 $ — $ — $ 6,006 1.8x to 2.0x 174 273 199 221 200 528 279 — 1,874 1.5x to 1.8x 406 432 143 171 195 1,371 4 — 2,722 1.2x to 1.5x 1,148 406 177 190 172 1,215 — — 3,308 1.0x to 1.2x 598 123 121 128 220 749 45 34 2,018 Less than 1.0x 477 48 4 6 46 84 — — 665 Total mortgage loans $ 3,625 $ 2,481 $ 1,819 $ 839 $ 1,416 $ 6,051 $ 328 $ 34 $ 16,593 _____________ (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 December 31, 2022 and 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) December 31, 2022: Mortgage loans: Commercial $ 56 $ — $ — $ 56 $ 13,947 $ 14,003 $ — $ 14,003 $ — $ — Agricultural 3 5 13 21 2,553 2,574 16 2,590 — — Total $ 59 $ 5 $ 13 $ 77 $ 16,500 $ 16,577 $ 16 $ 16,593 $ — $ — 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 years ended December 31, 2022 and 2021. Unrealized and Realized Gains (Losses) from Equity Securities Year Ended December 31, 2022 2021 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (109) $ 9 Net investment gains (losses) recognized on securities sold during the period (36) (2) Unrealized and realized gains (losses) on equity securities $ (145) $ 7 Net Investment Income (Loss) from Trading Securities Year Ended December 31, 2022 2021 2020 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (35) $ (264) $ 96 Net investment gains (losses) recognized on securities sold during the period (6) 206 10 Unrealized and realized gains (losses) on trading securities (41) (58) 106 Interest and dividend income from trading securities 13 92 206 Net investment income (loss) from trading securities $ (28) $ 34 $ 312
Schedule of Net Investment Income (Loss)	The following table breaks out net investment income (loss) by asset category: Year Ended December 31, 2022 2021 2020 (in millions) Fixed maturities $ 2,478 $ 2,293 $ 2,193 Mortgage loans on real estate 586 547 516 Other equity investments 74 525 79 Policy loans 203 209 198 Trading securities (28) 34 312 Other investment income 57 47 49 Gross investment income (loss) 3,370 3,655 3,347 Investment expenses (293) (172) (139) Net investment income (loss) $ 3,077 $ 3,483 $ 3,208
Schedule of Investment Gains (Losses), Net	Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Fixed maturities $ (885) $ 834 $ 801 Mortgage loans on real estate (66) 20 (45) Other equity investments (1) — — 30 Other (11) (1) 1 Investment gains (losses), net $ (962) $ 853 $ 787 _____________ (1) Investment gains (losses), net of Other equity investments includes Real Estate Held for production during the years ended December 31, 2021 and December 31, 2020.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 1,431 $ 99 $ 85 $ 921 $ 7 $ 42 Interest swaps 955 — 294 955 — 395 Total: designated for hedge accounting 2,386 99 379 1,876 7 437 Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 4,320 — — 2,213 — — Swaps 11,159 38 — 13,310 5 — Options 39,863 7,549 3,396 48,380 12,015 5,059 Interest rate contracts: Futures 12,693 — — 12,455 — — Swaps 1,498 — 166 1,876 — 45 Credit contracts: Credit default swaps 102 — 2 619 2 3 Currency contracts: Currency swaps 397 4 13 541 1 — Other freestanding contracts: Margin — 193 — — 102 — Collateral — 142 4,469 — 178 6,154 Total: Not designated for hedge accounting 70,032 7,926 8,046 79,394 12,303 11,261 Embedded derivatives: Amounts due from reinsurers (5) — 4,114 — — 5,813 — GMIB reinsurance contracts (2) — 1,306 — — 2,068 — GMxB derivative features liability (3) — — 5,773 — — 8,525 SCS, SIO, MSO and IUL indexed features (4) — — 4,077 — — 6,641 Total embedded derivatives — 5,420 9,850 — 7,881 15,166 Total derivative instruments $ 72,418 $ 13,445 $ 18,275 $ 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. Derivative Instruments by Category Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net NII (3) Interest Credited To Policyholders Account Balances AOCI Net Interest Credited To Policyholders Account Balances AOCI Net Interest Credited To Policyholders Account Balances AOCI (in millions) Derivatives: Designated for hedge accounting Cash flow hedges: Currency Swaps $ 19 $ 7 $ (4) $ 24 $ (2) $ (45) $ 5 $ — $ — $ — Interest Swaps (86) — — 206 (69) — (87) (9) — (87) Total: Designated for hedge accounting (67) 7 (4) 230 (71) (45) (82) (9) — (87) Derivatives: Not designated for hedge accounting Equity contracts: Futures 349 — — — (607) — — (955) — — Swaps 2,626 — — — (3,608) — — (3,353) — — Options (2,752) — — — 3,883 — — 1,663 — — Interest rate contracts: Futures (1,645) — — — (727) — — 1,745 — — Swaps (492) — — — (2,316) — — 2,832 — — Credit contracts: Credit default swaps 8 — — — 1 — — — — — Currency contracts: Currency swaps 10 — — — 3 — — (2) — — Total: Not designated for hedge accounting (1,896) — — — (3,371) — — 1,939 — — Embedded Derivatives: Amounts due from reinsurers (1,706) — — — 517 — — — — — GMIB reinsurance contracts (726) — — — (777) — — 472 — — GMxB derivative features liability 3,062 — — — 2,792 — — (2,238) — — SCS, SIO, MSO and IUL indexed features 2,857 — — — (3,760) — — (1,693) — — Total Embedded Derivatives 3,487 — — — (1,228) — — (3,459) — — Total derivatives instruments $ 1,524 $ 7 $ (4) $ 230 $ (4,670) $ (45) $ (82) $ (1,529) $ — $ (87) ______________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the years ended December 31, 2022, 2021 and 2020, investment fees of $16 million, $15 million and $12 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 Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ (208) $ (126) $ (38) Amount recorded in AOCI Currency swaps 29 (35) — Interest swaps 102 (183) (108) Total amount recorded in AOCI 131 (218) (108) Amount reclassified from AOCI to income Currency swaps (1) (5) 40 — Interest swaps (1) 104 96 20 Total amount reclassified from AOCI to income 99 136 20 Balance, end of period (2) $ 22 $ (208) $ (126) ______________ (1) Currency swaps reclassified from AOCI to income are reported in net investment income in the consolidated statements of income (loss). Interest swaps reclassified from AOCI to income are reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) The Company does not estimate the amount of the deferred losses in AOCI at years ended December 31, 2022, 2021 and 2020 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 December 31, 2022 and 2021: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of December 31, 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 $ 8,024 $ 6,980 $ 1,044 $ (848) $ 196 Other financial assets 1,791 — 1,791 — 1,791 Other invested assets $ 9,815 $ 6,980 $ 2,835 $ (848) $ 1,987 Liabilities: Derivative liabilities $ 7,577 $ 6,980 $ 597 $ — $ 597 Other financial liabilities 3,354 — 3,354 — 3,354 Other liabilities $ 10,931 $ 6,980 $ 3,951 $ — $ 3,951 ______________ (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)	12 Months Ended
	Dec. 31, 2022
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: December 31, 2022 2021 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,688 $ 5,928 Policyholder dividend obligation — — Other liabilities 68 39 Total Closed Block liabilities 5,756 5,967 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0) 2,948 3,390 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,645 1,771 Policy loans 569 602 Cash and other invested assets — 63 Other assets 155 90 Total assets designated to the Closed Block 5,317 5,916 Excess of Closed Block liabilities over assets designated to the Closed Block 439 51 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and ($43) (166) 172 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 273 $ 223
Schedule of Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Revenues: Premiums and other income $ 125 $ 144 $ 157 Net investment income (loss) 221 237 251 Investment gains (losses), net (3) 4 — Total revenues 343 385 408 Benefits and Other Deductions: Policyholders’ benefits and dividends 328 372 399 Other operating costs and expenses 2 3 1 Total benefits and other deductions 330 375 400 Net income (loss), before income taxes 13 10 8 Income tax (expense) benefit (1) (2) (2) Net income (loss) $ 12 $ 8 $ 6
Schedule of Closed Block Dividend Obligation	A reconciliation of the Company’s policyholder dividend obligation follows: Year Ended December 31, 2022 2021 2020 (in millions) Beginning balance $ — $ 160 $ 2 Unrealized investment gains (losses) — (160) 158 Ending balance $ — $ — $ 160

DAC AND POLICYHOLDER BONUS IN_2

DAC AND POLICYHOLDER BONUS INTEREST CREDITS (Tables)	12 Months Ended
	Dec. 31, 2022
Contract holder Bonus Interest Credits [Abstract]
Schedule of Deferred Policy Acquisition Costs	Changes in the DAC asset for the years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of year $ 4,267 $ 3,816 $ 4,225 Capitalization of commissions, sales and issue expenses 702 724 564 Amortization: Impact of assumptions updates and model changes 7 19 (866) All other (473) (475) (467) Total amortization (466) (456) (1,333) Change in unrealized investment gains and losses 1,354 183 360 Balance, end of year $ 5,857 $ 4,267 $ 3,816
Schedule of Changes of Deferred Assets for Policyholder Bonus Credits and Deferred Acquisition Costs	The deferred asset for policyholder bonus interest credits is reported in other assets in the consolidated balance sheets and changes in the deferred asset for policyholder bonus Interest credits are reported in interest credited to policyholders’ account balances. For the years ended December 31, 2022, 2021 and 2020 changes were as follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of year $ 361 $ 405 $ 431 Amortization charged to income (41) (44) (26) Balance, end of year $ 320 $ 361 $ 405

