Equitable Financial Life Insurance 10-Q 21 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-20501
Entity Registrant Name	Equitable Financial Life Insurance Company
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5570651
Entity Address, Address Line One	1290 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10104
City Area Code	212
Local Phone Number	554-1234
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,000,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Central Index Key	0000727920
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $65,718 and $68,087) (allowance for credit losses of $2 and $24)		$ 57,529	$ 58,947
Mortgage loans on real estate (net of allowance for credit losses of $145 and $129)		17,346	16,464
Policy loans		3,581	3,563
Other equity investments	[1]	3,008	2,942
Trading securities, at fair value		304	283
Other invested assets		4,647	2,835
Total investments		86,415	85,034
Cash and cash equivalents		3,475	797
Deferred policy acquisition costs		4,801	4,814
Amounts due from reinsurers (allowance for credit losses of $7 and $10)	[2]	21,428	7,131
Loans to affiliates		1,900	1,900
Current and deferred income taxes		2,045	1,376
Purchased market risk benefits		17,334	10,490
Other assets		5,231	3,917
Assets for market risk benefits		751	478
Separate Accounts assets		119,390	111,479
Total Assets		262,770	227,416
LIABILITIES
Policyholders’ account balances		84,062	79,742
Liability for market risk benefits		13,629	15,751
Future policy benefits and other policyholders' liabilities		16,059	15,935
Broker-dealer related payables		986	95
Reinsurance Payable		182	282
Funds withheld payable		10,615	0
Reinsurance deposit liabilities		15,228	0
Other liabilities		2,550	5,185
Separate Accounts liabilities		119,390	111,479
Total Liabilities		262,701	228,469
Redeemable noncontrolling interest	[3]	21	21
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		7,483	8,536
Accumulated deficit		(1,354)	(1,757)
Accumulated other comprehensive income (loss)		(6,083)	(7,855)
Total Equity		48	(1,074)
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 262,770	$ 227,416
[1]See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.[2] (3) See Note 15 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities. Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 65,718	$ 68,087
Mortgage loans on real estate, valuation allowances	145	129
Reinsurance recoverable, allowance for credit loss	$ 7	$ 10
Common stock par value (in dollars per share)	$ 1.25	$ 1.25
Common stock authorized (in shares)	2,000,000	2,000,000
Common stock issued (in shares)	2,000,000	2,000,000
Common stock outstanding (in shares)	2,000,000	2,000,000

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Policy charges and fee income		$ 183	$ 562	$ 707	$ 1,153
Premiums		156	166	353	355
Net derivative gains (losses)		(221)	1,834	(1,062)	1,978
Net investment income (loss)		885	695	1,743	1,450
Investment gains (losses), net:
Credit and intent to sell losses on available for sale debt securities and loans		(14)	(9)	(78)	1
Other investment gains (losses), net		(44)	(233)	(58)	(565)
Total investment gains (losses), net		(58)	(242)	(136)	(564)
Investment management and service fees		68	181	233	374
Other income		372	111	466	188
Total revenues		1,385	3,307	2,304	4,934
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits		335	492	953	1,205
Remeasurement of liability for future policy benefits		(14)	10	(1)	24
Change in market risk benefits and purchased market risk benefits		(92)	868	(68)	467
Interest credited to policyholders’ account balances		312	287	747	575
Compensation and benefits		48	45	103	90
Commissions		225	163	419	334
Interest expense		0	0	3	0
Amortization of deferred policy acquisition costs		123	117	245	232
Other operating costs and expenses		214	306	389	572
Total benefits and other deductions		1,151	2,288	2,790	3,499
Income (loss) from continuing operations, before income taxes		234	1,019	(486)	1,435
Income tax (expense) benefit		189	(187)	890	(254)
Net income (loss)		423	832	404	1,181
Less: Net income (loss) attributable to the noncontrolling interest	[1]	1	(3)	1	(4)
Net income (loss) attributable to Equitable Financial		$ 422	$ 835	$ 403	$ 1,185
[1]See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ 423	$ 832	$ 404	$ 1,181
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	(546)	(4,354)	963	(8,087)
Change in market risk benefits - instrument-specific credit risk		(88)	1,179	845	2,691
Change in liability for future policy benefits - current discount rate		73	567	(36)	824
Other comprehensive income (loss), net of income taxes		(561)	(2,608)	1,772	(4,572)
Comprehensive income (loss)		(138)	(1,776)	2,176	(3,391)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	[1]	1	(3)	1	(4)
Comprehensive income (loss) attributable to Equitable Financial		$ (139)	$ (1,773)	$ 2,175	$ (3,387)
[1]See Note 13 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 7,483	$ 2	$ 8,546	$ (2,381)	$ 1,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,185			1,185
Other comprehensive income (loss)	(4,572)				(4,572)
Other	(14)		(7)	(7)
Ending balance at Jun. 30, 2022	4,082	2	8,539	(1,203)	(3,256)
Beginning balance at Mar. 31, 2022	5,855	2	8,532	(2,031)	(648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	835			835
Other comprehensive income (loss)	(2,608)				(2,608)
Other	0		7	(7)
Ending balance at Jun. 30, 2022	4,082	2	8,539	(1,203)	(3,256)
Beginning balance at Dec. 31, 2022	(1,074)	2	8,536	(1,757)	(7,855)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(1,050)		(1,050)
Net income (loss)	403			403
Other comprehensive income (loss)	1,772				1,772
Other	(3)		(3)
Ending balance at Jun. 30, 2023	48	2	7,483	(1,354)	(6,083)
Beginning balance at Mar. 31, 2023	1,228	2	8,524	(1,776)	(5,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to parent company	(1,050)		(1,050)
Net income (loss)	422			422
Other comprehensive income (loss)	(561)				(561)
Other	9		9	0
Ending balance at Jun. 30, 2023	$ 48	$ 2	$ 7,483	$ (1,354)	$ (6,083)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net income (loss)		$ 404	$ 1,181
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances		747	575
Policy charges and fee income		(707)	(1,153)
Net derivative (gains) losses		1,062	(1,978)
Credit and intent to sell losses on available for sale debt securities and loans		78	(1)
Investment (gains) losses, net		58	565
Realized and unrealized (gains) losses on trading securities		(15)	46
Non-cash long-term incentive compensation expense		19	23
Amortization and depreciation		124	42
Equity (income) loss from limited partnerships		(14)	(159)
Remeasurement of liability for future policy benefits		(1)	24
Change in market risk benefits		(68)	467
Changes in:
Net broker-dealer and customer related receivables/payables		0	0
Reinsurance recoverable		(1,122)	(192)
Capitalization of deferred policy acquisition costs		(253)	(374)
Funds withheld payable		(13)	0
Future policy benefits		30	(344)
Current and deferred income taxes	[1]	(891)	251
Other, net		210	(330)
Net cash provided by (used in) operating activities		(352)	(1,357)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale		4,474	12,218
Mortgage loans on real estate		236	713
Trading account securities		111	67
Short-term investments		949	(14)
Other		304	204
Payment for the purchase/origination of:
Fixed maturities, available-for-sale		(2,032)	(13,524)
Mortgage loans on real estate		(1,114)	(1,175)
Trading account securities		(126)	(79)
Short-term investments		1,072	0
Other		(425)	(485)
Cash settlements related to derivative instruments, net		(469)	761
Investment in capitalized software, leasehold improvements and EDP equipment		(27)	1
Other, net		(56)	137
Net cash provided by (used in) investing activities		753	(1,176)
Cash flows from financing activities:
Deposits		5,695	6,855
Withdrawals		(4,778)	(3,006)
Transfers (to) from Separate Accounts		679	937
Payments of market risk benefits		(194)	(283)
Changes in securities lending payable		29	0
Change in collateralized pledged assets		(45)	66
Change in collateralized pledged liabilities		1,939	(1,524)
Shareholder dividend paid		(1,050)	0
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds		3	0
Other, net		(1)	(11)
Net cash provided by (used in) financing activities		2,277	3,034
Change in cash and cash equivalents		2,678	501
Cash and cash equivalents, beginning of period		797	1,815
Cash and cash equivalents, end of period		3,475	2,316
Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations		$ 9	$ 3
[1]The period ended June 30, 2023 includes a release of $940 million deferred tax valuation allowance. See Note 11 of these Consolidated Financial Statements.

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2023
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. Internal Reinsurance Treaty On May 17, 2023, Equitable Financial Life Insurance Company (“Equitable Financial”) entered into a reinsurance agreement (the “Reinsurance Treaty”) with Equitable Financial Life Insurance Company of America (“Equitable America”), effective April 1, 2023. Pursuant to the Reinsurance Treaty, virtually all of Equitable Financial’s net retained General Account liabilities, including all of its net retained liabilities relating to the living benefit and death riders related to (i) its variable annuity contracts issued outside the State of New York prior to October 1, 2022 (and with respect to its EQUI-VEST variable annuity contracts issued outside the State of New York prior to February 1, 2023) and (ii) certain universal life insurance policies issued outside the State of New York prior to October 1, 2022, were reinsured to Equitable America on a coinsurance funds withheld basis. In addition, all of the Separate Accounts liabilities relating to such variable annuity contracts were reinsured to Equitable America on a modified coinsurance basis. Equitable America’s obligations under the Reinsurance Treaty are secured through Equitable Financial’s retention of certain assets supporting the reinsured liabilities. The New York Department of Financial Services (the “NYDFS”) and the Arizona Department of Insurance and Financial Institutions each approved the Reinsurance Treaty. As a condition to approving the Reinsurance Treaty, the NYDFS has required that the Company seeks to novate the reinsured contracts on a reasonable best efforts basis either to Equitable America or another affiliate over the next three years. Novations of the reinsured contracts are subject to additional regulatory approvals, as well as certain policyholder approvals. At the effective date of the transaction, April 1, 2023, the Company recorded a funds withheld liability of $11.2 billion, reinsurance deposit liabilities of $12.9 billion, amounts due from reinsurers of $14.2 billion (includes $32.4 billion of ceded policyholder account balances related to the non-insulated (“NI”) modco offset by $28.7 billion of NI modco payable), purchased MRBs of $8.2 billion, and cost of reinsurance asset of $1.7 billion. Additionally, $64.1 billion of Insulated Separate Account liabilities were ceded under a modified coinsurance portion of the agreement.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Recast 2022 Annual Report. Certain prior period amounts were adjusted to reflect the adoption of ASU 2018-12: Financial Services - Insurance (Topic 944). The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. Description Effect on the Financial Statement or Other Significant Matters ASU 2018-12: Financial Services - Insurance (Topic 944) 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: 2. Measurement of Market Risk Benefits (“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. On January 1, 2023, the Company adopted the new accounting standard ASU 2018-12 using the modified retrospective approach, except for MRBs which will use the full retrospective approach. Refer to “Transition impact of ASU 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” section within this note for further details. Transition impact of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The Company has not retrospectively adjusted its consolidated financial statements for the year ended December 31, 2020 to reflect the adoption of ASU 2018-12, consistent with the Division of Corporation Finance’s Financial Reporting Manual Section 11410.1. The Company adopted ASU 2018-12 for liability for future policy benefits (“LFPB”), additional insurance liabilities, DAC and balances amortized on a basis consistent with DAC on a modified retrospective basis. ASU 2018-12 was adopted for MRBs on a full retrospective basis. For the liability for future policy benefits, there is limited unfavorable retained earnings impact due to net premiums exceeding gross premiums. There is unfavorable accumulated other comprehensive income (“AOCI”) impact due to using the current single-A rate which is lower than the locked in discount rate. For market risk benefits, the transition adjustment to AOCI related to the effect of the changes in the instrument-specific credit risk of market risk benefits between the contract issue and transition date. The remaining transition difference was related to recording market risk benefits at fair value. This change was recorded as an adjustment to retained earnings as of the transition date. For DAC and balances amortized on a basis consistent with DAC including sales inducement assets and unearned revenue liabilities, there is no retained earnings impact due to application of the modified transition approach. There is a favorable AOCI impact due to the removal of DAC balances recorded in AOCI, offsetting the unfavorable AOCI impact resulting from LFPB. The following table presents the effect of transition adjustment to total equity resulting from the adoption of ASU 2018-12 as of January 1, 2021: Retained Earnings Accumulated Other Comprehensive Income Total (in millions) Liability for future policy benefits $ (2) $ (819) $ (821) Market risk benefits (3,402) (904) (4,306) DAC — 467 467 Unearned revenue liability and sales inducement assets (1) — (128) (128) Total transition adjustment before taxes (3,404) (1,384) (4,788) Income taxes 715 291 1,006 Total transition adjustment (net of taxes) $ (2,689) $ (1,093) $ (3,782) ______________ (1) Unearned revenue liability included within liability for future policy benefits financial statement line item in the consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated balance sheets. The following table summarizes the balance of and changes in liability for future policy benefits on January 1, 2021 resulting from the adoption of ASU 2018-12: Term Payout Group Health Total (in millions) Balance, December 31, 2020 $ 1,415 $ 3,047 $ 771 $ 2,100 $ 7,333 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — (171) (85) (100) (356) Effect of remeasurement of liability at current single A rate 559 531 94 300 1,484 Balance, January 1, 2021 (1) 1,974 3,407 780 2,300 8,461 Less: Reinsurance recoverable (372) — — (1,837) (2,209) Balance, January 1, 2021, net of reinsurance $ 1,602 $ 3,407 $ 780 $ 463 $ 6,252 ______________ (1) LFPB transition table not inclusive of the following transition adjustments to AOCI including PFBL of $30 million, premium deficiency reserve (“PDR”) of $(146) million, Rider Reserves, Term Reinsurance of $(79) million and Other of $(111) million, which primarily consists of DI Ceded, DI Assumed and Reinsurance Assumed. The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12: GMxB Legacy GMxB Core Purchased MRB Total (in millions) Balance, December 31, 2020 $ 19,891 $ 2,206 $ (2,943) $ 19,154 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income (70) (4) — (74) Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 461 505 5 971 Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB 4,122 (563) (194) 3,365 Balance, January 1, 2021 (1) $ 24,404 $ 2,144 $ (3,132) $ 23,416 ____________ (1) MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including EQUI-VEST of $43 million, SCS of $21 million and Group Retirement EQUI-VEST of $(20) million. The following table summarizes the balance of and changes in DAC on January 1, 2021 resulting from the adoption of ASU 2018-12: Term UL (1) VUL (2) IUL (3) GMxB Legacy GMxB Core EI (4) IE (5) SCS EG (6) Momentum Total (in millions) Balance, December 31, 2020 $ 403 $ — $ — $ — $ 192 $ 1,635 $ 141 $ 95 $ 645 $ 581 $ 79 $ 3,771 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — 5 6 — 8 11 13 (1) 210 53 22 327 Balance, January 1, 2020 (7) $ 403 $ 5 $ 6 $ — $ 200 $ 1,646 $ 154 $ 94 $ 855 $ 634 $ 101 $ 4,098 ______________ (1) “UL” defined as Universal Life (2) “VUL” defined as Variable Universal Life (3) “IUL” defined as Indexed Universal Life (4) “EI” defined as EQUI-VEST Individual (5) “IE” defined as Investment Edge (6) “EG” defined as EQUI-VEST Group (7) DAC transition table not inclusive of Closed Block of $136 million and Protection Solutions of $3 million transition adjustment. The following table summarizes the balance of and changes in sales inducement assets and unearned revenue liability on January 1, 2021 resulting from the adoption of ASU 2018-12: Sales Inducement Assets Total GMxB Legacy GMxB Core (in millions) Balance, December 31, 2020 $ 246 $ 158 $ 404 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — — — Balance, January 1, 2021 $ 246 $ 158 $ 404 Unearned Revenue Liability Total UL VUL IUL (in millions) Balance, December 31, 2020 $ 31 $ 382 $ — $ 413 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 29 99 — 128 Balance, January 1, 2021 $ 60 $ 481 $ — $ 541 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 employee 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. Contracts are measured on a grouped basis utilizing cohorts consistent with those used in the calculation of future policy benefit reserves. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the contract. For life insurance products, DAC is amortized in proportion to the face amount in force. For annuity products DAC is amortized in proportion to policy counts. The constant level basis used for amortization determines the current period amortization considering both the current period’s actual experience and future projections. The amortization pattern is revised quarterly on a prospective basis. Amortization of DAC is included in Amortization of DAC, part of total benefits and other deductions. 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 acquisition costs associated with the replacement contract are deferred. Gross acquisition costs from the reinsurance transaction are recoverable. The DAC asset has been reduced by this recoverable net of the amortization. This reduction is recorded in other income along with the recovery of expenses. Funds withheld payable Funds withheld payable represents a payable for amounts contractually withheld by the Company as ceding company in accordance with funds withheld coinsurance (“funds withheld”) reinsurance agreements. The funds withheld payable under reinsurance treaties includes a funds withheld embedded derivative liability. The reinsurance agreement between the Company and Equitable America, written on a funds withheld and modified coinsurance basis, contains embedded derivatives. We determined that the obligation to pay the total return on the assets funds withheld liability, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modified coinsurance agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld payable on the consolidated balance sheets for ceded agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the consolidated statements of income. Ceded earnings from the funds withheld payable and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from the funds withheld payable are reported in operating activities on the consolidated statements of cash flows. For business ceded on a funds withheld or modified coinsurance basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the Company as ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the embedded derivative in funds withheld is recorded as a funds withheld payable and any excess or shortfall in relation to statutory reserves is settled quarterly. 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. 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. As a result, we have netted the receivable and payable related to modified coinsurance agreements. 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. For reinsurance contracts, reinsurance recoverable balances are generally calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Ceded reinsurance transactions are recognized and measured in a manner consistent with underlying reinsured contracts, including using consistent assumptions. Assumed and ceded reinsurance contract rights and obligations are accounted for on a basis consistent with our direct contract. The reinsurance cost or benefit for traditional life non-participating and limited-payment contracts is recognized in proportion to the gross premiums of the underlying direct cohorts. The locked-in single A discount rate used to calculate the reinsurance cost or benefit is established at inception of the reinsurance contract. Changes to the single A discount rate are reflected in comprehensive income at each reporting date. 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 in reinsurance deposit liabilities. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Recognition of losses are recorded in other operating expenses. Recognition of gains are recorded in other income. The reinsurance agreement between the Company and Equitable America, written on a modified coinsurance basis, contains embedded derivatives. We determined that the obligation to pay the total return on the assets the modified coinsurance, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on the modified coinsurance agreement is computed as the unrealized gain (loss) and current period income on the underlying assets and is included within Amount due from Reinsurers on the consolidated balance sheets for ceded agreement. The change in the fair value of the embedded derivatives is recorded in net derivative gains (losses) on the consolidated statements of income. Ceded earnings from the modified coinsurance and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from the amount due from reinsurers are reported in operating activities on the consolidated statements of cash flows. Sales Inducement Assets Sales inducement assets 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 sales inducement assets 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 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. 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. Future Policy Benefits and Other Policyholders’ Liabilities The liability for future policy benefits is estimated based upon the present value of future policy benefits and related claim expenses less the present value of estimated future net premiums where net premium equals gross premium under the contract multiplied by the net premium ratio. Related claim expenses include termination and settlement costs and exclude acquisition costs and non-claim related costs. The liability is estimated using current assumptions that include discount rate, mortality, lapses and expenses. Assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors. For participating traditional life insurance policies, future policy benefit liabilities are calculated using a net level premium method based on 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 face amount over the life of the contract. For non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension), contracts are grouped into cohorts by contract type and issue year. The Company quarterly updates its estimate of cash flows using actual experience and current future cash flow assumptions, which is reflected in an updated net premium ratio used to calculate the liability. The ratio of actual and future expected claims to actual and future expected premiums determines the net premium ratio. The policy administration expense assumption is not updated after policy issuance. If actual expenses differ from the original expense assumptions, the differences are recognized in the period identified. The revised net premium ratio is used to determine the updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original contract issuance rate. Changes in the liability due to current discount rates differing from original rates are included in other comprehensive income within the consolidated statement of comprehensive income. For non-participating traditional life insurance policies and limited pay contracts, the discount rate assumption used is corporate A rated forward curve. We use a forward curve based upon a Bloomberg index. The liability is remeasured each quarter with the remeasurement change reported in other comprehensive income. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., single A) at contract inception for contracts issued after January 1, 2021. The Company developed an LDTI discount rate methodology used to calculate the LFPB for its traditional insurance liabilities and constructed a discount rate curve that references upper-medium grade (low credit risk) fixed-income instrument yields (i.e. Single-A rated Corporate bond yields) which are meant to reflect the duration characteristics of the corresponding insurance liabilities. The methodology uses observable market data, where available, and uses various estimation techniques in line with fair value guidance (such as interpolation and extrapolation) where data is limited. Discount rates are updated quarterly. For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). DPL will be amortized in relation to the expected future benefit payments. As the calculation of the DPL is based on discounted cash flows, interest accrues on the unamortized DPL balance using the discount rate determined at contract issuance. The DPL is updated at the same time as the estimates for cash flows for the liability for future policy benefits. Any difference between the recalculated and beginning of period DPL is recognized in remeasurement gain or loss in the consolidated statements of income (loss), Remeasurement of Liability for Future Policy Benefits, part of total benefits and other deductions. On the consolidated balance sheet the DPL is recorded in the liability for future policy benefits. Additional liabilities for contract or contract feature that provide for additional benefits in addition to the account balance but are not market risk benefits or embedded derivatives (“additional insurance liabilities”) are established by estimating the expected value of death or other insurance 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 future policy benefits 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, and mortality experience. There can be no assurance that actual experience will be consistent with management’s estimates. Assumptions are reviewed annually and updated with the remeasurement gain or loss reflected in total benefit expense. The Company recognizes an adjustment in other comprehensive income for the additional insurance liabilities for unrealized gains and losses not included when calculating the present value of expected assessments for the benefit ratios. The Company conducts annual premium deficiency testing except for liability for future policy benefits for non- participating traditional and limited payment contracts. The Company reviews assumptions and determines whether the sum of existing liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid and settlement costs. Anticipated investment income is considered when performing premium deficiency for long duration contracts. The anticipated investment income is projected based on current investment portfolio returns grading to long term reinvestment rates over the projection periods, based on anticipated gross reinvestment spreads, defaults and investment expenses. Premium deficiency reserves are recorded in certain instances where the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. This pattern of profits followed by losses is exhibited in our VISL business and is generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. We accrue for these PFBL using a dynamic approach that changes over time as the projection of future losses change. Market Risk Benefits Market risk benefits (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits. MRBs are measured at fair value on a seriatim basis using an ascribed fee approach based upon policyholder behavior projections and risk neutral economic scenarios adjusted based on the facts and circumstances of the Company’s product features. The MRB Asset and MRB Liability will be equal to the average present value of benefits and risk margins less the average present value of ascribed fees. Ascribed fees will consist of the fee needed, under a stochastically generated set of risk-neutral scenarios, so that the mean present value of claims, including any risk charge, is equal to the mean present value of the projected attributed fees which will be capped at average present value of total policyholder contractual fees. The attributed fee percentage is considered a fixed term of the MRB feature and is held static over the life of the contract. Changes in fair value are recognized as a remeasurement gain/loss in the Change in market risk benefits and purchased market risk benefits, part of total benefits and other deductions except for the portion of the change in the fair value due to change in the Company’s own credit risk, which is recognized in other than comprehensive income. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits) the balance related to the MRB will be derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) shall be used in the calculation of the liability for future policy benefits for the payout annuity. Upon derecognition, any related balance will be removed from AOCI. 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 GMIB, GWBL, GMWB and GMAB features. The Company has also assumed reinsurance for products with GMxB features. Features in ceded reinsurance contracts that meet the definition of MRBs are accounted for at fair value. The fees used to determine the fair value of the reinsured market risk benefit are those defined in the reinsurance contract. The expected periodic future premiums would represent cash outflows and the expected future benefits would represent cash inflows in the fair value calculation. On the ceded side, the Purchased MRB will be measured considering the counterparty credit risk of the reinsurer, while the direct contract liabilities will be measured considering the instrument-specific credit risk of the insurer. As a result of the difference in the treatment of the counterparty credit risk, the fair value of the direct and ceded contracts may be different even if the contractual fees and benefits are the same. Changes in instrument-specific credit risk of the Company is included in the fair value of its market risk benefit, whether in an asset or liability position, and whether related to an issued or purchased MRB, is recognized in OCI. The counterparty credit risk of the reinsurer is recorded in the consolidated statements of income (loss). Troubled Debt Restructuring The Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate. 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. The types of modifications made 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 credit allowance is an estimate of lifetime expected losses reflecting historical loss information which included losses from modification to a borrower experiencing financial difficulty. As the effect of the modification made to a borrower experiencing financial difficulty is already included in the credit allowance, 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. For information pertaining to our TDRs see Note 3 of the Notes to these Consolidated Financial Statements. Securities Lending Program The Company enters into securities lending transactions whereby securities are loaned to third parties, primarily major brokerage firms. Securities lending transactions are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported within net investment income in the Consolidated Statements of Income (Loss). 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. Mana