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 37,360 $ 2,103 $ 39,463 U.S. Treasury, government and agency — 5,738 — 5,738 States and political subdivisions — 442 29 471 Foreign governments — 836 — 836 Residential mortgage-backed (2) — 777 — 777 Asset-backed (3) — 8,449 — 8,449 Commercial mortgage-backed — 3,138 32 3,170 Redeemable preferred stock — 43 — 43 Total fixed maturities, AFS — 56,783 2,164 58,947 Other equity investments 137 478 12 627 Trading securities 160 123 — 283 Other invested assets: Short-term investments — 485 — 485 Assets of consolidated VIEs/VOEs — — 5 5 Swaps — (416) — (416) Credit default swaps — (2) — (2) Options — 4,153 — 4,153 Total other invested assets — 4,220 5 4,225 Cash equivalents 397 258 — 655 Amounts due from reinsurer (5) — — 4,114 4,114 GMIB reinsurance contracts asset — — 1,306 1,306 Separate Accounts assets (4) 108,378 2,429 1 110,808 Total Assets $ 109,072 $ 64,291 $ 7,602 $ 180,965 Liabilities: GMxB derivative features’ liability $ — $ — $ 5,773 $ 5,773 SCS, SIO, MSO and IUL indexed features’ liability — 4,077 — 4,077 Total Liabilities $ — $ 4,077 $ 5,773 $ 9,850 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2022 the fair value of such investments was $456 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 the 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 years ended December 31, 2022, 2021 and 2020, respectively. 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) 5 — — — Investment gains (losses), net (5) — — — Subtotal — — — — Other comprehensive income (loss) (157) (5) (2) — Purchases 1,093 — 14 — Sales (379) (1) — (2) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 168 — — — Transfers out of Level 3 (1) (115) — — (6) Balance, December 31, 2022 $ 2,103 $ 29 $ 32 $ — 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) $ (154) $ (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) 5 — — — Investment gains (losses), net (16) — — — Subtotal (11) — — — Other comprehensive income (loss) 34 (2) — — Purchases 937 — 20 6 Sales (468) (2) — (18) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 27 — — — Transfers out of Level 3 (1) (713) — — — Balance, December 31, 2021 $ 1,493 $ 35 $ 20 $ 8 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) $ 28 $ (2) $ — $ — Balance, January 1, 2020 $ 1,246 $ 39 $ — $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 4 — — — Investment gains (losses), net (16) — — — Subtotal (12) — — — Other comprehensive income (loss) (17) 2 — — Purchases 513 — — 20 Sales (224) (2) — — Transfers into Level 3 (1) 184 — — — Transfers out of Level 3 (1) (3) — — (100) Balance, December 31, 2020 $ 1,687 $ 39 $ — $ 20 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) $ (18) $ 2 $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of December 31, 2022 and 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. 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 $ 5,813 $ 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) — (1,706) (726) — 3,062 Total realized and unrealized gains (losses) (1) (1,706) (726) — 3,062 Other comprehensive income (loss) — — — — — Purchases (2) 8 123 41 — (456) Sales (3) — (116) (77) — 146 Change of estimate — — — — — Activity related to consolidated VIEs/VOEs (3) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, December 31, 2022 $ 17 $ 4,114 $ 1,306 $ 1 $ (5,773) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ (1) $ (1,706) $ (726) $ — $ 3,062 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) — 517 (777) — 2,792 Total realized and unrealized gains (losses) 2 517 (777) — 2,792 Other comprehensive income (loss) — — — — — Purchases (2) 1 73 44 1 (458) Sales (3) (1) (36) (58) — 77 Other — 5,259 — — — Activity related to consolidated VIEs/VOEs (4) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — (1) — Balance, December 31, 2021 $ 13 $ 5,813 $ 2,068 $ 1 $ (8,525) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ 2 $ 517 $ (777) $ — $ 2,792 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, 2020 $ 16 $ — $ 2,466 $ — $ (8,316) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) — — 472 — (2,238) Total realized and unrealized gains (losses) — — 472 — (2,238) Other comprehensive income (loss) — — — — — Purchases (2) 3 — 45 1 (441) Sales (3) — — (79) — 59 Change in estimate — — (45) — — Activity related to consolidated VIEs/VOEs (4) — — — — Transfers into Level 3 (4) — — — — — Transfers out of Level 3 (4) — — — — — Balance, December 31, 2020 $ 15 $ — $ 2,859 $ 1 $ (10,936) Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (5) $ — $ — $ 472 $ — $ (2,238) 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 years ended December 31, 2022, 2021 and 2020, the Company’s non-performance risk impact of $522 million, ($217) million and ($758) million for the GMxB Derivative Features Liability ($45) million, ($26) million and $14 million for the GMIB Reinsurance Contract Asset, and ($60) million, $19 million and $0 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 December 31, 2022 and 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 December 31, 2022 and 2021, respectively. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2022 Fair Valuation Technique Significant Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 413 Matrix pricing model Spread over Benchmark 20 bps - 797 bps 204 bps 1,029 Market comparable companies EBITDA multiples Discount Rate Cash flow Multiples Loan to Value 5.3x - 35.8x 9.0% - 45.7% 0.0x - 10.3x 0.0% - 40.4% 13.6x 11.9% 6.1x 12.0% Other equity investments 4 Market comparable companies Revenue multiple 0.5x - 10.8x 2.4x Fair Valuation Technique Significant Range Weighted Average (2) GMIB reinsurance contract asset 1,306 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 0.26% - 26.23% 0.06% - 10.93% 0.04% - 62.30% 69 bps - 133 bps 14% - 32% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 3.05% 0.99% 5.40% 70 bps 24% 3.09% (same for all ages) (same for all ages) Amount Due from Reinsurers 4,114 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 0.26% - 26.23% 0.06% - 10.93% 0.04% - 62.30% 51 bps 14% - 32% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 2.01% 1.32% 7.95% 51 bps 24% 2.33% (same for all ages) (same for all ages) Liabilities: GMIB NLG 5,770 Discounted cash flow Non-performance risk Lapse Withdrawal Annuitization Mortality (1): Ages 0-40 Ages 41-60 Ages 61-115 147 bps 0.26% - 35.42% 0.06% - 10.93% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.54% 0.42% - 41.42% 147 bps 4.26% 1.25% 5.95% 1.73% (same for all ages) (same for all ages) GWBL/GMWB 70 Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 0.00% - 8.00% 100% once starting 14% - 32% 147 bps 3.05% 0.99% 24% GIB (65) Discounted cash flow Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 0.20% - 1.24% 0.04% - 100.00% 14% - 32% 147 bps 3.05% 0.99% 5.40% 24% GMAB (2) Discounted cash flow Lapse rates Volatility rates - Equity Non-performance risk 0.35% - 26.23% 14% - 32% 147 bps 3.05% 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. 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 December 31, 2022 and 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) December 31, 2022: Mortgage loans on real estate $ 16,464 $ — $ — $ 14,675 $ 14,675 Policy loans $ 3,563 $ — $ — $ 3,850 $ 3,850 Loans to affiliates $ 1,900 $ — $ 1,755 $ — $ 1,755 Policyholders’ liabilities: Investment contracts $ 1,801 $ — $ — $ 1,645 $ 1,645 FHLB funding agreements $ 8,505 $ — $ 8,390 $ — $ 8,390 FABN funding agreements $ 7,095 $ — $ 6,384 $ — $ 6,384 Separate Accounts liabilities $ 10,236 $ — $ — $ 10,236 $ 10,236 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

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2022, 2021 and 2020 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance, January 1, 2020 $ 4,775 $ (99) $ 4,671 $ (2,466) Paid guarantee benefits (495) 15 (293) 79 Other changes in reserve 813 — 1,647 (472) Balance, December 31, 2020 5,093 (84) 6,025 (2,859) Paid guarantee benefits (461) 113 (377) 58 Other changes in reserve 379 (90) 304 735 Impact of the Venerable transaction (1) — (2,176) — (2,141) Balance, December 31, 2021 5,011 (2,237) 5,952 (4,207) Paid guarantee benefits (595) 249 (602) 76 Other changes in reserve 875 (355) 309 797 Balance, December 31, 2022 $ 5,291 $ (2,343) $ 5,659 $ (3,334) ____________ (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 December 31, 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 December 31, 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 $ 16,847 $ 96 $ 45 $ 144 $ 17,132 Separate Accounts 47,047 7,309 2,452 25,212 82,020 Total Account Values $ 63,894 $ 7,405 $ 2,497 $ 25,356 $ 99,152 NAR, gross $ 688 $ 1,409 $ 1,843 $ 23,101 $ 27,041 NAR, net of amounts reinsured $ 675 $ 1,277 $ 1,341 $ 12,470 $ 15,763 Average attained age of policyholders (in years) 51.6 69.9 76.1 71.8 55.3 Percentage of policyholders over age 70 12.1% 53.3% 74.7% 60.7% 21.1% 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 $ 187 $ 201 Separate Accounts — — 20,322 26,530 46,852 Total Account Values $ — $ — $ 20,336 $ 26,717 $ 47,053 NAR, gross $ — $ — $ 489 $ 7,540 $ 8,029 NAR, net of amounts reinsured $ — $ — $ 158 $ 3,071 $ 3,229 Average attained age of policyholders (in years) N/A N/A 65.9 71.4 69.3 Weighted average years remaining until annuitization N/A N/A 5.3 0.5 2.3 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 December 31, 2022 2021 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 39,722 $ 14,067 $ 52,744 $ 20,009 Fixed income 4,403 1,962 5,384 2,505 Balanced 36,785 30,573 48,152 40,228 Other 1,110 250 1,025 264 Total $ 82,020 $ 46,852 $ 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. Direct Liability Reinsurance Ceded Net (in millions) Balance, January 1, 2020 $ 894 $ (808) $ 86 Paid guarantee benefits (40) — (40) Other changes in reserves 162 (75) 87 Balance, December 31, 2020 1,016 (883) 133 Paid guarantee benefits (84) — (84) Other changes in reserves 158 (45) 113 Balance, December 31, 2021 1,090 (928) 162 Paid guarantee benefits (79) — (79) Other changes in reserves 144 (9) 135 Balance at December 31, 2022 $ 1,155 $ (937) $ 218

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Assets and Liabilities, Leases	Balance Sheet Classification of Operating Lease Assets and Liabilities December 31, Balance Sheet Line Item 2022 2021 (in millions) Assets Operating lease assets Other assets $ 148 $ 215 Liabilities Operating lease liabilities Other liabilities $ 190 $ 278
Schedule of Lease, Cost	The table below summarizes the components of lease costs for the years ended December 31, 2022, 2021 and 2020. Lease Costs Year Ended December 31, 2022 2021 2020 (in millions) Operating lease cost $ 77 $ 73 $ 77 Variable operating lease cost 12 10 11 Sublease income (19) (18) (18) Net lease cost $ 70 $ 65 $ 70 The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate. Weighted Averages - Remaining Operating Lease Term and Discount Rate December 31, 2022 2021 Weighted-average remaining operating lease term 4 years 5 years Weighted-average discount rate for operating leases 3.00 % 2.90 % Supplemental cash flow information related to leases was as follows: Lease Liabilities Information Year Ended December 31, 2022 2021 2020 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 $ 94 $ 94 Non-cash transactions: Leased assets obtained in exchange for new operating lease liabilities $ 7 $ 26 $ 20
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2022 are as follows: Maturities of Lease Liabilities December 31, 2022 (in millions) Operating Leases: 2023 $ 85 2024 36 2025 28 2026 23 2027 19 Thereafter 24 Total lease payments 215 Less: Interest (25) Present value of lease liabilities $ 190

REINSURANCE (Tables)

REINSURANCE (Tables)	12 Months Ended
	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Schedule Of Effect Of Reinsurance	The following table summarizes the effect of reinsurance. The impact of the reinsurance transaction described above results in an increase in reinsurance ceded. Year Ended December 31, 2022 2021 2020 (in millions) Direct premiums $ 764 $ 762 $ 764 Reinsurance assumed 180 181 195 Reinsurance ceded (219) (193) (153) Premiums $ 725 $ 750 $ 806 Direct charges and fee income $ 3,592 $ 3,962 $ 2,684 Reinsurance ceded (651) (571) 780 Policy charges and fee income $ 2,941 $ 3,391 $ 3,464 Direct policyholders’ benefits $ 3,868 $ 3,553 $ 5,233 Reinsurance assumed 210 243 218 Reinsurance ceded (1,143) (814) (500) Policyholders’ benefits $ 2,935 $ 2,982 $ 4,951
Schedule of Ceded Credit Risk	The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves. December 31, 2022 2021 (in millions) Ceded Reinsurance: Estimated net fair values of ceded GMIB reinsurance contracts, considered derivatives (1) $ 1,306 $ 2,068 Estimated net fair values of ceded GMIB NLG ceded reserves to Venerable (2) 4,114 $ 5,813 Third-party reinsurance recoverables related to insurance contracts 15,016 12,459 Top reinsurers: Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating) 8,966 10,335 First Allmerica-GAF 4,005 Ceded group health reserves 14 40 Third-party reinsurance payables related to insurance contracts 275 127 Top reinsurers: First Allmerica-GAF 147 — Assumed Reinsurance: Reinsurance assumed reserves 662 758 ______________ (1) The estimated fair values increased ($762) million, ($791) million and $393 million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Reported in amounts due from reinsurers. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable transaction.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Year Ended December 31, 2022 2021 2020 (in millions) Revenue received or accrued for: Investment management and administrative services provided to EQAT, EQ Premier VIP Trust and 1290 Funds (1) $ 708 $ 757 $ 724 Year Ended December 31, 2022 2021 2020 (in millions) Revenue received or accrued for: Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products $ 82 $ 38 $ 38 Year Ended December 31, 2022 2021 2020 (in millions) Expenses paid or accrued for: Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network $ 718 $ 712 $ 625 _____________ (1) For years ended 2021 and 2020, amounts included fees received from Other AXA Trusts of $3 million and $4 million.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Net Funded Status	The following table presents the funded status of the plan: December 31, 2022 2021 (in millions) Equitable Retirement Plan Total plan assets $ 1,801 $ 2,395 Accumulated benefit obligation $ 1,614 $ 2,045 Funded status 111.6 % 117.1 %

SHARE-BASED COMPENSATION PROG_2

SHARE-BASED COMPENSATION PROGRAMS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule Of Compensation Costs	Compensation costs for years ended December 31, 2022, 2021 and 2020 for share-based payment arrangements as further described herein are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Performance Shares $ 25 $ 12 $ 13 Stock Options 1 — 5 Restricted Stock Unit Awards 35 27 18 Total Compensation Expenses $ 61 $ 39 $ 36 Income Tax Benefit $ 12 $ 8 $ 7
Schedule Of Stock Option Activity	A summary of activity in the AXA and Holdings option plans during 2022 as follows: Options Outstanding EQH Shares AXA Ordinary Shares Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2022 1,664 $ 21.66 729 € 22.44 Options granted — 15.69 — — Options exercised (54) 19.34 (148) 20.40 Options forfeited, net (20) 22.57 (22) 23.92 Options expired — — — — Options Outstanding at December 31, 2022 1,590 $ 21.72 559 € 22.92 Aggregate intrinsic value (1) $ 4,862 € — Weighted average remaining contractual term (in years) 6.54 4.00 Options Exercisable at December 31, 2022 1,247 $ 21.42 529 € 23.00 Aggregate intrinsic value (1) $ 4,183 € — Weighted average remaining contractual term (in years) 6.40 3.91 ____________
Schedule Of Share-based Payment Award, Valuation Assumptions	A summary of stock option grant assumptions activity in Holdings option plans during years ended December 31, 2022 , 2021, and 2020 follows: EQH Shares (1) 2022 (2) 2021 (2) 2020 Dividend yield —% —% 2.59% Expected volatility —% —% 26.00% Risk-free interest rates —% —% 1.19% Expected life in years 0.0 0.0 6.0 Weighted average fair value per option at grant date $ — $ — $ 4.37 ____________ (1) The expected volatility is based on historical selected peer data, the weighted average expected term is determined by using the simplified method due to lack of sufficient historical data, the expected dividend yield based on Holdings’ expected annualized dividend, and the risk-free interest rate is based on the U.S. Treasury bond yield for the appropriate expected term.
Schedule Of Share-based Compensation, Restricted Stock Units Award Activity	The following table summarizes Holdings restricted share units activity for 2022. Shares of Holdings Restricted Stock Weighted Average Grant Date Unvested as of January 1, 2022 2,391,091 $ 21.15 Granted 997,973 33.28 Forfeited (145,072) 28.79 Vested (1,299,023) 23.71 Unvested as of December 31, 2022 1,944,969 $ 29.78
Schedule Of Share-based Compensation, Performance Award Activity	The following table summarizes Holdings and AXA performance awards activity for 2022. Shares of Holdings Performance Awards Weighted-Average Grant Date Shares of AXA Performance Awards Weighted-Average Grant Date Unvested as of January 1, 2022 993,320 $ 28.87 52,844 $ 21.28 Granted 568,749 33.01 — — Forfeited (87,498) 28.41 — — Vested (403,201) 23.89 (52,844) 21.28 Unvested as of December 31, 2022 1,071,369 $ 32.98 — $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule Of Income Tax Expense (Benefit)	A summary of the income tax (expense) benefit in the consolidated statements of income (loss) follows: Year Ended December 31, 2022 2021 2020 (in millions) Income tax (expense) benefit: Current (expense) benefit $ 32 $ 11 $ (112) Deferred (expense) benefit (311) 463 739 Total $ (279) $ 474 $ 627
Schedule Of Effective Income Tax Rate Reconciliation	The sources of the difference and their tax effects are as follows: Year Ended December 31, 2022 2021 2020 (in millions) Expected income tax (expense) benefit $ (308) $ 393 $ 291 Non-taxable investment income 50 79 91 Tax audit interest (13) (14) (8) Tax settlements/uncertain tax position release — — 231 Tax credits 17 28 21 Deferred tax adjustment (21) — — Other (4) (12) 1 Income tax (expense) benefit $ (279) $ 474 $ 627
Schedule Of Net Deferred Income Taxes	The components of the net deferred income taxes are as follows: December 31, 2022 2021 Assets Liabilities Assets Liabilities (in millions) Compensation and related benefits $ 62 $ — $ 46 $ — Net operating loss and credits 505 — 732 — Reserves and reinsurance 1,307 — 2,072 — DAC — 1,008 — 685 Unrealized investment gains (losses) 1,910 — — 892 Investments 451 — — 18 Other 108 — 31 — Valuation allowance (1,489) — — — Total $ 2,854 $ 1,008 $ 2,881 $ 1,595
Schedule Of Unrecognized Tax Benefits Reconciliation	A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: Year Ended December 31, 2022 2021 2020 (in millions) Balance at January 1, $ 295 $ 281 $ 297 Additions for tax positions of prior years — 17 229 Reductions for tax positions of prior years — (3) (250) Additions for tax positions of current year — — — Settlements with tax authorities — — 5 Balance at December 31, $ 295 $ 295 $ 281 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 43 $ 43 $ 47