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 was $547 million and $550 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and six months ended June 30, 2023 and 2022. 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) June 30, 2023 Fixed Maturities: Corporate (1) $ 43,927 $ 2 $ 115 $ 5,983 $ 38,057 U.S. Treasury, government and agency 7,000 — 1 1,197 5,804 States and political subdivisions 532 — 9 67 474 Foreign governments 864 — 2 128 738 Residential mortgage-backed (2) 934 — — 94 840 Asset-backed (3) 8,696 — 9 274 8,431 Commercial mortgage-backed 3,724 — 1 584 3,141 Redeemable preferred stock 41 — 3 — 44 Total at June 30, 2023 $ 65,718 $ 2 $ 140 $ 8,327 $ 57,529 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 ______________ (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 June 30, 2023 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 pre-payment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) June 30, 2023: Contractual maturities: Due in one year or less $ 1,074 $ 1,063 Due in years two through five 12,505 11,792 Due in years six through ten 14,334 12,923 Due after ten years 24,408 19,295 Subtotal 52,321 45,073 Residential mortgage-backed 934 840 Asset-backed 8,696 8,431 Commercial mortgage-backed 3,724 3,141 Redeemable preferred stock 41 44 Total at June 30, 2023 $ 65,716 $ 57,529 The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Proceeds from sales $ 2,233 $ 3,298 $ 2,961 $ 10,634 Gross gains on sales (1) $ 5 $ 9 $ 7 $ 38 Gross losses on sales (2) $ (46) $ (229) $ (64) $ (590) Net (increase) decrease in Allowance for Credit and Intent to Sell losses $ (7) $ 2 $ (62) $ 3 ______________ (1) Includes $0 million and $0 million of gross gains for the three and six months ended June 30, 2023, respectively, related to funds withheld assets held by the Company in support of Equitable America’s reinsurance obligations to the Company. These realized gains are included in other investment gains (losses), net. (2) Includes $34 million and $34 million of gross losses for the three and six months ended June 30, 2023, respectively, related to funds withheld assets held by the Company in support of Equitable America’s reinsurance obligations to the Company. These realized losses are included in other investment gains (losses), net. The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts: AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 87 $ 41 $ 36 $ 42 Previously recognized impairments on securities that matured, paid, prepaid or sold (52) (11) (55) (13) Recognized impairments on securities impaired to fair value this period (1) (2) — — 50 — Credit losses recognized this period on securities for which credit losses were not previously recognized 6 1 9 1 Additional credit losses this period on securities previously impaired 3 1 4 2 Balance, end of period $ 44 $ 32 $ 44 $ 32 ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. (2) Amounts reflected for six months ended June 30, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company intends to sell in anticipation of the Company’s ordinary dividend to Holdings. 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 Three Months Ended June 30, 2023 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (7,609) $ 18 $ 105 $ (7,486) Net investment gains (losses) arising during the period (629) — — (629) Reclassification adjustment: Included in net income (loss) 50 — — 50 Impact of net unrealized investment gains (losses) — (7) 1,612 1,605 Net unrealized investment gains (losses) excluding credit losses (8,188) 11 1,717 (6,460) Net unrealized investment gains (losses) with credit losses 1 — — 1 Balance, end of period $ (8,187) $ 11 $ 1,717 $ (6,459) Three Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (1,277) $ 1 $ 195 $ (1,081) Net investment gains (losses) arising during the period (5,590) — — (5,590) Reclassification adjustment: Included in net income (loss) 223 — — 223 Impact of net unrealized investment gains (losses) — 24 1,195 1,219 Net unrealized investment gains (losses) excluding credit losses (6,644) 25 1,390 (5,229) Net unrealized investment gains (losses) with credit losses (3) — 1 (2) Balance, end of period $ (6,647) $ 25 $ 1,391 $ (5,231) Six Months Ended June 30, 2023 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (9,116) $ 21 $ 420 $ (8,675) Net investment gains (losses) arising during the period 815 — — 815 Reclassification adjustment: Included in net income (loss) 120 — — 120 Impact of net unrealized investment gains (losses) — (10) 1,296 1,286 Net unrealized investment gains (losses) excluding credit losses (8,181) 11 1,716 (6,454) Net unrealized investment gains (losses) with credit losses (6) — 1 (5) Balance, end of period $ (8,187) $ 11 $ 1,717 $ (6,459) Six Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ 4,462 $ (703) $ (790) $ 2,969 Net investment gains (losses) arising during the period (11,655) — — (11,655) Reclassification adjustment: Included in net income (loss) 554 — — 554 Impact of net unrealized investment gains (losses) — 728 2,179 2,907 Net unrealized investment gains (losses) excluding credit losses (6,639) 25 1,389 (5,225) Net unrealized investment gains (losses) with credit losses (8) — 2 (6) Balance, end of period $ (6,647) $ 25 $ 1,391 $ (5,231) The following tables disclose the fair values and gross unrealized losses of the 4,665 issues as of June 30, 2023 and the 4,798 issues as of December 31, 2022 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) June 30, 2023 Fixed Maturities: Corporate $ 5,661 $ 264 $ 29,006 $ 5,717 $ 34,667 $ 5,981 U.S. Treasury, government and agency 1,502 198 4,235 999 5,737 1,197 States and political subdivisions 52 1 227 66 279 67 Foreign governments 45 3 615 125 660 128 Residential mortgage-backed 153 3 649 91 802 94 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) Asset-backed 666 5 6,688 269 7,354 274 Commercial mortgage-backed 151 7 2,928 577 3,079 584 Total at June 30, 2023 $ 8,230 $ 481 $ 44,348 $ 7,844 $ 52,578 $ 8,325 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 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 1.1% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of June 30, 2023 and December 31, 2022 were $400 million and $327 million, respectively, representing 833.3% and 30.4% of the consolidated equity of the Company. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of June 30, 2023 and December 31, 2022, respectively, approximately $2.7 billion and $2.9 billion, or 4.1% and 4.3%, of the $65.7 billion and $68.1 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $161 million and $208 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, respectively, the $7.8 billion and $5.0 billion 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 the allowance for credit losses for these securities was not warranted at either June 30, 2023 or December 31, 2022. As of June 30, 2023 and December 31, 2022, 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 June 30, 2023, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads. Securities Lending The Company has entered into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of June 30, 2023, the estimated fair value of loaned securities was $28.0 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash collateral, calculated daily. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of June 30, 2023, cash collateral received in the amount of $28.6 million was invested by the agent bank. A securities lending payable for the overnight and continuous loans is included in Other liabilities in the amount of cash collateral received. Securities lending transactions are used to Mortgage Loans on Real Estate Accrued interest receivable on commercial and agricultural mortgage loans as of June 30, 2023 and December 31, 2022 was $76 million and $71 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the six months ended June 30, 2023 and 2022. As of June 30, 2023 and 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses. Allowance for Credit Losses on Mortgage Loans The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 133 $ 47 123 $ 57 Current-period provision for expected credit losses 7 11 17 1 Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — — Net change in allowance 7 11 17 1 Balance, end of period $ 140 $ 58 $ 140 $ 58 Agricultural mortgages: Balance, beginning of period $ 6 $ 6 $ 6 $ 5 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 $ 5 $ 6 $ 5 $ 6 Total allowance for credit losses $ 145 $ 64 $ 145 $ 64 The change in the allowance for credit losses is attributable to: • increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization and • changes in credit quality and economic assumptions. Credit Quality Information The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of June 30, 2023 and December 31, 2022: Loan to Value (“LTV”) Ratios (1) June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ 190 $ 497 $ 129 $ — $ — $ 1,446 $ — $ — $ 2,262 50% - 70% 490 2,404 1,458 905 257 2,838 369 96 8,817 70% - 90% 244 363 497 463 290 1,600 — 35 3,492 90% plus — — 34 — 92 253 — — 379 Total commercial $ 924 $ 3,264 $ 2,118 $ 1,368 $ 639 $ 6,137 $ 369 $ 131 $ 14,950 Agricultural: 0% - 50% $ 25 $ 163 $ 187 $ 241 $ 129 $ 826 $ — $ — $ 1,571 50% - 70% 15 187 168 201 65 318 — — 954 70% - 90% — — — — — 16 — — 16 90% plus — — — — — — — — — Total agricultural $ 40 $ 350 $ 355 $ 442 $ 194 $ 1,160 $ — $ — $ 2,541 Total mortgage loans: 0% - 50% $ 215 $ 660 $ 316 $ 241 $ 129 $ 2,272 $ — $ — $ 3,833 50% - 70% 505 2,591 1,626 1,106 322 3,156 369 96 9,771 70% - 90% 244 363 497 463 290 1,616 — 35 3,508 90% plus — — 34 — 92 253 — — 379 Total mortgage loans $ 964 $ 3,614 $ 2,473 $ 1,810 $ 833 $ 7,297 $ 369 $ 131 $ 17,491 Debt Service Coverage (“DSC”) Ratios (2) June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 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 $ 115 $ 687 $ 1,259 $ 1,113 $ 158 $ 2,943 $ — $ — $ 6,275 1.8x to 2.0x — — 181 163 172 722 213 96 1,547 1.5x to 1.8x — 476 391 32 255 1,016 92 — 2,262 1.2x to 1.5x 439 814 165 — — 821 — — 2,239 1.0x to 1.2x 363 828 73 60 54 540 64 35 2,017 Less than 1.0x 7 459 49 — — 95 — — 610 June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Total commercial $ 924 $ 3,264 $ 2,118 $ 1,368 $ 639 $ 6,137 $ 369 $ 131 $ 14,950 Agricultural: Greater than 2.0x $ 5 $ 51 $ 39 $ 60 $ 21 $ 186 $ — $ — $ 362 1.8x to 2.0x — 16 57 33 24 65 — — 195 1.5x to 1.8x 6 69 31 110 18 208 — — 442 1.2x to 1.5x 17 106 155 176 99 385 — — 938 1.0x to 1.2x 8 90 73 59 26 291 — — 547 Less than 1.0x 4 18 — 4 6 25 — — 57 Total agricultural $ 40 $ 350 $ 355 $ 442 $ 194 $ 1,160 $ — $ — $ 2,541 Total mortgage loans: Greater than 2.0x $ 120 $ 738 $ 1,298 $ 1,173 $ 179 $ 3,129 $ — $ — $ 6,637 1.8x to 2.0x — 16 238 196 196 787 213 96 1,742 1.5x to 1.8x 6 545 422 142 273 1,224 92 — 2,704 1.2x to 1.5x 456 920 320 176 99 1,206 — — 3,177 1.0x to 1.2x 371 918 146 119 80 831 64 35 2,564 Less than 1.0x 11 477 49 4 6 120 — — 667 Total mortgage loans $ 964 $ 3,614 $ 2,473 $ 1,810 $ 833 $ 7,297 $ 369 $ 131 $ 17,491 _____________ (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, 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 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 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. Past-Due and Nonaccrual Mortgage Loan Status The following table provides information relating to the aging analysis of past-due mortgage loans as of June 30, 2023 and December 31, 2022, 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) June 30, 2023: Mortgage loans: Commercial $ — $ — $ — $ — $ 14,916 $ 14,916 $ 34 $ 14,950 $ 34 $ 1 Agricultural 15 4 12 31 2,491 2,522 19 2,541 3 — Total $ 15 $ 4 $ 12 $ 31 $ 17,407 $ 17,438 $ 53 $ 17,491 $ 37 $ 1 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 $ — $ — _______________ (1) Amounts presented at amortized cost basis. As of June 30, 2023 and December 31, 2022, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $17 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 June 30, 2023 and December 31, 2022. Troubled Debt Restructuring During the first quarter of 2023, we granted a modification to a $56 million commercial real estate loan, which is 0.3% of the mortgage loans on real estate. The modification reflects a pay and accrue structure where the loan was converted to interest only, and the pay rate is lower than the current rate beginning in 2023; 0.35% in 2023 and stepping up annually until it reaches the existing coupon of 5.0% in 2027. Interest between the pay rate and the coupon rate will be accrued and added to the loan monthly. Additionally, any excess cash flow above the pay rate will be applied to the loan. For the accounting policy pertaining to our TDRs see Note 2 of the Notes to these Consolidated Financial Statements. During the three months ended June 30, 2023 and three and six months ended June 30, 2022, the Company identified an immaterial amount of TDRs. Equity Securities The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and six months ended June 30, 2023 and 2022. Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 7 $ (68) $ 6 $ (107) Net investment gains (losses) recognized on securities sold during the period (2) 1 (2) (10) Unrealized and realized gains (losses) on equity securities $ 5 $ (67) $ 4 $ (117) Trading Securities As of June 30, 2023 and December 31, 2022, respectively, the fair value of the Company’s trading securities was $304 million and $283 million. As of June 30, 2023 and December 31, 2022, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $46 million and $38 million. The table below shows a breakdown of net investment income (loss) from trading securities during the three and six months ended June 30, 2023 and 2022: Net Investment Income (Loss) from Trading Securities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 4 $ (29) $ 17 $ (45) Net investment gains (losses) recognized on securities sold during the period (1) (1) (2) (1) Unrealized and realized gains (losses) on trading securities 3 (30) 15 (46) Interest and dividend income from trading securities 2 3 4 5 Net investment income (loss) from trading securities $ 5 $ (27) $ 19 $ (41) Net Investment Income The following tables provides the components of Net investment income by investment type: Three Months Ended June 30, 2023 2022 Excluding (1) Funds Total Excluding Funds Total (in millions) Fixed maturities $ 416 $ 272 $ 688 $ 586 $ — $ 586 Mortgage loans on real estate 111 87 198 138 — 138 Policy loans 49 — 49 50 — 50 Other equity investments 49 (35) 14 6 — 6 Trading securities 5 — 5 (27) — (27) Other investment income 6 1 7 14 — 14 Gross investment income (loss) 636 325 961 767 — 767 Investment expenses (46) (30) (76) (72) — (72) Net investment income (loss) $ 590 $ 295 $ 885 $ 695 $ — $ 695 _______________ (1) “NI Modco” represents modco arrangement on non-insulated Separate Accounts as part of the Reinsurance Treaty with Equitable America. Six Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ 1,087 $ 272 $ 1,359 $ 1,167 $ — $ 1,167 Mortgage loans on real estate 288 87 375 276 — 276 Policy loans 97 — 97 101 — 101 Other equity investments 70 (35) 35 58 — 58 Trading securities 19 — 19 (41) — (41) Other investment income 12 1 13 29 — 29 Gross investment income (loss) 1,573 325 1,898 1,590 — 1,590 Investment expenses (125) (30) (155) (140) — (140) Net investment income (loss) $ 1,448 $ 295 $ 1,743 $ 1,450 $ — $ 1,450 Investment Gains (Losses), Net Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows: Three Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ (15) $ (34) $ (49) $ (222) $ — $ (222) Mortgage loans on real estate (5) (2) (7) (12) — (12) Other (2) — (2) (8) — (8) Investment gains (losses), net $ (22) $ (36) $ (58) $ (242) $ — $ (242) Six Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ (86) $ (34) $ (120) $ (554) $ — $ (554) Mortgage loans on real estate (14) (2) (16) (2) — (2) Other — — — (8) — (8) Investment gains (losses), net $ (100) $ (36) $ (136) $ (564) $ — $ (564) For the three and six months ended June 30, 2023 and 2022, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million $1 million, $1 million and $1 million.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2023
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 which are accounted for as market risk benefits. 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 feature and are accounted for as market risk benefits is that under-performance of the financial markets could result in the GMxB 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 purchased market risk benefits. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial 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 thus 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 purchased market risk benefits. 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. 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 June 30, 2023 Fair Value Notional Amount Notional Amount- FWH and NI Modco Derivative Assets Derivative Assets - FWH and NI Modco Derivative Liabilities Derivative Liabilities - FWH and NI Modco (in millions) Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,633 $ — $ 110 $ — $ 82 $ — Interest swaps 955 — — — 320 — Total: designated for hedge accounting 2,588 — 110 — 402 — Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 3,381 2,305 — — — — Swaps 1,896 11,115 6 43 — — Options 6,531 39,938 1,806 8,952 420 2,264 Interest rate contracts: Futures 585 8,164 — — — — Swaps 1,018 885 1 5 117 — Credit contracts: Credit default swaps 98 — — — 2 — Currency contracts: Currency swaps 455 — 1 — 8 — Other freestanding contracts: Margin — — 69 258 — — Collateral — — 158 — 6,927 — Total: Not designated for hedge accounting 13,964 62,407 2,041 9,258 7,474 2,264 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) (5) — — 6,600 — 8,148 — Funds withheld payable (3) — — — — (136) — Modco payable (4) — — 166 — — — Total embedded derivatives — — 6,766 — 8,012 — Total derivative instruments $ 16,552 $ 62,407 $ 8,917 $ 9,258 $ 15,888 $ 2,264 ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. (3) Reported in funds withheld payable in the consolidated balance sheets. (4) Recorded in amounts due from reinsurers. (5) SCS embedded derivative asset is recorded as a Modco receivable. This is presented net within consolidated balance sheets. December 31, 2022 Fair Value Notional Amount Notional Amount - FWH and NI Modco Derivative Assets Derivative Assets - FWH and NI Modco Derivative Liabilities Derivative Liabilities - FWH and NI Modco Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,431 $ — $ 99 $ — $ 85 $ — Interest swaps 955 — — — 294 — Total: designated for hedge accounting 2,386 — 99 — 379 — Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 4,320 — — — — — Swaps 11,159 — 38 — — — Options 39,863 — 7,549 — 3,396 — Interest rate contracts: Futures 12,693 — — — — — Swaps 1,498 — — — 166 — Credit contracts: Credit default swaps 102 — — — 2 — Currency contracts: Currency swaps 397 — 4 — 13 — Other freestanding contracts: Margin — — 193 — — — Collateral — — 142 — 4,469 — Total: Not designated for hedge accounting 70,032 — 7,926 — 8,046 — Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — — — 4,077 — Funds withheld payable — — — — — — Modco payable — — — — — — Total embedded derivatives — — — — 4,077 — Total derivative instruments $ 72,418 $ — $ 8,025 $ — $ 12,502 $ — ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net Net-FWH and NI modco Net Interest AOCI Net Net-FWH and NI modco Net Interest AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 2 $ — $ 2 $ 8 $ 3 $ 10 $ — $ 5 $ (26) $ 28 Interest swaps (16) — — — 30 (21) — — — 2 Total: designated for hedge accounting (14) — 2 8 33 (11) — 5 (26) 30 Derivatives: not designated for hedge accounting Equity contracts: Futures 58 (158) — — — (96) (158) — — — Swaps (113) (591) — — — (716) (591) — — — Options 361 2,032 — — — 1,858 2,032 — — — Interest rate contracts: Futures (19) 76 — — — (62) 76 — — — Swaps (61) 5 — — — (14) 5 — — — Swaptions — — — — — — — — — — Credit contracts: Credit default swaps — — — — — — — — — — Currency contracts: Currency swaps (9) — — — — (19) — — — — Currency forwards — — — — — — — — — — Other contracts: Margin — — — — — — — — — — Collateral — — — — — — — — — — Total: not designated for hedge accounting 217 1,364 — — — 951 1,364 — — — Embedded derivatives: SCS, SIO, MSO and IUL indexed features (453) — — — — (2,027) — — — — Funds withheld payable 599 — — — — 599 — — — — Modco payable (1,930) — — — — (1,930) — — — — Total embedded derivatives (1,784) — — — — (3,358) — — — — Total derivatives $ (1,581) $ 1,364 $ 2 $ 8 $ 33 $ (2,418) $ 1,364 $ 5 $ (26) $ 30 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net Net - FWH and NI Modco Net Interest AOCI Net Net - FWH and NI Modco Net Interest AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 18 $ — $ 1 $ 8 $ (8) $ 14 $ — $ 2 $ (10) $ 5 Interest swaps (27) — — — 168 (41) — — — 148 Total: designated for hedge accounting (9) — 1 8 160 (27) — 2 (10) 153 Derivatives: not designated for hedge accounting Equity contracts: Futures 455 — — — — 515 — — — — Swaps 2,036 — — — — 2,762 — — — — Options (3,444) — — — — (3,731) — — — — Interest rate contracts: Futures (533) — — — — (1,034) — — — — Swaps (154) — — — — (303) — — — — Swaptions — — — — — — — — — — Credit contracts: Credit default swaps 8 — — — — 8 — — — — Currency contracts: Currency swaps 13 — — — — 18 — — — — Currency forwards — — — — — — — — — — Other contracts: Margin — — — — — — — — — — Collateral — — — — — — — — — — Total: not designated for hedge accounting (1,619) — — — — (1,765) — — — — Embedded derivatives: SCS, SIO, MSO and IUL indexed features 3,466 — — — — 3,776 — — — — Funds withheld payable — — — — — — — — — — Modco payable — — — — — — — — — — Total embedded derivatives 3,466 — — — — 3,776 — — — — Total derivatives $ 1,838 $ — $ 1 $ 8 $ 160 $ 1,984 $ — $ 2 $ (10) $ 153 _____________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the three and six months ended June 30, 2023 and 2022, investment fees of $4 million and $4 million, $8 million and $6 million respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss). The following table presents a roll-forward of cash flow hedges recognized in AOCI: Roll-forward of Cash flow hedges in AOCI Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 19 $ (215) $ 22 $ (208) Amount recorded in AOCI Currency swaps 13 3 6 — Interest swaps 10 137 (27) 98 Total amount recorded in AOCI 23 140 (21) 98 Amount reclassified from AOCI to income Currency swaps (1) (10) (10) 22 6 Interest swaps (1) 20 31 29 50 Total amount reclassified from AOCI to income 10 21 51 56 Balance, end of period (2) $ 52 $ (54) $ 52 $ (54) ______________ (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 three and six months ended June 30, 2023 and 2022 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 June 30, 2023 and December 31, 2022 are exchange-traded and net settled daily in cash. As of June 30, 2023 and December 31, 2022, 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 $260 million and $222 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 $82 million and $103 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 June 30, 2023 and December 31, 2022, respectively, the Company held $6.9 billion and $4.5 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 $158 million and $142 million as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022 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 June 30, 2023 and December 31, 2022: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of June 30, 2023 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 11,410 $ 8,772 $ 2,638 $ (1,367) $ 1,271 Secured Lending 29 — 29 — 29 Other financial assets 1,980 — 1,980 — 1,980 Other invested assets $ 13,419 $ 8,772 $ 4,647 $ (1,367) $ 3,280 Liabilities: Derivative liabilities $ 8,773 $ 8,772 $ 1 $ — $ 1 Secured Lending 29 — 29 — 29 Other financial liabilities 2,520 — 2,520 — 2,520 Other liabilities $ 11,322 $ 8,772 $ 2,550 $ — $ 2,550 ______________ (1) Financial instruments sent (held). 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 Secured Lending — — — — — 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 Secured Lending — — — — — Other financial liabilities 4,588 — 4,588 — 4,588 Other liabilities $ 12,165 $ 6,980 $ 5,185 $ — $ 5,185 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK

CLOSED BLOCK	6 Months Ended
	Jun. 30, 2023
Closed Block Disclosure [Abstract]
CLOSED BLOCK	CLOSED BLOCK As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 5 to the Company’s consolidated financial statements included in the Recast 2022 Annual Report. Summarized financial information for the Company’s Closed Block is as follows: June 30, 2023 December 31, 2022 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,564 $ 5,692 Policyholder dividend obligation — — Other liabilities 129 68 Total Closed Block liabilities 5,693 5,760 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,065 and $3,171) (allowance for credit losses of $0 and $0) 2,857 2,948 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,649 1,645 Policy loans 556 569 Cash and other invested assets 16 — Other assets 221 187 Total assets designated to the Closed Block 5,299 5,349 Excess of Closed Block liabilities over assets designated to the Closed Block 394 411 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $44 and $47 (164) (177) Maximum future earnings to be recognized from Closed Block assets and liabilities $ 230 $ 234 The Company’s Closed Block revenues and expenses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Revenues: Premiums and other income $ 29 $ 31 $ 59 $ 64 Net investment income (loss) 52 54 103 112 Investment gains (losses), net — (1) — — Total revenues 81 84 162 176 Benefits and Other Deductions: Policyholders’ benefits and dividends 75 80 158 156 Other operating costs and expenses — — — — Total benefits and other deductions 75 80 158 156 Net income (loss), before income taxes 6 4 4 20 Income tax (expense) benefit (1) — (2) (2) Net income (loss) $ 5 $ 4 $ 2 $ 18

DAC AND OTHER DEFERRED ASSETS_L

DAC AND OTHER DEFERRED ASSETS/LIABILITIES	6 Months Ended
	Jun. 30, 2023
Contract holder Bonus Interest Credits [Abstract]
DAC AND OTHER DEFERRED ASSETS/LIABILITIES	DAC AND OTHER DEFERRED ASSETS/LIABILITIESChanges in the DAC asset for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 362 $ 20 $ 112 $ 1,585 $ 156 $ 147 $ 1,266 $ 213 $ 711 $ 89 $ 127 $ 4,788 Capitalization 7 2 36 26 5 12 113 14 33 5 — 253 Amortization (19) (1) (4) (68) (6) (7) (92) (12) (21) (8) (5) (243) Recovery of acquisition cost (1) — — — (6) (2) (1) (4) (2) (6) — — (21) Balance, end of period $ 350 $ 21 $ 144 $ 1,537 $ 153 $ 151 $ 1,283 $ 213 $ 717 $ 86 $ 122 $ 4,777 ______________ (1) Related to the Reinsurance Transaction, and is recorded in other income. Six Months Ended June 30, 2022 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 385 $ 14 $ 50 $ 1,639 $ 156 $ 121 $ 1,070 $ 209 $ 678 $ 94 $ 138 $ 4,554 Capitalization 9 4 36 50 6 21 189 16 36 7 — 374 Amortization (21) — (2) (66) (6) (7) (81) (11) (20) (10) (6) (230) Recovery of acquisition cost — — — — — — — — — — — — Balance, end of period $ 373 $ 18 $ 84 $ 1,623 $ 156 $ 135 $ 1,178 $ 214 $ 694 $ 91 $ 132 $ 4,698 Changes in the Sales Inducement Assets for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (in millions) Balance, beginning of period $ 137 $ 200 $ 147 $ 222 Capitalization — — 1 — Amortization (6) (10) (6) (11) Balance, end of period $ 131 $ 190 $ 142 $ 211 Changes in the Unearned Revenue Liability for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 UL VUL UL VUL (in millions) Balance, beginning of period $ 95 $ 525 $ 80 $ 501 Capitalization 9 29 11 27 Amortization (3) (17) (3) (16) Recovery of unearned revenue (1) — — — Balance, end of period $ 100 $ 537 $ 88 $ 512 The following table presents a reconciliation of DAC to the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Term $ 350 $ 362 UL 21 20 VUL 144 112 GMxB Core 1,537 1,585 EQUI-VEST Individual 153 156 Investment Edge 151 147 SCS 1,283 1,266 GMxB Legacy 213 213 EQUI-VEST Group 717 711 Momentum 86 89 Closed Block 122 127 Other 24 26 Total $ 4,801 $ 4,814

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 36,081 $ 1,976 $ 38,057 U.S. Treasury, government and agency — 5,804 — 5,804 States and political subdivisions — 447 27 474 Foreign governments — 738 — 738 Residential mortgage-backed (2) — 840 — 840 Asset-backed (3) — 8,431 — 8,431 Commercial mortgage-backed — 3,107 34 3,141 Redeemable preferred stock — 44 — 44 Total fixed maturities, AFS — 55,492 2,037 57,529 Other equity investments 155 453 53 661 Trading securities 178 126 — 304 Other invested assets: Short-term investments — 618 — 618 Assets of consolidated VIEs/VOEs — — 52 52 Swaps — (361) — (361) Credit default swaps — (2) — (2) Options — 8,074 — 8,074 Total other invested assets — 8,329 52 8,381 Cash equivalents 1,787 1,365 — 3,152 Purchased market risk benefits — — 17,334 17,334 Assets for market risk benefits — — 751 751 Separate Accounts assets (4) 116,281 2,535 1 118,817 Modco receivable (6) — — 166 166 SCS, SIO, MSO and IUL indexed features’ asset — 6,600 — — Total Assets $ 118,401 $ 74,900 $ 20,394 $ 207,095 Liabilities: SCS, SIO, MSO and IUL indexed features’ liability — 8,148 — 8,148 Liabilities for market risk benefits — — 13,629 13,629 Funds withheld payable (5) — — (136) (136) Total Liabilities $ — $ 8,148 $ 13,493 $ 21,641 ______________ (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 June 30, 2023 the fair value of such investments was $402 million. (5) As discussed in Note 2 to these Consolidated Financial Statements, the funds withheld payable is created through a funds withheld and modified coinsurance arrangements where the investments supporting the reinsurance agreement are withheld by and continue to reside on the Company’s consolidated balance sheet. This embedded derivative is valued as a total return swap with references to the fair value of the invested assets held by the Company, which are primarily AFS securities. (6) Reflected in amounts due from reinsurers. 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 Purchased market risk benefits — — 10,490 10,490 Assets for market risk benefits — — 478 478 Separate Accounts assets (4) 108,378 2,429 1 110,808 Modco payable — — — — Total Assets $ 109,072 $ 64,291 $ 13,150 $ 186,513 Liabilities: SCS, SIO, MSO and IUL indexed features’ liability — 4,077 — 4,077 Liabilities for market risk benefits — — 15,751 15,751 Funds withheld payable — — — — Total Liabilities $ — $ 4,077 $ 15,751 $ 19,828 ______________ (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 and commercial mortgages. As of December 31, 2022 the fair value of such investments was $456 million. Public Fixed Maturities The fair values of the Company’s public fixed maturities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Private Fixed Maturities The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. Freestanding Derivative Positions The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 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. Funds Withheld Payable Reinsurance agreements written on a funds withheld or modified coinsurance basis contain embedded derivatives. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by the Company. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation utilizing the asset value component for valuation of the embedded derivative requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation utilizing the asset value component for the valuation for the embedded derivatives requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy. 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 pre-payment, 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 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. The Company also issues certain benefits on its variable annuity products that are accounted for as market risk benefits carried at fair value and are also considered Level 3 for fair value leveling. The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The optional GMIB feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates. 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. The GMDB feature guarantees that the benefit paid upon death will not be less than a guaranteed benefit base. If the contract’s account value is less than the benefit base at the time a death claim is paid, the amount payable will be equal to the benefit base. Purchased MRB assets, which are accounted for as market risk benefits carried at fair value are also considered Level 3 for fair value leveling. The Purchased MRB asset 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 while the MRB asset and liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to the MRB asset and liability over a range of market-consistent economic scenarios. The valuations of the MRBs and Purchased MRB assets incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its MRBs and Purchased MRB asset after taking into account the effects of collateral arrangements. Incremental adjustment to the risk free curve for counterparty non-performance risk is made to the fair values of the Purchased MRB assets. Risk margins were applied to the non-capital markets inputs to the MRBs and Purchased MRB valuations. After giving consideration to collateral arrangements, the Company reduced the fair value of its Purchased MRB asset by $2.5 billion and $1.1 billion as of June 30, 2023 and December 31, 2022, respectively, to recognize incremental counterparty non-performance risk. The funds withheld embedded derivative liability is determined based upon a total return swap technique referencing the fair value of the investments held under the reinsurance contract as collateral and requires certain unobservable inputs. The funds withheld embedded derivative are considered Level 3 in the fair value hierarchy. 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 six months ended June 30, 2023, fixed maturities with fair values of $301 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 $11 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 650.0% of total equity as of June 30, 2023. During the six months ended June 30, 2022, fixed maturities with fair values of $115 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 $65 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 4.4% of total equity as of June 30, 2022. The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three and six months ended June 30, 2023 and 2022, respectively. Not included below are the changes in balances related to market risk benefits and purchased market risk benefits level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended June 30, 2023 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 1,914 $ 28 $ 34 $ 12 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 2 — — — Investment gains (losses), net (8) — — — Subtotal (6) — — — Other comprehensive income (loss) (8) 1 — — Purchases 180 — — (12) Sales (72) (2) — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 11 — — — Transfers out of Level 3 (1) (43) — — — Balance, end of period $ 1,976 $ 27 $ 34 $ — 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) $ (8) $ 1 $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023 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. Three Months Ended June 30, 2023 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 14 $ 1 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — Net derivative gains (losses) — — (136) 166 Total realized and unrealized gains (losses) — — (136) 166 Other comprehensive income (loss) — — — — Purchases 44 — — — Sales — — — — Other — — — — Activity related to consolidated VIEs/VOEs 47 — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 105 $ 1 $ (136) $ 166 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) $ — $ — $ — $ — ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023, 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. (3) Other Equity Investments include other invested assets. Three Months Ended June 30, 2022 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 1,672 $ 32 $ 238 $ 332 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net (1) — — Subtotal — — — — Other comprehensive income (loss) (51) (1) (1) — Purchases 317 — (212) (314) Sales (74) (1) — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) (5) — — — Transfers out of Level 3 (1) (107) — — — Balance, end of period $ 1,752 $ 30 $ 25 $ 18 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) $ (51) $ (1) $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022 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. Three Months Ended June 30, 2022 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 11 $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — Net derivative gains (losses) — — — — Total realized and unrealized gains (losses) — — — — Other comprehensive income (loss) — — — — Purchases 8 — — — Sales — 1 — — Other — — — — Activity related to consolidated VIEs/VOEs (1) — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 18 $ 1 $ — $ — 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) $ — $ — $ — $ — ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022, 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. (3) Other Equity Investments include other invested assets. Six Months Ended June 30, 2023 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 2,103 $ 29 $ 32 $ — Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 3 — — — Investment gains (losses), net (11) — — — Subtotal (8) — — — Other comprehensive income (loss) 10 — — — Purchases 323 — 2 — Sales (162) (2) — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 11 — — — Transfers out of Level 3 (1) (301) — — — Balance, end of period $ 1,976 $ 27 $ 34 $ — 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) $ 9 $ — $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023 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. Six Months Ended June 30, 2023 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 17 $ 1 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (3) — — — Net derivative gains (losses) — — (136) 166 Total realized and unrealized gains (losses) (3) — (136) 166 Other comprehensive income (loss) — — — — Purchases 44 — — — Sales — — — — Other — — — — Activity related to consolidated VIEs/VOEs 47 — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 105 $ 1 $ (136) $ 166 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ (3) $ — $ — $ — 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) $ — $ — $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023, 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. (3) Other Equity Investments include other invested assets. Six Months Ended June 30, 2022 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 1,493 $ 35 $ 20 $ 8 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 2 — — — Investment gains (losses), net — — — — Subtotal 2 — — — Other comprehensive income (loss) (81) (4) (2) — Purchases 548 — 7 11 Sales (160) (1) — (1) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 65 — — — Transfers out of Level 3 (1) (115) — — — Balance, end of period $ 1,752 $ 30 $ 25 $ 18 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) $ (78) $ (4) $ (2) $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022 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. Six Months Ended June 30, 2022 Other Equity Inve

LIABILITIES FOR FUTURE POLICYHO

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Reconciliation Term $ 1,318 $ 1,359 Payout - Non-Legacy 834 828 Payout - Legacy 3,101 2,689 Group Pension - Benefit Reserve & DPL 503 523 Health 1,533 1,560 UL 1,162 1,119 Subtotal 8,451 8,078 Whole Life Closed Block and Open Block products 5,564 5,687 Other (1) 589 608 Future policyholder benefits total 14,604 14,373 Other policyholder funds and dividends payable 1,455 1,562 Total $ 16,059 $ 15,935 ______________ (1) Primarily consists of Future policy benefits related to Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and Major Medical products. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout-Legacy Group Pension Health Term Payout-Non-Legacy Payout-Legacy Group Pension Health (in millions) Present Value of Expected Net Premiums Balance, beginning of period $ 2,090 $ — $ — $ — $ (6) $ 2,472 $ — $ — $ — $ 22 Beginning balance at original discount rate 2,069 — — — (6) 1,854 — — — 19 Effect of changes in cash flow assumptions 8 — — — — — — — — — Effect of actual variances from expected experience 4 — — — (6) 61 — — — (12) Adjusted beginning of period balance 2,081 — — — (12) 1,915 — — — 7 Issuances 32 — — — — 45 — — — — Interest accrual 50 — — — — 47 — — — — Net premiums collected (99) — — — 1 (96) — — — — Ending Balance at original discount rate 2,064 — — — (11) 1,911 — — — 7 Effect of changes in discount rate assumptions 35 — — — — 173 — — — 1 Balance, end of period $ 2,099 $ — $ — $ — $ (11) $ 2,084 $ — $ — $ — $ 8 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout - Legacy Group Pension Health Term Payout - Non-Legacy Payout - Legacy Group Pension Health ( in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ 3,449 $ 828 $ 2,689 $ 523 $ 1,554 $ 4,274 $ 1,114 $ 2,547 $ 683 $ 2,092 Beginning balance of original discount rate 3,376 845 3,024 583 1,795 3,225 883 2,400 632 1,915 Effect of changes in cash flow assumptions 9 — — — (1) — — — — — Effect of actual variances from expected experience 6 — — — (6) 68 — (2) — (13) Adjusted beginning of period balance 3,391 845 3,024 583 1,788 3,293 883 2,398 632 1,902 Issuances 34 26 474 — — 48 14 342 — — Interest accrual 84 19 44 10 29 82 20 32 11 31 Benefits payments (182) (46) (132) (34) (71) (217) (51) (96) (35) (84) Ending balance at original discount rate 3,327 844 3,410 559 1,746 3,206 866 2,676 608 1,849 Effect of changes in discount rate assumptions 90 (10) (309) (56) (224) 308 36 (233) (36) (154) Balance, end of period $ 3,417 $ 834 $ 3,101 $ 503 $ 1,522 $ 3,514 $ 902 $ 2,443 $ 572 $ 1,695 Net liability for future policy benefits $ 1,318 $ 834 $ 3,101 $ 503 $ 1,533 $ 1,430 $ 902 $ 2,443 $ 572 $ 1,687 Less: Reinsurance recoverable (199) (9) (797) — (1,217) (229) — (276) — (1,342) Net liability for future policy benefits, after reinsurance recoverable $ 1,119 $ 825 $ 2,304 $ 503 $ 316 $ 1,201 $ 902 $ 2,167 $ 572 $ 345 Weighted-average duration of liability for future policyholder benefits (years) 7.0 9.4 7.8 7.1 8.8 7.4 9.6 8.3 7.2 8.8 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Term Expected future benefit payments and expenses (undiscounted) $ 5,899 $ 6,002 Expected future gross premiums (undiscounted) 7,108 7,245 Expected future benefit payments and expenses (discounted) 3,417 3,449 Expected future gross premiums (discounted) 3,856 3,883 Payout-Legacy June 30, 2023 December 31, 2022 (in millions) Expected future benefit payments and expenses (undiscounted) $ 4,533 $ 3,947 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 3,018 2,607 Expected future gross premiums (discounted) — — Payout-Non-Legacy Expected future benefit payments and expenses (undiscounted) $ 1,446 $ 1,460 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 806 801 Expected future gross premiums (discounted) — — Group Pension Expected future benefit payments and expenses (undiscounted) $ 698 $ 730 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 483 563 Expected future gross premiums (discounted) — — Health Expected future benefit payments and expenses (undiscounted) $ 2,432 $ 2,510 Expected future gross premiums (undiscounted) 91 99 Expected future benefit payments and expenses (discounted) 1,503 1,533 Expected future gross premiums (discounted) 72 78 The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Term $ 117 $ 116 $ 34 $ 35 Payout - Legacy 45 45 44 32 Payout - Non-Legacy 16 12 19 20 Group Pension — — 10 11 Health 4 5 29 31 Total $ 182 $ 178 $ 136 $ 129 June 30, 2023 December 31, 2022 Weighted Average Interest Rate Term Interest accretion rate 5.6 % 5.7 % Current discount rate 5.0 % 5.1 % Payout - Legacy Interest accretion rate 3.8 % 3.4 % Current discount rate 5.1 % 5.0 % Payout - Non-Legacy Interest accretion rate 4.9 % 4.9 % Current discount rate 5.1 % 5.2 % Group Pension Interest accretion rate 3.4 % 3.4 % Current discount rate 5.0 % 5.1 % Health Interest accretion rate 3.4 % 3.3 % Current discount rate 5.2 % 5.2 % The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 UL (in millions) Balance, beginning of period $ 1,120 $ 1,082 Beginning balance before AOCI adjustments 1,135 1,076 Effect of changes in interest rate and cash flow assumptions and model changes — 5 Effect of actual variances from expected 4 7 Adjusted beginning of period balance 1,139 1,088 Interest accrual 25 24 Net assessments collected 36 34 Benefit payments (30) (37) Ending balance before shadow reserve adjustments 1,170 1,109 Effect of reserve adjustment recorded in AOCI (8) (22) Balance, end of period $ 1,162 $ 1,087 Net liability for additional liability $ 1,162 $ 1,087 Less: Reinsurance recoverable (901) (561) Net liability for additional liability, after reinsurance recoverable $ 261 $ 526 Weighted-average duration of additional liability - death benefit (years) 21.4 22.5 ______________ Six Months Ended June 30, 2023 2022 2023 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL $ 350 $ 310 $ 25 $ 24 Total $ 350 $ 310 $ 25 $ 24 Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate UL 4.5 % 4.5 % Interest accretion rate 4.5 % 4.5 % Prescribed and Permitted Accounting Practices As of June 30, 2023, the following three prescribed and permitted practices resulted in 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 $38 million in statutory special surplus funds as of June 30, 2023. The Reinsurance Treaty reduced the amount of interest rate hedging needed going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. 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 $330 million in statutory surplus as of June 30, 2023 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 June 30, 2023, given the prevailing market conditions and business mix, there are $318 million Reg 213 redundant reserves over the US RBC CTE 98 total asset requirement (“TAR”). 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 $1.7 billion in statutory surplus as of June 30, 2023.

MARKET RISK BENEFITS

MARKET RISK BENEFITS	6 Months Ended
	Jun. 30, 2023
Market Risk Benefit [Abstract]
MARKET RISK BENEFITS	MARKET RISK BENEFITSThe following table presents the balances and changes to the balances for the market risk benefits for the GMxB benefits on deferred variable annuities for the three and six months ended June 30, 2023 and 2022 Three Months Ended June 30, 2023 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy(3) Net GMxB Legacy (in millions) Balance, beginning of period $ 333 $ — $ 333 $ 14,082 $ (10,746) $ 3,336 Beginning balance before changes in the instrument specific credit risk 560 — 560 15,599 (10,648) 4,952 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (116) 105 (11) (637) 585 (52) Interest accrual 19 (9) 10 195 (202) (7) Attributed fees accrued (1) 110 (99) 11 208 (155) 53 Benefit payments (12) 12 — (345) 338 (7) Actual policyholder behavior different from expected behavior 3 (4) (1) (6) (3) (9) Changes in future economic assumptions (193) 217 24 (872) 822 (50) Issuances (1) (1,294) (1,295) — (6,865) (6,866) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (2) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Three Months Ended June 30, 2022 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 507 $ — $ 507 $ 16,929 $ (12,680) $ 4,248 Beginning balance before changes in the instrument specific credit risk 544 — 544 17,899 (12,616) 5,283 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect 664 — 664 2,562 (1,050) 1,512 Interest accrual 12 — 12 179 (104) 75 Attributed fees accrued (1) 107 — 107 219 (62) 157 Benefit payments (8) — (8) (282) 152 (130) Actual policyholder behavior different from expected behavior 4 — 4 26 (26) — Changes in future economic assumptions (542) — (542) (2,868) 1,962 (906) Issuances — — — — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Six Months Ended June 30, 2023 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (4) Net GMxB Legacy (in millions) Balance, beginning of period $ 539 $ — $ 539 $ 14,699 $ (10,492) $ 4,207 Beginning balance before changes in the instrument specific credit risk 538 — 538 15,314 (10,438) 4,876 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (322) 105 (217) (1,381) 978 (403) Interest accrual 37 (9) 28 392 (358) 34 Attributed fees accrued (1) 204 (99) 105 418 (238) 180 Benefit payments (24) 12 (12) (687) 523 (164) Actual policyholder behavior different from expected behavior 8 (4) 4 15 (20) (5) Changes in future economic assumptions (70) 217 147 71 290 361 Issuances (2) (1) (1,294) (1,295) — (6,865) (6,865) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (3) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Issuances are related to the Reinsurance Treaty with Equitable America. See Note 1 of the Notes to these Consolidated Financial Statements. (3) Changes are recorded in OCI. (4) Purchased MRB is the impact of non-affiliated reinsurance. Six Months Ended June 30, 2022 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 1,061 $ — $ 1,061 $ 20,236 $ (14,293) $ 5,943 Beginning balance before changes in the instrument specific credit risk 666 — 666 19,719 (14,287) 5,432 Model changes and effect of changes in cash flow assumptions — — — (87) 29 (58) Actual market movement effect 988 — 988 3,659 (1,464) 2,195 Interest accrual 17 — 17 283 (166) 117 Attributed fees accrued (1) 199 — 199 438 (148) 290 Benefit payments (13) — (13) (533) 288 (245) Actual policyholder behavior different from expected behavior 4 — 4 59 (41) 18 Changes in future economic assumptions (1,077) — (1,077) (5,803) 4,045 (1,758) Issuances (3) — (3) — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance. The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk amounts in the consolidated balance sheet as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 MRB Asset MRB Liability Net MRB Purchased MRB Total MRB Asset MRB Liability Net MRB Purchased MRB Total (in millions) GMxB Core $ (573) $ 728 $ 155 $ (1,071) $ (916) $ (375) $ 914 $ 539 $ — $ 539 GMxB Legacy (120) 12,840 12,720 (16,223) (3,503) (51) 14,749 14,698 (10,493) 4,205 Other (1) (58) 61 3 (40) (37) (52) 88 36 3 39 Total $ (751) $ 13,629 $ 12,878 $ (17,334) $ (4,456) $ (478) $ 15,751 $ 15,273 $ (10,490) $ 4,783 ______________ (1) Other primarily includes Individual EQUI-VEST MRB.