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 follow: December 31, 2022 2021 (in millions) Unrealized gains (losses) on investments $ (8,008) $ 2,362 Defined benefit pension plans (4) (5) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (8,012) $ 2,357
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes for the years ended December 31, 2022, 2021 and 2020, follow: Year Ended December 31, 2022 2021 2020 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period (1) $ (12,915) $ (2,293) $ 4,698 (Gains) losses reclassified into net income (loss) during the period (2) 699 (686) (633) Net unrealized gains (losses) on investments (12,216) (2,979) 4,065 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 1,847 741 (1,066) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of ($871), ($595) and $798) (10,369) (2,238) 2,999 Other comprehensive income (loss), attributable to Equitable Financial $ (10,369) $ (2,238) $ 2,999 ____________ (1) For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $1.5 billion established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio. See Note 14 of the Notes to these Consolidated Financial Statements for details on the valuation allowance. (2) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of ($186) million, $182 million and ($168) million for the years ended December 31, 2022, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Activity of Funding Agreements	Change in FHLB Funding Agreements during the Year Ended December 31, 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 December 31, 2022 (in millions) Short-term funding agreements: Due in one year or less $ 5,353 $ 54,316 $ (53,790) $ 251 $ — $ 6,130 Long-term funding agreements: Due in years two through five 1,290 640 — (251) — 1,679 Due in more than five years — 692 — — — 692 Total long-term funding agreements 1,290 1,332 — (251) — 2,371 Total funding agreements (1) $ 6,643 $ 55,648 $ (53,790) $ — $ — $ 8,501 ____________ (1) The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for December 31, 2022 and 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 Year Ended December 31, 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 December 31, 2022 (in millions) Short-term funding agreements: Due in one year or less $ — $ — $ — $ 1,500 $ — $ — $ 1,500 Long-term funding agreements: Due in years two through five 4,600 400 — (1,500) 500 — 4,000 Due in more than five years 2,119 — — — (500) (34) 1,585 Total long-term funding agreements 6,719 400 — (1,500) — (34) 5,585 Total funding agreements (1) $ 6,719 $ 400 $ — $ — $ — $ (34) $ 7,085 _____________

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2022 2021 2020 (in millions) Balance, beginning of period $ 28 $ 41 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests (3) — 1 Purchase/change of redeemable noncontrolling interests (4) (13) 1 Balance, end of period $ 21 $ 28 $ 41

REVENUES FROM EXTERNAL CUSTOM_2

REVENUES FROM EXTERNAL CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Product	Revenue from external customers, by product, is shown in the table that follows: Year Ended December 31, 2022 2021 2020 (in millions) Individual Variable Annuity Products Premiums $ 123 $ 126 $ 165 Fees (1) 1,792 2,364 2,555 Others 87 72 8 Total $ 2,002 $ 2,562 $ 2,728 Employer- Sponsored Premiums $ — $ — $ — Fees 506 611 500 Others 25 5 4 Total $ 531 $ 616 $ 504 Life Insurance Products Premiums $ 545 $ 566 $ 587 Fees 1,375 1,417 1,421 Others 10 7 23 Total $ 1,930 $ 1,990 $ 2,031 Employee Benefit Products Premiums $ 46 $ 40 $ 36 Fees — — — Others 8 — 15 Total $ 54 $ 40 $ 51 Other Premiums $ 11 $ 18 $ 18 Fees 12 16 13 Others 1 10 7 Total $ 24 $ 44 $ 38 ______________ (1) Excludes the amortization/capitalization of unearned revenue liability of ($38) million, ($13) million and ($14) million for the years ended December 31, 2022, 2021 and 2020, respectively.

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)		12 Months Ended
	Oct. 03, 2022 USD ($)	Dec. 31, 2022 USD ($) principalSubsidiary	Dec. 31, 2021 USD ($)	Jun. 01, 2021 USD ($)
Entity Information [Line Items]
Number of principal subsidiaries | principalSubsidiary		2
Assets		$ 227,635,000,000	$ 267,807,000,000
Equitable Investment Management Group, LLC | VA Capital Company LLC
Entity Information [Line Items]
Percentage of voting interests acquired (as a percent)				9.09%
Corporate Solutions Life Reinsurance Company (CS Life) | Alliance Bernstein
Entity Information [Line Items]
Assets	$ 2,800,000,000			$ 9,500,000,000
Direct insurance liabilities ceded	4,100,000,000			9,600,000,000
Separate account, liability, ceded	5,300,000,000			16,900,000,000
Corporate Solutions Life Reinsurance Company (CS Life) | Alliance Bernstein | GMxB derivative features’ liability
Entity Information [Line Items]
Fair value	$ 1,200,000,000			5,300,000,000
Equitable Financial Life Insurance Company (EFLIC) | Venerable Insurance and Annuity Company (VIAC)
Entity Information [Line Items]
Surplus notes				$ 60,000,000
Massachusetts Domiciled Insurance Company
Entity Information [Line Items]
Guaranteed credit rate (as a percent)	3%
Guaranteed credit amount of general account assets	$ 4,000,000,000
Reinsurance, guaranteed credit amount of separate account assets	5,000,000,000
Number of Employees, Total | Reinsurance Transaction
Entity Information [Line Items]
Deferred variable annuity	$ 360,000
Number of Employees, Total | Reinsurance Transaction | Global Atlantic Transaction
Entity Information [Line Items]
Concentration risk (as a percent)	50%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Carrying value of COLI	$ 888	$ 1,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Future Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		$ 1,186	$ (1,396)	$ (759)
Interest rate assumption percentage		2.25%
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in equity	$ 3,800
Net income (loss)			(1,400)
Revision of Prior Period, Change in Accounting Principle, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in equity			(1,300)
Net income (loss)			$ 2,500

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Amortization Policy (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Average annual rate of return, gross (as a percent)	7%
Average annual rate of return, net (as a percent)	4.90%
Future annual rate of return, gross, maximum (as a percent)	15%
Future annual rate of return, net, maximum (as a percent)	12.90%
Future annual rate of return, gross, minimum (as a percent)	0%
Future annual rate of return, net, minimum (as a percent)	(2.10%)
Future annual rate of return assumption duration maximum (in years)	5 years
Assumed average investment yield excluding policy loans, high end (as a percent)	4.40%
Assumed average investment yield excluding policy loans, low end (as a percent)	4.30%

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Policyholders' Account Balances and Future Policy Benefits and Various Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability For Future Policy Benefits Assumptions [Line Items]
Percentage of life insurance liabilities calculate within traditional life interest rate range (as a percent)	99.50%
Capitalized Computer Software and Hosting Arrangements [Abstract]
Computer software and hosting arrangements	$ 162	$ 133
Amortization of computer software and hosting arrangements	$ 20	$ 46	$ 47
Minimum | Computer Software, Intangible Asset
Capitalized Computer Software and Hosting Arrangements [Abstract]
Intangible asset useful life (in years)	3 years
Maximum | Computer Software, Intangible Asset
Capitalized Computer Software and Hosting Arrangements [Abstract]
Intangible asset useful life (in years)	5 years
Life Insurance Liabilities | Minimum
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate (as a percent)	3.50%
Life Insurance Liabilities | Maximum
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate (as a percent)	6.30%
Life Insurance Liabilities | Weighted Average
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for future policy benefits, interest rate (as a percent)	5%
Annuity Liabilities | Minimum
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate (as a percent)	1.50%
Annuity Liabilities | Maximum
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate (as a percent)	5.40%
Annuity Liabilities | Weighted Average
Liability For Future Policy Benefits Assumptions [Line Items]
Liability for policyholder contract deposits, interest rate (as a percent)	3.60%

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 227,635	$ 267,807
Investments	85,034	96,680
Consolidated Limited Partnerships
Variable Interest Entity [Line Items]
Assets	410	169
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Assets	282,300	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_9

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates and Model Changes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in Accounting Estimate [Line Items]
Historical interest rate average period (in years)	5 years
Revised historical interest rate average period (in years)	10 years
Policy charges and fee income		$ 2,941	$ 3,391	$ 3,464
Policyholders’ benefits		2,935	2,982	4,951
Interest credited to policyholder's account balances		1,311	1,128	1,118
Net derivative gains (losses)		1,508	(4,685)	(1,541)
Decrease in amortization of DAC		(466)	(456)	(1,333)
Income (loss) from continuing operations, before income taxes		1,462	(1,870)	(1,386)
Net income (loss)		1,183	(1,396)	(759)
Long-term Lapses Partial Withdrawal Rates And Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Policy charges and fee income		(17)	(32)	33
Policyholders’ benefits		235	100	(1,500)
Interest credited to policyholder's account balances		(1)		2
Net derivative gains (losses)		(85)	(249)	106
Decrease in amortization of DAC		7	19	(866)
Income (loss) from continuing operations, before income taxes		139	(162)	(2,200)
Net income (loss)		110	$ (128)	(1,800)
Economic Scenario Generator
Change in Accounting Estimate [Line Items]
Income (loss) from continuing operations, before income taxes		$ 165
Net income (loss)				$ 130
5-year Historical Average Over A 10-year Period
Change in Accounting Estimate [Line Items]
Historical interest rate average period (in years)	10 years
Revised historical interest rate average period (in years)	5 years
Interest rate assumptions		2.25%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) issue	Dec. 31, 2021 USD ($) issue	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Net Investment Income [Line Items]
Number of unrealized loss positions | issue	4,798	1,896
Debt securities exposure in single issuer greater than stated percentage of total investments (as a percent)	0.80%
Fixed maturities available-for-sale, amortized cost	$ 68,087,000,000	$ 68,636,000,000
Gross unrealized losses	4,957,000,000	79,000,000
Allowance for credit loss	129,000,000	62,000,000	$ 81,000,000
Separate account equity investment carrying value	38,000,000	44,000,000
Expense in securities sold under agreement to repurchase	1,000,000	2,000,000	2,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	550,000,000	470,000,000
Accrued interest, writeoff	0	0	0
Fixed maturities available-for-sale, amortized cost	68,100,000,000	68,600,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 327,000,000	$ 280,000,000
Debt securities exposure in single issuer of total investments (as a percent)	(22.40%)	3.20%
Fixed maturities available-for-sale, amortized cost	$ 46,053,000,000	$ 45,578,000,000
Gross unrealized losses	4,222,000,000	62,000,000
Commercial mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	71,000,000	57,000,000
Accrued interest, writeoff	0	0
Allowance for credit loss	123,000,000	57,000,000	77,000,000	$ 33,000,000
Non-accruing loans, carrying value	14,000,000	14,000,000
Net of allowance, carrying value	2,000,000	2,000,000
Agricultural mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	71,000,000	57,000,000
Accrued interest, writeoff	0	0
Allowance for credit loss	6,000,000	5,000,000	$ 4,000,000	$ 3,000,000
Individually Assessed Mortgage loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0
Allowance for credit loss	0
Recurring
Net Investment Income [Line Items]
Investment gains (losses), net	283,000,000	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	$ 2,800,000,000
Percentage of available for sale securities (as a percent)	4.30%	4.10%
Unrealized loss on available for sale securities	$ 208,000,000	$ 18,000,000

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 68,087	$ 68,636
Allowance for Credit Losses	24	22
Gross Unrealized Gains	105	4,752
Gross Unrealized Losses	9,221	290
Fair Value	58,947	73,076
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	1,516
Due in years two through five	13,452
Due in years six through ten	14,632
Due after ten years	25,003
Subtotal	54,603
Amortized cost	68,063
Fair Value
Due in one year or less	1,497
Due in years two through five	12,727
Due in years six through ten	12,979
Due after ten years	19,305
Subtotal	46,508
Fair Value	58,947	73,076
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	11,683	26,678	$ 12,670
Gross gains on sales	38	1,141	854
Gross losses on sales	(668)	(189)	(34)
Net increase (decrease) in Allowance for Credit and Intent to Sell losses	(253)	(16)	(13)
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	42	28	15
Previously recognized impairments on securities that matured, paid, prepaid or sold	(261)	(2)	0
Recognized impairments on securities impaired to fair value this period	246	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	0	9	6
Additional credit losses this period on securities previously impaired	9	7	7
Increases due to passage of time on previously recorded credit losses	0	0	0
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	0	0	0
Balances, end of period	36	42	$ 28
Global Atlantic Transaction
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Net increase (decrease) in Allowance for Credit and Intent to Sell losses	245
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,053	45,578
Allowance for Credit Losses	24	22
Gross Unrealized Gains	89	2,382
Gross Unrealized Losses	6,655	214
Fair Value	39,463	47,724
Fair Value
Fair Value	39,463	47,724
U.S. government, agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,049	13,032
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1	2,196
Gross Unrealized Losses	1,312	14
Fair Value	5,738	15,214
Fair Value
Fair Value	5,738	15,214
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	540	527
Allowance for Credit Losses	0	0
Gross Unrealized Gains	7	73
Gross Unrealized Losses	76	3
Fair Value	471	597
Fair Value
Fair Value	471	597
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	985	1,124
Allowance for Credit Losses	0	0
Gross Unrealized Gains	2	42
Gross Unrealized Losses	151	14
Fair Value	836	1,152
Fair Value
Fair Value	836	1,152
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	860	82
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1	8
Gross Unrealized Losses	84	0
Fair Value	777	90
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	860
Fair Value
Without single maturity date	777
Fair Value	777	90
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,817	5,904
Allowance for Credit Losses	0	0
Gross Unrealized Gains	3	20
Gross Unrealized Losses	371	19
Fair Value	8,449	5,905
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	8,817
Fair Value
Without single maturity date	8,449
Fair Value	8,449	5,905
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,742	2,348
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	19
Gross Unrealized Losses	572	26
Fair Value	3,170	2,341
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	3,742
Fair Value
Without single maturity date	3,170
Fair Value	3,170	2,341
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41	41
Allowance for Credit Losses	0	0
Gross Unrealized Gains	2	12
Gross Unrealized Losses	0	0
Fair Value	43	53
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	41
Fair Value
Without single maturity date	43
Fair Value	$ 43	$ 53

INVESTMENTS - Net Unrealized Ga

INVESTMENTS - Net Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,706	$ 11,643	$ 11,565
Ending balance	(1,460)	8,706	11,643
Valuation allowance	1,489
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	4,462	8,230	3,084
Net investment gains (losses) arising during the period	(14,456)	(2,902)	5,953
Included in net income (loss)	885	(835)	(802)
Other		(31)
Ending balance	(9,116)	4,462	8,230
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	(284)	(466)	(826)
Impact of net unrealized investment gains (losses)	1,354	182	360
Ending balance	1,071	(284)	(466)
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	(977)	(1,814)	(192)
Impact of net unrealized investment gains (losses)	750	837	(1,623)
Ending balance	(227)	(977)	(1,814)
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	(673)	(1,250)	(433)
Other	(1,489)
Impact of net unrealized investment gains (losses)	2,409	577	(818)
Ending balance	248	(673)	(1,250)
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	2,528	4,700	1,633
Net investment gains (losses) arising during the period	(14,456)	(2,902)	5,953
Included in net income (loss)	885	(835)	(802)
Other	(1,489)	(31)
Impact of net unrealized investment gains (losses)	4,513	1,596	(2,081)
Ending balance	(8,024)	2,528	4,700
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4,462	8,235
Ending balance	(9,109)	4,462	8,235
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2,528	4,703
Ending balance	(8,019)	2,528	4,703
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Including Credit Losses | Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(5)
Ending balance	(7)	0	(5)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Including Credit Losses | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(3)
Ending balance	(5)	0	(3)
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(284)	(466)
Ending balance	1,070	(284)	(466)
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(977)	(1,815)
Ending balance	(227)	(977)	(1,815)
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(673)	(1,251)
Ending balance	247	(673)	(1,251)
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Including Credit Losses | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0
Ending balance	1	0	0
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Including Credit Losses | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	1
Ending balance	0	0	1
Fixed Maturities, AFS | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Net Unrealized Gains (Losses) On Investments Including Credit Losses | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	1
Ending balance	$ 1	$ 0	$ 1

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	$ 36,438	$ 16,263
Less Than 12 Months, Gross Unrealized Losses	4,262	209
12 Months or Longer, Fair Value	19,212	1,641
12 Months or Longer, Gross Unrealized Losses	4,957	79
Total Fair Value	55,650	17,904
Total Gross Unrealized Losses	9,219	288
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	22,034	9,497
Less Than 12 Months, Gross Unrealized Losses	2,431	150
12 Months or Longer, Fair Value	15,014	1,301
12 Months or Longer, Gross Unrealized Losses	4,222	62
Total Fair Value	37,048	10,798
Total Gross Unrealized Losses	6,653	212
U.S. government, agencies and authorities
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	5,465	947
Less Than 12 Months, Gross Unrealized Losses	1,294	10
12 Months or Longer, Fair Value	204	103
12 Months or Longer, Gross Unrealized Losses	18	4
Total Fair Value	5,669	1,050
Total Gross Unrealized Losses	1,312	14
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	91	112
Less Than 12 Months, Gross Unrealized Losses	18	2
12 Months or Longer, Fair Value	158	11
12 Months or Longer, Gross Unrealized Losses	58	1
Total Fair Value	249	123
Total Gross Unrealized Losses	76	3
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	349	349
Less Than 12 Months, Gross Unrealized Losses	42	6
12 Months or Longer, Fair Value	418	92
12 Months or Longer, Gross Unrealized Losses	109	8
Total Fair Value	767	441
Total Gross Unrealized Losses	151	14
Residential mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	665
Less Than 12 Months, Gross Unrealized Losses	49
12 Months or Longer, Fair Value	79
12 Months or Longer, Gross Unrealized Losses	35
Total Fair Value	744
Total Gross Unrealized Losses	84
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	6,262	3,843
Less Than 12 Months, Gross Unrealized Losses	228	19
12 Months or Longer, Fair Value	1,759	38
12 Months or Longer, Gross Unrealized Losses	143	0
Total Fair Value	8,021	3,881
Total Gross Unrealized Losses	371	19
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	1,572	1,515
Less Than 12 Months, Gross Unrealized Losses	200	22
12 Months or Longer, Fair Value	1,580	96
12 Months or Longer, Gross Unrealized Losses	372	4
Total Fair Value	3,152	1,611
Total Gross Unrealized Losses	$ 572	$ 26

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 62	$ 81
Balance, end of period	129	62	$ 81
Commercial mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	57	77	33
Current-period provision for expected credit losses	66	(20)	44
Write-offs charged against the allowance	0	0	0
Recoveries of amounts previously written off		0	0
Net change in allowance	66	(20)	44
Balance, end of period	123	57	77
Agricultural mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	5	4	3
Current-period provision for expected credit losses	1	1	1
Write-offs charged against the allowance	0	0	0
Recoveries of amounts previously written off		0	0
Net change in allowance	1	1	1
Balance, end of period	$ 6	$ 5	$ 4

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	$ 3,272	$ 2,134
Fiscal year before current fiscal year	2,114	1,522
Two years before current fiscal year	1,369	751
Three years before current fiscal year	642	1,253
Four years before current fiscal year	1,201	1,065
Prior	5,043	4,570
Revolving Loans Amortized Cost Basis	328	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	14,003	11,434
Total	14,003	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	56	0
Commercial Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	56	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	13,947	11,434
Commercial Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	771	1,143
Fiscal year before current fiscal year	1,159	1,243
Two years before current fiscal year	1,113	210
Three years before current fiscal year	102	772
Four years before current fiscal year	571	485
Prior	1,911	2,218
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	5,627	6,071
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	158	185
Fiscal year before current fiscal year	215	135
Two years before current fiscal year	164	182
Three years before current fiscal year	197	46
Four years before current fiscal year	186	161
Prior	477	372
Revolving Loans Amortized Cost Basis	279	68
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,676	1,149
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	337	275
Fiscal year before current fiscal year	390	49
Two years before current fiscal year	32	284
Three years before current fiscal year	153	211
Four years before current fiscal year	176	166
Prior	1,175	919
Revolving Loans Amortized Cost Basis	4	48
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,267	1,952
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,041	264
Fiscal year before current fiscal year	259	95
Two years before current fiscal year	0	75
Three years before current fiscal year	92	101
Four years before current fiscal year	73	253
Prior	917	701
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,382	1,489
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	507	267
Fiscal year before current fiscal year	43	0
Two years before current fiscal year	60	0
Three years before current fiscal year	98	88
Four years before current fiscal year	160	0
Prior	492	287
Revolving Loans Amortized Cost Basis	45	23
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	1,439	665
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	458	0
Fiscal year before current fiscal year	48	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	35
Four years before current fiscal year	35	0
Prior	71	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	612	108
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	624	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	1,242	992
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,115	1,469
Commercial Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	2,285	1,944
Fiscal year before current fiscal year	1,569	1,286
Two years before current fiscal year	906	339
Three years before current fiscal year	313	619
Four years before current fiscal year	623	491
Prior	2,254	2,533
Revolving Loans Amortized Cost Basis	328	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	8,278	7,351
Commercial Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	363	190
Fiscal year before current fiscal year	415	236
Two years before current fiscal year	463	412
Three years before current fiscal year	329	415
Four years before current fiscal year	424	276
Prior	1,314	972
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	3,342	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	233	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	268	113
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	353	380
Fiscal year before current fiscal year	367	480
Two years before current fiscal year	450	230
Three years before current fiscal year	197	255
Four years before current fiscal year	215	206
Prior	1,008	1,093
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,590	2,644
Total	2,574	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	21	27
Agricultural Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	3	1
Agricultural Mortgage Loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	5	1
Agricultural Mortgage Loans | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	13	25
Agricultural Mortgage Loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	2,553	2,601
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	51	49
Fiscal year before current fiscal year	40	64
Two years before current fiscal year	62	25
Three years before current fiscal year	21	22
Four years before current fiscal year	12	24
Prior	193	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	16	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	51	70
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	198	212
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	69	43
Fiscal year before current fiscal year	42	113
Two years before current fiscal year	111	28
Three years before current fiscal year	18	22
Four years before current fiscal year	19	41
Prior	196	193
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	455	440
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	107	161
Fiscal year before current fiscal year	147	179
Two years before current fiscal year	177	112
Three years before current fiscal year	98	116
Four years before current fiscal year	99	72
Prior	298	355
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	926	995
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	91	75
Fiscal year before current fiscal year	80	83
Two years before current fiscal year	61	31
Three years before current fiscal year	30	77
Four years before current fiscal year	60	54
Prior	257	226
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	579	546
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	19	0
Fiscal year before current fiscal year	0	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	4
Four years before current fiscal year	11	1
Prior	13	39
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	53	57
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	163	180
Fiscal year before current fiscal year	182	212
Two years before current fiscal year	228	128
Three years before current fiscal year	129	129
Four years before current fiscal year	132	119
Prior	725	738
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,559	1,506
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	190	200
Fiscal year before current fiscal year	185	268
Two years before current fiscal year	222	102
Three years before current fiscal year	68	126
Four years before current fiscal year	83	87
Prior	267	338
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,015	1,121
Agricultural Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	16	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	3,625	2,514
Fiscal year before current fiscal year	2,481	2,002
Two years before current fiscal year	1,819	981
Three years before current fiscal year	839	1,508
Four years before current fiscal year	1,416	1,271
Prior	6,051	5,663
Revolving Loans Amortized Cost Basis	328	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	16,593	14,078
Total	16,577	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	77	27
Mortgages Loan | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	59	1
Mortgages Loan | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	5	1
Mortgages Loan | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	13	25
Mortgages Loan | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	16,500	14,035
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	822	1,192
Fiscal year before current fiscal year	1,199	1,307
Two years before current fiscal year	1,175	235
Three years before current fiscal year	123	794
Four years before current fiscal year	583	509
Prior	2,104	2,428
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	6,006	6,465
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	174	237
Fiscal year before current fiscal year	273	172
Two years before current fiscal year	199	207
Three years before current fiscal year	221	60
Four years before current fiscal year	200	175
Prior	528	442
Revolving Loans Amortized Cost Basis	279	68
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	1,874	1,361
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	406	318
Fiscal year before current fiscal year	432	162
Two years before current fiscal year	143	312
Three years before current fiscal year	171	233
Four years before current fiscal year	195	207
Prior	1,371	1,112
Revolving Loans Amortized Cost Basis	4	48
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	2,722	2,392
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,148	425
Fiscal year before current fiscal year	406	274
Two years before current fiscal year	177	187
Three years before current fiscal year	190	217
Four years before current fiscal year	172	325
Prior	1,215	1,056
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	3,308	2,484
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	598	342
Fiscal year before current fiscal year	123	83
Two years before current fiscal year	121	31
Three years before current fiscal year	128	165
Four years before current fiscal year	220	54
Prior	749	513
Revolving Loans Amortized Cost Basis	45	23
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	2,018	1,211
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	477	0
Fiscal year before current fiscal year	48	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	39
Four years before current fiscal year	46	1
Prior	84	112
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	665	165
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	787	180
Fiscal year before current fiscal year	312	212
Two years before current fiscal year	228	128
Three years before current fiscal year	129	313
Four years before current fiscal year	251	412
Prior	1,967	1,730
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	3,674	2,975
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	2,475	2,144
Fiscal year before current fiscal year	1,754	1,554
Two years before current fiscal year	1,128	441
Three years before current fiscal year	381	745
Four years before current fiscal year	706	578
Prior	2,521	2,871
Revolving Loans Amortized Cost Basis	328	139
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	9,293	8,472
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	363	190
Fiscal year before current fiscal year	415	236
Two years before current fiscal year	463	412
Three years before current fiscal year	329	415
Four years before current fiscal year	424	276
Prior	1,330	989
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	34	0
Total	3,358	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	233	73
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0	0
Total	$ 268	$ 113