POLICYHOLDER ACCOUNT BALANCES

POLICYHOLDER ACCOUNT BALANCES	6 Months Ended
	Jun. 30, 2023
Policyholder Account Balance [Abstract]
POLICYHOLDER ACCOUNT BALANCES	POLICYHOLDER ACCOUNT BALANCESThe following table summarizes the balances and changes in policyholder’s account balances for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,341 $ 4,253 $ 688 $ 42 $ 35,460 $ 2,652 $ 12,046 $ 703 Issuances — — — — — — — — Premiums received 358 64 41 26 — 19 317 35 Policy charges (384) (109) 20 8 (3) — (3) — Surrenders and withdrawals (38) (22) (47) (16) (1,319) (178) (820) (71) Benefit payments (128) (58) (51) (1) (121) (40) (35) (4) Net transfers from (to) separate account — (89) 2 (38) 1,591 4 144 (12) Interest credited (2) 111 94 13 2 4,059 38 210 6 Other — — — — — 3 11 — Balance, end of period $ 5,260 $ 4,133 $ 666 $ 23 $ 39,667 $ 2,498 $ 11,870 $ 657 Weighted-average crediting rate 3.67 % 3.72 % 2.71 % 1.32 % N/A 3.04 % 2.52 % 2.33 % Net amount at risk (3) $ 36,505 $ 83,438 $ 22,195 $ 3,159 $ 11 $ 118 $ 24 $ — Cash surrender value $ 3,463 $ 2,691 $ 630 $ 238 $ 36,091 $ 2,490 $ 11,782 $ 657 Six Months Ended June 30, 2022 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,462 $ 4,193 $ 746 $ 99 $ 33,443 $ 2,784 $ 11,952 $ 705 Issuances — — — — — — — — Premiums received 368 74 30 79 1 26 303 40 Policy charges (396) (104) 17 (11) — — (4) — Surrenders and withdrawals (47) (12) (31) (16) (1,380) (86) (383) (67) Benefit payments (98) (45) (51) (1) (102) (30) (36) (1) Net transfers from (to) separate account — 63 9 (77) 3,739 21 194 43 Interest credited (2) 112 67 15 3 (3,582) 40 86 7 Other — — — — — — — — Balance, end of period $ 5,401 $ 4,236 $ 735 $ 76 $ 32,119 $ 2,755 $ 12,112 $ 727 Weighted-average crediting rate 3.61% 3.87% 2.71% 1.05% N/A 2.93% 2.56% 2.03% Net amount at risk (3) $ 38,756 $ 85,602 $ 22,421 $ 3,170 $ 97 $ 142 $ 157 $ — Cash surrender value $ 3,508 $ 2,878 $ 711 $ 289 $ 29,148 $ 2,746 $ 12,030 $ 726 ______________ (1) SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3) For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder. The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Policyholders’ account balance reconciliation UL $ 5,260 $ 5,341 VUL 4,133 4,253 GMxB Legacy 666 688 GMxB Core 23 42 SCS 39,667 35,460 EQUI-VEST Individual 2,498 2,652 EQUI-VEST Group 11,870 12,046 Momentum 657 703 Other (1) 3,003 2,916 Balance (exclusive of Funding Agreements) 67,778 64,101 Funding Agreements 16,284 15,641 Balance, end of period $ 84,062 $ 79,742 _______________ (1) Primarily reflects products, IR Payout, IR Other, Investment Edge, Association, Indexed Universal Life, Group Pension and Closed Block. The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums as of June 30, 2023 and December 31, 2022: June 30, 2023 Product (1) Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) UL 0.00% - 1.50% $ — $ — $ 3 $ 2 $ 6 1.51% - 2.50% 122 69 645 201 1,038 Greater than 2.50% 3,539 643 — — 4,183 Total $ 3,661 $ 713 $ 649 $ 204 $ 5,226 VUL 0.00% - 1.50% $ 7 $ 12 $ 11 $ 4 $ 33 1.51% - 2.50% 227 245 3 — 475 Greater than 2.50% 3,270 — — — 3,270 Total $ 3,504 $ 257 $ 13 $ 4 $ 3,777 GMxB Legacy 0.00% - 1.50% $ 83 $ 16 $ — $ — $ 99 1.51% - 2.50% 24 — — — 24 Greater than 2.50% 507 — — — 507 Total $ 615 $ 16 $ — $ — $ 631 GMxB Core 0.00% - 1.50% $ 14 $ 205 $ — $ — $ 219 1.51% - 2.50% 13 — — — 13 Greater than 2.50% 12 — — — 12 Total $ 38 $ 205 $ — $ — $ 243 June 30, 2023 Product (1) Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) EQUI-VEST Individual 0.00% - 1.50% $ 53 $ 231 $ — $ — $ 285 1.51% - 2.50% 45 — — — 45 Greater than 2.50% 2,167 — — — 2,167 Total $ 2,266 $ 231 $ — $ — $ 2,497 EQUI-VEST Group 0.00% - 1.50% $ 804 $ 2,290 $ 36 $ 362 $ 3,493 1.51% - 2.50% 332 — — — 332 Greater than 2.50% 6,986 — — — 6,986 Total $ 8,121 $ 2,291 $ 36 $ 362 $ 10,811 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A Momentum 0.00% - 1.50% $ — $ 13 $ 350 $ 57 $ 420 1.51% - 2.50% 159 1 — — 160 Greater than 2.50% 72 — 5 — 77 Total $ 231 $ 14 $ 355 $ 57 $ 657 December 31, 2022 Product Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) UL 0.00% - 1.50% $ — $ — $ 5 $ 1 $ 6 1.51% - 2.50% 181 197 605 47 1,030 Greater than 2.50% 3,615 657 — — 4,272 Total $ 3,796 $ 854 $ 610 $ 48 $ 5,308 VUL 0.00% - 1.50% $ 12 $ 9 $ 5 $ 1 $ 27 1.51% - 2.50% 411 42 — — 453 Greater than 2.50% 3,441 — — — 3,441 Total $ 3,864 $ 51 $ 5 $ 1 $ 3,921 December 31, 2022 Product Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) GMxB Legacy 0.00% - 1.50% $ 386 $ — $ — $ — $ 386 1.51% - 2.50% 560 — — — 560 Greater than 2.50% 35 — — — 35 Total $ 981 $ — $ — $ — $ 981 GMxB Core 0.00% - 1.50% $ 257 $ — $ — $ — $ 257 1.51% - 2.50% 14 — — — 14 Greater than 2.50% — — — — — Total $ 271 $ — $ — $ — $ 271 EQUI-VEST Individual 0.00% - 1.50% $ 345 $ — $ — $ — $ 345 1.51% - 2.50% 46 — — — 46 Greater than 2.50% 2,199 — 62 — 2,261 Total $ 2,590 $ — $ 62 $ — $ 2,652 EQUI-VEST Group 0.00% - 1.50% $ 109 $ 5 $ 366 $ 3,112 $ 3,592 1.51% - 2.50% 11 2 889 — 902 Greater than 2.50% 6,949 21 330 — 7,300 Total $ 7,069 $ 28 $ 1,585 $ 3,112 $ 11,794 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A Momentum 0.00% - 1.50% $ 15 $ 301 $ 122 $ 7 $ 445 1.51% - 2.50% 178 1 — — 179 Greater than 2.50% 73 — 5 — 78 Total $ 266 $ 302 $ 127 $ 7 $ 702 Separate Account - Summary The following table presents the balances of and changes in Separate Account liabilities for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 11,535 $ 32,616 $ 27,017 $ 4,162 $ 3,772 $ 22,393 $ 3,884 Premiums and deposits 382 110 259 49 200 1,116 332 Policy charges (213) (340) (241) (1) — (8) (10) Surrenders and withdrawals (259) (1,324) (1,216) (198) (195) (744) (364) Benefit payments (45) (382) (117) (27) (24) (28) (5) Investment performance (1) 1,495 3,392 2,065 538 321 2,849 452 Net transfers from (to) general account 89 (2) 38 (3) (94) (144) 12 Other charges (2) — — — 4 — 25 — Balance, end of period $ 12,984 $ 34,070 $ 27,805 $ 4,524 $ 3,980 $ 25,459 $ 4,301 Cash surrender value $ 12,971 $ 33,792 $ 27,055 $ 4,491 $ 3,894 $ 25,210 $ 4,295 ______________ (1) Investment performance is reflected net of M&E fees. (2) For the six months ended June 30, 2023, EQUI-VEST Individual and EQUI-VEST Group amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial Life Insurance Company and the Securities & Exchange Commission. Six Months Ended June 30, 2022 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 14,574 $ 44,912 $ 34,973 $ 5,584 $ 4,287 $ 27,509 $ 4,975 Premiums and deposits 380 120 597 68 530 1,089 331 Policy charges (210) (352) (238) (1) — (8) (10) Surrenders and withdrawals (185) (1,431) (1,253) (165) (145) (680) (347) Benefit payments (61) (364) (122) (28) (17) (33) (6) Investment performance (1) (3,001) (8,666) (5,980) (1,193) (780) (5,898) (978) Net transfers from (to) general account (63) (9) 77 (21) (158) (194) (42) Balance, end of period $ 11,434 $ 34,210 $ 28,054 $ 4,244 $ 3,717 $ 21,785 $ 3,923 Cash surrender value $ 11,454 $ 33,920 $ 27,177 $ 4,212 $ 3,623 $ 21,555 $ 3,917 ______________ (1) Investment performance is reflected net of M&E fees. The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 12,984 $ 11,535 GMxB Legacy 34,070 32,616 GMxB Core 27,805 27,017 EQUI-VEST Individual 4,524 4,162 Investment Edge 3,980 3,772 EQUI-VEST Group 25,459 22,393 Momentum 4,301 3,884 Other (1) 6,267 6,100 Total $ 119,390 $ 111,479 _____________ (1) Primarily reflects Corp and Other products and Employer Sponsored products including Association and Other. The following table presents the aggregate fair value of Separate Account assets by major asset category as of June 30, 2023 and December 31, 2022: June 30, 2023 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Total (in millions) Asset Type Debt securities $ 58 $ 1 $ 17 $ 9 $ 85 Common Stock 61 33 472 1,770 2,336 Mutual Funds 12,840 71,087 31,131 712 115,770 Bonds and Notes 98 3 1 1,097 1,199 Total $ 13,057 $ 71,124 $ 31,621 $ 3,588 $ 119,390 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Total (in millions) Asset Type Debt securities $ 58 $ 1 $ 17 $ 8 $ 84 Common Stock 41 32 430 1,686 2,189 Mutual Funds 11,402 68,220 27,639 760 108,021 Bonds and Notes 119 3 1 1,062 1,185 Total $ 11,620 $ 68,256 $ 28,087 $ 3,516 $ 111,479

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three and six months ended June 30, 2023 and 2022 was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods. During the fourth quarter of 2022, the Company established a valuation allowance of $1.5 billion against its deferred tax asset related to unrealized capital losses in the AFS securities portfolio. Adjustments to the valuation allowance due to changes in the portfolio’s unrealized capital loss are recorded in other comprehensive income. For the three months ended March 31, 2023, and June 30, 2023, the Company recorded a decrease to the valuation allowance of $316 million and an increase to the valuation allowance of $121 million, respectively, in other comprehensive income. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income. During the three months ended March 31, 2023, the Company had increased its available liquidity and recorded a decrease to the valuation allowance of $586 million in net income. During the three months ended June 30, 2023, management continued to increase borrowing capacity and available liquidity. The Company now has the ability and intent to hold the underlying securities in its AFS portfolio to recovery to the extent that additional deferred tax asset would be realized. Based on all available evidence, as of June 30, 2023, the Company concluded that approximately three quarters of the deferred tax asset related to unrealized tax capital losses is more-likely-than-not to be realized and a full valuation allowance is not necessary. For the three months and six months ended June 30, 2023, the Company recorded decreases to the valuation allowance of $354 million and $940 million, respectively, in net income. A valuation allowance of $354 million remains against the portion of the deferred tax asset that is still not more-likely-than-not to be realized. The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to AFS securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS On May 17, 2023, Equitable Financial entered into a reinsurance agreement with Equitable America, effective April 1, 2023. See Notes 1 and 17 of the Notes to these Consolidated Financial Statements for further details.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of June 30, 2023 and December 31, 2022 follow: June 30, December 31, 2023 2022 (in millions) Unrealized gains (losses) on investments $ (8,125) $ (8,873) Market risk benefits - instrument-specific credit risk component 1,735 665 Liability for future policy benefits - current discount rate component 311 357 Defined benefit pension plans (4) (4) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (6,083) $ (7,855) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (616) $ (4,419) $ 836 $ (9,214) (Gains) losses reclassified into net income (loss) during the period 39 177 94 438 Net unrealized gains (losses) on investments (1) (577) (4,242) 930 (8,776) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 31 (112) 33 689 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(310), $(1,158), $7 and $(2,150)) (546) (4,354) 963 (8,087) Change in LFPB discount rate and MRB credit risk, net of tax Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(23), $313, $225 and $715 (88) 1,179 845 2,691 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $19, $151, $(10) and $219) 73 567 (36) 824 Other comprehensive income (loss) attributable to Equitable Financial $ (561) $ (2,608) $ 1,772 $ (4,572) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $ (10) million, $(46) million, $(25) million and $(116) million for the three and six months ended June 30, 2023 and 2022, respectively. Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTEREST	REDEEMABLE NONCONTROLLING INTEREST The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 19 $ 29 $ 21 $ 28 Net earnings (loss) attributable to redeemable noncontrolling interests 1 (3) 1 (4) Purchase/change of redeemable noncontrolling interests 1 (5) (1) (3) Balance, end of period $ 21 $ 21 $ 21 $ 21

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 alleged 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 sought: (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 individual 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 May 2023, the Brach class action and Equitable Financial informed the federal district court that they had mutually agreed to settle the class action. In June 2023, the federal district court entered an order of preliminary approval of the settlement agreement and scheduled a final approval hearing for October 2023. Equitable Financial is fully accrued for the class settlement, which will have no impact on earnings or cash. Beginning October 30, 2023, the federal district court will hold one consolidated trial for the remaining three coordinated individual actions still pending before the federal district court. Equitable Financial has commenced settlement discussions with those individual plaintiffs in the coordinated actions. No assurances can be given about the outcome of those settlement discussions. Equitable Financial has settled other actual and threatened litigations challenging the COI increase by individual policy owners and one entity that invested in numerous policies purchased in the life settlement market. Finally, 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 appealed but its appeal was denied by the state appellate court. 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 $413 million and pledged collateral with a carrying value of $10.3 billion as of June 30, 2023. 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 “Offsetting of Financial Assets and Liabilities and Derivative Instruments” 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 Six Months Ended June 30, 2023 Outstanding Balance at December 31, 2022 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 June 30, 2023 (in millions) Short-term funding agreements: Due in one year or less $ 6,130 $ 30,052 $ (29,678) $ 183 $ — $ 6,687 Long-term funding agreements: Due in years two through five 1,679 — — (172) — 1,507 Due in more than five years 692 — — — (11) 681 Total long-term funding agreements 2,371 — — (172) (11) 2,188 Total funding agreements (1) $ 8,501 $ 30,052 $ (29,678) $ 11 $ (11) $ 8,875 ____________ (1) The $3 million and $4 million difference between the funding agreements carrying value shown in fair value table for June 30, 2023 and December 31, 2022, 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 June 30, 2023, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10.0 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 Six Months Ended June 30, 2023 Outstanding Balance at December 31, 2022 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 June 30, 2023 (in millions) Short-term funding agreements: Due in one year or less $ 1,500 $ — $ (1,000) $ — $ — $ — $ 500 Long-term funding agreements: Due in years two through five 4,000 671 — — 1,285 20 5,976 Due in more than five years 1,585 — — — (1,285) — 300 Total long-term funding agreements 5,585 671 — — — 20 6,276 Total funding agreements (1) $ 7,085 $ 671 $ (1,000) $ — $ — $ 20 $ 6,776 _____________ (1) The $29 million and $66 million difference between the funding agreements notional value shown and carrying value table as of June 30, 2023 and December 31, 2022, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment. Funding Agreement-Backed Commercial Paper Program In May 2023, the Company established a funding agreement-backed commercial paper program (the “FABCP Program”), pursuant to which a special purpose limited liability company (the “SPLLC”) may issue commercial paper and deposit the proceeds with the Company pursuant to a funding agreement issued by the Company to the SPLLC. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP Program is $3.0 billion. The Company had $590 million outstanding as of June 30, 2023. Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. As of June 30, 2023, 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 June 30, 2023. The Company had $827 million of commitments under existing mortgage loan agreements as of June 30, 2023. 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	6 Months Ended
	Jun. 30, 2023
Insurance Statutory Financial Information [Abstract]
INSURANCE STATUTORY FINANCIAL INFORMATION	LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Reconciliation Term $ 1,318 $ 1,359 Payout - Non-Legacy 834 828 Payout - Legacy 3,101 2,689 Group Pension - Benefit Reserve & DPL 503 523 Health 1,533 1,560 UL 1,162 1,119 Subtotal 8,451 8,078 Whole Life Closed Block and Open Block products 5,564 5,687 Other (1) 589 608 Future policyholder benefits total 14,604 14,373 Other policyholder funds and dividends payable 1,455 1,562 Total $ 16,059 $ 15,935 ______________ (1) Primarily consists of Future policy benefits related to Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and Major Medical products. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout-Legacy Group Pension Health Term Payout-Non-Legacy Payout-Legacy Group Pension Health (in millions) Present Value of Expected Net Premiums Balance, beginning of period $ 2,090 $ — $ — $ — $ (6) $ 2,472 $ — $ — $ — $ 22 Beginning balance at original discount rate 2,069 — — — (6) 1,854 — — — 19 Effect of changes in cash flow assumptions 8 — — — — — — — — — Effect of actual variances from expected experience 4 — — — (6) 61 — — — (12) Adjusted beginning of period balance 2,081 — — — (12) 1,915 — — — 7 Issuances 32 — — — — 45 — — — — Interest accrual 50 — — — — 47 — — — — Net premiums collected (99) — — — 1 (96) — — — — Ending Balance at original discount rate 2,064 — — — (11) 1,911 — — — 7 Effect of changes in discount rate assumptions 35 — — — — 173 — — — 1 Balance, end of period $ 2,099 $ — $ — $ — $ (11) $ 2,084 $ — $ — $ — $ 8 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout - Legacy Group Pension Health Term Payout - Non-Legacy Payout - Legacy Group Pension Health ( in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ 3,449 $ 828 $ 2,689 $ 523 $ 1,554 $ 4,274 $ 1,114 $ 2,547 $ 683 $ 2,092 Beginning balance of original discount rate 3,376 845 3,024 583 1,795 3,225 883 2,400 632 1,915 Effect of changes in cash flow assumptions 9 — — — (1) — — — — — Effect of actual variances from expected experience 6 — — — (6) 68 — (2) — (13) Adjusted beginning of period balance 3,391 845 3,024 583 1,788 3,293 883 2,398 632 1,902 Issuances 34 26 474 — — 48 14 342 — — Interest accrual 84 19 44 10 29 82 20 32 11 31 Benefits payments (182) (46) (132) (34) (71) (217) (51) (96) (35) (84) Ending balance at original discount rate 3,327 844 3,410 559 1,746 3,206 866 2,676 608 1,849 Effect of changes in discount rate assumptions 90 (10) (309) (56) (224) 308 36 (233) (36) (154) Balance, end of period $ 3,417 $ 834 $ 3,101 $ 503 $ 1,522 $ 3,514 $ 902 $ 2,443 $ 572 $ 1,695 Net liability for future policy benefits $ 1,318 $ 834 $ 3,101 $ 503 $ 1,533 $ 1,430 $ 902 $ 2,443 $ 572 $ 1,687 Less: Reinsurance recoverable (199) (9) (797) — (1,217) (229) — (276) — (1,342) Net liability for future policy benefits, after reinsurance recoverable $ 1,119 $ 825 $ 2,304 $ 503 $ 316 $ 1,201 $ 902 $ 2,167 $ 572 $ 345 Weighted-average duration of liability for future policyholder benefits (years) 7.0 9.4 7.8 7.1 8.8 7.4 9.6 8.3 7.2 8.8 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Term Expected future benefit payments and expenses (undiscounted) $ 5,899 $ 6,002 Expected future gross premiums (undiscounted) 7,108 7,245 Expected future benefit payments and expenses (discounted) 3,417 3,449 Expected future gross premiums (discounted) 3,856 3,883 Payout-Legacy June 30, 2023 December 31, 2022 (in millions) Expected future benefit payments and expenses (undiscounted) $ 4,533 $ 3,947 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 3,018 2,607 Expected future gross premiums (discounted) — — Payout-Non-Legacy Expected future benefit payments and expenses (undiscounted) $ 1,446 $ 1,460 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 806 801 Expected future gross premiums (discounted) — — Group Pension Expected future benefit payments and expenses (undiscounted) $ 698 $ 730 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 483 563 Expected future gross premiums (discounted) — — Health Expected future benefit payments and expenses (undiscounted) $ 2,432 $ 2,510 Expected future gross premiums (undiscounted) 91 99 Expected future benefit payments and expenses (discounted) 1,503 1,533 Expected future gross premiums (discounted) 72 78 The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Term $ 117 $ 116 $ 34 $ 35 Payout - Legacy 45 45 44 32 Payout - Non-Legacy 16 12 19 20 Group Pension — — 10 11 Health 4 5 29 31 Total $ 182 $ 178 $ 136 $ 129 June 30, 2023 December 31, 2022 Weighted Average Interest Rate Term Interest accretion rate 5.6 % 5.7 % Current discount rate 5.0 % 5.1 % Payout - Legacy Interest accretion rate 3.8 % 3.4 % Current discount rate 5.1 % 5.0 % Payout - Non-Legacy Interest accretion rate 4.9 % 4.9 % Current discount rate 5.1 % 5.2 % Group Pension Interest accretion rate 3.4 % 3.4 % Current discount rate 5.0 % 5.1 % Health Interest accretion rate 3.4 % 3.3 % Current discount rate 5.2 % 5.2 % The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 UL (in millions) Balance, beginning of period $ 1,120 $ 1,082 Beginning balance before AOCI adjustments 1,135 1,076 Effect of changes in interest rate and cash flow assumptions and model changes — 5 Effect of actual variances from expected 4 7 Adjusted beginning of period balance 1,139 1,088 Interest accrual 25 24 Net assessments collected 36 34 Benefit payments (30) (37) Ending balance before shadow reserve adjustments 1,170 1,109 Effect of reserve adjustment recorded in AOCI (8) (22) Balance, end of period $ 1,162 $ 1,087 Net liability for additional liability $ 1,162 $ 1,087 Less: Reinsurance recoverable (901) (561) Net liability for additional liability, after reinsurance recoverable $ 261 $ 526 Weighted-average duration of additional liability - death benefit (years) 21.4 22.5 ______________ Six Months Ended June 30, 2023 2022 2023 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL $ 350 $ 310 $ 25 $ 24 Total $ 350 $ 310 $ 25 $ 24 Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate UL 4.5 % 4.5 % Interest accretion rate 4.5 % 4.5 % Prescribed and Permitted Accounting Practices As of June 30, 2023, the following three prescribed and permitted practices resulted in 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 $38 million in statutory special surplus funds as of June 30, 2023. The Reinsurance Treaty reduced the amount of interest rate hedging needed going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. 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 $330 million in statutory surplus as of June 30, 2023 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 June 30, 2023, given the prevailing market conditions and business mix, there are $318 million Reg 213 redundant reserves over the US RBC CTE 98 total asset requirement (“TAR”). 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 $1.7 billion in statutory surplus as of June 30, 2023.

REINSURANCE

REINSURANCE	6 Months Ended
	Jun. 30, 2023
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 below results in an increase in reinsurance ceded: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 678 $ 698 $ 1,352 $ 1,434 Reinsurance assumed 3 3 4 3 Reinsurance ceded - Equitable America (345) — (345) — Reinsurance ceded - third party (153) (139) (304) (284) Policy charges and fee income $ 183 $ 562 $ 707 $ 1,153 Direct premiums $ 203 $ 187 $ 408 $ 378 Reinsurance assumed 44 37 96 87 Reinsurance ceded - Equitable America (40) — (40) — Reinsurance ceded - third party (51) (58) (111) (110) Premiums $ 156 $ 166 $ 353 $ 355 Direct policyholders’ benefits $ 742 $ 575 $ 1,449 $ 1,372 Reinsurance assumed 39 51 77 105 Reinsurance ceded - Equitable America (264) — (264) — Reinsurance ceded - third party (182) (134) (309) (272) Policyholders’ benefits $ 335 $ 492 $ 953 $ 1,205 Direct Interest credited to policyholders’ account balances $ 490 $ 288 $ 953 $ 592 Reinsurance assumed — — — — Reinsurance ceded - Equitable America (151) — (151) — Reinsurance ceded - third party (27) (1) (55) (17) Interest credited to policyholders’ account balances $ 312 $ 287 $ 747 $ 575 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 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. 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. On May 17, 2023, Equitable Financial entered into a reinsurance agreement with Equitable America, effective April 1, 2023. Pursuant to the Reinsurance Treaty, virtually all of Equitable Financial’s net retained General Account liabilities, including all of its net retained liabilities relating to the living benefit and death riders related to (i) its variable annuity contracts issued outside the State of New York prior to October 1, 2022 (and with respect to its EQUI-VEST variable annuity contracts, issued outside the State of New York prior to February 1, 2023) and (ii) certain universal life insurance policies issued outside the State of New York prior to October 1, 2022, were reinsured to Equitable America on a coinsurance funds withheld basis. See Note 1 to these Consolidated Financial Statements for further details on the transaction. There is a diverse pool of assets supporting the funds withheld and NI modco arrangement with Equitable America. The following table summarizes the composition of the pool of assets at June 30, 2023: June 30, 2023 Carrying Value Fair Value (in millions) Fixed maturities $ 25,889 $ 25,889 Mortgage loans on real estate 8,528 7,391 Policy loans 229 230 Other equity investments 245 245 Other invested assets 7,249 7,249 Total assets supporting funds withheld $ 42,140 $ 41,004 _____________ (1) Other invested assets includes derivatives and cash and cash equivalents. The impact of the funds withheld and NI modco arrangement with Equitable America for the three and six months ended June 30, 2023 was as follows: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in millions) Net derivative gains (losses): Freestanding derivatives $ 1,364 $ 1,364 Embedded derivatives (1,331) (1,331) Net derivative gains (losses) 33 33 Net investment income (loss) 295 295 Investment gains (losses), net (36) (36) Income (loss) from continuing operations, before income taxes 292 292 Income tax (expense) benefit (53) (53) Net income (loss) 239 239 Change in unrealized in unrealized gains (losses), net of income taxes (173) (173) Comprehensive income (loss) $ 66 $ 66 Various assets supporting the Equitable America funds withheld and NI modco arrangement are reported at amortized cost, and as such, changes in fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Equitable America funds withheld arrangement and the appreciation of the assets is the primary driver of the comprehensive income (loss) reflected above. 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, funds withheld liability and assumed reserves: June 30, 2023 December 31, 2022 (in millions) Ceded Reinsurance: Estimated net fair values of purchased market risk benefits $ 17,334 $ 10,490 Reinsurance recoverables related to insurance contracts 21,428 7,131 Related party - Equitable America (1) 14,320 — Third parties 7,108 7,131 Top reinsurers: First Allmerica-GAF 3,828 4,005 Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating) 758 543 Ceded group health reserves 11 14 Amount due to reinsurers 182 282 Top reinsurers: First Allmerica-GAF 67 147 Assumed Reinsurance: Reinsurance assumed reserves 687 701 (1) Includes modco receivable of $33.7 billion offset by $(29.9) billion of modco payable.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 422	$ 835	$ 403	$ 1,185

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Recast 2022 Annual Report. Certain prior period amounts were adjusted to reflect the adoption of ASU 2018-12: Financial Services - Insurance (Topic 944). The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2018-12: Financial Services - Insurance (Topic 944) 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: 2. Measurement of Market Risk Benefits (“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. On January 1, 2023, the Company adopted the new accounting standard ASU 2018-12 using the modified retrospective approach, except for MRBs which will use the full retrospective approach. Refer to “Transition impact of ASU 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” section within this note for further details.
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 employee 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. Contracts are measured on a grouped basis utilizing cohorts consistent with those used in the calculation of future policy benefit reserves. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the contract. For life insurance products, DAC is amortized in proportion to the face amount in force. For annuity products DAC is amortized in proportion to policy counts. The constant level basis used for amortization determines the current period amortization considering both the current period’s actual experience and future projections. The amortization pattern is revised quarterly on a prospective basis. Amortization of DAC is included in Amortization of DAC, part of total benefits and other deductions. 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 acquisition costs associated with the replacement contract are deferred. Gross acquisition costs from the reinsurance transaction are recoverable. The DAC asset has been reduced by this recoverable net of the amortization. This reduction is recorded in other income along with the recovery of expenses. Funds withheld payable Funds withheld payable represents a payable for amounts contractually withheld by the Company as ceding company in accordance with funds withheld coinsurance (“funds withheld”) reinsurance agreements. The funds withheld payable under reinsurance treaties includes a funds withheld embedded derivative liability. The reinsurance agreement between the Company and Equitable America, written on a funds withheld and modified coinsurance basis, contains embedded derivatives. We determined that the obligation to pay the total return on the assets funds withheld liability, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modified coinsurance agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld payable on the consolidated balance sheets for ceded agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the consolidated statements of income. Ceded earnings from the funds withheld payable and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from the funds withheld payable are reported in operating activities on the consolidated statements of cash flows. For business ceded on a funds withheld or modified coinsurance basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the Company as ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the embedded derivative in funds withheld is recorded as a funds withheld payable and any excess or shortfall in relation to statutory reserves is settled quarterly.
Amount due to and from Reinsurers	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. 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. As a result, we have netted the receivable and payable related to modified coinsurance agreements. 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. For reinsurance contracts, reinsurance recoverable balances are generally calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Ceded reinsurance transactions are recognized and measured in a manner consistent with underlying reinsured contracts, including using consistent assumptions. Assumed and ceded reinsurance contract rights and obligations are accounted for on a basis consistent with our direct contract. The reinsurance cost or benefit for traditional life non-participating and limited-payment contracts is recognized in proportion to the gross premiums of the underlying direct cohorts. The locked-in single A discount rate used to calculate the reinsurance cost or benefit is established at inception of the reinsurance contract. Changes to the single A discount rate are reflected in comprehensive income at each reporting date. 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 in reinsurance deposit liabilities. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Recognition of losses are recorded in other operating expenses. Recognition of gains are recorded in other income. The reinsurance agreement between the Company and Equitable America, written on a modified coinsurance basis, contains embedded derivatives. We determined that the obligation to pay the total return on the assets the modified coinsurance, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on the modified coinsurance agreement is computed as the unrealized gain (loss) and current period income on the underlying assets and is included within Amount due from Reinsurers on the consolidated balance sheets for ceded agreement. The change in the fair value of the embedded derivatives is recorded in net derivative gains (losses) on the consolidated statements of income. Ceded earnings from the modified coinsurance and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from the amount due from reinsurers are reported in operating activities on the consolidated statements of cash flows.
Sales Inducement Asset	Sales Inducement Assets Sales inducement assets 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 sales inducement assets 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 and Other Policyholders’ Liabilities	Policyholders’ Account Balances 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. 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. Future Policy Benefits and Other Policyholders’ Liabilities The liability for future policy benefits is estimated based upon the present value of future policy benefits and related claim expenses less the present value of estimated future net premiums where net premium equals gross premium under the contract multiplied by the net premium ratio. Related claim expenses include termination and settlement costs and exclude acquisition costs and non-claim related costs. The liability is estimated using current assumptions that include discount rate, mortality, lapses and expenses. Assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors. For participating traditional life insurance policies, future policy benefit liabilities are calculated using a net level premium method based on 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 face amount over the life of the contract. For non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension), contracts are grouped into cohorts by contract type and issue year. The Company quarterly updates its estimate of cash flows using actual experience and current future cash flow assumptions, which is reflected in an updated net premium ratio used to calculate the liability. The ratio of actual and future expected claims to actual and future expected premiums determines the net premium ratio. The policy administration expense assumption is not updated after policy issuance. If actual expenses differ from the original expense assumptions, the differences are recognized in the period identified. The revised net premium ratio is used to determine the updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original contract issuance rate. Changes in the liability due to current discount rates differing from original rates are included in other comprehensive income within the consolidated statement of comprehensive income. For non-participating traditional life insurance policies and limited pay contracts, the discount rate assumption used is corporate A rated forward curve. We use a forward curve based upon a Bloomberg index. The liability is remeasured each quarter with the remeasurement change reported in other comprehensive income. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., single A) at contract inception for contracts issued after January 1, 2021. The Company developed an LDTI discount rate methodology used to calculate the LFPB for its traditional insurance liabilities and constructed a discount rate curve that references upper-medium grade (low credit risk) fixed-income instrument yields (i.e. Single-A rated Corporate bond yields) which are meant to reflect the duration characteristics of the corresponding insurance liabilities. The methodology uses observable market data, where available, and uses various estimation techniques in line with fair value guidance (such as interpolation and extrapolation) where data is limited. Discount rates are updated quarterly. For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). DPL will be amortized in relation to the expected future benefit payments. As the calculation of the DPL is based on discounted cash flows, interest accrues on the unamortized DPL balance using the discount rate determined at contract issuance. The DPL is updated at the same time as the estimates for cash flows for the liability for future policy benefits. Any difference between the recalculated and beginning of period DPL is recognized in remeasurement gain or loss in the consolidated statements of income (loss), Remeasurement of Liability for Future Policy Benefits, part of total benefits and other deductions. On the consolidated balance sheet the DPL is recorded in the liability for future policy benefits. Additional liabilities for contract or contract feature that provide for additional benefits in addition to the account balance but are not market risk benefits or embedded derivatives (“additional insurance liabilities”) are established by estimating the expected value of death or other insurance 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 future policy benefits 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, and mortality experience. There can be no assurance that actual experience will be consistent with management’s estimates. Assumptions are reviewed annually and updated with the remeasurement gain or loss reflected in total benefit expense. The Company recognizes an adjustment in other comprehensive income for the additional insurance liabilities for unrealized gains and losses not included when calculating the present value of expected assessments for the benefit ratios. The Company conducts annual premium deficiency testing except for liability for future policy benefits for non- participating traditional and limited payment contracts. The Company reviews assumptions and determines whether the sum of existing liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid and settlement costs. Anticipated investment income is considered when performing premium deficiency for long duration contracts. The anticipated investment income is projected based on current investment portfolio returns grading to long term reinvestment rates over the projection periods, based on anticipated gross reinvestment spreads, defaults and investment expenses. Premium deficiency reserves are recorded in certain instances where the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. This pattern of profits followed by losses is exhibited in our VISL business and is generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. We accrue for these PFBL using a dynamic approach that changes over time as the projection of future losses change. Market Risk Benefits Market risk benefits (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits. MRBs are measured at fair value on a seriatim basis using an ascribed fee approach based upon policyholder behavior projections and risk neutral economic scenarios adjusted based on the facts and circumstances of the Company’s product features. The MRB Asset and MRB Liability will be equal to the average present value of benefits and risk margins less the average present value of ascribed fees. Ascribed fees will consist of the fee needed, under a stochastically generated set of risk-neutral scenarios, so that the mean present value of claims, including any risk charge, is equal to the mean present value of the projected attributed fees which will be capped at average present value of total policyholder contractual fees. The attributed fee percentage is considered a fixed term of the MRB feature and is held static over the life of the contract. Changes in fair value are recognized as a remeasurement gain/loss in the Change in market risk benefits and purchased market risk benefits, part of total benefits and other deductions except for the portion of the change in the fair value due to change in the Company’s own credit risk, which is recognized in other than comprehensive income. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits) the balance related to the MRB will be derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) shall be used in the calculation of the liability for future policy benefits for the payout annuity. Upon derecognition, any related balance will be removed from AOCI. 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 GMIB, GWBL, GMWB and GMAB features. The Company has also assumed reinsurance for products with GMxB features. Features in ceded reinsurance contracts that meet the definition of MRBs are accounted for at fair value. The fees used to determine the fair value of the reinsured market risk benefit are those defined in the reinsurance contract. The expected periodic future premiums would represent cash outflows and the expected future benefits would represent
Troubled Debt Restructuring	Troubled Debt Restructuring The Company invests in commercial and agricultural mortgage loans included in the balance sheet as mortgage loans on real estate. 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. The types of modifications made 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 credit allowance is an estimate of lifetime expected losses reflecting historical loss information which included losses from modification to a borrower experiencing financial difficulty. As the effect of the modification made to a borrower experiencing financial difficulty is already included in the credit allowance, 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. For information pertaining to our TDRs see Note 3 of the Notes to these Consolidated Financial Statements.
Securities Lending Program	Securities Lending ProgramThe Company enters into securities lending transactions whereby securities are loaned to third parties, primarily major brokerage firms. Securities lending transactions are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported within net investment income in the Consolidated Statements of Income (Loss).
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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022 are total assets of $675 million and $410 million, respectively related to these VIEs. Non-Consolidated VIEs As of June 30, 2023 and December 31, 2022, respectively, the Company held approximately $2.3 billion and $2.3 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds,
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 June 30, 2023 and December 31, 2022, 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)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table presents the effect of transition adjustment to total equity resulting from the adoption of ASU 2018-12 as of January 1, 2021: Retained Earnings Accumulated Other Comprehensive Income Total (in millions) Liability for future policy benefits $ (2) $ (819) $ (821) Market risk benefits (3,402) (904) (4,306) DAC — 467 467 Unearned revenue liability and sales inducement assets (1) — (128) (128) Total transition adjustment before taxes (3,404) (1,384) (4,788) Income taxes 715 291 1,006 Total transition adjustment (net of taxes) $ (2,689) $ (1,093) $ (3,782) ______________ (1) Unearned revenue liability included within liability for future policy benefits financial statement line item in the consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated balance sheets.
Schedule of Balance of and Changes in Liability for Future Policy Benefits	The following table summarizes the balance of and changes in liability for future policy benefits on January 1, 2021 resulting from the adoption of ASU 2018-12: Term Payout Group Health Total (in millions) Balance, December 31, 2020 $ 1,415 $ 3,047 $ 771 $ 2,100 $ 7,333 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — (171) (85) (100) (356) Effect of remeasurement of liability at current single A rate 559 531 94 300 1,484 Balance, January 1, 2021 (1) 1,974 3,407 780 2,300 8,461 Less: Reinsurance recoverable (372) — — (1,837) (2,209) Balance, January 1, 2021, net of reinsurance $ 1,602 $ 3,407 $ 780 $ 463 $ 6,252 ______________
Schedule of Market Risk Benefit, Activity	The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12: GMxB Legacy GMxB Core Purchased MRB Total (in millions) Balance, December 31, 2020 $ 19,891 $ 2,206 $ (2,943) $ 19,154 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income (70) (4) — (74) Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 461 505 5 971 Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB 4,122 (563) (194) 3,365 Balance, January 1, 2021 (1) $ 24,404 $ 2,144 $ (3,132) $ 23,416 ____________ (1) MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including EQUI-VEST of $43 million, SCS of $21 million and Group Retirement EQUI-VEST of $(20) million. Three Months Ended June 30, 2023 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy(3) Net GMxB Legacy (in millions) Balance, beginning of period $ 333 $ — $ 333 $ 14,082 $ (10,746) $ 3,336 Beginning balance before changes in the instrument specific credit risk 560 — 560 15,599 (10,648) 4,952 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (116) 105 (11) (637) 585 (52) Interest accrual 19 (9) 10 195 (202) (7) Attributed fees accrued (1) 110 (99) 11 208 (155) 53 Benefit payments (12) 12 — (345) 338 (7) Actual policyholder behavior different from expected behavior 3 (4) (1) (6) (3) (9) Changes in future economic assumptions (193) 217 24 (872) 822 (50) Issuances (1) (1,294) (1,295) — (6,865) (6,866) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (2) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Three Months Ended June 30, 2022 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 507 $ — $ 507 $ 16,929 $ (12,680) $ 4,248 Beginning balance before changes in the instrument specific credit risk 544 — 544 17,899 (12,616) 5,283 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect 664 — 664 2,562 (1,050) 1,512 Interest accrual 12 — 12 179 (104) 75 Attributed fees accrued (1) 107 — 107 219 (62) 157 Benefit payments (8) — (8) (282) 152 (130) Actual policyholder behavior different from expected behavior 4 — 4 26 (26) — Changes in future economic assumptions (542) — (542) (2,868) 1,962 (906) Issuances — — — — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Six Months Ended June 30, 2023 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (4) Net GMxB Legacy (in millions) Balance, beginning of period $ 539 $ — $ 539 $ 14,699 $ (10,492) $ 4,207 Beginning balance before changes in the instrument specific credit risk 538 — 538 15,314 (10,438) 4,876 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (322) 105 (217) (1,381) 978 (403) Interest accrual 37 (9) 28 392 (358) 34 Attributed fees accrued (1) 204 (99) 105 418 (238) 180 Benefit payments (24) 12 (12) (687) 523 (164) Actual policyholder behavior different from expected behavior 8 (4) 4 15 (20) (5) Changes in future economic assumptions (70) 217 147 71 290 361 Issuances (2) (1) (1,294) (1,295) — (6,865) (6,865) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (3) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Issuances are related to the Reinsurance Treaty with Equitable America. See Note 1 of the Notes to these Consolidated Financial Statements. (3) Changes are recorded in OCI. (4) Purchased MRB is the impact of non-affiliated reinsurance. Six Months Ended June 30, 2022 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 1,061 $ — $ 1,061 $ 20,236 $ (14,293) $ 5,943 Beginning balance before changes in the instrument specific credit risk 666 — 666 19,719 (14,287) 5,432 Model changes and effect of changes in cash flow assumptions — — — (87) 29 (58) Actual market movement effect 988 — 988 3,659 (1,464) 2,195 Interest accrual 17 — 17 283 (166) 117 Attributed fees accrued (1) 199 — 199 438 (148) 290 Benefit payments (13) — (13) (533) 288 (245) Actual policyholder behavior different from expected behavior 4 — 4 59 (41) 18 Changes in future economic assumptions (1,077) — (1,077) (5,803) 4,045 (1,758) Issuances (3) — (3) — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance. The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk amounts in the consolidated balance sheet as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 MRB Asset MRB Liability Net MRB Purchased MRB Total MRB Asset MRB Liability Net MRB Purchased MRB Total (in millions) GMxB Core $ (573) $ 728 $ 155 $ (1,071) $ (916) $ (375) $ 914 $ 539 $ — $ 539 GMxB Legacy (120) 12,840 12,720 (16,223) (3,503) (51) 14,749 14,698 (10,493) 4,205 Other (1) (58) 61 3 (40) (37) (52) 88 36 3 39 Total $ (751) $ 13,629 $ 12,878 $ (17,334) $ (4,456) $ (478) $ 15,751 $ 15,273 $ (10,490) $ 4,783 ______________ (1) Other primarily includes Individual EQUI-VEST MRB.
Schedule of Deferred Policy Acquisition Costs	The following table summarizes the balance of and changes in DAC on January 1, 2021 resulting from the adoption of ASU 2018-12: Term UL (1) VUL (2) IUL (3) GMxB Legacy GMxB Core EI (4) IE (5) SCS EG (6) Momentum Total (in millions) Balance, December 31, 2020 $ 403 $ — $ — $ — $ 192 $ 1,635 $ 141 $ 95 $ 645 $ 581 $ 79 $ 3,771 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — 5 6 — 8 11 13 (1) 210 53 22 327 Balance, January 1, 2020 (7) $ 403 $ 5 $ 6 $ — $ 200 $ 1,646 $ 154 $ 94 $ 855 $ 634 $ 101 $ 4,098 ______________ (1) “UL” defined as Universal Life (2) “VUL” defined as Variable Universal Life (3) “IUL” defined as Indexed Universal Life (4) “EI” defined as EQUI-VEST Individual (5) “IE” defined as Investment Edge (6) “EG” defined as EQUI-VEST Group (7) DAC transition table not inclusive of Closed Block of $136 million and Protection Solutions of $3 million transition adjustment. Six Months Ended June 30, 2023 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 362 $ 20 $ 112 $ 1,585 $ 156 $ 147 $ 1,266 $ 213 $ 711 $ 89 $ 127 $ 4,788 Capitalization 7 2 36 26 5 12 113 14 33 5 — 253 Amortization (19) (1) (4) (68) (6) (7) (92) (12) (21) (8) (5) (243) Recovery of acquisition cost (1) — — — (6) (2) (1) (4) (2) (6) — — (21) Balance, end of period $ 350 $ 21 $ 144 $ 1,537 $ 153 $ 151 $ 1,283 $ 213 $ 717 $ 86 $ 122 $ 4,777 ______________ (1) Related to the Reinsurance Transaction, and is recorded in other income. Six Months Ended June 30, 2022 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 385 $ 14 $ 50 $ 1,639 $ 156 $ 121 $ 1,070 $ 209 $ 678 $ 94 $ 138 $ 4,554 Capitalization 9 4 36 50 6 21 189 16 36 7 — 374 Amortization (21) — (2) (66) (6) (7) (81) (11) (20) (10) (6) (230) Recovery of acquisition cost — — — — — — — — — — — — Balance, end of period $ 373 $ 18 $ 84 $ 1,623 $ 156 $ 135 $ 1,178 $ 214 $ 694 $ 91 $ 132 $ 4,698 Changes in the Sales Inducement Assets for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (in millions) Balance, beginning of period $ 137 $ 200 $ 147 $ 222 Capitalization — — 1 — Amortization (6) (10) (6) (11) Balance, end of period $ 131 $ 190 $ 142 $ 211 Changes in the Unearned Revenue Liability for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 UL VUL UL VUL (in millions) Balance, beginning of period $ 95 $ 525 $ 80 $ 501 Capitalization 9 29 11 27 Amortization (3) (17) (3) (16) Recovery of unearned revenue (1) — — — Balance, end of period $ 100 $ 537 $ 88 $ 512
Schedule of Deferred Income	The following table summarizes the balance of and changes in sales inducement assets and unearned revenue liability on January 1, 2021 resulting from the adoption of ASU 2018-12: Sales Inducement Assets Total GMxB Legacy GMxB Core (in millions) Balance, December 31, 2020 $ 246 $ 158 $ 404 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — — — Balance, January 1, 2021 $ 246 $ 158 $ 404 Unearned Revenue Liability Total UL VUL IUL (in millions) Balance, December 31, 2020 $ 31 $ 382 $ — $ 413 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 29 99 — 128 Balance, January 1, 2021 $ 60 $ 481 $ — $ 541

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 Fixed Maturities: Corporate (1) $ 43,927 $ 2 $ 115 $ 5,983 $ 38,057 U.S. Treasury, government and agency 7,000 — 1 1,197 5,804 States and political subdivisions 532 — 9 67 474 Foreign governments 864 — 2 128 738 Residential mortgage-backed (2) 934 — — 94 840 Asset-backed (3) 8,696 — 9 274 8,431 Commercial mortgage-backed 3,724 — 1 584 3,141 Redeemable preferred stock 41 — 3 — 44 Total at June 30, 2023 $ 65,718 $ 2 $ 140 $ 8,327 $ 57,529 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 ______________ (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 June 30, 2023 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 pre-payment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) June 30, 2023: Contractual maturities: Due in one year or less $ 1,074 $ 1,063 Due in years two through five 12,505 11,792 Due in years six through ten 14,334 12,923 Due after ten years 24,408 19,295 Subtotal 52,321 45,073 Residential mortgage-backed 934 840 Asset-backed 8,696 8,431 Commercial mortgage-backed 3,724 3,141 Redeemable preferred stock 41 44 Total at June 30, 2023 $ 65,716 $ 57,529
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: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Proceeds from sales $ 2,233 $ 3,298 $ 2,961 $ 10,634 Gross gains on sales (1) $ 5 $ 9 $ 7 $ 38 Gross losses on sales (2) $ (46) $ (229) $ (64) $ (590) Net (increase) decrease in Allowance for Credit and Intent to Sell losses $ (7) $ 2 $ (62) $ 3 ______________ (1) Includes $0 million and $0 million of gross gains for the three and six months ended June 30, 2023, respectively, related to funds withheld assets held by the Company in support of Equitable America’s reinsurance obligations to the Company. These realized gains are included in other investment gains (losses), net.
Schedule of AFS Fixed Maturities - Credit Loss Impairments	The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts: AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 87 $ 41 $ 36 $ 42 Previously recognized impairments on securities that matured, paid, prepaid or sold (52) (11) (55) (13) Recognized impairments on securities impaired to fair value this period (1) (2) — — 50 — Credit losses recognized this period on securities for which credit losses were not previously recognized 6 1 9 1 Additional credit losses this period on securities previously impaired 3 1 4 2 Balance, end of period $ 44 $ 32 $ 44 $ 32 ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. (2) Amounts reflected for six months ended June 30, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company intends to sell in anticipation of the Company’s ordinary dividend to Holdings.
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 Three Months Ended June 30, 2023 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (7,609) $ 18 $ 105 $ (7,486) Net investment gains (losses) arising during the period (629) — — (629) Reclassification adjustment: Included in net income (loss) 50 — — 50 Impact of net unrealized investment gains (losses) — (7) 1,612 1,605 Net unrealized investment gains (losses) excluding credit losses (8,188) 11 1,717 (6,460) Net unrealized investment gains (losses) with credit losses 1 — — 1 Balance, end of period $ (8,187) $ 11 $ 1,717 $ (6,459) Three Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (1,277) $ 1 $ 195 $ (1,081) Net investment gains (losses) arising during the period (5,590) — — (5,590) Reclassification adjustment: Included in net income (loss) 223 — — 223 Impact of net unrealized investment gains (losses) — 24 1,195 1,219 Net unrealized investment gains (losses) excluding credit losses (6,644) 25 1,390 (5,229) Net unrealized investment gains (losses) with credit losses (3) — 1 (2) Balance, end of period $ (6,647) $ 25 $ 1,391 $ (5,231) Six Months Ended June 30, 2023 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ (9,116) $ 21 $ 420 $ (8,675) Net investment gains (losses) arising during the period 815 — — 815 Reclassification adjustment: Included in net income (loss) 120 — — 120 Impact of net unrealized investment gains (losses) — (10) 1,296 1,286 Net unrealized investment gains (losses) excluding credit losses (8,181) 11 1,716 (6,454) Net unrealized investment gains (losses) with credit losses (6) — 1 (5) Balance, end of period $ (8,187) $ 11 $ 1,717 $ (6,459) Six Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, beginning of period $ 4,462 $ (703) $ (790) $ 2,969 Net investment gains (losses) arising during the period (11,655) — — (11,655) Reclassification adjustment: Included in net income (loss) 554 — — 554 Impact of net unrealized investment gains (losses) — 728 2,179 2,907 Net unrealized investment gains (losses) excluding credit losses (6,639) 25 1,389 (5,225) Net unrealized investment gains (losses) with credit losses (8) — 2 (6) Balance, end of period $ (6,647) $ 25 $ 1,391 $ (5,231)
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 4,665 issues as of June 30, 2023 and the 4,798 issues as of December 31, 2022 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) June 30, 2023 Fixed Maturities: Corporate $ 5,661 $ 264 $ 29,006 $ 5,717 $ 34,667 $ 5,981 U.S. Treasury, government and agency 1,502 198 4,235 999 5,737 1,197 States and political subdivisions 52 1 227 66 279 67 Foreign governments 45 3 615 125 660 128 Residential mortgage-backed 153 3 649 91 802 94 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) Asset-backed 666 5 6,688 269 7,354 274 Commercial mortgage-backed 151 7 2,928 577 3,079 584 Total at June 30, 2023 $ 8,230 $ 481 $ 44,348 $ 7,844 $ 52,578 $ 8,325 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
Schedule of Financing Receivable, Allowance for Credit Loss on Mortgage Loans	The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Allowance for credit losses on mortgage loans: Commercial mortgages: Balance, beginning of period $ 133 $ 47 123 $ 57 Current-period provision for expected credit losses 7 11 17 1 Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — — Net change in allowance 7 11 17 1 Balance, end of period $ 140 $ 58 $ 140 $ 58 Agricultural mortgages: Balance, beginning of period $ 6 $ 6 $ 6 $ 5 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 $ 5 $ 6 $ 5 $ 6 Total allowance for credit losses $ 145 $ 64 $ 145 $ 64
Schedule of Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of June 30, 2023 and December 31, 2022: Loan to Value (“LTV”) Ratios (1) June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Mortgage loans: Commercial: 0% - 50% $ 190 $ 497 $ 129 $ — $ — $ 1,446 $ — $ — $ 2,262 50% - 70% 490 2,404 1,458 905 257 2,838 369 96 8,817 70% - 90% 244 363 497 463 290 1,600 — 35 3,492 90% plus — — 34 — 92 253 — — 379 Total commercial $ 924 $ 3,264 $ 2,118 $ 1,368 $ 639 $ 6,137 $ 369 $ 131 $ 14,950 Agricultural: 0% - 50% $ 25 $ 163 $ 187 $ 241 $ 129 $ 826 $ — $ — $ 1,571 50% - 70% 15 187 168 201 65 318 — — 954 70% - 90% — — — — — 16 — — 16 90% plus — — — — — — — — — Total agricultural $ 40 $ 350 $ 355 $ 442 $ 194 $ 1,160 $ — $ — $ 2,541 Total mortgage loans: 0% - 50% $ 215 $ 660 $ 316 $ 241 $ 129 $ 2,272 $ — $ — $ 3,833 50% - 70% 505 2,591 1,626 1,106 322 3,156 369 96 9,771 70% - 90% 244 363 497 463 290 1,616 — 35 3,508 90% plus — — 34 — 92 253 — — 379 Total mortgage loans $ 964 $ 3,614 $ 2,473 $ 1,810 $ 833 $ 7,297 $ 369 $ 131 $ 17,491 Debt Service Coverage (“DSC”) Ratios (2) June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 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 $ 115 $ 687 $ 1,259 $ 1,113 $ 158 $ 2,943 $ — $ — $ 6,275 1.8x to 2.0x — — 181 163 172 722 213 96 1,547 1.5x to 1.8x — 476 391 32 255 1,016 92 — 2,262 1.2x to 1.5x 439 814 165 — — 821 — — 2,239 1.0x to 1.2x 363 828 73 60 54 540 64 35 2,017 Less than 1.0x 7 459 49 — — 95 — — 610 June 30, 2023 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total (in millions) Total commercial $ 924 $ 3,264 $ 2,118 $ 1,368 $ 639 $ 6,137 $ 369 $ 131 $ 14,950 Agricultural: Greater than 2.0x $ 5 $ 51 $ 39 $ 60 $ 21 $ 186 $ — $ — $ 362 1.8x to 2.0x — 16 57 33 24 65 — — 195 1.5x to 1.8x 6 69 31 110 18 208 — — 442 1.2x to 1.5x 17 106 155 176 99 385 — — 938 1.0x to 1.2x 8 90 73 59 26 291 — — 547 Less than 1.0x 4 18 — 4 6 25 — — 57 Total agricultural $ 40 $ 350 $ 355 $ 442 $ 194 $ 1,160 $ — $ — $ 2,541 Total mortgage loans: Greater than 2.0x $ 120 $ 738 $ 1,298 $ 1,173 $ 179 $ 3,129 $ — $ — $ 6,637 1.8x to 2.0x — 16 238 196 196 787 213 96 1,742 1.5x to 1.8x 6 545 422 142 273 1,224 92 — 2,704 1.2x to 1.5x 456 920 320 176 99 1,206 — — 3,177 1.0x to 1.2x 371 918 146 119 80 831 64 35 2,564 Less than 1.0x 11 477 49 4 6 120 — — 667 Total mortgage loans $ 964 $ 3,614 $ 2,473 $ 1,810 $ 833 $ 7,297 $ 369 $ 131 $ 17,491 _____________ (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, 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 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 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.
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 June 30, 2023 and December 31, 2022, 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) June 30, 2023: Mortgage loans: Commercial $ — $ — $ — $ — $ 14,916 $ 14,916 $ 34 $ 14,950 $ 34 $ 1 Agricultural 15 4 12 31 2,491 2,522 19 2,541 3 — Total $ 15 $ 4 $ 12 $ 31 $ 17,407 $ 17,438 $ 53 $ 17,491 $ 37 $ 1 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 $ — $ — _______________ (1) Amounts presented at amortized cost basis.
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities	The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and six months ended June 30, 2023 and 2022. Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 7 $ (68) $ 6 $ (107) Net investment gains (losses) recognized on securities sold during the period (2) 1 (2) (10) Unrealized and realized gains (losses) on equity securities $ 5 $ (67) $ 4 $ (117) The table below shows a breakdown of net investment income (loss) from trading securities during the three and six months ended June 30, 2023 and 2022: Net Investment Income (Loss) from Trading Securities Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ 4 $ (29) $ 17 $ (45) Net investment gains (losses) recognized on securities sold during the period (1) (1) (2) (1) Unrealized and realized gains (losses) on trading securities 3 (30) 15 (46) Interest and dividend income from trading securities 2 3 4 5 Net investment income (loss) from trading securities $ 5 $ (27) $ 19 $ (41)
Schedule of Net Investment Income	The following tables provides the components of Net investment income by investment type: Three Months Ended June 30, 2023 2022 Excluding (1) Funds Total Excluding Funds Total (in millions) Fixed maturities $ 416 $ 272 $ 688 $ 586 $ — $ 586 Mortgage loans on real estate 111 87 198 138 — 138 Policy loans 49 — 49 50 — 50 Other equity investments 49 (35) 14 6 — 6 Trading securities 5 — 5 (27) — (27) Other investment income 6 1 7 14 — 14 Gross investment income (loss) 636 325 961 767 — 767 Investment expenses (46) (30) (76) (72) — (72) Net investment income (loss) $ 590 $ 295 $ 885 $ 695 $ — $ 695 _______________ (1) “NI Modco” represents modco arrangement on non-insulated Separate Accounts as part of the Reinsurance Treaty with Equitable America. Six Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ 1,087 $ 272 $ 1,359 $ 1,167 $ — $ 1,167 Mortgage loans on real estate 288 87 375 276 — 276 Policy loans 97 — 97 101 — 101 Other equity investments 70 (35) 35 58 — 58 Trading securities 19 — 19 (41) — (41) Other investment income 12 1 13 29 — 29 Gross investment income (loss) 1,573 325 1,898 1,590 — 1,590 Investment expenses (125) (30) (155) (140) — (140) Net investment income (loss) $ 1,448 $ 295 $ 1,743 $ 1,450 $ — $ 1,450
Schedule of Investment Gains (Losses), Net	Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows: Three Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ (15) $ (34) $ (49) $ (222) $ — $ (222) Mortgage loans on real estate (5) (2) (7) (12) — (12) Other (2) — (2) (8) — (8) Investment gains (losses), net $ (22) $ (36) $ (58) $ (242) $ — $ (242) Six Months Ended June 30, 2023 2022 Excluding Funds Total Excluding Funds Total (in millions) Fixed maturities $ (86) $ (34) $ (120) $ (554) $ — $ (554) Mortgage loans on real estate (14) (2) (16) (2) — (2) Other — — — (8) — (8) Investment gains (losses), net $ (100) $ (36) $ (136) $ (564) $ — $ (564)

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Fair Value Notional Amount Notional Amount- FWH and NI Modco Derivative Assets Derivative Assets - FWH and NI Modco Derivative Liabilities Derivative Liabilities - FWH and NI Modco (in millions) Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,633 $ — $ 110 $ — $ 82 $ — Interest swaps 955 — — — 320 — Total: designated for hedge accounting 2,588 — 110 — 402 — Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 3,381 2,305 — — — — Swaps 1,896 11,115 6 43 — — Options 6,531 39,938 1,806 8,952 420 2,264 Interest rate contracts: Futures 585 8,164 — — — — Swaps 1,018 885 1 5 117 — Credit contracts: Credit default swaps 98 — — — 2 — Currency contracts: Currency swaps 455 — 1 — 8 — Other freestanding contracts: Margin — — 69 258 — — Collateral — — 158 — 6,927 — Total: Not designated for hedge accounting 13,964 62,407 2,041 9,258 7,474 2,264 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) (5) — — 6,600 — 8,148 — Funds withheld payable (3) — — — — (136) — Modco payable (4) — — 166 — — — Total embedded derivatives — — 6,766 — 8,012 — Total derivative instruments $ 16,552 $ 62,407 $ 8,917 $ 9,258 $ 15,888 $ 2,264 ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. (3) Reported in funds withheld payable in the consolidated balance sheets. (4) Recorded in amounts due from reinsurers. (5) SCS embedded derivative asset is recorded as a Modco receivable. This is presented net within consolidated balance sheets. December 31, 2022 Fair Value Notional Amount Notional Amount - FWH and NI Modco Derivative Assets Derivative Assets - FWH and NI Modco Derivative Liabilities Derivative Liabilities - FWH and NI Modco Derivatives: designated for hedge accounting (1) Cash flow hedges: Currency swaps $ 1,431 $ — $ 99 $ — $ 85 $ — Interest swaps 955 — — — 294 — Total: designated for hedge accounting 2,386 — 99 — 379 — Derivatives: not designated for hedge accounting (1) Equity contracts: Futures 4,320 — — — — — Swaps 11,159 — 38 — — — Options 39,863 — 7,549 — 3,396 — Interest rate contracts: Futures 12,693 — — — — — Swaps 1,498 — — — 166 — Credit contracts: Credit default swaps 102 — — — 2 — Currency contracts: Currency swaps 397 — 4 — 13 — Other freestanding contracts: Margin — — 193 — — — Collateral — — 142 — 4,469 — Total: Not designated for hedge accounting 70,032 — 7,926 — 8,046 — Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — — — 4,077 — Funds withheld payable — — — — — — Modco payable — — — — — — Total embedded derivatives — — — — 4,077 — Total derivative instruments $ 72,418 $ — $ 8,025 $ — $ 12,502 $ — ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net Net-FWH and NI modco Net Interest AOCI Net Net-FWH and NI modco Net Interest AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 2 $ — $ 2 $ 8 $ 3 $ 10 $ — $ 5 $ (26) $ 28 Interest swaps (16) — — — 30 (21) — — — 2 Total: designated for hedge accounting (14) — 2 8 33 (11) — 5 (26) 30 Derivatives: not designated for hedge accounting Equity contracts: Futures 58 (158) — — — (96) (158) — — — Swaps (113) (591) — — — (716) (591) — — — Options 361 2,032 — — — 1,858 2,032 — — — Interest rate contracts: Futures (19) 76 — — — (62) 76 — — — Swaps (61) 5 — — — (14) 5 — — — Swaptions — — — — — — — — — — Credit contracts: Credit default swaps — — — — — — — — — — Currency contracts: Currency swaps (9) — — — — (19) — — — — Currency forwards — — — — — — — — — — Other contracts: Margin — — — — — — — — — — Collateral — — — — — — — — — — Total: not designated for hedge accounting 217 1,364 — — — 951 1,364 — — — Embedded derivatives: SCS, SIO, MSO and IUL indexed features (453) — — — — (2,027) — — — — Funds withheld payable 599 — — — — 599 — — — — Modco payable (1,930) — — — — (1,930) — — — — Total embedded derivatives (1,784) — — — — (3,358) — — — — Total derivatives $ (1,581) $ 1,364 $ 2 $ 8 $ 33 $ (2,418) $ 1,364 $ 5 $ (26) $ 30 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net Net - FWH and NI Modco Net Interest AOCI Net Net - FWH and NI Modco Net Interest AOCI (in millions) Derivatives: designated for hedge accounting Cash flow hedges: Currency swaps $ 18 $ — $ 1 $ 8 $ (8) $ 14 $ — $ 2 $ (10) $ 5 Interest swaps (27) — — — 168 (41) — — — 148 Total: designated for hedge accounting (9) — 1 8 160 (27) — 2 (10) 153 Derivatives: not designated for hedge accounting Equity contracts: Futures 455 — — — — 515 — — — — Swaps 2,036 — — — — 2,762 — — — — Options (3,444) — — — — (3,731) — — — — Interest rate contracts: Futures (533) — — — — (1,034) — — — — Swaps (154) — — — — (303) — — — — Swaptions — — — — — — — — — — Credit contracts: Credit default swaps 8 — — — — 8 — — — — Currency contracts: Currency swaps 13 — — — — 18 — — — — Currency forwards — — — — — — — — — — Other contracts: Margin — — — — — — — — — — Collateral — — — — — — — — — — Total: not designated for hedge accounting (1,619) — — — — (1,765) — — — — Embedded derivatives: SCS, SIO, MSO and IUL indexed features 3,466 — — — — 3,776 — — — — Funds withheld payable — — — — — — — — — — Modco payable — — — — — — — — — — Total embedded derivatives 3,466 — — — — 3,776 — — — — Total derivatives $ 1,838 $ — $ 1 $ 8 $ 160 $ 1,984 $ — $ 2 $ (10) $ 153 _____________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2) For the three and six months ended June 30, 2023 and 2022, investment fees of $4 million and $4 million, $8 million and $6 million respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss).
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table presents a roll-forward of cash flow hedges recognized in AOCI: Roll-forward of Cash flow hedges in AOCI Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 19 $ (215) $ 22 $ (208) Amount recorded in AOCI Currency swaps 13 3 6 — Interest swaps 10 137 (27) 98 Total amount recorded in AOCI 23 140 (21) 98 Amount reclassified from AOCI to income Currency swaps (1) (10) (10) 22 6 Interest swaps (1) 20 31 29 50 Total amount reclassified from AOCI to income 10 21 51 56 Balance, end of period (2) $ 52 $ (54) $ 52 $ (54) ______________ (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 three and six months ended June 30, 2023 and 2022 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 June 30, 2023 and December 31, 2022: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of June 30, 2023 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 11,410 $ 8,772 $ 2,638 $ (1,367) $ 1,271 Secured Lending 29 — 29 — 29 Other financial assets 1,980 — 1,980 — 1,980 Other invested assets $ 13,419 $ 8,772 $ 4,647 $ (1,367) $ 3,280 Liabilities: Derivative liabilities $ 8,773 $ 8,772 $ 1 $ — $ 1 Secured Lending 29 — 29 — 29 Other financial liabilities 2,520 — 2,520 — 2,520 Other liabilities $ 11,322 $ 8,772 $ 2,550 $ — $ 2,550 ______________ (1) Financial instruments sent (held). 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 Secured Lending — — — — — 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 Secured Lending — — — — — Other financial liabilities 4,588 — 4,588 — 4,588 Other liabilities $ 12,165 $ 6,980 $ 5,185 $ — $ 5,185 ______________ (1) Financial instruments sent (held).