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (109)	$ 9
Net investment gains (losses) recognized on securities sold during the period	(36)	(2)
Unrealized and realized gains (losses) on equity securities	$ (145)	$ 7

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (35)	$ (264)	$ 96
Net investment gains (losses) recognized on securities sold during the period	(6)	206	10
Unrealized and realized gains (losses) on trading securities	(41)	(58)	106
Interest and dividend income from trading securities	13	92	206
Net investment income (loss) from trading securities	$ (28)	$ 34	$ 312

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investment income (loss), gross	$ 3,370	$ 3,655	$ 3,347
Investment expenses	(293)	(172)	(139)
Net investment income (loss)	3,077	3,483	3,208
Fixed maturities
Net Investment Income [Line Items]
Investment income (loss), gross	2,478	2,293	2,193
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment income (loss), gross	586	547	516
Other equity investments
Net Investment Income [Line Items]
Investment income (loss), gross	74	525	79
Policy loans
Net Investment Income [Line Items]
Investment income (loss), gross	203	209	198
Trading securities
Net Investment Income [Line Items]
Investment income (loss), gross	(28)	34	312
Other investment income
Net Investment Income [Line Items]
Investment income (loss), gross	$ 57	$ 47	$ 49

INVESTMENTS - Investment Gains

INVESTMENTS - Investment Gains (Losses), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investment gains (losses), net	$ (962)	$ 853	$ 787
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	(885)	834	801
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment gains (losses), net	(66)	20	(45)
Other equity investments
Net Investment Income [Line Items]
Investment gains (losses), net	0	0	30
Other
Net Investment Income [Line Items]
Investment gains (losses), net	$ (11)	$ (1)	$ 1

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	$ 2,386	$ 1,876
Derivative Assets	99	7
Derivative Liabilities	379	437
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	70,032	79,394
Derivative Assets	7,926	12,303
Derivative Liabilities	8,046	11,261
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	1,431	921
Derivative Assets	99	7
Derivative Liabilities	85	42
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	397	541
Derivative Assets	4	1
Derivative Liabilities	13	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	955	955
Derivative Assets	0	0
Derivative Liabilities	294	395
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	1,498	1,876
Derivative Assets	0	0
Derivative Liabilities	166	45
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	4,320	2,213
Derivative Assets	0	0
Derivative Liabilities	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	11,159	13,310
Derivative Assets	38	5
Derivative Liabilities	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	39,863	48,380
Derivative Assets	7,549	12,015
Derivative Liabilities	3,396	5,059
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	12,693	12,455
Derivative Assets	0	0
Derivative Liabilities	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	102	619
Derivative Assets	0	2
Derivative Liabilities	2	3
Margin | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	193	102
Derivative Liabilities	0	0
Collateral | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	142	178
Derivative Liabilities	4,469	6,154
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	4,114	5,813
Derivative Liabilities	0	0
GMIB reinsurance contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	1,306	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	5,773	8,525
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	4,077	6,641
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	5,420	7,881
Derivative Liabilities	9,850	15,166
Total derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	72,418	81,270
Derivative Assets	13,445	20,191
Derivative Liabilities	$ 18,275	$ 26,864

DERIVATIVES - Financial Stateme

DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ 1,508	$ (4,685)	$ (1,541)
Net investment income (loss)	3,077	3,483	3,208
Interest Credited To Policyholders Account Balances	(1,311)	(1,128)	(1,118)
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(67)	(71)	(9)
Net investment income (loss)	7
Interest Credited To Policyholders Account Balances	(4)	(45)	0
AOCI	230	(82)	(87)
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,896)	(3,371)	1,939
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	19	(2)	0
Net investment income (loss)	7
Interest Credited To Policyholders Account Balances	(4)	(45)	0
AOCI	24	5	0
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	10	3	(2)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(86)	(69)	(9)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	206	(87)	(87)
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(492)	(2,316)	2,832
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	349	(607)	(955)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	2,626	(3,608)	(3,353)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(2,752)	3,883	1,663
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,645)	(727)	1,745
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	8	1	0
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,706)	517	0
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
GMIB reinsurance contracts
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(726)	(777)	472
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
GMxB derivative features liability
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	3,062	2,792	(2,238)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	2,857	(3,760)	(1,693)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	3,487	(1,228)	(3,459)
Net investment income (loss)	0
Interest Credited To Policyholders Account Balances	0	0	0
AOCI	0	0	0
Total derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	1,524	(4,670)	(1,529)
Net investment income (loss)	7
Interest Credited To Policyholders Account Balances	(4)	(45)	0
AOCI	230	(82)	(87)
Investment fees	$ 16	$ 15	$ 12

DERIVATIVES - Rollforward for C

DERIVATIVES - Rollforward for Cash Flows Hedges in AOCI (Details) - Cash flow hedges recognized in AOCI - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ (208)	$ (126)	$ (38)
Amount recorded in AOCI	131	(218)	(108)
Amount reclassified from AOCI to income	99	136	20
Ending Balance, December 31	22	(208)	(126)
Currency swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	29	(35)	0
Amount reclassified from AOCI to income	(5)	40	0
Interest swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	102	(183)	(108)
Amount reclassified from AOCI to income	$ 104	$ 96	$ 20

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Credit derivative, term	5 years
Cash and securities collateral for derivative contract	$ 4,500	$ 6,200
Cash and securities collateral	142	178
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	222	90
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	103	196
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirements	$ 16	$ 16

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative
Assets
Gross Amount Recognized	$ 8,024	$ 12,309
Gross Amount Offset in the Balance Sheets	6,980	10,724
Net Amount Presented in the Balance Sheets	1,044	1,585
Gross Amount not Offset in the Balance Sheets	(848)	(961)
Net Amount	196	624
Liabilities
Gross Amount Recognized	7,577	10,738
Gross Amount Offset in the Balance Sheets	6,980	10,724
Net Amount Presented in the Balance Sheets	597	14
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	597	14
Other financial assets
Assets
Gross Amount Recognized	1,791	1,325
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,791	1,325
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,791	1,325
Other invested assets
Assets
Gross Amount Recognized	9,815	13,634
Gross Amount Offset in the Balance Sheets	6,980	10,724
Net Amount Presented in the Balance Sheets	2,835	2,910
Gross Amount not Offset in the Balance Sheets	(848)	(961)
Net Amount	1,987	1,949
Other financial liabilities
Liabilities
Gross Amount Recognized	3,354	2,064
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	3,354	2,064
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	3,354	2,064
Other liabilities
Liabilities
Gross Amount Recognized	10,931	12,802
Gross Amount Offset in the Balance Sheets	6,980	10,724
Net Amount Presented in the Balance Sheets	3,951	2,078
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 3,951	$ 2,078

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 5,688	$ 5,928
Policyholder dividend obligation	0	0	$ 160	$ 2
Other liabilities	68	39
Total Closed Block liabilities	5,756	5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0)	2,948	3,390
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4)	1,645	1,771
Policy loans	569	602
Cash and other invested assets	0	63
Other assets	155	90
Total assets designated to the Closed Block	5,317	5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	439	51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and ($43)	(166)	172
Maximum future earnings to be recognized from Closed Block assets and liabilities	273	223
Fixed maturities, available for sale, amortized cost	3,171	3,185
Fixed maturities available-for-sale, allowance for credit losses	0	0
Mortgage loans, credit losses	4	4
Policyholder dividend obligation	0	0	$ 160	$ 2
Closed block operations, income taxes	$ 47	$ (43)

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Premiums and other income	$ 125	$ 144	$ 157
Net investment income (loss)	221	237	251
Investment gains (losses), net	(3)	4	0
Total revenues	343	385	408
Benefits and Other Deductions:
Policyholders’ benefits and dividends	328	372	399
Other operating costs and expenses	2	3	1
Total benefits and other deductions	330	375	400
Net income (loss), before income taxes	13	10	8
Income tax (expense) benefit	(1)	(2)	(2)
Net income (loss)	$ 12	$ 8	$ 6

CLOSED BLOCK - Reconciliation o

CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Closed Block Dividend Obligation [Roll Forward]
Beginning balance	$ 0	$ 160	$ 2
Unrealized investment gains (losses)	0	(160)	158
Ending balance	$ 0	$ 0	$ 160

DAC AND POLICYHOLDER BONUS IN_3

DAC AND POLICYHOLDER BONUS INTEREST CREDITS - Rollforward of DAC Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	$ 4,267	$ 3,816	$ 4,225
Balance, beginning of year	4,267	3,816
Capitalization of commissions, sales and issue expenses	702	724	564
Amortization:
Impact of assumptions updates and model changes	7	19	(866)
All other	(473)	(475)	(467)
Total amortization	(466)	(456)	(1,333)
Change in unrealized investment gains and losses	1,354	183	360
Balance, end of Year	$ 5,857	4,267	3,816
Balance, end of year		$ 4,267	$ 3,816

DAC AND POLICYHOLDER BONUS IN_4

DAC AND POLICYHOLDER BONUS INTEREST CREDITS - Rollforward of DAC Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in the deferred asset for contractholder bonus interest credits
Balance, beginning of year	$ 361	$ 405	$ 431
Amortization charged to income	(41)	(44)	(26)
Balance, end of year	$ 320	$ 361	$ 405