CLOSED BLOCK (Tables)

CLOSED BLOCK (Tables)	6 Months Ended
	Jun. 30, 2023
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: June 30, 2023 December 31, 2022 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 5,564 $ 5,692 Policyholder dividend obligation — — Other liabilities 129 68 Total Closed Block liabilities 5,693 5,760 Assets Designated to the Closed Block: Fixed maturities AFS, at fair value (amortized cost of $3,065 and $3,171) (allowance for credit losses of $0 and $0) 2,857 2,948 Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) 1,649 1,645 Policy loans 556 569 Cash and other invested assets 16 — Other assets 221 187 Total assets designated to the Closed Block 5,299 5,349 Excess of Closed Block liabilities over assets designated to the Closed Block 394 411 Amounts included in AOCI: Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $44 and $47 (164) (177) Maximum future earnings to be recognized from Closed Block assets and liabilities $ 230 $ 234
Schedule of Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Revenues: Premiums and other income $ 29 $ 31 $ 59 $ 64 Net investment income (loss) 52 54 103 112 Investment gains (losses), net — (1) — — Total revenues 81 84 162 176 Benefits and Other Deductions: Policyholders’ benefits and dividends 75 80 158 156 Other operating costs and expenses — — — — Total benefits and other deductions 75 80 158 156 Net income (loss), before income taxes 6 4 4 20 Income tax (expense) benefit (1) — (2) (2) Net income (loss) $ 5 $ 4 $ 2 $ 18

DAC AND OTHER DEFERRED ASSETS_2

DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Contract holder Bonus Interest Credits [Abstract]
Schedule of Deferred Policy Acquisition Costs	The following table summarizes the balance of and changes in DAC on January 1, 2021 resulting from the adoption of ASU 2018-12: Term UL (1) VUL (2) IUL (3) GMxB Legacy GMxB Core EI (4) IE (5) SCS EG (6) Momentum Total (in millions) Balance, December 31, 2020 $ 403 $ — $ — $ — $ 192 $ 1,635 $ 141 $ 95 $ 645 $ 581 $ 79 $ 3,771 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income — 5 6 — 8 11 13 (1) 210 53 22 327 Balance, January 1, 2020 (7) $ 403 $ 5 $ 6 $ — $ 200 $ 1,646 $ 154 $ 94 $ 855 $ 634 $ 101 $ 4,098 ______________ (1) “UL” defined as Universal Life (2) “VUL” defined as Variable Universal Life (3) “IUL” defined as Indexed Universal Life (4) “EI” defined as EQUI-VEST Individual (5) “IE” defined as Investment Edge (6) “EG” defined as EQUI-VEST Group (7) DAC transition table not inclusive of Closed Block of $136 million and Protection Solutions of $3 million transition adjustment. Six Months Ended June 30, 2023 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 362 $ 20 $ 112 $ 1,585 $ 156 $ 147 $ 1,266 $ 213 $ 711 $ 89 $ 127 $ 4,788 Capitalization 7 2 36 26 5 12 113 14 33 5 — 253 Amortization (19) (1) (4) (68) (6) (7) (92) (12) (21) (8) (5) (243) Recovery of acquisition cost (1) — — — (6) (2) (1) (4) (2) (6) — — (21) Balance, end of period $ 350 $ 21 $ 144 $ 1,537 $ 153 $ 151 $ 1,283 $ 213 $ 717 $ 86 $ 122 $ 4,777 ______________ (1) Related to the Reinsurance Transaction, and is recorded in other income. Six Months Ended June 30, 2022 Term UL VUL GMxB Core EI IE SCS GMxB Legacy EG Momentum CB Total (in millions) Balance, beginning of period $ 385 $ 14 $ 50 $ 1,639 $ 156 $ 121 $ 1,070 $ 209 $ 678 $ 94 $ 138 $ 4,554 Capitalization 9 4 36 50 6 21 189 16 36 7 — 374 Amortization (21) — (2) (66) (6) (7) (81) (11) (20) (10) (6) (230) Recovery of acquisition cost — — — — — — — — — — — — Balance, end of period $ 373 $ 18 $ 84 $ 1,623 $ 156 $ 135 $ 1,178 $ 214 $ 694 $ 91 $ 132 $ 4,698 Changes in the Sales Inducement Assets for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (in millions) Balance, beginning of period $ 137 $ 200 $ 147 $ 222 Capitalization — — 1 — Amortization (6) (10) (6) (11) Balance, end of period $ 131 $ 190 $ 142 $ 211 Changes in the Unearned Revenue Liability for the six months ended June 30, 2023 and 2022 were as follows: Six Months Ended June 30, 2023 2022 UL VUL UL VUL (in millions) Balance, beginning of period $ 95 $ 525 $ 80 $ 501 Capitalization 9 29 11 27 Amortization (3) (17) (3) (16) Recovery of unearned revenue (1) — — — Balance, end of period $ 100 $ 537 $ 88 $ 512
Schedule of Reconciliation of Deferred Acquisition Cost	The following table presents a reconciliation of DAC to the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Term $ 350 $ 362 UL 21 20 VUL 144 112 GMxB Core 1,537 1,585 EQUI-VEST Individual 153 156 Investment Edge 151 147 SCS 1,283 1,266 GMxB Legacy 213 213 EQUI-VEST Group 717 711 Momentum 86 89 Closed Block 122 127 Other 24 26 Total $ 4,801 $ 4,814

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 36,081 $ 1,976 $ 38,057 U.S. Treasury, government and agency — 5,804 — 5,804 States and political subdivisions — 447 27 474 Foreign governments — 738 — 738 Residential mortgage-backed (2) — 840 — 840 Asset-backed (3) — 8,431 — 8,431 Commercial mortgage-backed — 3,107 34 3,141 Redeemable preferred stock — 44 — 44 Total fixed maturities, AFS — 55,492 2,037 57,529 Other equity investments 155 453 53 661 Trading securities 178 126 — 304 Other invested assets: Short-term investments — 618 — 618 Assets of consolidated VIEs/VOEs — — 52 52 Swaps — (361) — (361) Credit default swaps — (2) — (2) Options — 8,074 — 8,074 Total other invested assets — 8,329 52 8,381 Cash equivalents 1,787 1,365 — 3,152 Purchased market risk benefits — — 17,334 17,334 Assets for market risk benefits — — 751 751 Separate Accounts assets (4) 116,281 2,535 1 118,817 Modco receivable (6) — — 166 166 SCS, SIO, MSO and IUL indexed features’ asset — 6,600 — — Total Assets $ 118,401 $ 74,900 $ 20,394 $ 207,095 Liabilities: SCS, SIO, MSO and IUL indexed features’ liability — 8,148 — 8,148 Liabilities for market risk benefits — — 13,629 13,629 Funds withheld payable (5) — — (136) (136) Total Liabilities $ — $ 8,148 $ 13,493 $ 21,641 ______________ (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 June 30, 2023 the fair value of such investments was $402 million. (5) As discussed in Note 2 to these Consolidated Financial Statements, the funds withheld payable is created through a funds withheld and modified coinsurance arrangements where the investments supporting the reinsurance agreement are withheld by and continue to reside on the Company’s consolidated balance sheet. This embedded derivative is valued as a total return swap with references to the fair value of the invested assets held by the Company, which are primarily AFS securities. (6) Reflected in amounts due from reinsurers. 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 Purchased market risk benefits — — 10,490 10,490 Assets for market risk benefits — — 478 478 Separate Accounts assets (4) 108,378 2,429 1 110,808 Modco payable — — — — Total Assets $ 109,072 $ 64,291 $ 13,150 $ 186,513 Liabilities: SCS, SIO, MSO and IUL indexed features’ liability — 4,077 — 4,077 Liabilities for market risk benefits — — 15,751 15,751 Funds withheld payable — — — — Total Liabilities $ — $ 4,077 $ 15,751 $ 19,828 ______________ (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 and commercial mortgages. As of December 31, 2022 the fair value of such investments was $456 million.
Schedule of Reconciliation of Assets and Liabilities at Level 3	The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three and six months ended June 30, 2023 and 2022, respectively. Not included below are the changes in balances related to market risk benefits and purchased market risk benefits level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended June 30, 2023 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 1,914 $ 28 $ 34 $ 12 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 2 — — — Investment gains (losses), net (8) — — — Subtotal (6) — — — Other comprehensive income (loss) (8) 1 — — Purchases 180 — — (12) Sales (72) (2) — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 11 — — — Transfers out of Level 3 (1) (43) — — — Balance, end of period $ 1,976 $ 27 $ 34 $ — 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) $ (8) $ 1 $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023 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. Three Months Ended June 30, 2023 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 14 $ 1 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — Net derivative gains (losses) — — (136) 166 Total realized and unrealized gains (losses) — — (136) 166 Other comprehensive income (loss) — — — — Purchases 44 — — — Sales — — — — Other — — — — Activity related to consolidated VIEs/VOEs 47 — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 105 $ 1 $ (136) $ 166 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) $ — $ — $ — $ — ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023, 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. (3) Other Equity Investments include other invested assets. Three Months Ended June 30, 2022 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 11 $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — Net derivative gains (losses) — — — — Total realized and unrealized gains (losses) — — — — Other comprehensive income (loss) — — — — Purchases 8 — — — Sales — 1 — — Other — — — — Activity related to consolidated VIEs/VOEs (1) — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 18 $ 1 $ — $ — 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) $ — $ — $ — $ — ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022, 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. Six Months Ended June 30, 2023 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 2,103 $ 29 $ 32 $ — Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 3 — — — Investment gains (losses), net (11) — — — Subtotal (8) — — — Other comprehensive income (loss) 10 — — — Purchases 323 — 2 — Sales (162) (2) — — Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 11 — — — Transfers out of Level 3 (1) (301) — — — Balance, end of period $ 1,976 $ 27 $ 34 $ — 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) $ 9 $ — $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023 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. Six Months Ended June 30, 2023 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 17 $ 1 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income (3) — — — Net derivative gains (losses) — — (136) 166 Total realized and unrealized gains (losses) (3) — (136) 166 Other comprehensive income (loss) — — — — Purchases 44 — — — Sales — — — — Other — — — — Activity related to consolidated VIEs/VOEs 47 — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 105 $ 1 $ (136) $ 166 Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ (3) $ — $ — $ — 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) $ — $ — $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2023, 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. (3) Other Equity Investments include other invested assets. Six Months Ended June 30, 2022 Corporate State and Political Subdivisions CMBS Asset-backed (in millions) Balance, beginning of period $ 1,493 $ 35 $ 20 $ 8 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 2 — — — Investment gains (losses), net — — — — Subtotal 2 — — — Other comprehensive income (loss) (81) (4) (2) — Purchases 548 — 7 11 Sales (160) (1) — (1) Activity related to consolidated VIEs/VOEs — — — — Transfers into Level 3 (1) 65 — — — Transfers out of Level 3 (1) (115) — — — Balance, end of period $ 1,752 $ 30 $ 25 $ 18 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) $ (78) $ (4) $ (2) $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022 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. Six Months Ended June 30, 2022 Other Equity Investments (3) Separate Accounts Assets Funds Withheld Payable Modco Payable (in millions) Balance, beginning of period $ 13 $ 1 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — Net derivative gains (losses) — — — — Total realized and unrealized gains (losses) — — — — Other comprehensive income (loss) — — — — Purchases 8 — — — Sales — — — — Other — — — — Activity related to consolidated VIEs/VOEs (3) — — — Transfers into Level 3 (1) — — — — Transfers out of Level 3 (1) — — — — Balance, end of period $ 18 $ 1 $ — $ — 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) $ — $ — $ — $ — _______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2) For instruments held as of June 30, 2022, 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 June 30, 2023 and December 31, 2022, respectively: Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2023 Fair Valuation Technique Significant Range Weighted Average (2) (Dollars in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 335 Matrix pricing model Spread over benchmark 20 bps - 245 bps 162 bps 1,074 Market comparable companies EBITDA multiples Discount rate Cash flow multiples Loan to value 5.3x - 33.7x 8.9% - 22.7% 0.7x - 14.5x 0.0% - 64.0% 14.1x 10.9% 6.6x 14.3% Fair Valuation Technique Significant Range Weighted Average (2) Other equity investments 2 Discounted Cash Flow Earnings multiple 6.8x - 14.7x 8.0x Purchased MRB asset (1) (2) (4) 17,334 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% - 35.42% 0.00% - 10.93% 0.04% - 100.00% 55 bps - 141 bps 11% - 27% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 2.56% 0.53% 5.42% 58 bps 23% 2.76% (same for all ages) (same for all ages) Liabilities: (5) Direct MRB (1) (2) (3) (4) $ 12,878 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Annuitization Mortality (1): Ages 0-40 Ages 41-60 Ages 61-115 192 bps 0.26% - 35.42% 0.00% - 10.93% 0.04% - 100.00% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 192 bps 3.44% 0.73% 4.99% 2.51% (same for all ages) (same for all ages) ______________ (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. (3) MRB liabilities are shown net of MRB assets. Net amount is made up of $13.6 billion of MRB liabilities and $751 million of MRB assets. (4) Includes Legacy and Core products. (5) Funds withheld payable that contain embedded derivatives held at fair value are excluded from the tables above. The funds withheld payable embedded derivative utilizes a total return swap technique which incorporates the fair value of the invested assets supporting the reinsurance agreement as a component of the valuation. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2022 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (Dollars in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 413 Matrix pricing model Spread over benchmark 20 - 797 bps 204 bps 1,029 Market comparable companies EBITDA multiples 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 Purchased MRB asset (1) (2) (4) 10,490 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%-66.66% 54 bps - 124 bps 14%-32% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% 1.58% 0.69% 7.39% 69 bps 24% 2.87% (same for all ages) (same for all ages) Liabilities: Direct MRB (1) (2) (3) (4) $ 15,273 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41 - 60 Ages 61 - 115 157 bps 0.26%-35.42% 0.00%-10.93% 0.04%-100.00% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% 157 bps 2.97% 0.68% 5.50% 2.41% (same for all ages) (same for all ages) ______________ (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) Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. GMIB utilization rates were developed as a function of the GMIB benefit base. (3) MRB liabilities are shown net of MRB assets. Net amount is made up of $15.8 billion of MRB liabilities and $478 million of MRB assets. (4) Includes Legacy and Core products.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value	The carrying values and fair values as of June 30, 2023 and December 31, 2022 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) June 30, 2023: Mortgage loans on real estate $ 17,346 $ — $ — $ 15,457 $ 15,457 Policy loans $ 3,581 $ — $ — $ 3,864 $ 3,864 Loans to affiliates $ 1,900 $ — $ 1,775 $ — $ 1,775 Policyholders’ liabilities: Investment contracts $ 1,674 $ — $ — $ 1,531 $ 1,531 Funds withheld payable $ 10,751 $ — $ — $ 10,751 $ 10,751 Modco payable $ 30,022 $ — $ — $ 30,022 $ 30,022 FHLB funding agreements $ 8,878 $ — $ 8,784 $ — $ 8,784 FABN funding agreements $ 6,747 $ — $ 6,163 $ — $ 6,163 Funding agreement-backed commercial paper (FABCP) $ 580 $ — $ 590 $ — $ 590 Separate Accounts liabilities $ 10,546 $ — $ — $ 10,546 $ 10,546 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 Funds withheld payable $ — $ — $ — $ — $ — Modco Payable $ — $ — $ — $ — $ — 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

LIABILITIES FOR FUTURE POLICY_2

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Schedule of Policyholder Account Balance	The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout-Legacy Group Pension Health Term Payout-Non-Legacy Payout-Legacy Group Pension Health (in millions) Present Value of Expected Net Premiums Balance, beginning of period $ 2,090 $ — $ — $ — $ (6) $ 2,472 $ — $ — $ — $ 22 Beginning balance at original discount rate 2,069 — — — (6) 1,854 — — — 19 Effect of changes in cash flow assumptions 8 — — — — — — — — — Effect of actual variances from expected experience 4 — — — (6) 61 — — — (12) Adjusted beginning of period balance 2,081 — — — (12) 1,915 — — — 7 Issuances 32 — — — — 45 — — — — Interest accrual 50 — — — — 47 — — — — Net premiums collected (99) — — — 1 (96) — — — — Ending Balance at original discount rate 2,064 — — — (11) 1,911 — — — 7 Effect of changes in discount rate assumptions 35 — — — — 173 — — — 1 Balance, end of period $ 2,099 $ — $ — $ — $ (11) $ 2,084 $ — $ — $ — $ 8 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout - Legacy Group Pension Health Term Payout - Non-Legacy Payout - Legacy Group Pension Health ( in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ 3,449 $ 828 $ 2,689 $ 523 $ 1,554 $ 4,274 $ 1,114 $ 2,547 $ 683 $ 2,092 Beginning balance of original discount rate 3,376 845 3,024 583 1,795 3,225 883 2,400 632 1,915 Effect of changes in cash flow assumptions 9 — — — (1) — — — — — Effect of actual variances from expected experience 6 — — — (6) 68 — (2) — (13) Adjusted beginning of period balance 3,391 845 3,024 583 1,788 3,293 883 2,398 632 1,902 Issuances 34 26 474 — — 48 14 342 — — Interest accrual 84 19 44 10 29 82 20 32 11 31 Benefits payments (182) (46) (132) (34) (71) (217) (51) (96) (35) (84) Ending balance at original discount rate 3,327 844 3,410 559 1,746 3,206 866 2,676 608 1,849 Effect of changes in discount rate assumptions 90 (10) (309) (56) (224) 308 36 (233) (36) (154) Balance, end of period $ 3,417 $ 834 $ 3,101 $ 503 $ 1,522 $ 3,514 $ 902 $ 2,443 $ 572 $ 1,695 Net liability for future policy benefits $ 1,318 $ 834 $ 3,101 $ 503 $ 1,533 $ 1,430 $ 902 $ 2,443 $ 572 $ 1,687 Less: Reinsurance recoverable (199) (9) (797) — (1,217) (229) — (276) — (1,342) Net liability for future policy benefits, after reinsurance recoverable $ 1,119 $ 825 $ 2,304 $ 503 $ 316 $ 1,201 $ 902 $ 2,167 $ 572 $ 345 Weighted-average duration of liability for future policyholder benefits (years) 7.0 9.4 7.8 7.1 8.8 7.4 9.6 8.3 7.2 8.8 Six Months Ended June 30, 2023 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,341 $ 4,253 $ 688 $ 42 $ 35,460 $ 2,652 $ 12,046 $ 703 Issuances — — — — — — — — Premiums received 358 64 41 26 — 19 317 35 Policy charges (384) (109) 20 8 (3) — (3) — Surrenders and withdrawals (38) (22) (47) (16) (1,319) (178) (820) (71) Benefit payments (128) (58) (51) (1) (121) (40) (35) (4) Net transfers from (to) separate account — (89) 2 (38) 1,591 4 144 (12) Interest credited (2) 111 94 13 2 4,059 38 210 6 Other — — — — — 3 11 — Balance, end of period $ 5,260 $ 4,133 $ 666 $ 23 $ 39,667 $ 2,498 $ 11,870 $ 657 Weighted-average crediting rate 3.67 % 3.72 % 2.71 % 1.32 % N/A 3.04 % 2.52 % 2.33 % Net amount at risk (3) $ 36,505 $ 83,438 $ 22,195 $ 3,159 $ 11 $ 118 $ 24 $ — Cash surrender value $ 3,463 $ 2,691 $ 630 $ 238 $ 36,091 $ 2,490 $ 11,782 $ 657 Six Months Ended June 30, 2022 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,462 $ 4,193 $ 746 $ 99 $ 33,443 $ 2,784 $ 11,952 $ 705 Issuances — — — — — — — — Premiums received 368 74 30 79 1 26 303 40 Policy charges (396) (104) 17 (11) — — (4) — Surrenders and withdrawals (47) (12) (31) (16) (1,380) (86) (383) (67) Benefit payments (98) (45) (51) (1) (102) (30) (36) (1) Net transfers from (to) separate account — 63 9 (77) 3,739 21 194 43 Interest credited (2) 112 67 15 3 (3,582) 40 86 7 Other — — — — — — — — Balance, end of period $ 5,401 $ 4,236 $ 735 $ 76 $ 32,119 $ 2,755 $ 12,112 $ 727 Weighted-average crediting rate 3.61% 3.87% 2.71% 1.05% N/A 2.93% 2.56% 2.03% Net amount at risk (3) $ 38,756 $ 85,602 $ 22,421 $ 3,170 $ 97 $ 142 $ 157 $ — Cash surrender value $ 3,508 $ 2,878 $ 711 $ 289 $ 29,148 $ 2,746 $ 12,030 $ 726 ______________ (1) SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3) For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder. The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Policyholders’ account balance reconciliation UL $ 5,260 $ 5,341 VUL 4,133 4,253 GMxB Legacy 666 688 GMxB Core 23 42 SCS 39,667 35,460 EQUI-VEST Individual 2,498 2,652 EQUI-VEST Group 11,870 12,046 Momentum 657 703 Other (1) 3,003 2,916 Balance (exclusive of Funding Agreements) 67,778 64,101 Funding Agreements 16,284 15,641 Balance, end of period $ 84,062 $ 79,742 _______________ (1) Primarily reflects products, IR Payout, IR Other, Investment Edge, Association, Indexed Universal Life, Group Pension and Closed Block. Six Months Ended June 30, 2023 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 11,535 $ 32,616 $ 27,017 $ 4,162 $ 3,772 $ 22,393 $ 3,884 Premiums and deposits 382 110 259 49 200 1,116 332 Policy charges (213) (340) (241) (1) — (8) (10) Surrenders and withdrawals (259) (1,324) (1,216) (198) (195) (744) (364) Benefit payments (45) (382) (117) (27) (24) (28) (5) Investment performance (1) 1,495 3,392 2,065 538 321 2,849 452 Net transfers from (to) general account 89 (2) 38 (3) (94) (144) 12 Other charges (2) — — — 4 — 25 — Balance, end of period $ 12,984 $ 34,070 $ 27,805 $ 4,524 $ 3,980 $ 25,459 $ 4,301 Cash surrender value $ 12,971 $ 33,792 $ 27,055 $ 4,491 $ 3,894 $ 25,210 $ 4,295 ______________ (1) Investment performance is reflected net of M&E fees. (2) For the six months ended June 30, 2023, EQUI-VEST Individual and EQUI-VEST Group amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial Life Insurance Company and the Securities & Exchange Commission. Six Months Ended June 30, 2022 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 14,574 $ 44,912 $ 34,973 $ 5,584 $ 4,287 $ 27,509 $ 4,975 Premiums and deposits 380 120 597 68 530 1,089 331 Policy charges (210) (352) (238) (1) — (8) (10) Surrenders and withdrawals (185) (1,431) (1,253) (165) (145) (680) (347) Benefit payments (61) (364) (122) (28) (17) (33) (6) Investment performance (1) (3,001) (8,666) (5,980) (1,193) (780) (5,898) (978) Net transfers from (to) general account (63) (9) 77 (21) (158) (194) (42) Balance, end of period $ 11,434 $ 34,210 $ 28,054 $ 4,244 $ 3,717 $ 21,785 $ 3,923 Cash surrender value $ 11,454 $ 33,920 $ 27,177 $ 4,212 $ 3,623 $ 21,555 $ 3,917 ______________ (1) Investment performance is reflected net of M&E fees. The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 12,984 $ 11,535 GMxB Legacy 34,070 32,616 GMxB Core 27,805 27,017 EQUI-VEST Individual 4,524 4,162 Investment Edge 3,980 3,772 EQUI-VEST Group 25,459 22,393 Momentum 4,301 3,884 Other (1) 6,267 6,100 Total $ 119,390 $ 111,479 _____________ (1) Primarily reflects Corp and Other products and Employer Sponsored products including Association and Other.
Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense	The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Reconciliation Term $ 1,318 $ 1,359 Payout - Non-Legacy 834 828 Payout - Legacy 3,101 2,689 Group Pension - Benefit Reserve & DPL 503 523 Health 1,533 1,560 UL 1,162 1,119 Subtotal 8,451 8,078 Whole Life Closed Block and Open Block products 5,564 5,687 Other (1) 589 608 Future policyholder benefits total 14,604 14,373 Other policyholder funds and dividends payable 1,455 1,562 Total $ 16,059 $ 15,935 ______________ (1) Primarily consists of Future policy benefits related to Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and Major Medical products.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses	The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Term Expected future benefit payments and expenses (undiscounted) $ 5,899 $ 6,002 Expected future gross premiums (undiscounted) 7,108 7,245 Expected future benefit payments and expenses (discounted) 3,417 3,449 Expected future gross premiums (discounted) 3,856 3,883 Payout-Legacy June 30, 2023 December 31, 2022 (in millions) Expected future benefit payments and expenses (undiscounted) $ 4,533 $ 3,947 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 3,018 2,607 Expected future gross premiums (discounted) — — Payout-Non-Legacy Expected future benefit payments and expenses (undiscounted) $ 1,446 $ 1,460 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 806 801 Expected future gross premiums (discounted) — — Group Pension Expected future benefit payments and expenses (undiscounted) $ 698 $ 730 Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 483 563 Expected future gross premiums (discounted) — — Health Expected future benefit payments and expenses (undiscounted) $ 2,432 $ 2,510 Expected future gross premiums (undiscounted) 91 99 Expected future benefit payments and expenses (discounted) 1,503 1,533 Expected future gross premiums (discounted) 72 78
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion	The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Term $ 117 $ 116 $ 34 $ 35 Payout - Legacy 45 45 44 32 Payout - Non-Legacy 16 12 19 20 Group Pension — — 10 11 Health 4 5 29 31 Total $ 182 $ 178 $ 136 $ 129
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates	The following table provides the weighted average interest rates for the liability for future policy benefits as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Weighted Average Interest Rate Term Interest accretion rate 5.6 % 5.7 % Current discount rate 5.0 % 5.1 % Payout - Legacy Interest accretion rate 3.8 % 3.4 % Current discount rate 5.1 % 5.0 % Payout - Non-Legacy Interest accretion rate 4.9 % 4.9 % Current discount rate 5.1 % 5.2 % Group Pension Interest accretion rate 3.4 % 3.4 % Current discount rate 5.0 % 5.1 % Health Interest accretion rate 3.4 % 3.3 % Current discount rate 5.2 % 5.2 %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees	The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 UL (in millions) Balance, beginning of period $ 1,120 $ 1,082 Beginning balance before AOCI adjustments 1,135 1,076 Effect of changes in interest rate and cash flow assumptions and model changes — 5 Effect of actual variances from expected 4 7 Adjusted beginning of period balance 1,139 1,088 Interest accrual 25 24 Net assessments collected 36 34 Benefit payments (30) (37) Ending balance before shadow reserve adjustments 1,170 1,109 Effect of reserve adjustment recorded in AOCI (8) (22) Balance, end of period $ 1,162 $ 1,087 Net liability for additional liability $ 1,162 $ 1,087 Less: Reinsurance recoverable (901) (561) Net liability for additional liability, after reinsurance recoverable $ 261 $ 526 Weighted-average duration of additional liability - death benefit (years) 21.4 22.5 ______________ Six Months Ended June 30, 2023 2022 2023 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL $ 350 $ 310 $ 25 $ 24 Total $ 350 $ 310 $ 25 $ 24 Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate UL 4.5 % 4.5 % Interest accretion rate 4.5 % 4.5 %

MARKET RISK BENEFITS (Tables)

MARKET RISK BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2023
Market Risk Benefit [Abstract]
Schedule of Market Risk Benefit, Activity	The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12: GMxB Legacy GMxB Core Purchased MRB Total (in millions) Balance, December 31, 2020 $ 19,891 $ 2,206 $ (2,943) $ 19,154 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income (70) (4) — (74) Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 461 505 5 971 Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB 4,122 (563) (194) 3,365 Balance, January 1, 2021 (1) $ 24,404 $ 2,144 $ (3,132) $ 23,416 ____________ (1) MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including EQUI-VEST of $43 million, SCS of $21 million and Group Retirement EQUI-VEST of $(20) million. Three Months Ended June 30, 2023 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy(3) Net GMxB Legacy (in millions) Balance, beginning of period $ 333 $ — $ 333 $ 14,082 $ (10,746) $ 3,336 Beginning balance before changes in the instrument specific credit risk 560 — 560 15,599 (10,648) 4,952 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (116) 105 (11) (637) 585 (52) Interest accrual 19 (9) 10 195 (202) (7) Attributed fees accrued (1) 110 (99) 11 208 (155) 53 Benefit payments (12) 12 — (345) 338 (7) Actual policyholder behavior different from expected behavior 3 (4) (1) (6) (3) (9) Changes in future economic assumptions (193) 217 24 (872) 822 (50) Issuances (1) (1,294) (1,295) — (6,865) (6,866) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (2) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Three Months Ended June 30, 2022 GMxB Core Purchased MRB Core (3) Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 507 $ — $ 507 $ 16,929 $ (12,680) $ 4,248 Beginning balance before changes in the instrument specific credit risk 544 — 544 17,899 (12,616) 5,283 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect 664 — 664 2,562 (1,050) 1,512 Interest accrual 12 — 12 179 (104) 75 Attributed fees accrued (1) 107 — 107 219 (62) 157 Benefit payments (8) — (8) (282) 152 (130) Actual policyholder behavior different from expected behavior 4 — 4 26 (26) — Changes in future economic assumptions (542) — (542) (2,868) 1,962 (906) Issuances — — — — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Notes 1 and 17 for additional information. Six Months Ended June 30, 2023 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (4) Net GMxB Legacy (in millions) Balance, beginning of period $ 539 $ — $ 539 $ 14,699 $ (10,492) $ 4,207 Beginning balance before changes in the instrument specific credit risk 538 — 538 15,314 (10,438) 4,876 Model changes and effect of changes in cash flow assumptions — — — — — — Actual market movement effect (322) 105 (217) (1,381) 978 (403) Interest accrual 37 (9) 28 392 (358) 34 Attributed fees accrued (1) 204 (99) 105 418 (238) 180 Benefit payments (24) 12 (12) (687) 523 (164) Actual policyholder behavior different from expected behavior 8 (4) 4 15 (20) (5) Changes in future economic assumptions (70) 217 147 71 290 361 Issuances (2) (1) (1,294) (1,295) — (6,865) (6,865) Ending balance before changes in the instrument-specific credit risk 370 (1,072) (702) 14,142 (16,128) (1,986) Changes in the instrument-specific credit risk (3) (215) 1 (214) (1,422) (95) (1,517) Balance, end of period $ 155 $ (1,071) $ (916) $ 12,720 $ (16,223) $ (3,503) Weighted-average age of policyholders (years) 64.0 64.4 — 72.8 73.0 — Net amount at risk $ 3,159 $ 3,072 $ — $ 22,195 $ 21,728 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Issuances are related to the Reinsurance Treaty with Equitable America. See Note 1 of the Notes to these Consolidated Financial Statements. (3) Changes are recorded in OCI. (4) Purchased MRB is the impact of non-affiliated reinsurance. Six Months Ended June 30, 2022 GMxB Core Purchased MRB Core Net GMxB Core GMxB Legacy Purchased MRB Legacy (3) Net GMxB Legacy (in millions) Balance, beginning of period $ 1,061 $ — $ 1,061 $ 20,236 $ (14,293) $ 5,943 Beginning balance before changes in the instrument specific credit risk 666 — 666 19,719 (14,287) 5,432 Model changes and effect of changes in cash flow assumptions — — — (87) 29 (58) Actual market movement effect 988 — 988 3,659 (1,464) 2,195 Interest accrual 17 — 17 283 (166) 117 Attributed fees accrued (1) 199 — 199 438 (148) 290 Benefit payments (13) — (13) (533) 288 (245) Actual policyholder behavior different from expected behavior 4 — 4 59 (41) 18 Changes in future economic assumptions (1,077) — (1,077) (5,803) 4,045 (1,758) Issuances (3) — (3) — — — Ending balance before changes in the instrument-specific credit risk 781 — 781 17,735 (11,744) 5,991 Changes in the instrument-specific credit risk (2) (357) — (357) (2,027) (101) (2,128) Balance, end of period $ 424 $ — $ 424 $ 15,708 $ (11,845) $ 3,863 Weighted-average age of policyholders (years) 63.1 — — 72.2 71.8 — Net amount at risk $ 3,170 $ — $ — $ 22,421 $ 11,946 $ — _______________ (1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2) Changes are recorded in OCI. (3) Purchased MRB is the impact of non-affiliated reinsurance. The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk amounts in the consolidated balance sheet as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 MRB Asset MRB Liability Net MRB Purchased MRB Total MRB Asset MRB Liability Net MRB Purchased MRB Total (in millions) GMxB Core $ (573) $ 728 $ 155 $ (1,071) $ (916) $ (375) $ 914 $ 539 $ — $ 539 GMxB Legacy (120) 12,840 12,720 (16,223) (3,503) (51) 14,749 14,698 (10,493) 4,205 Other (1) (58) 61 3 (40) (37) (52) 88 36 3 39 Total $ (751) $ 13,629 $ 12,878 $ (17,334) $ (4,456) $ (478) $ 15,751 $ 15,273 $ (10,490) $ 4,783 ______________ (1) Other primarily includes Individual EQUI-VEST MRB.

POLICYHOLDER ACCOUNT BALANCES (

POLICYHOLDER ACCOUNT BALANCES (Tables)	6 Months Ended
	Jun. 30, 2023
Policyholder Account Balance [Abstract]
Schedule of Policyholder Account Balance	The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout-Legacy Group Pension Health Term Payout-Non-Legacy Payout-Legacy Group Pension Health (in millions) Present Value of Expected Net Premiums Balance, beginning of period $ 2,090 $ — $ — $ — $ (6) $ 2,472 $ — $ — $ — $ 22 Beginning balance at original discount rate 2,069 — — — (6) 1,854 — — — 19 Effect of changes in cash flow assumptions 8 — — — — — — — — — Effect of actual variances from expected experience 4 — — — (6) 61 — — — (12) Adjusted beginning of period balance 2,081 — — — (12) 1,915 — — — 7 Issuances 32 — — — — 45 — — — — Interest accrual 50 — — — — 47 — — — — Net premiums collected (99) — — — 1 (96) — — — — Ending Balance at original discount rate 2,064 — — — (11) 1,911 — — — 7 Effect of changes in discount rate assumptions 35 — — — — 173 — — — 1 Balance, end of period $ 2,099 $ — $ — $ — $ (11) $ 2,084 $ — $ — $ — $ 8 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Term Payout - Non-Legacy Payout - Legacy Group Pension Health Term Payout - Non-Legacy Payout - Legacy Group Pension Health ( in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ 3,449 $ 828 $ 2,689 $ 523 $ 1,554 $ 4,274 $ 1,114 $ 2,547 $ 683 $ 2,092 Beginning balance of original discount rate 3,376 845 3,024 583 1,795 3,225 883 2,400 632 1,915 Effect of changes in cash flow assumptions 9 — — — (1) — — — — — Effect of actual variances from expected experience 6 — — — (6) 68 — (2) — (13) Adjusted beginning of period balance 3,391 845 3,024 583 1,788 3,293 883 2,398 632 1,902 Issuances 34 26 474 — — 48 14 342 — — Interest accrual 84 19 44 10 29 82 20 32 11 31 Benefits payments (182) (46) (132) (34) (71) (217) (51) (96) (35) (84) Ending balance at original discount rate 3,327 844 3,410 559 1,746 3,206 866 2,676 608 1,849 Effect of changes in discount rate assumptions 90 (10) (309) (56) (224) 308 36 (233) (36) (154) Balance, end of period $ 3,417 $ 834 $ 3,101 $ 503 $ 1,522 $ 3,514 $ 902 $ 2,443 $ 572 $ 1,695 Net liability for future policy benefits $ 1,318 $ 834 $ 3,101 $ 503 $ 1,533 $ 1,430 $ 902 $ 2,443 $ 572 $ 1,687 Less: Reinsurance recoverable (199) (9) (797) — (1,217) (229) — (276) — (1,342) Net liability for future policy benefits, after reinsurance recoverable $ 1,119 $ 825 $ 2,304 $ 503 $ 316 $ 1,201 $ 902 $ 2,167 $ 572 $ 345 Weighted-average duration of liability for future policyholder benefits (years) 7.0 9.4 7.8 7.1 8.8 7.4 9.6 8.3 7.2 8.8 Six Months Ended June 30, 2023 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,341 $ 4,253 $ 688 $ 42 $ 35,460 $ 2,652 $ 12,046 $ 703 Issuances — — — — — — — — Premiums received 358 64 41 26 — 19 317 35 Policy charges (384) (109) 20 8 (3) — (3) — Surrenders and withdrawals (38) (22) (47) (16) (1,319) (178) (820) (71) Benefit payments (128) (58) (51) (1) (121) (40) (35) (4) Net transfers from (to) separate account — (89) 2 (38) 1,591 4 144 (12) Interest credited (2) 111 94 13 2 4,059 38 210 6 Other — — — — — 3 11 — Balance, end of period $ 5,260 $ 4,133 $ 666 $ 23 $ 39,667 $ 2,498 $ 11,870 $ 657 Weighted-average crediting rate 3.67 % 3.72 % 2.71 % 1.32 % N/A 3.04 % 2.52 % 2.33 % Net amount at risk (3) $ 36,505 $ 83,438 $ 22,195 $ 3,159 $ 11 $ 118 $ 24 $ — Cash surrender value $ 3,463 $ 2,691 $ 630 $ 238 $ 36,091 $ 2,490 $ 11,782 $ 657 Six Months Ended June 30, 2022 Universal Life Variable Universal Life GMxB Legacy GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum (Dollars in millions) Balance, beginning of period $ 5,462 $ 4,193 $ 746 $ 99 $ 33,443 $ 2,784 $ 11,952 $ 705 Issuances — — — — — — — — Premiums received 368 74 30 79 1 26 303 40 Policy charges (396) (104) 17 (11) — — (4) — Surrenders and withdrawals (47) (12) (31) (16) (1,380) (86) (383) (67) Benefit payments (98) (45) (51) (1) (102) (30) (36) (1) Net transfers from (to) separate account — 63 9 (77) 3,739 21 194 43 Interest credited (2) 112 67 15 3 (3,582) 40 86 7 Other — — — — — — — — Balance, end of period $ 5,401 $ 4,236 $ 735 $ 76 $ 32,119 $ 2,755 $ 12,112 $ 727 Weighted-average crediting rate 3.61% 3.87% 2.71% 1.05% N/A 2.93% 2.56% 2.03% Net amount at risk (3) $ 38,756 $ 85,602 $ 22,421 $ 3,170 $ 97 $ 142 $ 157 $ — Cash surrender value $ 3,508 $ 2,878 $ 711 $ 289 $ 29,148 $ 2,746 $ 12,030 $ 726 ______________ (1) SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3) For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder. The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Policyholders’ account balance reconciliation UL $ 5,260 $ 5,341 VUL 4,133 4,253 GMxB Legacy 666 688 GMxB Core 23 42 SCS 39,667 35,460 EQUI-VEST Individual 2,498 2,652 EQUI-VEST Group 11,870 12,046 Momentum 657 703 Other (1) 3,003 2,916 Balance (exclusive of Funding Agreements) 67,778 64,101 Funding Agreements 16,284 15,641 Balance, end of period $ 84,062 $ 79,742 _______________ (1) Primarily reflects products, IR Payout, IR Other, Investment Edge, Association, Indexed Universal Life, Group Pension and Closed Block. Six Months Ended June 30, 2023 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 11,535 $ 32,616 $ 27,017 $ 4,162 $ 3,772 $ 22,393 $ 3,884 Premiums and deposits 382 110 259 49 200 1,116 332 Policy charges (213) (340) (241) (1) — (8) (10) Surrenders and withdrawals (259) (1,324) (1,216) (198) (195) (744) (364) Benefit payments (45) (382) (117) (27) (24) (28) (5) Investment performance (1) 1,495 3,392 2,065 538 321 2,849 452 Net transfers from (to) general account 89 (2) 38 (3) (94) (144) 12 Other charges (2) — — — 4 — 25 — Balance, end of period $ 12,984 $ 34,070 $ 27,805 $ 4,524 $ 3,980 $ 25,459 $ 4,301 Cash surrender value $ 12,971 $ 33,792 $ 27,055 $ 4,491 $ 3,894 $ 25,210 $ 4,295 ______________ (1) Investment performance is reflected net of M&E fees. (2) For the six months ended June 30, 2023, EQUI-VEST Individual and EQUI-VEST Group amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial Life Insurance Company and the Securities & Exchange Commission. Six Months Ended June 30, 2022 VUL GMxB Legacy GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum (in millions) Balance, beginning of period $ 14,574 $ 44,912 $ 34,973 $ 5,584 $ 4,287 $ 27,509 $ 4,975 Premiums and deposits 380 120 597 68 530 1,089 331 Policy charges (210) (352) (238) (1) — (8) (10) Surrenders and withdrawals (185) (1,431) (1,253) (165) (145) (680) (347) Benefit payments (61) (364) (122) (28) (17) (33) (6) Investment performance (1) (3,001) (8,666) (5,980) (1,193) (780) (5,898) (978) Net transfers from (to) general account (63) (9) 77 (21) (158) (194) (42) Balance, end of period $ 11,434 $ 34,210 $ 28,054 $ 4,244 $ 3,717 $ 21,785 $ 3,923 Cash surrender value $ 11,454 $ 33,920 $ 27,177 $ 4,212 $ 3,623 $ 21,555 $ 3,917 ______________ (1) Investment performance is reflected net of M&E fees. The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 12,984 $ 11,535 GMxB Legacy 34,070 32,616 GMxB Core 27,805 27,017 EQUI-VEST Individual 4,524 4,162 Investment Edge 3,980 3,772 EQUI-VEST Group 25,459 22,393 Momentum 4,301 3,884 Other (1) 6,267 6,100 Total $ 119,390 $ 111,479 _____________ (1) Primarily reflects Corp and Other products and Employer Sponsored products including Association and Other.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums as of June 30, 2023 and December 31, 2022: June 30, 2023 Product (1) Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) UL 0.00% - 1.50% $ — $ — $ 3 $ 2 $ 6 1.51% - 2.50% 122 69 645 201 1,038 Greater than 2.50% 3,539 643 — — 4,183 Total $ 3,661 $ 713 $ 649 $ 204 $ 5,226 VUL 0.00% - 1.50% $ 7 $ 12 $ 11 $ 4 $ 33 1.51% - 2.50% 227 245 3 — 475 Greater than 2.50% 3,270 — — — 3,270 Total $ 3,504 $ 257 $ 13 $ 4 $ 3,777 GMxB Legacy 0.00% - 1.50% $ 83 $ 16 $ — $ — $ 99 1.51% - 2.50% 24 — — — 24 Greater than 2.50% 507 — — — 507 Total $ 615 $ 16 $ — $ — $ 631 GMxB Core 0.00% - 1.50% $ 14 $ 205 $ — $ — $ 219 1.51% - 2.50% 13 — — — 13 Greater than 2.50% 12 — — — 12 Total $ 38 $ 205 $ — $ — $ 243 June 30, 2023 Product (1) Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) EQUI-VEST Individual 0.00% - 1.50% $ 53 $ 231 $ — $ — $ 285 1.51% - 2.50% 45 — — — 45 Greater than 2.50% 2,167 — — — 2,167 Total $ 2,266 $ 231 $ — $ — $ 2,497 EQUI-VEST Group 0.00% - 1.50% $ 804 $ 2,290 $ 36 $ 362 $ 3,493 1.51% - 2.50% 332 — — — 332 Greater than 2.50% 6,986 — — — 6,986 Total $ 8,121 $ 2,291 $ 36 $ 362 $ 10,811 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A Momentum 0.00% - 1.50% $ — $ 13 $ 350 $ 57 $ 420 1.51% - 2.50% 159 1 — — 160 Greater than 2.50% 72 — 5 — 77 Total $ 231 $ 14 $ 355 $ 57 $ 657 December 31, 2022 Product Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) UL 0.00% - 1.50% $ — $ — $ 5 $ 1 $ 6 1.51% - 2.50% 181 197 605 47 1,030 Greater than 2.50% 3,615 657 — — 4,272 Total $ 3,796 $ 854 $ 610 $ 48 $ 5,308 VUL 0.00% - 1.50% $ 12 $ 9 $ 5 $ 1 $ 27 1.51% - 2.50% 411 42 — — 453 Greater than 2.50% 3,441 — — — 3,441 Total $ 3,864 $ 51 $ 5 $ 1 $ 3,921 December 31, 2022 Product Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total (in millions) GMxB Legacy 0.00% - 1.50% $ 386 $ — $ — $ — $ 386 1.51% - 2.50% 560 — — — 560 Greater than 2.50% 35 — — — 35 Total $ 981 $ — $ — $ — $ 981 GMxB Core 0.00% - 1.50% $ 257 $ — $ — $ — $ 257 1.51% - 2.50% 14 — — — 14 Greater than 2.50% — — — — — Total $ 271 $ — $ — $ — $ 271 EQUI-VEST Individual 0.00% - 1.50% $ 345 $ — $ — $ — $ 345 1.51% - 2.50% 46 — — — 46 Greater than 2.50% 2,199 — 62 — 2,261 Total $ 2,590 $ — $ 62 $ — $ 2,652 EQUI-VEST Group 0.00% - 1.50% $ 109 $ 5 $ 366 $ 3,112 $ 3,592 1.51% - 2.50% 11 2 889 — 902 Greater than 2.50% 6,949 21 330 — 7,300 Total $ 7,069 $ 28 $ 1,585 $ 3,112 $ 11,794 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A Momentum 0.00% - 1.50% $ 15 $ 301 $ 122 $ 7 $ 445 1.51% - 2.50% 178 1 — — 179 Greater than 2.50% 73 — 5 — 78 Total $ 266 $ 302 $ 127 $ 7 $ 702 Separate Account - Summary
Schedule of Investment in Variable Insurance Trust Mutual Funds	The following table presents the aggregate fair value of Separate Account assets by major asset category as of June 30, 2023 and December 31, 2022: June 30, 2023 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Total (in millions) Asset Type Debt securities $ 58 $ 1 $ 17 $ 9 $ 85 Common Stock 61 33 472 1,770 2,336 Mutual Funds 12,840 71,087 31,131 712 115,770 Bonds and Notes 98 3 1 1,097 1,199 Total $ 13,057 $ 71,124 $ 31,621 $ 3,588 $ 119,390 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Total (in millions) Asset Type Debt securities $ 58 $ 1 $ 17 $ 8 $ 84 Common Stock 41 32 430 1,686 2,189 Mutual Funds 11,402 68,220 27,639 760 108,021 Bonds and Notes 119 3 1 1,062 1,185 Total $ 11,620 $ 68,256 $ 28,087 $ 3,516 $ 111,479

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 follow: June 30, December 31, 2023 2022 (in millions) Unrealized gains (losses) on investments $ (8,125) $ (8,873) Market risk benefits - instrument-specific credit risk component 1,735 665 Liability for future policy benefits - current discount rate component 311 357 Defined benefit pension plans (4) (4) Accumulated other comprehensive income (loss) attributable to Equitable Financial $ (6,083) $ (7,855)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes for the three and six months ended June 30, 2023 and 2022, is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (616) $ (4,419) $ 836 $ (9,214) (Gains) losses reclassified into net income (loss) during the period 39 177 94 438 Net unrealized gains (losses) on investments (1) (577) (4,242) 930 (8,776) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 31 (112) 33 689 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(310), $(1,158), $7 and $(2,150)) (546) (4,354) 963 (8,087) Change in LFPB discount rate and MRB credit risk, net of tax Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(23), $313, $225 and $715 (88) 1,179 845 2,691 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $19, $151, $(10) and $219) 73 567 (36) 824 Other comprehensive income (loss) attributable to Equitable Financial $ (561) $ (2,608) $ 1,772 $ (4,572) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $ (10) million, $(46) million, $(25) million and $(116) million for the three and six months ended June 30, 2023 and 2022, respectively.

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 19 $ 29 $ 21 $ 28 Net earnings (loss) attributable to redeemable noncontrolling interests 1 (3) 1 (4) Purchase/change of redeemable noncontrolling interests 1 (5) (1) (3) Balance, end of period $ 21 $ 21 $ 21 $ 21

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Activity of Funding Agreements	Change in FHLB Funding Agreements during the Six Months Ended June 30, 2023 Outstanding Balance at December 31, 2022 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 June 30, 2023 (in millions) Short-term funding agreements: Due in one year or less $ 6,130 $ 30,052 $ (29,678) $ 183 $ — $ 6,687 Long-term funding agreements: Due in years two through five 1,679 — — (172) — 1,507 Due in more than five years 692 — — — (11) 681 Total long-term funding agreements 2,371 — — (172) (11) 2,188 Total funding agreements (1) $ 8,501 $ 30,052 $ (29,678) $ 11 $ (11) $ 8,875 ____________ (1) The $3 million and $4 million difference between the funding agreements carrying value shown in fair value table for June 30, 2023 and December 31, 2022, 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 Six Months Ended June 30, 2023 Outstanding Balance at December 31, 2022 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 June 30, 2023 (in millions) Short-term funding agreements: Due in one year or less $ 1,500 $ — $ (1,000) $ — $ — $ — $ 500 Long-term funding agreements: Due in years two through five 4,000 671 — — 1,285 20 5,976 Due in more than five years 1,585 — — — (1,285) — 300 Total long-term funding agreements 5,585 671 — — — 20 6,276 Total funding agreements (1) $ 7,085 $ 671 $ (1,000) $ — $ — $ 20 $ 6,776 _____________

REINSURANCE (Tables)

REINSURANCE (Tables)	6 Months Ended
	Jun. 30, 2023
Reinsurance Disclosures [Abstract]
Schedule of Effect Of Reinsurance	The following table summarizes the effect of reinsurance. The impact of the reinsurance transaction described below results in an increase in reinsurance ceded: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 678 $ 698 $ 1,352 $ 1,434 Reinsurance assumed 3 3 4 3 Reinsurance ceded - Equitable America (345) — (345) — Reinsurance ceded - third party (153) (139) (304) (284) Policy charges and fee income $ 183 $ 562 $ 707 $ 1,153 Direct premiums $ 203 $ 187 $ 408 $ 378 Reinsurance assumed 44 37 96 87 Reinsurance ceded - Equitable America (40) — (40) — Reinsurance ceded - third party (51) (58) (111) (110) Premiums $ 156 $ 166 $ 353 $ 355 Direct policyholders’ benefits $ 742 $ 575 $ 1,449 $ 1,372 Reinsurance assumed 39 51 77 105 Reinsurance ceded - Equitable America (264) — (264) — Reinsurance ceded - third party (182) (134) (309) (272) Policyholders’ benefits $ 335 $ 492 $ 953 $ 1,205 Direct Interest credited to policyholders’ account balances $ 490 $ 288 $ 953 $ 592 Reinsurance assumed — — — — Reinsurance ceded - Equitable America (151) — (151) — Reinsurance ceded - third party (27) (1) (55) (17) Interest credited to policyholders’ account balances $ 312 $ 287 $ 747 $ 575
Schedule of Ceded Credit Risk	The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance, funds withheld liability and assumed reserves: June 30, 2023 December 31, 2022 (in millions) Ceded Reinsurance: Estimated net fair values of purchased market risk benefits $ 17,334 $ 10,490 Reinsurance recoverables related to insurance contracts 21,428 7,131 Related party - Equitable America (1) 14,320 — Third parties 7,108 7,131 Top reinsurers: First Allmerica-GAF 3,828 4,005 Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating) 758 543 Ceded group health reserves 11 14 Amount due to reinsurers 182 282 Top reinsurers: First Allmerica-GAF 67 147 Assumed Reinsurance: Reinsurance assumed reserves 687 701 (1) Includes modco receivable of $33.7 billion offset by $(29.9) billion of modco payable.
Schedule of Reinsurance Retention	The following table summarizes the composition of the pool of assets at June 30, 2023: June 30, 2023 Carrying Value Fair Value (in millions) Fixed maturities $ 25,889 $ 25,889 Mortgage loans on real estate 8,528 7,391 Policy loans 229 230 Other equity investments 245 245 Other invested assets 7,249 7,249 Total assets supporting funds withheld $ 42,140 $ 41,004 _____________ (1) Other invested assets includes derivatives and cash and cash equivalents.
Schedule of Impact of Funds Withheld Arrangement of Net Investment Income Loss	The impact of the funds withheld and NI modco arrangement with Equitable America for the three and six months ended June 30, 2023 was as follows: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in millions) Net derivative gains (losses): Freestanding derivatives $ 1,364 $ 1,364 Embedded derivatives (1,331) (1,331) Net derivative gains (losses) 33 33 Net investment income (loss) 295 295 Investment gains (losses), net (36) (36) Income (loss) from continuing operations, before income taxes 292 292 Income tax (expense) benefit (53) (53) Net income (loss) 239 239 Change in unrealized in unrealized gains (losses), net of income taxes (173) (173) Comprehensive income (loss) $ 66 $ 66

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) principalSubsidiary		Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization [Abstract]
Number of principal subsidiaries | principalSubsidiary	2
Funds withheld payable	$ 10,615		$ 11,200	$ 0
Deposit contracts, liabilities			12,900
Amounts due from reinsurers	21,428	[1]	14,200	7,131	[1]
Liability for market risk benefits	13,629		8,200	15,751
Deferred loss on reinsurance			1,700
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities	119,390			111,479
Amounts due from reinsurers	$ 21,428	[1]	14,200	$ 7,131	[1]
Non-Insulated
Organization [Abstract]
Amounts due from reinsurers			32,400
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities			28,700
Amounts due from reinsurers			32,400
Insulated
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities			$ 64,100
[1] (3) See Note 15 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities. Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Effect of Transition Adjustment to Total Equity Resulting (Details) - USD ($) $ in Millions	Jan. 01, 2021	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits		$ (16,059)		$ (15,935)
Market risk benefits		(13,629)	$ (8,200)	(15,751)
DAC		$ 4,801		$ 4,814	$ 4,098
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits	$ (821)
Market risk benefits	(4,306)
DAC	467				$ 327
Unearned revenue liability and sales inducement assets	(128)
Total transition adjustment before taxes	(4,788)
Income taxes	1,006
Total transitions adjustment (net of taxes)	(3,782)
Accumulated Deficit | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits	(2)
Market risk benefits	(3,402)
DAC	0
Unearned revenue liability and sales inducement assets	0
Total transition adjustment before taxes	(3,404)
Income taxes	715
Total transitions adjustment (net of taxes)	(2,689)
Accumulated Other Comprehensive Income (Loss) | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits	(819)
Market risk benefits	(904)
DAC	467
Unearned revenue liability and sales inducement assets	(128)
Total transition adjustment before taxes	(1,384)
Income taxes	291
Total transitions adjustment (net of taxes)	$ (1,093)

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Balance of and Changes in Liability for Future Policy Benefits (Details) $ in Millions	Dec. 31, 2020 USD ($)
Liability for Future Policy Benefit, Activity [Line Items]
Less: Reinsurance recoverable	$ (2,209)
Net liability for future policy benefits, after reinsurance recoverable	6,252
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	(356)
Effect of remeasurement of liability at current single A rate (1)
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	1,484
Corporate and Other | No Effect Of Application Of Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, after reinsurance recoverable	(111)
Protection Solutions PFBL | No Effect Of Application Of Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, after reinsurance recoverable	30
PDR | No Effect Of Application Of Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, after reinsurance recoverable	(146)
Rider Reserves and Term Reinsurance | No Effect Of Application Of Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, after reinsurance recoverable	(79)
Term | Protection Solutions
Liability for Future Policy Benefit, Activity [Line Items]
Less: Reinsurance recoverable	(372)
Net liability for future policy benefits, after reinsurance recoverable	1,602
Term | Protection Solutions | Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	0
Term | Protection Solutions | Effect of remeasurement of liability at current single A rate (1)
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	559
Payout | Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Less: Reinsurance recoverable	0
Net liability for future policy benefits, after reinsurance recoverable	3,407
Payout | Individual Retirement | Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	(171)
Payout | Individual Retirement | Effect of remeasurement of liability at current single A rate (1)
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	531
Group Pension | Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Less: Reinsurance recoverable	0
Net liability for future policy benefits, after reinsurance recoverable	780
Group Pension | Corporate and Other | Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	(85)
Group Pension | Corporate and Other | Effect of remeasurement of liability at current single A rate (1)
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	94
Health | Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Less: Reinsurance recoverable	(1,837)
Net liability for future policy benefits, after reinsurance recoverable	463
Health | Corporate and Other | Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	(100)
Health | Corporate and Other | Effect of remeasurement of liability at current single A rate (1)
Liability for Future Policy Benefit, Activity [Line Items]
Ending balance before shadow reserve adjustments	$ 300

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Market Risk Benefit, Activity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jan. 01, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Market risk benefits	$ 1,735	$ 665			$ 23,416
Previously Reported
Market Risk Benefit [Line Items]
Market risk benefits					19,154
Effect Of Application Of Accounting Standards Updated 2018-12, Adjustments For Reversal Of Balances Recorded In Accumulated Other Comprehensive Income
Market Risk Benefit [Line Items]
Market risk benefits					(74)
Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk
Market Risk Benefit [Line Items]
Market risk benefits					971
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB
Market Risk Benefit [Line Items]
Market risk benefits					3,365
GMxB Legacy | Legacy Segment
Market Risk Benefit [Line Items]
Market risk benefits	(1,422)		$ (2,027)		24,404
GMxB Legacy | Legacy Segment | Previously Reported
Market Risk Benefit [Line Items]
Market risk benefits					19,891
GMxB Legacy | Legacy Segment | Effect Of Application Of Accounting Standards Updated 2018-12, Adjustments For Reversal Of Balances Recorded In Accumulated Other Comprehensive Income
Market Risk Benefit [Line Items]
Market risk benefits					(70)
GMxB Legacy | Legacy Segment | Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk
Market Risk Benefit [Line Items]
Market risk benefits					461
GMxB Legacy | Legacy Segment | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB
Market Risk Benefit [Line Items]
Market risk benefits					4,122
GMxB Core | Individual Retirement
Market Risk Benefit [Line Items]
Market risk benefits	(215)		(357)		2,144
GMxB Core | Individual Retirement | Previously Reported
Market Risk Benefit [Line Items]
Market risk benefits					2,206
GMxB Core | Individual Retirement | Effect Of Application Of Accounting Standards Updated 2018-12, Adjustments For Reversal Of Balances Recorded In Accumulated Other Comprehensive Income
Market Risk Benefit [Line Items]
Market risk benefits					(4)
GMxB Core | Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk
Market Risk Benefit [Line Items]
Market risk benefits					505
GMxB Core | Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB
Market Risk Benefit [Line Items]
Market risk benefits					(563)
Purchased MRB | Legacy Segment
Market Risk Benefit [Line Items]
Market risk benefits					(3,132)
Purchased MRB | Legacy Segment | Previously Reported
Market Risk Benefit [Line Items]
Market risk benefits					(2,943)
Purchased MRB | Legacy Segment | Effect Of Application Of Accounting Standards Updated 2018-12, Adjustments For Reversal Of Balances Recorded In Accumulated Other Comprehensive Income
Market Risk Benefit [Line Items]
Market risk benefits					0
Purchased MRB | Legacy Segment | Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk
Market Risk Benefit [Line Items]
Market risk benefits					5
Purchased MRB | Legacy Segment | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB
Market Risk Benefit [Line Items]
Market risk benefits					$ (194)
Purchased MRB | Individual Retirement
Market Risk Benefit [Line Items]
Market risk benefits	$ 1		$ 0
EQUI-VEST Individual | No Effect Of Application Of Accounting Standards Update 2018-12
Market Risk Benefit [Line Items]
Market risk benefits				$ 43
SCS | No Effect Of Application Of Accounting Standards Update 2018-12
Market Risk Benefit [Line Items]
Market risk benefits				21
Group Retirement Equi-Vest | No Effect Of Application Of Accounting Standards Update 2018-12
Market Risk Benefit [Line Items]
Market risk benefits				$ (20)

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2021	Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	$ 4,801	$ 4,814		$ 4,098
Closed block liabilities	5,693	5,760
Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				3,771
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC			$ 467	327
Closed block liabilities				136
Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				3
Term | Protection Solutions
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	350	362		403
Term | Protection Solutions | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				403
Term | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
UL | Protection Solutions
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	21	20		5
UL | Protection Solutions | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
UL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				5
VUL | Protection Solutions
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	144	112		6
VUL | Protection Solutions | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
VUL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				6
IUL | Protection Solutions
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
IUL | Protection Solutions | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
IUL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				0
GMxB Legacy | Legacy Segment
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	213	213		200
GMxB Legacy | Legacy Segment | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				192
GMxB Legacy | Legacy Segment | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				8
GMxB Core | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	1,537	1,585		1,646
GMxB Core | Individual Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				1,635
GMxB Core | Individual Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				11
EQUI-VEST Individual | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	153	156		154
EQUI-VEST Individual | Individual Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				141
EQUI-VEST Individual | Individual Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				13
Investment Edge | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	151	147		94
Investment Edge | Individual Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				95
Investment Edge | Individual Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				(1)
SCS | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				855
SCS | Individual Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				645
SCS | Individual Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				210
EQUI-VEST Group | Group Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	717	711		634
EQUI-VEST Group | Group Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				581
EQUI-VEST Group | Group Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				53
Momentum | Group Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC	$ 86	$ 89		101
Momentum | Group Retirement | Previously Reported
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				79
Momentum | Group Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC				$ 22

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	$ 404
Previously Reported
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	404
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	0
Protection Solutions
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	541
Protection Solutions | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	413
Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	128
GMxB Legacy | Legacy Segment
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	246
GMxB Legacy | Legacy Segment | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	246
GMxB Legacy | Legacy Segment | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	0
GMxB Core
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue		$ 131	$ 137	$ 142	$ 147
GMxB Core | Individual Retirement
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	158
GMxB Core | Individual Retirement | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	158
GMxB Core | Individual Retirement | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Sales inducement assets and unearned revenue	0
UL | Protection Solutions
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	60
UL | Protection Solutions | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	31
UL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	29
VUL | Protection Solutions
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	481
VUL | Protection Solutions | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	382
VUL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	99
IUL | Protection Solutions
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	0
IUL | Protection Solutions | Previously Reported
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	0
IUL | Protection Solutions | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Sale Inducement Cost [Line Items]
Protection solutions unearned revenue liability	$ 0

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 262,770	$ 227,416
Investments	86,415	85,034
Consolidated Limited Partnerships
Variable Interest Entity [Line Items]
Assets	675	410
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Assets	261,200	282,300
Investments	2,300	2,300
Variable interest, maximum loss exposure	2,300	2,300
Unfunded commitments	$ 1,300	$ 1,300

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) issue	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) issue	Jun. 30, 2022 USD ($)	Dec. 31, 2027	Dec. 31, 2022 USD ($) issue	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Net Investment Income [Line Items]
Accrued interest, writeoff			$ 0		$ 0
Gross gains on sales	$ 0			$ 0
Gross losses on sales	$ 34,000,000			$ 34,000,000
Number of unrealized loss positions | issue	4,665			4,665			4,798
Debt securities exposure in single issuer greater than stated percentage of total investments (as a percent)	1.10%			1.10%
Fixed maturities available-for-sale, amortized cost	$ 65,718,000,000			$ 65,718,000,000			$ 68,087,000,000
Gross unrealized losses	7,844,000,000			7,844,000,000			4,957,000,000
Allowance for credit loss	145,000,000		64,000,000	$ 145,000,000	64,000,000		129,000,000
Percentage of mortgage loans on real estate		0.30%
Percentage of mortgage loans on real estate, interest rate				0.35%
Separate account equity investment carrying value	46,000,000			$ 46,000,000			38,000,000
Interest credited to policyholders account balances participating group annuity contracts	$ 0		1,000,000	$ 1,000,000	1,000,000
Securities Loaned, Minimum Fair Value Of Loaned Securities Held As Cash Collateral	102%			102%
Forecast
Net Investment Income [Line Items]
Percentage of mortgage loans on real estate, interest rate						5%
Commercial mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	$ 76,000,000			$ 76,000,000			71,000,000
Accrued interest, writeoff				0	0
Allowance for credit loss	140,000,000	$ 133,000,000	58,000,000	140,000,000	58,000,000		123,000,000	$ 47,000,000	$ 57,000,000
Non-accruing loans, carrying value	17,000,000			17,000,000			14,000,000
Net of allowance, carrying value	2,000,000			2,000,000			2,000,000
Troubled debt restructuring, postmodification		56,000,000
Agricultural mortgages:
Net Investment Income [Line Items]
Accrued investment income receivable	76,000,000			76,000,000			71,000,000
Accrued interest, writeoff				0	0
Allowance for credit loss	5,000,000	$ 6,000,000	6,000,000	5,000,000	6,000,000		6,000,000	$ 6,000,000	$ 5,000,000
Individually Assessed Mortgage loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0		0	0	0
Allowance for credit loss	0		$ 0	0	$ 0
Fixed Maturities
Net Investment Income [Line Items]
Accrued investment income receivable	547,000,000			547,000,000			550,000,000
Accrued interest, writeoff	0			0
Fixed maturities available-for-sale, amortized cost	65,700,000,000			65,700,000,000			68,100,000,000
Fixed Maturities | Other Than Investment Grade | Non-Investment Grade
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost basis other than investment grade	$ 2,700,000,000			$ 2,700,000,000			$ 2,900,000,000
Percentage of available for sale securities (as a percent)	4.10%			4.10%			4.30%
Unrealized loss on available for sale securities	$ 161,000,000			$ 161,000,000			$ 208,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 400,000,000			$ 400,000,000			$ 327,000,000
Debt securities exposure in single issuer of total investments (as a percent)	833.30%			833.30%			(30.40%)
Fixed maturities available-for-sale, amortized cost	$ 43,927,000,000			$ 43,927,000,000			$ 46,053,000,000
Gross unrealized losses	$ 5,717,000,000			$ 5,717,000,000			$ 4,222,000,000

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 65,718		$ 65,718		$ 68,087
Allowance for Credit Losses	2		2		24
Gross Unrealized Gains	140		140		105
Gross Unrealized Losses	8,327		8,327		9,221
Fair Value	57,529		57,529		58,947
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	1,074		1,074
Due in years two through five	12,505		12,505
Due in years six through ten	14,334		14,334
Due after ten years	24,408		24,408
Subtotal	52,321		52,321
Amortized cost	65,716		65,716
Fair Value
Due in one year or less	1,063		1,063
Due in years two through five	11,792		11,792
Due in years six through ten	12,923		12,923
Due after ten years	19,295		19,295
Subtotal	45,073		45,073
Fair Value	57,529		57,529		58,947
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	2,233	$ 3,298	2,961	$ 10,634
Gross gains on sales	5	9	7	38
Gross losses on sales	(46)	(229)	(64)	(590)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses	(7)	2	(62)	3
Gross gains on sales	0		0
Gross losses on sales	(34)		(34)
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	87	41	36	42
Previously recognized impairments on securities that matured, paid, prepaid or sold	(52)	(11)	(55)	(13)
Recognized impairments on securities impaired to fair value this period	0	0	50	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	6	1	9	1
Additional credit losses this period on securities previously impaired	3	1	4	2
Balances, end of period	44	$ 32	44	$ 32
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,927		43,927		46,053
Allowance for Credit Losses	2		2		24
Gross Unrealized Gains	115		115		89
Gross Unrealized Losses	5,983		5,983		6,655
Fair Value	38,057		38,057		39,463
Fair Value
Fair Value	38,057		38,057		39,463
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,000		7,000		7,049
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	1		1		1
Gross Unrealized Losses	1,197		1,197		1,312
Fair Value	5,804		5,804		5,738
Fair Value
Fair Value	5,804		5,804		5,738
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	532		532		540
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	9		9		7
Gross Unrealized Losses	67		67		76
Fair Value	474		474		471
Fair Value
Fair Value	474		474		471
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	864		864		985
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		2
Gross Unrealized Losses	128		128		151
Fair Value	738		738		836
Fair Value
Fair Value	738		738		836
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	934		934		860
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		1
Gross Unrealized Losses	94		94		84
Fair Value	840		840		777
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	934		934
Fair Value
Without single maturity date	840		840
Fair Value	840		840		777
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,696		8,696		8,817
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	9		9		3
Gross Unrealized Losses	274		274		371
Fair Value	8,431		8,431		8,449
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	8,696		8,696
Fair Value
Without single maturity date	8,431		8,431
Fair Value	8,431		8,431		8,449
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,724		3,724		3,742
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	1		1		0
Gross Unrealized Losses	584		584		572
Fair Value	3,141		3,141		3,170
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	3,724		3,724
Fair Value
Without single maturity date	3,141		3,141
Fair Value	3,141		3,141		3,170
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41		41		41
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	3		3		2
Gross Unrealized Losses	0		0		0
Fair Value	44		44		43
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	41		41
Fair Value
Without single maturity date	44		44
Fair Value	$ 44		$ 44		$ 43

INVESTMENTS - Net Unrealized Ga

INVESTMENTS - Net Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,228	$ 5,855	$ (1,074)	$ 7,483
Ending balance	48	4,082	48	4,082
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	(7,609)	(1,277)	(9,116)	4,462
Net investment gains (losses) arising during the period	(629)	(5,590)	815	(11,655)
Included in net income (loss)	50	223	120	554
Impact of net unrealized investment gains (losses)	0			0
Ending balance	(8,187)	(6,647)	(8,187)	(6,647)
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	18	1	21	(703)
Impact of net unrealized investment gains (losses)	(7)	24	(10)	728
Ending balance	11	25	11	25
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	105	195	420	(790)
Impact of net unrealized investment gains (losses)	1,612	1,195	1,296	2,179
Ending balance	1,717	1,391	1,717	1,391
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	(7,486)	(1,081)	(8,675)	2,969
Net investment gains (losses) arising during the period	(629)	(5,590)	815	(11,655)
Included in net income (loss)	50	223	120	554
Impact of net unrealized investment gains (losses)	1,605	1,219	1,286	2,907
Ending balance	(6,459)	(5,231)	(6,459)	(5,231)
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]
Net unrealized investment gains (losses) excluding credit losses	(8,188)	(6,644)	(8,181)	(6,639)
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]
Net unrealized investment gains (losses) excluding credit losses	(6,460)	(5,229)	(6,454)	(5,225)
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]
Net unrealized investment gains (losses) with credit losses	1	(3)	(6)	(8)
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]
Net unrealized investment gains (losses) with credit losses	1	(2)	(5)	(6)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Fixed Maturities | Net Unrealized Gains (Losses) On Investments Excluding Credit Losses | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) excluding credit losses	11	25	11	25
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Fixed Maturities | 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]
Net unrealized investment gains (losses) excluding credit losses	1,717	1,390	1,716	1,389
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Fixed Maturities | Net Unrealized Gains (Losses) On Investments Including Credit Losses | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with credit losses	0	0	0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Fixed Maturities | 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]
Net unrealized investment gains (losses) with credit losses	$ 0	$ 1	$ 1	$ 2

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	$ 8,230	$ 36,438
Less Than 12 Months, Gross Unrealized Losses	481	4,262
12 Months or Longer, Fair Value	44,348	19,212
12 Months or Longer, Gross Unrealized Losses	7,844	4,957
Total Fair Value	52,578	55,650
Total Gross Unrealized Losses	8,325	9,219
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	5,661	22,034
Less Than 12 Months, Gross Unrealized Losses	264	2,431
12 Months or Longer, Fair Value	29,006	15,014
12 Months or Longer, Gross Unrealized Losses	5,717	4,222
Total Fair Value	34,667	37,048
Total Gross Unrealized Losses	5,981	6,653
U.S. Treasury, government and agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	1,502	5,465
Less Than 12 Months, Gross Unrealized Losses	198	1,294
12 Months or Longer, Fair Value	4,235	204
12 Months or Longer, Gross Unrealized Losses	999	18
Total Fair Value	5,737	5,669
Total Gross Unrealized Losses	1,197	1,312
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	52	91
Less Than 12 Months, Gross Unrealized Losses	1	18
12 Months or Longer, Fair Value	227	158
12 Months or Longer, Gross Unrealized Losses	66	58
Total Fair Value	279	249
Total Gross Unrealized Losses	67	76
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	45	349
Less Than 12 Months, Gross Unrealized Losses	3	42
12 Months or Longer, Fair Value	615	418
12 Months or Longer, Gross Unrealized Losses	125	109
Total Fair Value	660	767
Total Gross Unrealized Losses	128	151
Residential mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	153	665
Less Than 12 Months, Gross Unrealized Losses	3	49
12 Months or Longer, Fair Value	649	79
12 Months or Longer, Gross Unrealized Losses	91	35
Total Fair Value	802	744
Total Gross Unrealized Losses	94	84
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	666	6,262
Less Than 12 Months, Gross Unrealized Losses	5	228
12 Months or Longer, Fair Value	6,688	1,759
12 Months or Longer, Gross Unrealized Losses	269	143
Total Fair Value	7,354	8,021
Total Gross Unrealized Losses	274	371
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less Than 12 Months, Fair Value	151	1,572
Less Than 12 Months, Gross Unrealized Losses	7	200
12 Months or Longer, Fair Value	2,928	1,580
12 Months or Longer, Gross Unrealized Losses	577	372
Total Fair Value	3,079	3,152
Total Gross Unrealized Losses	$ 584	$ 572