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Fixed maturities, AFS:	$ 58,947	$ 73,076
Amounts due from reinsurer	4,114	5,813
Recurring
Assets:
Fixed maturities, AFS:	58,947	73,076
Other equity investments	627	682
Trading securities	283	379
Other invested assets:	4,225	6,494
Cash equivalents	655	1,382
Amounts due from reinsurer	4,114	5,813
GMIB reinsurance contracts asset	1,306	2,068
Separate Accounts assets	110,808	143,306
Total Assets	180,965	233,200
Liabilities:
Total Liabilities	9,850	15,166
Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Other equity investments	137	243
Trading securities	160	193
Other invested assets:	0	0
Cash equivalents	397	1,109
Amounts due from reinsurer	0	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	108,378	140,740
Total Assets	109,072	142,285
Liabilities:
Total Liabilities	0	0
Recurring | Level 2
Assets:
Fixed maturities, AFS:	56,783	71,520
Other equity investments	478	434
Trading securities	123	186
Other invested assets:	4,220	6,486
Cash equivalents	258	273
Amounts due from reinsurer	0	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	2,429	2,565
Total Assets	64,291	81,464
Liabilities:
Total Liabilities	4,077	6,641
Recurring | Level 3
Assets:
Fixed maturities, AFS:	2,164	1,556
Other equity investments	12	5
Trading securities	0	0
Other invested assets:	5	8
Cash equivalents	0	0
Amounts due from reinsurer	4,114	5,813
GMIB reinsurance contracts asset	1,306	2,068
Separate Accounts assets	1	1
Total Assets	7,602	9,451
Liabilities:
Total Liabilities	5,773	8,525
Recurring | NAV
Assets:
Separate Accounts assets	456	404
Corporate | Recurring
Assets:
Fixed maturities, AFS:	39,463	47,724
Corporate | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Corporate | Recurring | Level 2
Assets:
Fixed maturities, AFS:	37,360	46,231
Corporate | Recurring | Level 3
Assets:
Fixed maturities, AFS:	2,103	1,493
U.S. Treasury, government and agency
Assets:
Fixed maturities, AFS:	5,738	15,214
U.S. Treasury, government and agency | Recurring
Assets:
Fixed maturities, AFS:	5,738	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:	5,738	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:	471	597
States and political subdivisions | Recurring
Assets:
Fixed maturities, AFS:	471	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:	442	562
States and political subdivisions | Recurring | Level 3
Assets:
Fixed maturities, AFS:	29	35
Foreign governments
Assets:
Fixed maturities, AFS:	836	1,152
Foreign governments | Recurring
Assets:
Fixed maturities, AFS:	836	1,152
Foreign governments | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Foreign governments | Recurring | Level 2
Assets:
Fixed maturities, AFS:	836	1,152
Foreign governments | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
Residential mortgage-backed
Assets:
Fixed maturities, AFS:	777	90
Residential mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	777	90
Residential mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Residential mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	777	90
Residential mortgage-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	0
Asset-backed
Assets:
Fixed maturities, AFS:	8,449	5,905
Asset-backed | Recurring
Assets:
Fixed maturities, AFS:	8,449	5,905
Asset-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Asset-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	8,449	5,897
Asset-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0	8
Commercial mortgage-backed
Assets:
Fixed maturities, AFS:	3,170	2,341
Commercial mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	3,170	2,341
Commercial mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0	0
Commercial mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	3,138	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:	485	0
Short-term investments | Recurring | Level 1
Assets:
Other invested assets:	0	0
Short-term investments | Recurring | Level 2
Assets:
Other invested assets:	485	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:	(416)	(469)
Swaps | Recurring | Level 1
Assets:
Other invested assets:	0	0
Swaps | Recurring | Level 2
Assets:
Other invested assets:	(416)	(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:	4,153	6,956
Options | Recurring | Level 1
Assets:
Other invested assets:	0	0
Options | Recurring | Level 2
Assets:
Other invested assets:	4,153	6,956
Options | Recurring | Level 3
Assets:
Other invested assets:	0	0
GMxB derivative features’ liability | Recurring
Liabilities:
Liabilities	5,773	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	5,773	8,525
SCS, SIO, MSO and IUL indexed features’ liability | Recurring
Liabilities:
Liabilities	4,077	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	4,077	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 92	$ 148
Fair value adjustments on amounts due from reinsurers	151	210
AFS fixed maturities transferred from Level 3 to Level 2	121	713
AFS fixed maturities transferred from Level 2 to Level 3	$ 168	$ 27
AFS fixed maturities transferred between Level 2 and 3 (as a percent)	(19.80%)	8.50%
GMxB Derivative Features Liability
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Nonperformance risk	$ 522	$ (217)	$ (758)
Gmib Reinsurance
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Nonperformance risk	(45)	(26)	14
Amount Due from Reinsurers
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Nonperformance risk	(60)	19	0
Level 3 | GMxB Derivative Features Liability
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
AFS fixed maturities transferred from Level 3 to Level 2	0	0	0
AFS fixed maturities transferred from Level 2 to Level 3	0	0	0
Level 3 | Gmib Reinsurance
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
AFS fixed maturities transferred from Level 3 to Level 2	0		0
AFS fixed maturities transferred from Level 2 to Level 3	0	0	0
Level 3 | Amount Due from Reinsurers
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
AFS fixed maturities transferred from Level 3 to Level 2	0	0	0
AFS fixed maturities transferred from Level 2 to Level 3	0	0	$ 0
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	$ 736	$ 430

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) - Level 3 $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Corporate | Matrix Pricing Model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 413	$ 248
Corporate | Market Comparable Companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,029	$ 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	0.0204	0.0146
Corporate | EBITDA Multiple | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	5.3	4.9
Corporate | EBITDA Multiple | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	35.8	62.3
Corporate | EBITDA Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	13.6	13
Corporate | Discount Rate | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.090	0.00062
Corporate | Discount Rate | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.457	0.00215
Corporate | Discount Rate | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.119	0.00091
Corporate | Cash Flow Multiples | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0	0.5
Corporate | Cash Flow Multiples | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	10.3	10
Corporate | Cash Flow Multiples | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	6.1	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	0.404	0.634
Corporate | Loan to Value | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.120	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	10.8	10.3
Other equity investments | Revenue Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	2.4	9.5
GMIB reinsurance contract asset | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,306	$ 2,068
GMIB reinsurance contract asset | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026	0.000045
GMIB reinsurance contract asset | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2623	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	0.0305	0.00000265
GMIB reinsurance contract asset | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.000027
GMIB reinsurance contract asset | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093	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	0.0099	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	0.006230	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	0.0540	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	0.0069	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	0.0133	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	0.0070	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	0.32	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	0.000024	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	$ 4,114	$ 5,813
Amount Due from Reinsurers | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026	0.0045
Amount Due from Reinsurers | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2623	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	0.0201	0.0170
Amount Due from Reinsurers | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.0027
Amount Due from Reinsurers | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093	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	0.0132	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	0.6230	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	0.0795	0.0720
Amount Due from Reinsurers | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0051	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	0.0051	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	0.32	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	0.24	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	0.0233	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	$ 5,770	$ 8,503
GMIB NLG | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026	0.000104
GMIB NLG | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.3542	0.002357
GMIB NLG | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0426	0.00000355
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.000027
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093	0.0866
GMIB NLG | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0125	0.00000104
GMIB NLG | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0147	0.0111
GMIB NLG | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0147	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	0.0042	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	0.0054	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	0.4142	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	0.0173	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	0.0595	0.00000524
GWBL/GMWB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 70	$ 99
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0035	0.0000
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2623	0.2086
GWBL/GMWB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0305	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	0.0099	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	0.0147	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	0.32	0.31
GWBL/GMWB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
GIB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ (65)	$ (75)
GIB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0035	0.000060
GIB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2623	0.000000
GIB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0305	0.000265
GIB | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0020	0.000013
GIB | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0124	0.0866
GIB | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0099	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	0.0540	0.000527
GIB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0147
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	0.32	0.31
GIB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
GMAB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ (2)	$ (3)
GMAB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0035	0.000060
GMAB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2623	0.2086
GMAB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0305	0.000265
GMAB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0147	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	0.32	0.31
GMAB | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 16,464	$ 14,016
Policy loans	3,563	3,540
Policyholders’ liabilities: Investment contracts	79,731	75,467
Separate Accounts liabilities	111,479	143,912
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	16,464	14,016
Policy loans	3,563	3,540
Loans to affiliates	1,900	1,900
Policyholders’ liabilities: Investment contracts	1,801	1,916
FHLB funding agreements	8,505	6,647
FABN funding agreements	7,095	6,689
Separate Accounts liabilities	10,236	11,620
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	14,675	14,291
Policy loans	3,850	4,512
Loans to affiliates	1,755	1,974
Policyholders’ liabilities: Investment contracts	1,645	1,980
FHLB funding agreements	8,390	6,679
FABN funding agreements	6,384	6,626
Separate Accounts liabilities	10,236	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	1,755	1,974
Policyholders’ liabilities: Investment contracts	0	0
FHLB funding agreements	8,390	6,679
FABN funding agreements	6,384	6,626
Separate Accounts liabilities	0	0
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	14,675	14,291
Policy loans	3,850	4,512
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	1,645	1,980
FHLB funding agreements	0	0
FABN funding agreements	0	0
Separate Accounts liabilities	$ 10,236	$ 11,620

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total gains and (losses), realized and unrealized, included in:
Transfers into Level 3	$ 168	$ 27
Transfers out of Level 3	(121)	(713)
GMIB reinsurance contract asset
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	(45)	(26)	$ 14
Amounts Due from Reinsurers
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	(60)	19	0
GMxB Derivative Features Liability
Total gains and (losses), realized and unrealized, included in:
Nonperformance risk	522	(217)	(758)
Level 3 | Corporate
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	1,493	1,687	1,246
Net investment income (loss)	5	5	4
Investment gains (losses), net	(5)	(16)	(16)
Total realized and unrealized gains (losses)	0	(11)	(12)
Other comprehensive income (loss)	(157)	34	(17)
Purchases	1,093	937	513
Sales	(379)	(468)	(224)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into Level 3	168	27	184
Transfers out of Level 3	(115)	(713)	(3)
Closing Balance	2,103	1,493	1,687
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
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(154)	28	(18)
Level 3 | Other Equity Investments
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	13	15	16
Net investment income (loss)	(1)	2	0
Investment gains (losses), net	0	0	0
Total realized and unrealized gains (losses)	(1)	2	0
Other comprehensive income (loss)	0	0	0
Purchases	8	1	3
Sales	0	(1)	0
Other		0
Change of estimate	0		0
Activity related to consolidated VIEs/VOEs	(3)	(4)	(4)
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	17	13	15
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(1)	2	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
Level 3 | GMIB reinsurance contract asset
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	2,068	2,859	2,466
Net investment income (loss)	0	0	0
Investment gains (losses), net	(726)	(777)	472
Total realized and unrealized gains (losses)	(726)	(777)	472
Other comprehensive income (loss)	0	0	0
Purchases	41	44	45
Sales	(77)	(58)	(79)
Other		0
Change of estimate	0		(45)
Activity related to consolidated VIEs/VOEs	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0		0
Closing Balance	1,306	2,068	2,859
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(726)	(777)	472
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
Level 3 | Amounts Due from Reinsurers
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	5,813	0	0
Net investment income (loss)	0	0	0
Investment gains (losses), net	(1,706)	517	0
Total realized and unrealized gains (losses)	(1,706)	517	0
Other comprehensive income (loss)	0	0	0
Purchases	123	73	0
Sales	(116)	(36)	0
Other		5,259
Change of estimate	0		0
Activity related to consolidated VIEs/VOEs	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	4,114	5,813	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(1,706)	517	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
Level 3 | States and political subdivisions
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	35	39	39
Net investment income (loss)	0	0	0
Investment gains (losses), net	0	0	0
Total realized and unrealized gains (losses)	0	0	0
Other comprehensive income (loss)	(5)	(2)	2
Purchases	0	0	0
Sales	(1)	(2)	(2)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	29	35	39
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
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)	(2)	2
Level 3 | CMBS
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	20	0	0
Net investment income (loss)	0	0	0
Investment gains (losses), net	0	0	0
Total realized and unrealized gains (losses)	0	0	0
Other comprehensive income (loss)	(2)	0	0
Purchases	14	20	0
Sales	0	0	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	32	20	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
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)	0	0
Level 3 | Asset-backed
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	8	20	100
Net investment income (loss)	0	0	0
Investment gains (losses), net	0	0	0
Total realized and unrealized gains (losses)	0	0	0
Other comprehensive income (loss)	0	0	0
Purchases	0	6	20
Sales	(2)	(18)	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	(6)	0	(100)
Closing Balance	0	8	20
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
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
Level 3 | Separate Accounts Assets
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	1	1	0
Net investment income (loss)	0	0	0
Investment gains (losses), net	0	0	0
Total realized and unrealized gains (losses)	0	0	0
Other comprehensive income (loss)	0	0	0
Purchases	0	1	1
Sales	0	0	0
Other		0
Change of estimate	0		0
Activity related to consolidated VIEs/VOEs	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	(1)	0
Closing Balance	1	1	1
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
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
Level 3 | GMxB Derivative Features Liability
Total gains and (losses), realized and unrealized, included in:
Beginning Balance	(8,525)	(10,936)	(8,316)
Net investment income (loss)	0	0	0
Investment gains (losses), net	3,062	2,792	(2,238)
Total realized and unrealized gains (losses)	3,062	2,792	(2,238)
Other comprehensive income (loss)	0	0	0
Purchases	(456)	(458)	(441)
Sales	146	77	59
Other		0
Change of estimate	0
Activity related to consolidated VIEs/VOEs	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Closing Balance	(5,773)	(8,525)	(10,936)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	3,062	2,792	(2,238)
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

INSURANCE LIABILITIES - Rollfor

INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
GMDB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 5,011	$ 5,093	$ 4,775
Paid guarantee benefits	(595)	(461)	(495)
Other changes in reserve	875	379	813
Impact of the Venerable transaction		0
Balance, end of period	5,291	5,011	5,093
GMDB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(2,237)	(84)	(99)
Paid guarantee benefits	249	113	15
Other changes in reserve	(355)	(90)	0
Impact of the Venerable transaction		(2,176)
Balance, end of period	(2,343)	(2,237)	(84)
GMIB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	5,952	6,025	4,671
Paid guarantee benefits	(602)	(377)	(293)
Other changes in reserve	309	304	1,647
Impact of the Venerable transaction		0
Balance, end of period	5,659	5,952	6,025
GMIB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Balance, beginning of period	(4,207)	(2,859)	(2,466)
Paid guarantee benefits	76	58	79
Other changes in reserve	797	735	(472)
Impact of the Venerable transaction		(2,141)
Balance, end of period	$ (3,334)	$ (4,207)	$ (2,859)

INSURANCE LIABILITIES - Variabl

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
GMDB Ceded
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 17,132
Separate Accounts	82,020	$ 107,305
Total Account Values	99,152
NAR, gross	27,041
NAR, net of amounts reinsured	$ 15,763
Percentage of policyholders over age 70	21.10%
GMDB Ceded | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Average attained age of policyholders (in years)	55 years 3 months 18 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	$ 16,847
Separate Accounts	47,047
Total Account Values	63,894
NAR, gross	688
NAR, net of amounts reinsured	$ 675
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	$ 96
Separate Accounts	7,309
Total Account Values	7,405
NAR, gross	1,409
NAR, net of amounts reinsured	$ 1,277
Percentage of policyholders over age 70	53.30%
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 10 months 24 days
GMDB Ceded | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 45
Separate Accounts	2,452
Total Account Values	2,497
NAR, gross	1,843
NAR, net of amounts reinsured	$ 1,341
Percentage of policyholders over age 70	74.70%
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 1 month 6 days
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	$ 144
Separate Accounts	25,212
Total Account Values	25,356
NAR, gross	23,101
NAR, net of amounts reinsured	$ 12,470
Percentage of policyholders over age 70	60.70%
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 9 months 18 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	$ 46,852	$ 63,006
GMIB | Immediate Variable Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	201
Separate Accounts	46,852
Total Account Values	47,053
NAR, gross	8,029
NAR, net of amounts reinsured	$ 3,229
Average attained age of policyholders (in years)	69 years 3 months 18 days
Weighted average years remaining until annuitization (in years)	2 years 3 months 18 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	20,322
Total Account Values	20,336
NAR, gross	489
NAR, net of amounts reinsured	$ 158
Average attained age of policyholders (in years)	65 years 10 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	$ 187
Separate Accounts	26,530
Total Account Values	26,717
NAR, gross	7,540
NAR, net of amounts reinsured	$ 3,071
Average attained age of policyholders (in years)	71 years 4 months 24 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Direct Liability
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	$ 1,090	$ 1,016	$ 894
Paid guaranteed benefits	(79)	(84)	(40)
Other changes in reserve	144	158	162
Balance, end of period	1,155	1,090	1,016
Reinsurance Ceded
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	(928)	(883)	(808)
Paid guaranteed benefits	0	0	0
Other changes in reserve	(9)	(45)	(75)
Balance, end of period	(937)	(928)	(883)
Net
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
Balance, beginning of period	162	133	86
Paid guaranteed benefits	(79)	(84)	(40)
Other changes in reserve	135	113	87
Balance, end of period	218	162	$ 133
GMDB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	82,020	107,305
GMDB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	39,722	52,744
GMDB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	4,403	5,384
GMDB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	36,785	48,152
GMDB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	1,110	1,025
GMIB
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	46,852	63,006
GMIB | Equity
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	14,067	20,009
GMIB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	1,962	2,505
GMIB | Balanced
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	30,573	40,228
GMIB | Other
Fair Value, Separate Account Investment [Line Items]
Separate Accounts	$ 250	$ 264

LEASES - Narrative (Details)

LEASES - Narrative (Details) - ft² ft² in Thousands	1 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
New York City, NY
Lessee, Lease, Description [Line Items]
Term of contract (in years)		15 years
Area of property (in sq. ft.)		89
Syracuse, NY
Lessee, Lease, Description [Line Items]
Area of property (in sq. ft.)	143
Additional lease term (in years)	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (as a percent)		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (as a percent)		15 years

LEASES - Balance Sheet Classifi

LEASES - Balance Sheet Classification (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease assets [Extensible Enumeration]	Other Assets	Other Assets
Operating lease assets	$ 148	$ 215
Operating lease liabilities [Extensible Enumeration]	Other Liabilities	Other Liabilities
Operating lease liabilities	$ 190	$ 278

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 77	$ 73	$ 77
Variable operating lease cost	12	10	11
Sublease income	(19)	(18)	(18)
Net lease cost	$ 70	$ 65	$ 70

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Leases:
2023	$ 85
2024	36
2025	28
2026	23
2027	19
Thereafter	24
Total lease payments	215
Less: Interest	(25)
Present value of lease liabilities	$ 190	$ 278

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining operating lease term	4 years	5 years
Weighted-average discount rate for operating leases	3%	2.90%
Operating cash flows from operating leases	$ 92	$ 94	$ 94
Leased assets obtained in exchange for new operating lease liabilities	$ 7	$ 26	$ 20

REINSURANCE - Effect of Reinsur

REINSURANCE - Effect of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Direct premiums	$ 764	$ 762	$ 764
Reinsurance assumed	180	181	195
Reinsurance ceded	(219)	(193)	(153)
Premiums	725	750	806
Direct charges and fee income	3,592	3,962	2,684
Reinsurance ceded	(651)	(571)	780
Policy charges and fee income	2,941	3,391	3,464
Direct policyholders’ benefits	3,868	3,553	5,233
Reinsurance assumed	210	243	218
Reinsurance ceded	(1,143)	(814)	(500)
Policyholders’ benefits	$ 2,935	$ 2,982	$ 4,951

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 03, 2022	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, per life, single lives, amount retained		$ 25,000
Reinsurance, per life, joint lives, amount retained		$ 30,000
Reinsurance, percentage of excess reinsured (as a percent)		100%
GMDB | Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Exposure reinsured (as a percent)		41.70%	47.60%
GMIB | Third-party
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Exposure reinsured (as a percent)		59.80%	59.80%
Number of Employees, Total | Reinsurance Transaction
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Deferred variable annuity	$ 360
Number of Employees, Total | Reinsurance Transaction | Annuity Contracts
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Concentration risk (as a percent)	50%

REINSURANCE - Ceded Reinsurance

REINSURANCE - Ceded Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Estimated net fair values of ceded GMIB reinsurance contracts, considered derivatives	$ 1,306	$ 2,068
Estimated net fair values of ceded GMIB NLG ceded reserves to Venerable	4,114	5,813
Third-party reinsurance recoverables related to insurance contracts	15,016	12,459
Third-party reinsurance payables related to insurance contracts	275	127
Reinsurance assumed reserves	662	758
Increase (decrease) in the fair value of the reinsurance contract asset	(762)	(791)	$ 393
Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Third-party reinsurance payables related to insurance contracts	14	40
Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating) | A-
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverables related to insurance contracts	8,966	10,335
First Allmerica-GAF
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Third-party reinsurance payables related to insurance contracts	147	$ 0
First Allmerica-GAF | Global Assessment Of Functioning Scale
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverables related to insurance contracts	$ 4,005

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2021	Nov. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
GMIB reinsurance contract asset, at fair value			$ 1,306,000,000	$ 2,068,000,000
Proceeds from Related Party Debt			3,000,000	4,000,000
Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Invested assets				278,000,000
Non-consolidated Vairable Interest Entities
Related Party Transaction [Line Items]
Net assets				12,000,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Unfunded commitments				157,000,000
Equitable Investment Management, LLC (EIM)
Related Party Transaction [Line Items]
Expenses paid or accrued for:			92,000,000	46,000,000
AllianceBernstein (AB) | Affiliated Entity
Related Party Transaction [Line Items]
Expenses paid or accrued for:			44,000,000	102,000,000	$ 109,000,000
AllianceBernstein (AB) | Affiliated Entity | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Invested assets			331,000,000	313,000,000
AllianceBernstein (AB) | Affiliated Entity | Non-consolidated Vairable Interest Entities
Related Party Transaction [Line Items]
Net assets			771,000,000	968,000,000
Unfunded commitments			74,000,000	126,000,000
EQ AZ Life Re
Related Party Transaction [Line Items]
GMIB reinsurance contract asset, at fair value			77,000,000
EQ AZ Life Re | Universal Life And No Lapse Guarantee Riders
Related Party Transaction [Line Items]
Ceded premiums			48,000,000	48,000,000	51,000,000
Ceded claims paid			105,000,000	93,000,000	72,000,000
Equitable Holdings | Term loan, 10 year, 3.23 percent
Related Party Transaction [Line Items]
Proceeds from Related Party Debt	$ 1,000,000,000
Debt instrument, term (in years)	10 years
Related party transaction, rate (as a percent)	3.23%
Due from related party			1,000,000,000
Equitable Holdings | Parent Company | EQH-AEL internal debt (one-month LIBOR 1.33%, due 2024)
Related Party Transaction [Line Items]
Proceeds from Related Party Debt		$ 900,000,000
Related party transaction, rate (as a percent)		1.33%
Due from related party			900,000,000	900,000,000
Cost Sharing And General Service Agreements
Related Party Transaction [Line Items]
Expenses paid or accrued for:			$ 75,000,000	$ 30,000,000	$ 41,000,000

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Revenues and Expenses Transactions (Details) - Equitable Affiliates - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment management and administrative services provided to EQAT, EQ Premier VIP Trust and 1290 Funds
Related Party Transaction [Line Items]
Revenue received or accrued for:	$ 708	$ 757	$ 724
Amounts received or accrued for commissions and fees earned for sale of Equitable America’s insurance products
Related Party Transaction [Line Items]
Revenue received or accrued for:	82	38	38
Paid or accrued commission and fee expenses for sale of insurance products by Equitable Network
Related Party Transaction [Line Items]
Expenses paid or accrued for:	$ 718	$ 712	$ 625

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	$ (25)	$ (12)	$ 9
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	22	23	32
Equitable 401(k) Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses associated with plans	$ 17	$ 29	$ 19

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of Plan (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Total plan assets	$ 1,801	$ 2,395
Accumulated benefit obligation	$ 1,614	$ 2,045
Funded status	111.60%	117.10%

SHARE-BASED COMPENSATION PROG_3

SHARE-BASED COMPENSATION PROGRAMS - Schedule of Compensation Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	$ 61	$ 39	$ 36
Income Tax Benefit	12	8	7
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	25	12	13
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	1	0	5
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expenses	$ 35	$ 27	$ 18

SHARE-BASED COMPENSATION PROG_4

SHARE-BASED COMPENSATION PROGRAMS - Narrative (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) tranche shares
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Employee Stock Option | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (as a percent)	33.33%
Employee Stock Option | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (as a percent)	33.33%
Employee Stock Option | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (as a percent)	33.33%
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential shares earned (as a percent)	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential shares earned (as a percent)	200%
ROE Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award type (as a percent)	50%
TSR Performance Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award type (as a percent)	50%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 31
Compensation cost, recognition period (in years)	2 months 12 days
Omnibus Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | shares	22
Annual Awards | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Annual Awards | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Share-based compensation arrangement by share-based payment award, number of distant tranches from performance shares | tranche	2
Parent | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost, recognition period (in years)	1 year 7 months 6 days
Unvested restricted shares and holding units (in shares) | shares	1.9
Compensation cost not yet recognized	$ 25,000
Parent | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost, recognition period (in years)	1 year 6 months
Unvested restricted shares and holding units (in shares) | shares	1.1
Compensation cost not yet recognized	$ 8,000
Parent | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 92
Compensation cost, recognition period (in years)	1 month 24 days

SHARE-BASED COMPENSATION PROG_5

SHARE-BASED COMPENSATION PROGRAMS - Stock Option Activity (Details) - 12 months ended Dec. 31, 2022 € / shares in Units, $ / shares in Units, € in Thousands, shares in Thousands, $ in Thousands	USD ($) $ / shares shares	USD ($) € / shares $ / shares shares	EUR (€) € / shares shares
EQH Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Number Outstanding, Beginning Balance (in shares)	1,664	1,664
Options granted (in shares)	0	0
Options exercised (in shares)	(54)	(54)
Options forfeited, net (in shares)	(20)	(20)
Options expired/reinstated (in shares)	0	0
Options, Number Outstanding, Ending Balance (in shares)	1,590	1,590
Weighted Average Exercise Price
Options, Weighted Average Exercise Price, Beginning Balance (in dollars/euros per share) | $ / shares	$ 21.66
Options granted, Weighted Average Exercise Price (in dollars/euros per share) | $ / shares	15.69
Options exercised, Weighted Average Exercise Price (in dollars/euros per share) | $ / shares	19.34
Options forfeited, net, Weighted Average Exercise Price (in dollars/euros per share) | $ / shares	22.57
Options expired/reinstated, Weighted Average Exercise Price (in dollars/euros per share) | $ / shares	0
Options, Weighted Average Exercise Price, Ending Balance (in dollars/euros per share) | $ / shares	$ 21.72
Options Outstanding, Aggregate Intrinsic Value | $	$ 4,862	$ 4,862
Weighted average remaining contractual term (in years)	6 years 6 months 14 days	6 years 6 months 14 days
Options Exercisable (in shares)	1,247	1,247	1,247
Options Exercisable, Weighted Average Exercise Price (in dollars/euros per share) | $ / shares	$ 21.42	$ 21.42
Options Exercisable, Aggregate intrinsic value | $	$ 4,183	$ 4,183
Weighted average remaining contractual term (in years)	6 years 4 months 24 days	6 years 4 months 24 days
AXA Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Number Outstanding, Beginning Balance (in shares)	729	729
Options granted (in shares)	0	0
Options exercised (in shares)	(148)	(148)
Options forfeited, net (in shares)	(22)	(22)
Options expired/reinstated (in shares)	0	0
Options, Number Outstanding, Ending Balance (in shares)	559	559
Weighted Average Exercise Price
Options, Weighted Average Exercise Price, Beginning Balance (in dollars/euros per share) | € / shares		$ 22.44
Options granted, Weighted Average Exercise Price (in dollars/euros per share) | € / shares		0
Options exercised, Weighted Average Exercise Price (in dollars/euros per share) | € / shares		20.40
Options forfeited, net, Weighted Average Exercise Price (in dollars/euros per share) | € / shares		23.92
Options expired/reinstated, Weighted Average Exercise Price (in dollars/euros per share) | € / shares		0
Options, Weighted Average Exercise Price, Ending Balance (in dollars/euros per share) | € / shares		$ 22.92
Options Outstanding, Aggregate Intrinsic Value | €			€ 0
Weighted average remaining contractual term (in years)	4 years	4 years
Options Exercisable (in shares)	529	529	529
Options Exercisable, Weighted Average Exercise Price (in dollars/euros per share) | € / shares			€ 23
Options Exercisable, Aggregate intrinsic value | €			€ 0
Weighted average remaining contractual term (in years)	3 years 10 months 28 days	3 years 10 months 28 days