INVESTMENTS - Securities Lendin

INVESTMENTS - Securities Lending (Details) $ in Millions	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Loaned securities	$ 28
Cash collateral	$ 28.6

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period			$ 129
Balance, end of period	$ 145	$ 64	145	$ 64
Commercial mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	133	47	123	57
Current-period provision for expected credit losses	7	11	17	1
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Net change in allowance	7	11	17	1
Balance, end of period	140	58	140	58
Agricultural mortgages:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	6	6	6	5
Current-period provision for expected credit losses	(1)	0	(1)	1
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Net change in allowance	(1)	0	(1)	1
Balance, end of period	$ 5	$ 6	$ 5	$ 6

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	$ 924		$ 3,272
Fiscal year before current fiscal year	3,264		2,114
Two years before current fiscal year	2,118		1,369
Three years before current fiscal year	1,368		642
Four years before current fiscal year	639		1,201
Prior	6,137		5,043
Revolving Loans Amortized Cost Basis	369		328
Revolving Loans Converted to Term Loans Amortized Cost Basis	131		34
Total	14,950		14,003
Total	14,916		14,003
Non-accruing Loans	34		0
Non-accruing Loans with No Allowance	34		0
Interest Income on Non-accruing Loans	1	$ 0
Commercial Mortgage Loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		56
Commercial Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		56
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	14,916		13,947
Commercial Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	115		771
Fiscal year before current fiscal year	687		1,159
Two years before current fiscal year	1,259		1,113
Three years before current fiscal year	1,113		102
Four years before current fiscal year	158		571
Prior	2,943		1,911
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	6,275		5,627
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		158
Fiscal year before current fiscal year	0		215
Two years before current fiscal year	181		164
Three years before current fiscal year	163		197
Four years before current fiscal year	172		186
Prior	722		477
Revolving Loans Amortized Cost Basis	213		279
Revolving Loans Converted to Term Loans Amortized Cost Basis	96		0
Total	1,547		1,676
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		337
Fiscal year before current fiscal year	476		390
Two years before current fiscal year	391		32
Three years before current fiscal year	32		153
Four years before current fiscal year	255		176
Prior	1,016		1,175
Revolving Loans Amortized Cost Basis	92		4
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,262		2,267
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	439		1,041
Fiscal year before current fiscal year	814		259
Two years before current fiscal year	165		0
Three years before current fiscal year	0		92
Four years before current fiscal year	0		73
Prior	821		917
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,239		2,382
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	363		507
Fiscal year before current fiscal year	828		43
Two years before current fiscal year	73		60
Three years before current fiscal year	60		98
Four years before current fiscal year	54		160
Prior	540		492
Revolving Loans Amortized Cost Basis	64		45
Revolving Loans Converted to Term Loans Amortized Cost Basis	35		34
Total	2,017		1,439
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	7		458
Fiscal year before current fiscal year	459		48
Two years before current fiscal year	49		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		35
Prior	95		71
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	610		612
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	190		624
Fiscal year before current fiscal year	497		130
Two years before current fiscal year	129		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		119
Prior	1,446		1,242
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,262		2,115
Commercial Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	490		2,285
Fiscal year before current fiscal year	2,404		1,569
Two years before current fiscal year	1,458		906
Three years before current fiscal year	905		313
Four years before current fiscal year	257		623
Prior	2,838		2,254
Revolving Loans Amortized Cost Basis	369		328
Revolving Loans Converted to Term Loans Amortized Cost Basis	96		0
Total	8,817		8,278
Commercial Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	244		363
Fiscal year before current fiscal year	363		415
Two years before current fiscal year	497		463
Three years before current fiscal year	463		329
Four years before current fiscal year	290		424
Prior	1,600		1,314
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	35		34
Total	3,492		3,342
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	34		0
Three years before current fiscal year	0		0
Four years before current fiscal year	92		35
Prior	253		233
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	379		268
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	40		353
Fiscal year before current fiscal year	350		367
Two years before current fiscal year	355		450
Three years before current fiscal year	442		197
Four years before current fiscal year	194		215
Prior	1,160		1,008
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,541		2,590
Total	2,522		2,574
Non-accruing Loans	19		16
Non-accruing Loans with No Allowance	3		0
Interest Income on Non-accruing Loans	0	0
Agricultural Mortgage Loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	31		21
Agricultural Mortgage Loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	15		3
Agricultural Mortgage Loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	4		5
Agricultural Mortgage Loans | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	12		13
Agricultural Mortgage Loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	2,491		2,553
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	5		51
Fiscal year before current fiscal year	51		40
Two years before current fiscal year	39		62
Three years before current fiscal year	60		21
Four years before current fiscal year	21		12
Prior	186		193
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	362		379
Agricultural Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		16
Fiscal year before current fiscal year	16		58
Two years before current fiscal year	57		35
Three years before current fiscal year	33		24
Four years before current fiscal year	24		14
Prior	65		51
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	195		198
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	6		69
Fiscal year before current fiscal year	69		42
Two years before current fiscal year	31		111
Three years before current fiscal year	110		18
Four years before current fiscal year	18		19
Prior	208		196
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	442		455
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	17		107
Fiscal year before current fiscal year	106		147
Two years before current fiscal year	155		177
Three years before current fiscal year	176		98
Four years before current fiscal year	99		99
Prior	385		298
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	938		926
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	8		91
Fiscal year before current fiscal year	90		80
Two years before current fiscal year	73		61
Three years before current fiscal year	59		30
Four years before current fiscal year	26		60
Prior	291		257
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	547		579
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	4		19
Fiscal year before current fiscal year	18		0
Two years before current fiscal year	0		4
Three years before current fiscal year	4		6
Four years before current fiscal year	6		11
Prior	25		13
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	57		53
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	25		163
Fiscal year before current fiscal year	163		182
Two years before current fiscal year	187		228
Three years before current fiscal year	241		129
Four years before current fiscal year	129		132
Prior	826		725
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	1,571		1,559
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	15		190
Fiscal year before current fiscal year	187		185
Two years before current fiscal year	168		222
Three years before current fiscal year	201		68
Four years before current fiscal year	65		83
Prior	318		267
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	954		1,015
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		16
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	16		16
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	964		3,625
Fiscal year before current fiscal year	3,614		2,481
Two years before current fiscal year	2,473		1,819
Three years before current fiscal year	1,810		839
Four years before current fiscal year	833		1,416
Prior	7,297		6,051
Revolving Loans Amortized Cost Basis	369		328
Revolving Loans Converted to Term Loans Amortized Cost Basis	131		34
Total	17,491		16,593
Total	17,438		16,577
Non-accruing Loans	53		16
Non-accruing Loans with No Allowance	37		0
Interest Income on Non-accruing Loans	1	$ 0
Mortgages Loan | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	31		77
Mortgages Loan | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	15		59
Mortgages Loan | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	4		5
Mortgages Loan | 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	12		13
Mortgages Loan | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	17,407		16,500
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	120		822
Fiscal year before current fiscal year	738		1,199
Two years before current fiscal year	1,298		1,175
Three years before current fiscal year	1,173		123
Four years before current fiscal year	179		583
Prior	3,129		2,104
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	6,637		6,006
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		174
Fiscal year before current fiscal year	16		273
Two years before current fiscal year	238		199
Three years before current fiscal year	196		221
Four years before current fiscal year	196		200
Prior	787		528
Revolving Loans Amortized Cost Basis	213		279
Revolving Loans Converted to Term Loans Amortized Cost Basis	96		0
Total	1,742		1,874
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	6		406
Fiscal year before current fiscal year	545		432
Two years before current fiscal year	422		143
Three years before current fiscal year	142		171
Four years before current fiscal year	273		195
Prior	1,224		1,371
Revolving Loans Amortized Cost Basis	92		4
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,704		2,722
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	456		1,148
Fiscal year before current fiscal year	920		406
Two years before current fiscal year	320		177
Three years before current fiscal year	176		190
Four years before current fiscal year	99		172
Prior	1,206		1,215
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	3,177		3,308
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	371		598
Fiscal year before current fiscal year	918		123
Two years before current fiscal year	146		121
Three years before current fiscal year	119		128
Four years before current fiscal year	80		220
Prior	831		749
Revolving Loans Amortized Cost Basis	64		45
Revolving Loans Converted to Term Loans Amortized Cost Basis	35		34
Total	2,564		2,018
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	11		477
Fiscal year before current fiscal year	477		48
Two years before current fiscal year	49		4
Three years before current fiscal year	4		6
Four years before current fiscal year	6		46
Prior	120		84
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	667		665
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	215		787
Fiscal year before current fiscal year	660		312
Two years before current fiscal year	316		228
Three years before current fiscal year	241		129
Four years before current fiscal year	129		251
Prior	2,272		1,967
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	3,833		3,674
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	505		2,475
Fiscal year before current fiscal year	2,591		1,754
Two years before current fiscal year	1,626		1,128
Three years before current fiscal year	1,106		381
Four years before current fiscal year	322		706
Prior	3,156		2,521
Revolving Loans Amortized Cost Basis	369		328
Revolving Loans Converted to Term Loans Amortized Cost Basis	96		0
Total	9,771		9,293
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	244		363
Fiscal year before current fiscal year	363		415
Two years before current fiscal year	497		463
Three years before current fiscal year	463		329
Four years before current fiscal year	290		424
Prior	1,616		1,330
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	35		34
Total	3,508		3,358
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	34		0
Three years before current fiscal year	0		0
Four years before current fiscal year	92		35
Prior	253		233
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	$ 379		$ 268

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 7	$ (68)	$ 6	$ (107)
Net investment gains (losses) recognized on securities sold during the period	(2)	1	(2)	(10)
Unrealized and realized gains (losses) on equity securities	$ 5	$ (67)	$ 4	$ (117)

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 4	$ (29)	$ 17	$ (45)
Net investment gains (losses) recognized on securities sold during the period	(1)	(1)	(2)	(1)
Unrealized and realized gains (losses) on trading securities	3	(30)	15	(46)
Interest and dividend income from trading securities	2	3	4	5
Net investment income (loss) from trading securities	$ 5	$ (27)	$ 19	$ (41)

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	$ 961	$ 767	$ 1,898	$ 1,590
Investment Income, Investment Expense	(76)	(72)	(155)	(140)
Net Investment Income, Total	885	695	1,743	1,450
Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	636	767	1,573	1,590
Investment Income, Investment Expense	(46)	(72)	(125)	(140)
Net Investment Income, Total	590	695	1,448	1,450
Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	325	0	325	0
Investment Income, Investment Expense	(30)	0	(30)	0
Net Investment Income, Total	295	0	295	0
Fixed Maturities
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	688	586	1,359	1,167
Fixed Maturities | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	416	586	1,087	1,167
Fixed Maturities | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	272	0	272	0
Mortgage loans on real estate
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	198	138	375	276
Mortgage loans on real estate | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	111	138	288	276
Mortgage loans on real estate | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	87	0	87	0
Policy loans
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	49	50	97	101
Policy loans | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	49	50	97	101
Policy loans | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	0	0	0	0
Other equity investments
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	14	6	35	58
Other equity investments | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	49	6	70	58
Other equity investments | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	(35)	0	(35)	0
Trading securities
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	5	(27)	19	(41)
Trading securities | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	5	(27)	19	(41)
Trading securities | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	0	0	0	0
Other investment income
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	7	14	13	29
Other investment income | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	6	14	12	29
Other investment income | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Other Investment Income (Loss), Gross	$ 1	$ 0	$ 1	$ 0

INVESTMENTS - Investment Gains

INVESTMENTS - Investment Gains (Losses), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Investment gains (losses), net	$ (58)	$ (242)	$ (136)	$ (564)
Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(22)	(242)	(100)	(564)
Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(36)	0	(36)	0
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	(49)	(222)	(120)	(554)
Fixed maturities | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(15)	(222)	(86)	(554)
Fixed maturities | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(34)	0	(34)	0
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment gains (losses), net	(7)	(12)	(16)	(2)
Mortgage loans on real estate | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(5)	(12)	(14)	(2)
Mortgage loans on real estate | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(2)	0	(2)	0
Other
Net Investment Income [Line Items]
Investment gains (losses), net	(2)	(8)	0	(8)
Other | Excluding Funds Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	(2)	(8)	0	(8)
Other | Funds Withheld Withheld And NI Modco
Net Investment Income [Line Items]
Investment gains (losses), net	$ 0	$ 0	$ 0	$ 0

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	$ 2,588	$ 2,386
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	110	99
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	402	379
Derivative Liabilities - FWH and NI Modco	0	0
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	13,964	70,032
Notional Amount - FWH and NI Modco	62,407	0
Derivative Assets	2,041	7,926
Derivative Assets - FWH and NI Modco	9,258	0
Derivative Liabilities	7,474	8,046
Derivative Liabilities - FWH and NI Modco	2,264	0
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	1,633	1,431
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	110	99
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	82	85
Derivative Liabilities - FWH and NI Modco	0	0
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	455	397
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	1	4
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	8	13
Derivative Liabilities - FWH and NI Modco	0	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	955	955
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	0	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	320	294
Derivative Liabilities - FWH and NI Modco	0	0
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	1,018	1,498
Notional Amount - FWH and NI Modco	885	0
Derivative Assets	1	0
Derivative Assets - FWH and NI Modco	5	0
Derivative Liabilities	117	166
Derivative Liabilities - FWH and NI Modco	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	3,381	4,320
Notional Amount - FWH and NI Modco	2,305	0
Derivative Assets	0	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	0	0
Derivative Liabilities - FWH and NI Modco	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	1,896	11,159
Notional Amount - FWH and NI Modco	11,115	0
Derivative Assets	6	38
Derivative Assets - FWH and NI Modco	43	0
Derivative Liabilities	0	0
Derivative Liabilities - FWH and NI Modco	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	6,531	39,863
Notional Amount - FWH and NI Modco	39,938	0
Derivative Assets	1,806	7,549
Derivative Assets - FWH and NI Modco	8,952	0
Derivative Liabilities	420	3,396
Derivative Liabilities - FWH and NI Modco	2,264	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	585	12,693
Notional Amount - FWH and NI Modco	8,164	0
Derivative Assets	0	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	0	0
Derivative Liabilities - FWH and NI Modco	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	98	102
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	0	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	2	2
Derivative Liabilities - FWH and NI Modco	0	0
Margin | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	69	193
Derivative Assets - FWH and NI Modco	258	0
Derivative Liabilities	0	0
Derivative Liabilities - FWH and NI Modco	0	0
Collateral | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	158	142
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	6,927	4,469
Derivative Liabilities - FWH and NI Modco	0	0
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	6,600	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	8,148	4,077
Derivative Liabilities - FWH and NI Modco	0	0
Funds Withheld Payable
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	0	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	(136)	0
Derivative Liabilities - FWH and NI Modco	0	0
Modco payable
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	166	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	0	0
Derivative Liabilities - FWH and NI Modco	0	0
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Notional Amount - FWH and NI Modco	0	0
Derivative Assets	6,766	0
Derivative Assets - FWH and NI Modco	0	0
Derivative Liabilities	8,012	4,077
Derivative Liabilities - FWH and NI Modco	0	0
Total derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	16,552	72,418
Notional Amount - FWH and NI Modco	62,407	0
Derivative Assets	8,917	8,025
Derivative Assets - FWH and NI Modco	9,258	0
Derivative Liabilities	15,888	12,502
Derivative Liabilities - FWH and NI Modco	$ 2,264	$ 0

DERIVATIVES - Financial Stateme

DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ (221)	$ 1,834	$ (1,062)	$ 1,978
Net investment income	885	695	1,743	1,450
Interest credited	312	287	747	575
Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(14)	(9)	(11)	(27)
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	2	1	5	2
Interest credited	8	8	26	10
AOCI	33	160	30	153
Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	217		951
Net-FWH derivatives gains (losses)	1,364		1,364
Net investment income	0		0
Interest credited	0		0
AOCI	0		0
Derivatives: not designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)		(1,619)		(1,765)
Net-FWH derivatives gains (losses)		0		0
Net investment income		0		0
Interest credited		0		0
AOCI		0		0
Currency swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	2	18	10	14
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	2	1	5	2
Interest credited	8	8	26	10
AOCI	3	(8)	28	(5)
Currency swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(9)	13	(19)	18
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Interest swaps | Derivatives: designated for hedge accounting | Cash flow hedges:
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(16)	(27)	(21)	(41)
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	30	168	2	(148)
Interest swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(61)	(154)	(14)	(303)
Net-FWH derivatives gains (losses)	5	0	5	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	58	455	(96)	515
Net-FWH derivatives gains (losses)	(158)	0	(158)	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(113)	2,036	(716)	2,762
Net-FWH derivatives gains (losses)	(591)	0	(591)	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Options | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	361	(3,444)	1,858	(3,731)
Net-FWH derivatives gains (losses)	2,032	0	2,032	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Futures | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(19)	(533)	(62)	(1,034)
Net-FWH derivatives gains (losses)	76	0	76	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Swaptions | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Credit default swaps | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	8	0	8
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Currency forwards | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Margin | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Collateral | Derivatives: not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0	0	0
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(453)	3,466	0	3,776
Net-FWH derivatives gains (losses)	0	0	(2,027)	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Funds Withheld Payable
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	599		599
Net-FWH derivatives gains (losses)	0		0
Net investment income	0		0
Interest credited	0		0
AOCI	0		0
Funds withheld
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)		0		0
Net-FWH derivatives gains (losses)		0		0
Net investment income		0		0
Interest credited		0		0
AOCI		0		0
Modco payable
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,930)	0	(1,930)	0
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Total embedded derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,784)	3,466	(3,358)	3,776
Net-FWH derivatives gains (losses)	0	0	0	0
Net investment income	0	0	0	0
Interest credited	0	0	0	0
AOCI	0	0	0	0
Total derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,581)	1,838	(2,418)	1,984
Net-FWH derivatives gains (losses)	1,364	0	1,364	0
Net investment income	2	1	5	2
Interest credited	8	8	26	10
AOCI	33	160	30	153
Investment fees		$ 8		$ 6
Gmib Reinsurance
Derivatives, Fair Value [Line Items]
Investment fees	$ 4		$ 4

DERIVATIVES - Rollforward for C

DERIVATIVES - Rollforward for Cash Flows Hedges in AOCI (Details) - Cash flow hedges recognized in AOCI - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 19	$ (215)	$ 22	$ (208)
Amount recorded in AOCI	23	140	(21)	98
Amount reclassified from AOCI to income	10	21	51	56
Balance, end of period	52	(54)	52	(54)
Currency swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	13	3	6	0
Amount reclassified from AOCI to income	(10)	(10)	22	6
Interest swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	10	137	(27)	98
Amount reclassified from AOCI to income	$ 20	$ 31	$ 29	$ 50

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Credit derivative, term	5 years
Cash and securities collateral for derivative contract	$ 6,900	$ 4,500
Cash and securities collateral	158	142
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	260	222
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	82	103
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	Jun. 30, 2023	Dec. 31, 2022
Derivative
Assets
Gross Amount Recognized	$ 11,410	$ 8,024
Gross Amount Offset in the Balance Sheets	8,772	6,980
Net Amount Presented in the Balance Sheets	2,638	1,044
Gross amount not offset in the balance sheets	(1,367)	(848)
Net Amount	1,271	196
Liabilities
Gross Amount Recognized	8,773	7,577
Gross Amount Offset in the Balance Sheets	8,772	6,980
Net Amount Presented in the Balance Sheets	1	597
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1	597
Secured Lending
Assets
Gross Amount Recognized	29	0
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	29	0
Gross amount not offset in the balance sheets	0	0
Net Amount	29	0
Liabilities
Gross Amount Recognized	29	0
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	29	0
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	29	0
Other financial assets
Assets
Gross Amount Recognized	1,980	1,791
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,980	1,791
Gross amount not offset in the balance sheets	0	0
Net Amount	1,980	1,791
Other invested assets
Assets
Gross Amount Recognized	13,419	9,815
Gross Amount Offset in the Balance Sheets	8,772	6,980
Net Amount Presented in the Balance Sheets	4,647	2,835
Gross amount not offset in the balance sheets	(1,367)	(848)
Net Amount	3,280	1,987
Other financial liabilities
Liabilities
Gross Amount Recognized	2,520	4,588
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	2,520	4,588
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	2,520	4,588
Other liabilities
Liabilities
Gross Amount Recognized	11,322	12,165
Gross Amount Offset in the Balance Sheets	8,772	6,980
Net Amount Presented in the Balance Sheets	2,550	5,185
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 2,550	$ 5,185

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 5,564	$ 5,692
Policyholder dividend obligation	0	0
Other liabilities	129	68
Total Closed Block liabilities	5,693	5,760
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,065 and $3,171) (allowance for credit losses of $0 and $0)	2,857	2,948
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4)	1,649	1,645
Policy loans	556	569
Cash and other invested assets	16	0
Other assets	221	187
Total assets designated to the Closed Block	5,299	5,349
Excess of Closed Block liabilities over assets designated to the Closed Block	394	411
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $44 and $47	(164)	(177)
Maximum future earnings to be recognized from Closed Block assets and liabilities	230	234
Fixed maturities, available for sale, amortized cost	3,065	3,171
Fixed maturities available-for-sale, allowance for credit losses	0	0
Mortgage loans, credit losses	4	4
Unrealized investment gains (losses)	0	0
Closed block operations, income taxes	$ 44	$ 47

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Premiums and other income	$ 29	$ 31	$ 59	$ 64
Net investment income (loss)	52	54	103	112
Investment gains (losses), net	0	(1)	0	0
Total revenues	81	84	162	176
Benefits and Other Deductions:
Policyholders’ benefits and dividends	75	80	158	156
Other operating costs and expenses	0	0	0	0
Total benefits and other deductions	75	80	158	156
Net income (loss), before income taxes	6	4	4	20
Income tax (expense) benefit	(1)	0	(2)	(2)
Net income (loss)	$ 5	$ 4	$ 2	$ 18

DAC AND OTHER DEFERRED ASSETS_3

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	$ 4,814
Balance, end of period	4,801
Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	4,788	$ 4,554
Capitalization	253	374
Amortization	(243)	(230)
Recovery of acquisition cost	(21)	0
Balance, end of period	4,777	4,698
Term | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	362	385
Capitalization	7	9
Amortization	(19)	(21)
Recovery of acquisition cost	0	0
Balance, end of period	350	373
UL | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	20	14
Capitalization	2	4
Amortization	(1)	0
Recovery of acquisition cost	0	0
Balance, end of period	21	18
VUL | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	112	50
Capitalization	36	36
Amortization	(4)	(2)
Recovery of acquisition cost	0	0
Balance, end of period	144	84
GMxB Core
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Capitalization	0	1
GMxB Core | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	1,585	1,639
Capitalization	26	50
Amortization	(68)	(66)
Recovery of acquisition cost	(6)	0
Balance, end of period	1,537	1,623
EQUI-VEST Individual | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	156	156
Capitalization	5	6
Amortization	(6)	(6)
Recovery of acquisition cost	(2)	0
Balance, end of period	153	156
Investment Edge | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	147	121
Capitalization	12	21
Amortization	(7)	(7)
Recovery of acquisition cost	(1)	0
Balance, end of period	151	135
SCS | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	1,266	1,070
Capitalization	113	189
Amortization	(92)	(81)
Recovery of acquisition cost	(4)	0
Balance, end of period	1,283	1,178
GMxB Legacy | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	213	209
Capitalization	14	16
Amortization	(12)	(11)
Recovery of acquisition cost	(2)	0
Balance, end of period	213	214
EQUI-VEST Group | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	711	678
Capitalization	33	36
Amortization	(21)	(20)
Recovery of acquisition cost	(6)	0
Balance, end of period	717	694
Momentum | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	89	94
Capitalization	5	7
Amortization	(8)	(10)
Recovery of acquisition cost	0	0
Balance, end of period	86	91
Closed Block | Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of the period	127	138
Capitalization	0	0
Amortization	(5)	(6)
Recovery of acquisition cost	0	0
Balance, end of period	$ 122	$ 132

DAC AND OTHER DEFERRED ASSETS_4

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Credits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
GMxB Core
Changes in sales inducements costs
Balance, beginning of period	$ 137	$ 147
Capitalization	0	1
Amortization	(6)	(6)
Balance, end of period	131	142
GMxB Legacy
Changes in sales inducements costs
Balance, beginning of period	200	222
Amortization	(10)	(11)
Balance, end of period	190	211
UL
Changes in unearned revenue liability
Balance, beginning of period	95	80
Capitalization	9	11
Amortization	(3)	(3)
Recovery of unearned revenue	(1)	0
Balance, end of period	100	88
VUL
Changes in unearned revenue liability
Balance, beginning of period	525	501
Capitalization	29	27
Amortization	(17)	(16)
Recovery of unearned revenue	0	0
Balance, end of period	537	512
GMxB Legacy
Changes in sales inducements costs
Capitalization	$ 0	$ 0

DAC AND OTHER DEFERRED ASSETS_5

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - Reconciliation of DAC (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 4,801	$ 4,814	$ 4,098
Term | Protection Solutions
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	350	362	403
UL | Protection Solutions
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	21	20	5
VUL | Protection Solutions
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	144	112	6
GMxB Core | Individual Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	1,537	1,585	1,646
EQUI-VEST Individual | Individual Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	153	156	154
Investment Edge | Individual Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	151	147	94
SCS | Individual Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	1,283	1,266
GMxB Legacy | Legacy Segment
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	213	213	200
EQUI-VEST Group | Group Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	717	711	634
Momentum | Group Retirement
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	86	89	$ 101
Closed Block | Corporate and Others
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	122	127
Others | Corporate and Others
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 24	$ 26

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Assets:
Fixed maturities, AFS:	$ 57,529		$ 58,947
Purchased market risk benefits	17,334		10,490
Modco recievable	33,700
Liabilities:
Liability for market risk benefits	13,629	$ 8,200	15,751
Funds withheld payable	10,615	$ 11,200	0
Recurring
Assets:
Fixed maturities, AFS:	57,529		58,947
Other equity investments	661		627
Trading securities	304		283
Other invested assets:	8,381		4,225
Cash equivalents	3,152		655
Purchased market risk benefits	17,334		10,490
Assets for market risk benefits	751		478
Separate Accounts assets	118,817		110,808
Modco recievable	166		0
Total Assets	207,095		186,513
Liabilities:
Liability for market risk benefits	13,629		15,751
Funds withheld payable	(136)
Total Liabilities	21,641		19,828
Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Other equity investments	155		137
Trading securities	178		160
Other invested assets:	0		0
Cash equivalents	1,787		397
Purchased market risk benefits	0		0
Assets for market risk benefits	0		0
Separate Accounts assets	116,281		108,378
Modco recievable	0		0
Total Assets	118,401		109,072
Liabilities:
Liability for market risk benefits	0		0
Funds withheld payable	0		0
Total Liabilities	0		0
Recurring | Level 2
Assets:
Fixed maturities, AFS:	55,492		56,783
Other equity investments	453		478
Trading securities	126		123
Other invested assets:	8,329		4,220
Cash equivalents	1,365		258
Purchased market risk benefits	0		0
Assets for market risk benefits	0		0
Separate Accounts assets	2,535		2,429
Modco recievable	0		0
Total Assets	74,900		64,291
Liabilities:
Liability for market risk benefits	0		0
Funds withheld payable	0		0
Total Liabilities	8,148		4,077
Recurring | Level 3
Assets:
Fixed maturities, AFS:	2,037		2,164
Other equity investments	53		12
Trading securities	0		0
Other invested assets:	52		5
Cash equivalents	0		0
Purchased market risk benefits	17,334		10,490
Assets for market risk benefits	751		478
Separate Accounts assets	1		1
Modco recievable	166		0
Total Assets	20,394		13,150
Liabilities:
Liability for market risk benefits	13,629		15,751
Funds withheld payable	(136)		0
Total Liabilities	13,493		15,751
Recurring | NAV
Assets:
Separate Accounts assets	402		456
Corporate | Recurring
Assets:
Fixed maturities, AFS:	38,057		39,463
Corporate | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Corporate | Recurring | Level 2
Assets:
Fixed maturities, AFS:	36,081		37,360
Corporate | Recurring | Level 3
Assets:
Fixed maturities, AFS:	1,976		2,103
U.S. Treasury, government and agency
Assets:
Fixed maturities, AFS:	5,804		5,738
U.S. Treasury, government and agency | Recurring
Assets:
Fixed maturities, AFS:	5,804		5,738
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:	5,804		5,738
U.S. Treasury, government and agency | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0		0
States and political subdivisions
Assets:
Fixed maturities, AFS:	474		471
States and political subdivisions | Recurring
Assets:
Fixed maturities, AFS:	474		471
States and political subdivisions | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
States and political subdivisions | Recurring | Level 2
Assets:
Fixed maturities, AFS:	447		442
States and political subdivisions | Recurring | Level 3
Assets:
Fixed maturities, AFS:	27		29
Foreign governments
Assets:
Fixed maturities, AFS:	738		836
Foreign governments | Recurring
Assets:
Fixed maturities, AFS:	738		836
Foreign governments | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Foreign governments | Recurring | Level 2
Assets:
Fixed maturities, AFS:	738		836
Foreign governments | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0		0
Residential mortgage-backed
Assets:
Fixed maturities, AFS:	840		777
Residential mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	840		777
Residential mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Residential mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	840		777
Residential mortgage-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0		0
Asset-backed
Assets:
Fixed maturities, AFS:	8,431		8,449
Asset-backed | Recurring
Assets:
Fixed maturities, AFS:	8,431		8,449
Asset-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Asset-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	8,431		8,449
Asset-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0		0
Commercial mortgage-backed
Assets:
Fixed maturities, AFS:	3,141		3,170
Commercial mortgage-backed | Recurring
Assets:
Fixed maturities, AFS:	3,141		3,170
Commercial mortgage-backed | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Commercial mortgage-backed | Recurring | Level 2
Assets:
Fixed maturities, AFS:	3,107		3,138
Commercial mortgage-backed | Recurring | Level 3
Assets:
Fixed maturities, AFS:	34		32
Redeemable preferred stock
Assets:
Fixed maturities, AFS:	44		43
Redeemable preferred stock | Recurring
Assets:
Fixed maturities, AFS:	44		43
Redeemable preferred stock | Recurring | Level 1
Assets:
Fixed maturities, AFS:	0		0
Redeemable preferred stock | Recurring | Level 2
Assets:
Fixed maturities, AFS:	44		43
Redeemable preferred stock | Recurring | Level 3
Assets:
Fixed maturities, AFS:	0		0
Short-term investments | Recurring
Assets:
Other invested assets:	618		485
Short-term investments | Recurring | Level 1
Assets:
Other invested assets:	0		0
Short-term investments | Recurring | Level 2
Assets:
Other invested assets:	618		485
Short-term investments | Recurring | Level 3
Assets:
Other invested assets:	0		0
Assets of consolidated VIEs/VOEs | Recurring
Assets:
Other invested assets:	52		5
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:	52		5
Swaps | Recurring
Assets:
Other invested assets:	(361)		(416)
Swaps | Recurring | Level 1
Assets:
Other invested assets:	0		0
Swaps | Recurring | Level 2
Assets:
Other invested assets:	(361)		(416)
Swaps | Recurring | Level 3
Assets:
Other invested assets:	0		0
Credit default swaps | Recurring
Assets:
Other invested assets:	(2)		(2)
Credit default swaps | Recurring | Level 1
Assets:
Other invested assets:	0		0
Credit default swaps | Recurring | Level 2
Assets:
Other invested assets:	(2)		(2)
Credit default swaps | Recurring | Level 3
Assets:
Other invested assets:	0		0
Options | Recurring
Assets:
Other invested assets:	8,074		4,153
Options | Recurring | Level 1
Assets:
Other invested assets:	0		0
Options | Recurring | Level 2
Assets:
Other invested assets:	8,074		4,153
Options | Recurring | Level 3
Assets:
Other invested assets:	0		0
SCS, SIO, MSO and IUL indexed features’ liability | Recurring
Liabilities:
Liabilities	8,148		4,077
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	8,148		4,077
SCS, SIO, MSO and IUL indexed features’ liability | Recurring | Level 3
Liabilities:
Liabilities	0		$ 0
SCS, SIO, MSO And IUL Indexed Features | Recurring
Assets:
Derivative Asset	0
SCS, SIO, MSO And IUL Indexed Features | Recurring | Level 1
Assets:
Derivative Asset	0
SCS, SIO, MSO And IUL Indexed Features | Recurring | Level 2
Assets:
Derivative Asset	6,600
SCS, SIO, MSO And IUL Indexed Features | Recurring | Level 3
Assets:
Derivative Asset	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Market risk benefit, increase (decrease) from other assumption	$ 2,500		$ 1,100
AFS fixed maturities transferred from Level 3 to Level 2	301	$ 115
AFS fixed maturities transferred from Level 2 to Level 3	$ 11	$ 65
AFS fixed maturities transferred between Level 2 and 3 (as a percent)	650%	4.40%
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	$ 732		$ 736