SHARE-BASED COMPENSATION PROG_6

SHARE-BASED COMPENSATION PROGRAMS - Fair Value Stock Option Assumptions (Details) - EQH Shares - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%	2.59%
Expected volatility	0%	0%	26%
Risk-free interest rates	0%	0%	1.19%
Expected life in years	0 years	0 years	6 years
Weighted average fair value per option at grant date (in dollars per share)	$ 0	$ 0	$ 4.37

SHARE-BASED COMPENSATION PROG_7

SHARE-BASED COMPENSATION PROGRAMS - Restricted and Performance Stock Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Holdings Restricted Stock | Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	2,391,091
Granted (in shares) | shares	997,973
Forfeited (in shares) | shares	(145,072)
Vested (in shares) | shares	(1,299,023)
Unvested, Ending Balance (in shares) | shares	1,944,969
Weighted-Average Grant Date  Fair Value
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 21.15
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	33.28
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	28.79
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	23.71
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 29.78
Holdings Restricted Stock | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	993,320
Granted (in shares) | shares	568,749
Forfeited (in shares) | shares	(87,498)
Vested (in shares) | shares	(403,201)
Unvested, Ending Balance (in shares) | shares	1,071,369
Weighted-Average Grant Date  Fair Value
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 28.87
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	33.01
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	28.41
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	23.89
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 32.98
AXA Restricted Stock | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, Beginning Balance (in shares) | shares	52,844
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(52,844)
Unvested, Ending Balance (in shares) | shares	0
Weighted-Average Grant Date  Fair Value
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 21.28
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	0
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	21.28
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 0

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current (expense) benefit	$ 32	$ 11	$ (112)
Deferred (expense) benefit	(311)	463	739
Total	$ (279)	$ 474	$ 627

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation
Expected income tax (expense) benefit	$ (308)	$ 393	$ 291
Non-taxable investment income	50	79	91
Tax audit interest	(13)	(14)	(8)
Tax settlements/uncertain tax position release	0	0	231
Tax credits	17	28	21
Deferred tax adjustment	(21)	0	0
Other	(4)	(12)	1
Total	$ (279)	$ 474	$ 627

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, increase resulting from settlements with taxing authorities	$ 231
Valuation allowance		$ 1,489
Federal net operating loss carryforward		2,300	$ 3,400
Interest and penalties included in unrecognized tax benefits		61	47
Interest expense related to unrecognized tax benefits		$ 13	$ 14	$ (21)

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Components of Deferred Tax Assets [Abstract]
Compensation and related benefits	$ 62	$ 46
Net operating loss and credits	505	732
Reserves and reinsurance	1,307	2,072
Unrealized investment gains (losses)	1,910
Investments	451
Other	108	31
Valuation allowance	(1,489)
Total	2,854	2,881
Components of Deferred Tax Liabilities [Abstract]
DAC	1,008	685
Unrealized investment gains (losses)		892
Investments		18
Other		0
Total	$ 1,008	$ 1,595

INCOME TAXES - Unrecognized Def

INCOME TAXES - Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1,	$ 295	$ 281	$ 297
Additions for tax positions of prior years	0	17	229
Reductions for tax positions of prior years	0	(3)	(250)
Additions for tax positions of current year	0	0	0
Settlements with tax authorities	0	0	5
Balance at December 31,	295	295	281
Unrecognized tax benefits that, if recognized, would impact the effective rate	$ 43	$ 43	$ 47

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Unrealized gains (losses) on investments	$ (8,008)	$ 2,362
Defined benefit pension plans	(4)	(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$ (8,012)	$ 2,357

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period		$ (12,915)	$ (2,293)	$ 4,698
(Gains) losses reclassified into net income (loss) during the period		699	(686)	(633)
Net unrealized gains (losses) on investments		(12,216)	(2,979)	4,065
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		1,847	741	(1,066)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of ($871), ($595) and $798)	[1]	(10,369)	(2,238)	2,999
Other comprehensive income (loss), attributable to Equitable Financial		(10,369)	(2,238)	2,999
Valuation allowance		1,489
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Deferred income taxes		(871)	(595)	798
Unrealized Gains (losses) on Investments
Change in net unrealized gains (losses) on investments:
Reclassification from AOCI, current period, tax		$ (186)	$ 182	$ (168)
[1]See Note 15 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	Dec. 31, 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	394,000,000
Carrying value of collateral pledged for federal home loan bank	11,800,000,000
Commitments by the Company to provide equity financing	1,300,000,000
Commitments under existing mortgage loan agreements	703,000,000
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

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,643
Issued During the Period	55,648
Repaid During the Period	(53,790)
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	8,501
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	400
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	(34)
Outstanding Balance, period end	7,085
Difference related to remaining amortization	66	$ 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	54,316
Repaid During the Period	(53,790)
Long-term Agreements Maturing Within One Year	251
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	6,130
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	1,500
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	1,500
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	640
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(251)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,679
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	400
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,500)
Long-term Agreements Maturing Within Five Years	500
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	4,000
Due in more than five years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	692
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	692
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	(34)
Outstanding Balance, period end	1,585
Long-term funding agreements | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,290
Issued During the Period	1,332
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(251)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	2,371
Long-term funding agreements | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	6,719
Issued During the Period	400
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(1,500)
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(34)
Outstanding Balance, period end	$ 5,585

INSURANCE STATUTORY FINANCIAL_2

INSURANCE STATUTORY FINANCIAL INFORMATION - Narrative (Details)	2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 22, 2023 USD ($)	Dec. 31, 2022 USD ($) prescribedAndPermittedPractice	Dec. 31, 2022 USD ($) prescribedAndPermittedPractice	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Insurance Groups statutory net income (loss)			$ 134,000,000	$ (865,000,000)	$ 413,000,000
Statutory surplus, capital stock and asset valuation reserve		$ 6,600,000,000	6,600,000,000	6,500,000,000
Securities on deposit with such government or state agencies		$ 5,000,000	5,000,000
Shareholder dividends			$ 930,000,000	0	$ 2,100,000,000
Number of prescribed and permitted practices | prescribedAndPermittedPractice		3	3
Forecast
Related Party Transaction [Line Items]
Shareholder dividends	$ 1,700,000,000
Statement of Statutory Accounting Principles 108
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase		$ 86,000,000	$ 86,000,000
Statutory accounting practices, statutory net income, decrease			$ 1,300,000,000	$ 1,400,000,000
Statutory accounting practices, hedging losses amortization period (in years)			5 years
Statutory accounting practices, statutory unassigned surplus, balance							$ 0
Regulation Number 213
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, (decrease) increase to new standard application			$ 1,900,000,000
Statutory accounting practices, reserves phased-in (as a percent)						100%
Statutory accounting practices, statutory net income, increase (decrease) to new standard application			700,000,000
Regulation Number 213 with Seperate Accounts
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, (decrease) increase to new standard application		(2,200,000,000)
Statutory accounting practices, statutory net income, increase (decrease) to new standard application			(2,300,000,000)
EQ AZ Life Re
Related Party Transaction [Line Items]
Other restricted assets		1,700,000,000	1,700,000,000
EQ AZ Life Re | Revolving Credit Facility | Holdings Revolving Credit Facility
Related Party Transaction [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,100,000,000	$ 2,100,000,000

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 28	$ 41	$ 39
Net earnings (loss) attributable to redeemable noncontrolling interests	(3)	0	1
Purchase/change of redeemable noncontrolling interests	(4)	(13)	1
Balance, end of period	$ 21	$ 28	$ 41

REVENUES FROM EXTERNAL CUSTOM_3

REVENUES FROM EXTERNAL CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total	$ 8,126	$ 4,889	$ 7,791
Individual Variable Annuity Products
Disaggregation of Revenue [Line Items]
Total	2,002	2,562	2,728
Individual Variable Annuity Products | Premiums
Disaggregation of Revenue [Line Items]
Total	123	126	165
Individual Variable Annuity Products | Fees
Disaggregation of Revenue [Line Items]
Total	1,792	2,364	2,555
Amortization/capitalization of unearned revenue liability	(38)	(13)	(14)
Individual Variable Annuity Products | Others
Disaggregation of Revenue [Line Items]
Total	87	72	8
Employer- Sponsored
Disaggregation of Revenue [Line Items]
Total	531	616	504
Employer- Sponsored | Premiums
Disaggregation of Revenue [Line Items]
Total	0	0	0
Employer- Sponsored | Fees
Disaggregation of Revenue [Line Items]
Total	506	611	500
Employer- Sponsored | Others
Disaggregation of Revenue [Line Items]
Total	25	5	4
Life Insurance Products
Disaggregation of Revenue [Line Items]
Total	1,930	1,990	2,031
Life Insurance Products | Premiums
Disaggregation of Revenue [Line Items]
Total	545	566	587
Life Insurance Products | Fees
Disaggregation of Revenue [Line Items]
Total	1,375	1,417	1,421
Life Insurance Products | Others
Disaggregation of Revenue [Line Items]
Total	10	7	23
Employee Benefit Products
Disaggregation of Revenue [Line Items]
Total	54	40	51
Employee Benefit Products | Premiums
Disaggregation of Revenue [Line Items]
Total	46	40	36
Employee Benefit Products | Fees
Disaggregation of Revenue [Line Items]
Total	0	0	0
Employee Benefit Products | Others
Disaggregation of Revenue [Line Items]
Total	8	0	15
Other
Disaggregation of Revenue [Line Items]
Total	24	44	38
Other | Premiums
Disaggregation of Revenue [Line Items]
Total	11	18	18
Other | Fees
Disaggregation of Revenue [Line Items]
Total	12	16	13
Other | Others
Disaggregation of Revenue [Line Items]
Total	$ 1	$ 10	$ 7

SCHEDULE I - SUMMARY OF INVES_2

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Millions	Dec. 31, 2022 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 94,217
Fair Value	83,532
Carrying Value	85,034
U.S. government, agencies and authorities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	7,049
Fair Value	5,738
Carrying Value	5,738
State, municipalities and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	540
Fair Value	471
Carrying Value	471
Foreign governments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	985
Fair Value	836
Carrying Value	836
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	6,283
Fair Value	5,303
Carrying Value	5,303
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	39,770
Fair Value	34,160
Carrying Value	34,160
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	860
Fair Value	777
Carrying Value	777
Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	8,817
Fair Value	8,449
Carrying Value	8,449
Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,742
Fair Value	3,170
Carrying Value	3,170
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	41
Fair Value	43
Carrying Value	43
Fixed Maturities, AFS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	68,087
Fair Value	58,947
Carrying Value	58,947
Mortgage loans on real estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	16,593
Fair Value	14,675
Carrying Value	16,464
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,563
Fair Value	3,850
Carrying Value	3,563
Other equity investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,860
Fair Value	2,942
Carrying Value	2,942
Trading securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	279
Fair Value	283
Carrying Value	283
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,835
Fair Value	2,835
Carrying Value	$ 2,835

SCHEDULE IV - REINSURANCE (Deta

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Life insurance in-force
Gross Amount	$ 379,949	$ 388,520	$ 389,576
Ceded to Other Companies	156,088	164,782	72,110
Assumed from Other Companies	31,337	31,971	32,289
Net Amount	$ 255,197	$ 255,710	$ 349,755
Percentage of Amount Assumed to Net	12.30%	12.50%	9.20%
Premiums:
Gross Amount	$ 764	$ 762	$ 764
Ceded to Other Companies	219	193	153
Assumed from Other Companies	180	181	195
Premiums	$ 725	$ 750	$ 806
Percentage of Amount Assumed to Net	24.80%	24.10%	24.10%
Life insurance and annuities
Premiums:
Gross Amount	$ 712	$ 709	$ 712
Ceded to Other Companies	200	170	127
Assumed from Other Companies	172	173	186
Premiums	$ 684	$ 712	$ 771
Percentage of Amount Assumed to Net	25.10%	24.30%	24.10%
Accident and health
Premiums:
Gross Amount	$ 52	$ 53	$ 52
Ceded to Other Companies	19	23	26
Assumed from Other Companies	8	8	9
Premiums	$ 41	$ 38	$ 35
Percentage of Amount Assumed to Net	19.50%	21.10%	24.80%

Uncategorized Items - efl-20221

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]