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total gains losses realized unrealized included in [abstract]
Transfers into Level 3			$ 11	$ 65
Transfers out of Level 3			(301)	(115)
Level 3 | Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 1,914	$ 1,672	2,103	1,493
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	2	1	3	2
Investment gains (losses), net/Net derivative gains (losses)	(8)	(1)	(11)	0
Total realized and unrealized gains (losses)	(6)	0	(8)	2
Other comprehensive income (loss)	(8)	(51)	10	(81)
Purchases	180	317	323	548
Sales	(72)	(74)	(162)	(160)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	11	(5)	11	65
Transfers out of Level 3	(43)	(107)	(301)	(115)
Closing Balance	1,976	1,752	1,976	1,752
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(8)	(51)	9	(78)
Level 3 | States and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	28	32	29	35
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0		0	0
Investment gains (losses), net/Net derivative gains (losses)	0		0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	1	(1)	0	(4)
Purchases	0	0	0	0
Sales	(2)	(1)	(2)	(1)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	27	30	27	30
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	1	(1)	0	(4)
Level 3 | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	34	238	32	20
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	0	0
Investment gains (losses), net/Net derivative gains (losses)	0	0	0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	0	(1)	0	(2)
Purchases	0	(212)	2	7
Sales	0	0	0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	34	25	34	25
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	(2)
Level 3 | Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	12	332	0	8
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	0	0
Investment gains (losses), net/Net derivative gains (losses)	0	0	0	0
Total realized and unrealized gains (losses)	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	(12)	(314)	0	11
Sales	0	0	0	(1)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	0	18	0	18
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Other equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	14	11	17	13
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	(3)	0
Investment gains (losses), net/Net derivative gains (losses)	0	0	0	0
Total realized and unrealized gains (losses)	0	0	(3)	0
Other comprehensive income (loss)	0	0	0	0
Purchases	44	8	44	8
Sales	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other				0
Other	0	0	0
Activity related to consolidated VIEs/VOEs	47	(1)	47	(3)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	105	18	105	18
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	(3)	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Separate Accounts Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	0	1	1
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	0
Investment gains (losses), net/Net derivative gains (losses)	0	0	0
Total realized and unrealized gains (losses)	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	1	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other				0
Other	0	0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	1	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	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Funds Withheld Payable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	0	0
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	0
Investment gains (losses), net/Net derivative gains (losses)	(136)	0	(136)
Total realized and unrealized gains (losses)	(136)	0	(136)
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other				0
Other		0
Activity related to consolidated VIEs/VOEs		0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	(136)	0	(136)	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 | Modco payable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	0	0
Total gains losses realized unrealized included in [abstract]
Investment gains (losses), reported in net investment income	0	0	0
Investment gains (losses), net/Net derivative gains (losses)	166	0	166
Total realized and unrealized gains (losses)	166	0	166
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other				0
Other		0
Activity related to consolidated VIEs/VOEs		0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	166	0	166	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	$ 0	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) $ in Millions	Jun. 30, 2023 USD ($)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability for market risk benefits	$ 13,629	$ 8,200	$ 15,751
Assets for market risk benefits	751		478
Level 3 | Corporate | Matrix Pricing Model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	335		413
Level 3 | Corporate | Market Comparable Companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,074		$ 1,029
Level 3 | Corporate | Spread Over Benchmark | Matrix Pricing Model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0020		0.0020
Level 3 | Corporate | Spread Over Benchmark | Matrix Pricing Model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0245		0.0797
Level 3 | Corporate | Spread Over Benchmark | Matrix Pricing Model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0162		0.0204
Level 3 | Corporate | EBITDA Multiple | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	5.3		5.3
Level 3 | Corporate | EBITDA Multiple | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	33.7		35.8
Level 3 | Corporate | EBITDA Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	14.1		13.6
Level 3 | Corporate | Discount Rate | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.089		0.00090
Level 3 | Corporate | Discount Rate | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.227		0.00457
Level 3 | Corporate | Discount Rate | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.109		0.00119
Level 3 | Corporate | Cash Flow Multiples | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.7		0
Level 3 | Corporate | Cash Flow Multiples | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	14.5		10.3
Level 3 | Corporate | Cash Flow Multiples | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	6.6		6.1
Level 3 | Corporate | Loan to Value | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0		0
Level 3 | Corporate | Loan to Value | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.640		0.404
Level 3 | Corporate | Loan to Value | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.143		0.120
Level 3 | Other equity investments | Market Comparable Companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value			$ 4
Level 3 | Other equity investments | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 2
Level 3 | Other equity investments | Revenue Multiple | Market Comparable Companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	6.8		0.5
Level 3 | Other equity investments | Revenue Multiple | Market Comparable Companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	14.7		10.8
Level 3 | Other equity investments | Revenue Multiple | Market Comparable Companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	8		2.4
Level 3 | Purchased MRB asset | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 17,334		$ 10,490
Level 3 | Purchased MRB asset | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026		0.000026
Level 3 | Purchased MRB asset | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.3542		0.002623
Level 3 | Purchased MRB asset | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0256		0.00000158
Level 3 | Purchased MRB asset | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0		0.000006
Level 3 | Purchased MRB asset | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093		0.1093
Level 3 | Purchased MRB asset | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0053		0.0000
Level 3 | Purchased MRB asset | Utilization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004		0.000004
Level 3 | Purchased MRB asset | Utilization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.010000		0.6666
Level 3 | Purchased MRB asset | Utilization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0542		0.00000739
Level 3 | Purchased MRB asset | Non-performance Risk | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	55		0.0054
Level 3 | Purchased MRB asset | Non-performance Risk | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	141		0.0124
Level 3 | Purchased MRB asset | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	58		0.0069
Level 3 | Purchased MRB asset | Volatility rates - Equity | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.11		0.14
Level 3 | Purchased MRB asset | Volatility rates - Equity | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.27		0.32
Level 3 | Purchased MRB asset | Volatility rates - Equity | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.000023		0.000024
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB 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
Level 3 | Purchased MRB asset | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0276		0.00000287
Level 3 | Direct MRB | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 12,878		$ 15,273
Level 3 | Direct MRB | Lapse Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026		0.000026
Level 3 | Direct MRB | Lapse Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.3542		0.003542
Level 3 | Direct MRB | Lapse Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0344		0.0297
Level 3 | Direct MRB | Withdrawal Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0		0
Level 3 | Direct MRB | Withdrawal Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093		0.1093
Level 3 | Direct MRB | Withdrawal Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0073		0.0068
Level 3 | Direct MRB | Non-performance Risk | Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	192		0.0157
Level 3 | Direct MRB | Non-performance Risk | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	192		0.0157
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | 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
Level 3 | Direct MRB | Mortality Rates | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input			0.0241
Level 3 | Direct MRB | Mortality Rates | Discounted Cash Flow | Weighted Average | Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0251
Level 3 | Direct MRB | Annuitization Rate | Discounted Cash Flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004		0.000004
Level 3 | Direct MRB | Annuitization Rate | Discounted Cash Flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1		1
Level 3 | Direct MRB | Annuitization Rate | Discounted Cash Flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0499		0.0550

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 17,346		$ 16,464
Policy loans	3,581		3,563
Policyholders’ liabilities: Investment contracts	84,062		79,742
Funds withheld payable	10,615	$ 11,200	0
Modco recievable	33,700
Separate Accounts liabilities	119,390		111,479
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	17,346		16,464
Policy loans	3,581		3,563
Policyholders’ liabilities: Investment contracts	1,674		1,801
Funds withheld payable	10,751		0
Modco recievable	30,022		0
Federal Home Loan Bank, Advance	8,878		8,505
FHLB funding agreements	42,140
FABN funding agreements	6,747		7,095
Funding agreement-backed commercial paper (FABCP)	580
Separate Accounts liabilities	10,546		10,236
Carrying Value | Affiliated Entity
Consolidated Amounts [Abstract]
Loans to affiliates	1,900		1,900
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	15,457		14,675
Policy loans	3,864		3,850
Loans to affiliates	1,775		1,755
Policyholders’ liabilities: Investment contracts	1,531		1,645
Funds withheld payable	10,751		0
Modco recievable	30,022		0
Federal Home Loan Bank, Advance	8,784		8,390
FHLB funding agreements	41,004
FABN funding agreements	6,163		6,384
Funding agreement-backed commercial paper (FABCP)	590
Separate Accounts liabilities	10,546		10,236
Fair Value | Level 1
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0		0
Policy loans	0		0
Policyholders’ liabilities: Investment contracts	0		0
Funds withheld payable	0		0
Modco recievable	0		0
Federal Home Loan Bank, Advance	0		0
FABN funding agreements	0		0
Funding agreement-backed commercial paper (FABCP)	0
Separate Accounts liabilities	0		0
Fair Value | Level 1 | Affiliated Entity
Consolidated Amounts [Abstract]
Loans to affiliates	0		0
Fair Value | Level 2
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0		0
Policy loans	0		0
Policyholders’ liabilities: Investment contracts	0		0
Funds withheld payable	0		0
Modco recievable	0		0
Federal Home Loan Bank, Advance	8,784		8,390
FABN funding agreements	6,163		6,384
Funding agreement-backed commercial paper (FABCP)	590
Separate Accounts liabilities	0		0
Fair Value | Level 2 | Affiliated Entity
Consolidated Amounts [Abstract]
Loans to affiliates	1,775		1,755
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	15,457		14,675
Policy loans	3,864		3,850
Policyholders’ liabilities: Investment contracts	1,531		1,645
Funds withheld payable	10,751		0
Modco recievable	30,022		0
Federal Home Loan Bank, Advance	0		0
FABN funding agreements	0		0
Funding agreement-backed commercial paper (FABCP)	0
Separate Accounts liabilities	10,546		10,236
Fair Value | Level 3 | Affiliated Entity
Consolidated Amounts [Abstract]
Loans to affiliates	$ 0		$ 0

LIABILITIES FOR FUTURE POLICY_3

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Policyholder Account Balance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance before AOCI adjustments	$ 357
Ending balance at original discount rate	311
Net liability for future policy benefits	16,059		$ 15,935
Less: Reinsurance recoverable					$ 2,209
Net liability for future policy benefits, after reinsurance recoverable					6,252
Term
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	1,318		1,359
Term | Protection Solutions
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Less: Reinsurance recoverable					372
Net liability for future policy benefits, after reinsurance recoverable					$ 1,602
Term | Protection Solutions | Operating Segments
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	2,090	$ 2,472
Beginning balance at original discount rate	2,069	1,854
Effect of changes in cash flow assumptions			8	$ 0
Effect of actual variances from expected experience			4	61
Adjusted beginning of year balance			2,081	1,915
Issuances	32	45
Interest accrual	50	47
Net premiums collected	(99)	(96)
Ending balance at original discount rate	2,064	1,911
Effect of changes in discount rate assumptions	35	173
Ending balance	2,099	2,084
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	3,449	4,274
Beginning balance before AOCI adjustments	3,376	3,225
Effect of changes in cash flow assumptions			9	0
Effect of actual variances from expected			6	68
Adjusted beginning of period balance			3,391	3,293
Issuances	34	48
Interest accrual	84	82
Benefit payments	(182)	(217)
Ending balance at original discount rate	3,327	3,206
Effect of changes in discount rate assumptions	90	308
Balance, end of period	3,417	3,514
Net liability for future policy benefits	1,318	1,430
Less: Reinsurance recoverable	(199)	(229)
Net liability for future policy benefits, after reinsurance recoverable	$ 1,119	$ 1,201
Weighted-average duration of liability for future policyholder benefits (years)	7 years	7 years 4 months 24 days
Payout Non Legacy
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 834		828
Payout Non Legacy | Payout - Non-Legacy | Operating Segments
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	0	$ 0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions	0	0
Ending balance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	828	1,114
Beginning balance before AOCI adjustments	845	883
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected			0	0
Adjusted beginning of period balance			845	883
Issuances	26	14
Interest accrual	19	20
Benefit payments	(46)	(51)
Ending balance at original discount rate	844	866
Effect of changes in discount rate assumptions	(10)	36
Balance, end of period	834	902
Net liability for future policy benefits	834	902
Less: Reinsurance recoverable	(9)	0
Net liability for future policy benefits, after reinsurance recoverable	$ 825	$ 902
Weighted-average duration of liability for future policyholder benefits (years)	9 years 4 months 24 days	9 years 7 months 6 days
Payout legacy
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 3,101		2,689
Payout legacy | Payout-Legacy | Operating Segments
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	0	$ 0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions	0	0
Ending balance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	2,689	2,547
Beginning balance before AOCI adjustments	3,024	2,400
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected			0	(2)
Adjusted beginning of period balance			3,024	2,398
Issuances	474	342
Interest accrual	44	32
Benefit payments	(132)	(96)
Ending balance at original discount rate	3,410	2,676
Effect of changes in discount rate assumptions	(309)	(233)
Balance, end of period	3,101	2,443
Net liability for future policy benefits	3,101	2,443
Less: Reinsurance recoverable	(797)	(276)
Net liability for future policy benefits, after reinsurance recoverable	$ 2,304	$ 2,167
Weighted-average duration of liability for future policyholder benefits (years)	7 years 9 months 18 days	8 years 3 months 18 days
Group Pension
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 503		523
Group Pension | Corporate and Other
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	0	$ 0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions	0	0
Ending balance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	523	683
Beginning balance before AOCI adjustments	583	632
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected			0	0
Adjusted beginning of period balance			583	632
Issuances	0	0
Interest accrual	10	11
Benefit payments	(34)	(35)
Ending balance at original discount rate	559	608
Effect of changes in discount rate assumptions	(56)	(36)
Balance, end of period	503	572
Net liability for future policy benefits	503	572
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, after reinsurance recoverable	$ 503	$ 572
Weighted-average duration of liability for future policyholder benefits (years)	7 years 1 month 6 days	7 years 2 months 12 days
Health
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 1,533		1,560
Health | Corporate and Other
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	(6)	$ 22
Beginning balance at original discount rate	(6)	19
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(6)	(12)
Adjusted beginning of year balance			(12)	7
Issuances	0	0
Interest accrual	0	0
Net premiums collected	1	0
Ending balance at original discount rate	(11)	7
Effect of changes in discount rate assumptions	0	1
Ending balance	(11)	8
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	1,554	2,092
Beginning balance before AOCI adjustments	1,795	1,915
Effect of changes in cash flow assumptions			(1)	0
Effect of actual variances from expected			(6)	(13)
Adjusted beginning of period balance			$ 1,788	$ 1,902
Issuances	0	0
Interest accrual	29	31
Benefit payments	(71)	(84)
Ending balance at original discount rate	1,746	1,849
Effect of changes in discount rate assumptions	(224)	(154)
Balance, end of period	1,522	1,695
Net liability for future policy benefits	1,533	1,687
Less: Reinsurance recoverable	(1,217)	(1,342)
Net liability for future policy benefits, after reinsurance recoverable	$ 316	$ 345
Weighted-average duration of liability for future policyholder benefits (years)	8 years 9 months 18 days	8 years 9 months 18 days

LIABILITIES FOR FUTURE POLICY_4

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	$ 16,059	$ 15,935
All Future Policyholder Benefits
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	14,604	14,373
Subtotal - Products
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	8,451	8,078
Term
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	1,318	1,359
Payout Non Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	834	828
Payout legacy
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	3,101	2,689
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	503	523
Health
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	1,533	1,560
UL
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	1,162	1,119
Whole Life Closed Block and Open Block products
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	5,564	5,687
Other
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	589	608
Other policyholder funds and dividends payable
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	$ 1,455	$ 1,562

LIABILITIES FOR FUTURE POLICY_5

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Term
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	$ 5,899	$ 6,002
Expected future gross premiums (undiscounted)	7,108	7,245
Expected future benefit payments and expenses (discounted)	3,417	3,449
Expected future gross premiums (discounted)	3,856	3,883
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	4,533	3,947
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted)	3,018	2,607
Expected future gross premiums (discounted)	0	0
Payout Non Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	806	801
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted)	1,446	1,460
Expected future gross premiums (discounted)	0	0
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	698	730
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted)	483	563
Expected future gross premiums (discounted)	0	0
Health
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	2,432	2,510
Expected future gross premiums (undiscounted)	91	99
Expected future benefit payments and expenses (discounted)	1,503	1,533
Expected future gross premiums (discounted)	$ 72	$ 78

LIABILITIES FOR FUTURE POLICY_6

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	$ 182	$ 178
Interest Accretion	136	129
Term
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	117	116
Interest Accretion	34	35
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	45	45
Interest Accretion	44	32
Payout Non Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	16	12
Interest Accretion	19	20
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	0	0
Interest Accretion	10	11
Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	4	5
Interest Accretion	$ 29	$ 31

LIABILITIES FOR FUTURE POLICY_7

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates (Details)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.50%		4.50%
Term
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.60%	5.70%
Current discount rate	5%	5.10%
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.80%	3.40%
Current discount rate	5.10%	5%
Payout Non Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.10%	5.20%
Current discount rate	4.90%	4.90%
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.40%	3.40%
Current discount rate	5%	5.10%
Health
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.20%	5.20%
Current discount rate	3.40%	3.30%

LIABILITIES FOR FUTURE POLICY_8

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS -Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance before AOCI adjustments	$ 357
Future policy benefits and other policyholders' liabilities	$ 16,059		$ 15,935
Less: Reinsurance recoverable					$ 2,209
Net liability for future policy benefits, after reinsurance recoverable					$ 6,252
Weighted Average Interest Rate	4.50%	4.50%
Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	$ 350	$ 310
Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	25	24
UL
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Future policy benefits and other policyholders' liabilities	1,162		1,119
UL | Protection Solutions
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	1,120	1,082
Beginning balance before AOCI adjustments	1,135	1,076
Effect of changes in interest rate and cash flow assumptions and model changes			0	$ 5
Effect of actual variances from expected			4	7
Adjusted beginning of period balance			$ 1,139	$ 1,088
Interest accrual	25	24
Net assessments collected	36	34
Benefit payments	(30)	(37)
Ending balance before shadow reserve adjustments	1,170	1,109
Effect of reserve adjustment recorded in AOCI	(8)	(22)
Balance, end of period	1,162	1,087
Future policy benefits and other policyholders' liabilities	1,162	1,087
Less: Reinsurance recoverable	(901)	(561)
Net liability for future policy benefits, after reinsurance recoverable	$ 261	$ 526
Weighted-average duration of liability for future policyholder benefits (years)	21 years 4 months 24 days	22 years 6 months

MARKET RISK BENEFITS - Changes

MARKET RISK BENEFITS - Changes in the Market Risk Benefits for Deferred Variable Annuities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 01, 2023	Dec. 31, 2022	Dec. 31, 2020
Market Risk Benefit [Roll Forward]
Benefit payments			$ (194)	$ (283)
Changes in the instrument-specific credit risk	$ 1,735		1,735			$ 665	$ 23,416
Net amount at risk	(4,456)		(4,456)			4,783
Liability for market risk benefits	13,629		13,629		$ 8,200	15,751
GMxB Core
Market Risk Benefit [Roll Forward]
Net amount at risk	(916)		(916)			539
GMxB Legacy
Market Risk Benefit [Roll Forward]
Net amount at risk	(3,503)		(3,503)			4,205
Individual Retirement | GMxB Core
Market Risk Benefit [Roll Forward]
Balance, beginning of period	333	$ 507	539	1,061
Beginning balance before changes in the instrument specific credit risk	560	544	538	666
Model changes and effect of changes in cash flow assumptions	0	0	0	0
Actual market movement effect	(116)	664	(322)	988
Interest accrual	19	12	37	17
Attributed fees accrued	110	107	204	199
Benefit payments	(12)	(8)	(24)	(13)
Actual policyholder behavior different from expected behavior	3	4	8	4
Changes in future economic assumptions	(193)	(542)	(70)	(1,077)
Issuances	(1)	0	(1)	(3)
Ending balance before changes in the instrument-specific credit risk	370	781	370	781
Changes in the instrument-specific credit risk	(215)	(357)	(215)	(357)			2,144
Balance, end of period	$ 155	$ 424	$ 155	$ 424
Weighted-average age of policyholders (years)	64 years	63 years 1 month 6 days	64 years	63 years 1 month 6 days
Net amount at risk	$ 3,159	$ 3,170	$ 3,159	$ 3,170
Liability for market risk benefits	728		728			$ 914
Individual Retirement | Purchased MRB
Market Risk Benefit [Roll Forward]
Balance, beginning of period	0	0	0	0
Beginning balance before changes in the instrument specific credit risk	0	0	0	0
Model changes and effect of changes in cash flow assumptions	0	0	0	0
Actual market movement effect	105	0	105	0
Interest accrual	(9)	0	(9)	0
Attributed fees accrued	(99)	0	(99)	0
Benefit payments	12	0	12	0
Actual policyholder behavior different from expected behavior	(4)	0	(4)	0
Changes in future economic assumptions	217	0	217	0
Issuances	(1,294)	0	(1,294)	0
Ending balance before changes in the instrument-specific credit risk	(1,072)	0	(1,072)	0
Changes in the instrument-specific credit risk	1	0	1	0
Balance, end of period	$ (1,071)	0	$ (1,071)	0
Weighted-average age of policyholders (years)	64 years 4 months 24 days		64 years 4 months 24 days
Net amount at risk	$ 3,072	0	$ 3,072	0
Individual Retirement | Net GMxB Core
Market Risk Benefit [Roll Forward]
Balance, beginning of period	333	507	539	1,061
Beginning balance before changes in the instrument specific credit risk	560	544	538	666
Model changes and effect of changes in cash flow assumptions	0	0	0	0
Actual market movement effect	(11)	664	(217)	988
Interest accrual	10	12	28	17
Attributed fees accrued	11	107	105	199
Benefit payments	0	(8)	(12)	(13)
Actual policyholder behavior different from expected behavior	(1)	4	4	4
Changes in future economic assumptions	24	(542)	147	(1,077)
Issuances	(1,295)	0	(1,295)	(3)
Ending balance before changes in the instrument-specific credit risk	(702)	781	(702)	781
Changes in the instrument-specific credit risk	(214)	(357)	(214)	(357)
Balance, end of period	(916)	424	(916)	424
Net amount at risk	0	0	0	0
Legacy Segment | Purchased MRB
Market Risk Benefit [Roll Forward]
Changes in the instrument-specific credit risk							(3,132)
Legacy Segment | GMxB Legacy
Market Risk Benefit [Roll Forward]
Balance, beginning of period	14,082	16,929	14,699	20,236
Beginning balance before changes in the instrument specific credit risk	15,599	17,899	15,314	19,719
Model changes and effect of changes in cash flow assumptions	0	0	0	(87)
Actual market movement effect	(637)	2,562	(1,381)	3,659
Interest accrual	195	179	392	283
Attributed fees accrued	208	219	418	438
Benefit payments	(345)	(282)	(687)	(533)
Actual policyholder behavior different from expected behavior	(6)	26	15	59
Changes in future economic assumptions	(872)	(2,868)	71	(5,803)
Issuances	0	0	0	0
Ending balance before changes in the instrument-specific credit risk	14,142	17,735	14,142	17,735
Changes in the instrument-specific credit risk	(1,422)	(2,027)	(1,422)	(2,027)			$ 24,404
Balance, end of period	$ 12,720	$ 15,708	$ 12,720	$ 15,708
Weighted-average age of policyholders (years)	72 years 9 months 18 days	72 years 2 months 12 days	72 years 9 months 18 days	72 years 2 months 12 days
Net amount at risk	$ 22,195	$ 22,421	$ 22,195	$ 22,421
Legacy Segment | Purchased MRB Legacy
Market Risk Benefit [Roll Forward]
Balance, beginning of period	(10,746)	(12,680)	(10,492)	(14,293)
Beginning balance before changes in the instrument specific credit risk	(10,648)	(12,616)	(10,438)	(14,287)
Model changes and effect of changes in cash flow assumptions	0	0	0	29
Actual market movement effect	585	(1,050)	978	(1,464)
Interest accrual	(202)	(104)	(358)	(166)
Attributed fees accrued	(155)	(62)	(238)	(148)
Benefit payments	338	152	523	288
Actual policyholder behavior different from expected behavior	(3)	(26)	(20)	(41)
Changes in future economic assumptions	822	1,962	290	4,045
Issuances	(6,865)	0	(6,865)	0
Ending balance before changes in the instrument-specific credit risk	(16,128)	(11,744)	(16,128)	(11,744)
Changes in the instrument-specific credit risk	(95)	(101)	(95)	(101)
Balance, end of period	$ (16,223)	$ (11,845)	$ (16,223)	$ (11,845)
Weighted-average age of policyholders (years)	73 years	71 years 9 months 18 days	73 years	71 years 9 months 18 days
Net amount at risk	$ 21,728	$ 11,946	$ 21,728	$ 11,946
Legacy Segment | Net GMxB Legacy
Market Risk Benefit [Roll Forward]
Balance, beginning of period	3,336	4,248	4,207	5,943
Beginning balance before changes in the instrument specific credit risk	4,952	5,283	4,876	5,432
Model changes and effect of changes in cash flow assumptions	0	0	0	(58)
Actual market movement effect	(52)	1,512	(403)	2,195
Interest accrual	(7)	75	34	117
Attributed fees accrued	53	157	180	290
Benefit payments	(7)	(130)	(164)	(245)
Actual policyholder behavior different from expected behavior	(9)	0	(5)	18
Changes in future economic assumptions	(50)	(906)	361	(1,758)
Issuances	(6,866)	0	(6,865)	0
Ending balance before changes in the instrument-specific credit risk	(1,986)	5,991	(1,986)	5,991
Changes in the instrument-specific credit risk	(1,517)	(2,128)	(1,517)	(2,128)
Balance, end of period	(3,503)	3,863	(3,503)	3,863
Net amount at risk	$ 0	$ 0	$ 0	$ 0

MARKET RISK BENEFITS - Reconcil

MARKET RISK BENEFITS - Reconciles Market Risk Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022	Jun. 30, 2022
Market Risk Benefit [Line Items]
MRB Asset	$ (751)		$ (478)
MRB Liability	13,629	$ 8,200	15,751
Net amount at risk	(4,456)		4,783
Legacy And Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(751)		(478)
MRB Liability	13,629		15,751
Net MRB	12,878		15,273
Purchased MRB	(17,334)		(10,490)
GMxB Core
Market Risk Benefit [Line Items]
Net amount at risk	(916)		539
GMxB Core | Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(573)		(375)
MRB Liability	728		914
Net MRB	155		539
Purchased MRB	(1,071)		0
Net amount at risk	3,159			$ 3,170
GMxB Legacy
Market Risk Benefit [Line Items]
Net amount at risk	(3,503)		4,205
GMxB Legacy | GMxB Legacy
Market Risk Benefit [Line Items]
MRB Asset	(120)		(51)
MRB Liability	12,840		14,749
Net MRB	12,720		14,698
Purchased MRB	(16,223)		(10,493)
Other
Market Risk Benefit [Line Items]
Net amount at risk	(37)		39
Other | Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(58)		(52)
MRB Liability	61		88
Net MRB	3		36
Purchased MRB	$ (40)		$ 3

POLICYHOLDER ACCOUNT BALANCES_2

POLICYHOLDER ACCOUNT BALANCES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Policyholder Account Balance [Roll Forward]
Interest credited	$ 312	$ 287	$ 747	$ 575
Balance (exclusive of Funding Agreements)	67,778		67,778		$ 64,101
Funding Agreements	16,284		16,284		15,641
Balance, end of period	84,062		84,062		$ 79,742
Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			5,341
Balance, end of period	5,260		5,260
Universal Life | Protection Solutions
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			5,341	5,462
Issuances			0	0
Premiums received			358	368
Policy charges			(384)	(396)
Surrenders and withdrawals			(38)	(47)
Benefit payments			(128)	(98)
Net transfers from (to) separate account			0	0
Interest credited			111	112
Other			0	0
Balance, end of period	$ 5,260	$ 5,401	$ 5,260	$ 5,401
Weighted-average crediting rate	3.67%	3.61%	3.67%	3.61%
Net amount at risk	$ 36,505	$ 38,756	$ 36,505	$ 38,756
Cash surrender value	3,463	3,508	3,463	3,508
Variable Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			4,253
Net transfers from (to) separate account			(89)	63
Balance, end of period	4,133		4,133
Variable Universal Life | Protection Solutions
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			4,253	4,193
Issuances			0	0
Premiums received			64	74
Policy charges			(109)	(104)
Surrenders and withdrawals			(22)	(12)
Benefit payments			(58)	(45)
Net transfers from (to) separate account			(89)	63
Interest credited			94	67
Other			0	0
Balance, end of period	$ 4,133	$ 4,236	$ 4,133	$ 4,236
Weighted-average crediting rate	3.72%	3.87%	3.72%	3.87%
Net amount at risk	$ 83,438	$ 85,602	$ 83,438	$ 85,602
Cash surrender value	2,691	2,878	2,691	2,878
GMxB Legacy
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			688
Net transfers from (to) separate account			2	9
Balance, end of period	666		666
GMxB Legacy | Legacy Segment
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			688	746
Issuances			0	0
Premiums received			41	30
Policy charges			20	17
Surrenders and withdrawals			(47)	(31)
Benefit payments			(51)	(51)
Net transfers from (to) separate account			2	9
Interest credited			13	15
Other			0	0
Balance, end of period	$ 666	$ 735	$ 666	$ 735
Weighted-average crediting rate	2.71%	2.71%	2.71%	2.71%
Net amount at risk	$ 22,195	$ 22,421	$ 22,195	$ 22,421
Cash surrender value	630	711	630	711
GMxB Core
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			42
Net transfers from (to) separate account			(38)	(77)
Balance, end of period	23		23
GMxB Core | Individual Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			42	99
Issuances			0	0
Premiums received			26	79
Policy charges			8	(11)
Surrenders and withdrawals			(16)	(16)
Benefit payments			(1)	(1)
Net transfers from (to) separate account			(38)	(77)
Interest credited			2	3
Other			0	0
Balance, end of period	$ 23	$ 76	$ 23	$ 76
Weighted-average crediting rate	1.32%	1.05%	1.32%	1.05%
Net amount at risk	$ 3,159	$ 3,170	$ 3,159	$ 3,170
Cash surrender value	238	289	238	289
SCS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			35,460
Balance, end of period	39,667		39,667
SCS | Individual Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			35,460	33,443
Issuances			0	0
Premiums received			0	1
Policy charges			(3)	0
Surrenders and withdrawals			(1,319)	(1,380)
Benefit payments			(121)	(102)
Net transfers from (to) separate account			1,591	3,739
Interest credited			4,059	(3,582)
Other			0	0
Balance, end of period	39,667	32,119	39,667	32,119
Net amount at risk	11	97	11	97
Cash surrender value	36,091	29,148	36,091	29,148
EQUI-VEST Individual
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			2,652
Net transfers from (to) separate account			3	21
Balance, end of period	2,498		2,498
EQUI-VEST Individual | Individual Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			2,652	2,784
Issuances			0	0
Premiums received			19	26
Policy charges			0	0
Surrenders and withdrawals			(178)	(86)
Benefit payments			(40)	(30)
Net transfers from (to) separate account			4	21
Interest credited			38	40
Other			3	0
Balance, end of period	$ 2,498	$ 2,755	$ 2,498	$ 2,755
Weighted-average crediting rate	3.04%	2.93%	3.04%	2.93%
Net amount at risk	$ 118	$ 142	$ 118	$ 142
Cash surrender value	2,490	2,746	2,490	2,746
EQUI-VEST Group
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			12,046
Net transfers from (to) separate account			144	194
Balance, end of period	11,870		11,870
EQUI-VEST Group | Group Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			12,046	11,952
Issuances			0	0
Premiums received			317	303
Policy charges			(3)	(4)
Surrenders and withdrawals			(820)	(383)
Benefit payments			(35)	(36)
Net transfers from (to) separate account			144	194
Interest credited			210	86
Other			11	0
Balance, end of period	$ 11,870	$ 12,112	$ 11,870	$ 12,112
Weighted-average crediting rate	2.52%	2.56%	2.52%	2.56%
Net amount at risk	$ 24	$ 157	$ 24	$ 157
Cash surrender value	11,782	12,030	11,782	12,030
Momentum
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			703
Net transfers from (to) separate account			(12)	42
Balance, end of period	657		657
Momentum | Group Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			703	705
Issuances			0	0
Premiums received			35	40
Policy charges			0	0
Surrenders and withdrawals			(71)	(67)
Benefit payments			(4)	(1)
Net transfers from (to) separate account			(12)	43
Interest credited			6	7
Other			0	0
Balance, end of period	$ 657	$ 727	$ 657	$ 727
Weighted-average crediting rate	2.33%	2.03%	2.33%	2.03%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	657	$ 726	657	$ 726
Others
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			2,916
Balance, end of period	$ 3,003		$ 3,003

POLICYHOLDER ACCOUNT BALANCES -

POLICYHOLDER ACCOUNT BALANCES - Guaranteed Minimum Interest Rates (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022
Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 5,226	$ 5,308
Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3,777	3,921
GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	631	981
GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	243	271
EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	2,497	2,652
EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	10,811	11,794
Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	657	702
At Guaranteed Minimum | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3,661	3,796
At Guaranteed Minimum | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3,504	3,864
At Guaranteed Minimum | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	615	981
At Guaranteed Minimum | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	38	271
At Guaranteed Minimum | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	2,266	2,590
At Guaranteed Minimum | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	8,121	7,069
At Guaranteed Minimum | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 231	266
1 Basis Point - 50 Basis Points Above | Minimum
Policyholder Account Balance [Line Items]
At Guaranteed Minimum	0.0001		0.0001
1 Basis Point - 50 Basis Points Above | Maximum
Policyholder Account Balance [Line Items]
At Guaranteed Minimum	0.0050		0.0050
1 Basis Point - 50 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 713	854
1 Basis Point - 50 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	257	51
1 Basis Point - 50 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	16	0
1 Basis Point - 50 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	205	0
1 Basis Point - 50 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	231	0
1 Basis Point - 50 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	2,291	28
1 Basis Point - 50 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 14	302
51 Basis Points - 150 Basis Points Above | Minimum
Policyholder Account Balance [Line Items]
At Guaranteed Minimum	0.0051		0.0051
51 Basis Points - 150 Basis Points Above | Maximum
Policyholder Account Balance [Line Items]
At Guaranteed Minimum	0.0150		0.0150
51 Basis Points - 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 649	610
51 Basis Points - 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	13	5
51 Basis Points - 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
51 Basis Points - 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
51 Basis Points - 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	62
51 Basis Points - 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	36	1,585
51 Basis Points - 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 355	127
Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
At Guaranteed Minimum	0.0150		0.0150
Greater Than 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 204	48
Greater Than 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	4	1
Greater Than 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater Than 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater Than 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater Than 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	362	3,112
Greater Than 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	57	7
0.00%-1.50% | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 6	$ 6
0.00%-1.50% | Universal Life | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
0.00%-1.50% | Universal Life | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
0.00%-1.50% | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 33	$ 27
0.00%-1.50% | Variable Universal Life | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
0.00%-1.50% | Variable Universal Life | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
0.00%-1.50% | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	$ 99	$ 386
0.00%-1.50% | GMxB Legacy | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
0.00%-1.50% | GMxB Legacy | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
0.00%-1.50% | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	$ 219	$ 257
0.00%-1.50% | GMxB Core | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
0.00%-1.50% | GMxB Core | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
0.00%-1.50% | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	$ 285	$ 345
0.00%-1.50% | EQUI-VEST Individual | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
0.00%-1.50% | EQUI-VEST Individual | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
0.00%-1.50% | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	3,493	$ 3,592
0.00%-1.50% | EQUI-VEST Group | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
0.00%-1.50% | EQUI-VEST Group | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
0.00%-1.50% | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	420	$ 445
0.00%-1.50% | Momentum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
0.00%-1.50% | Momentum | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
0.00%-1.50% | At Guaranteed Minimum | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	$ 0
0.00%-1.50% | At Guaranteed Minimum | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	7	12
0.00%-1.50% | At Guaranteed Minimum | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	83	386
0.00%-1.50% | At Guaranteed Minimum | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	14	257
0.00%-1.50% | At Guaranteed Minimum | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	53	345
0.00%-1.50% | At Guaranteed Minimum | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	804	109
0.00%-1.50% | At Guaranteed Minimum | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	0	15
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	12	9
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	16	0
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	205	0
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	231	0
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	2,290	5
0.00%-1.50% | 1 Basis Point - 50 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	13	301
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3	5
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	11	5
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	36	366
0.00%-1.50% | 51 Basis Points - 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	350	122
0.00%-1.50% | Greater Than 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	2	1
0.00%-1.50% | Greater Than 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	4	1
0.00%-1.50% | Greater Than 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | Greater Than 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | Greater Than 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
0.00%-1.50% | Greater Than 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	362	3,112
0.00%-1.50% | Greater Than 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 57	7
0.00%-1.50% | EQUI-VEST Individual | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
0.00%-1.50% | EQUI-VEST Individual | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
0.00%-1.50% | EQUI-VEST Group | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
0.00%-1.50% | EQUI-VEST Group | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
0.00%-1.50% | Momentum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
0.00%-1.50% | Momentum | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
1.51%-2.50% | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,038	$ 1,030
1.51%-2.50% | Universal Life | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
1.51%-2.50% | Universal Life | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
1.51%-2.50% | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 475	$ 453
1.51%-2.50% | Variable Universal Life | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
1.51%-2.50% | Variable Universal Life | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
1.51%-2.50% | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	$ 24	$ 560
1.51%-2.50% | GMxB Legacy | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
1.51%-2.50% | GMxB Legacy | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
1.51%-2.50% | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	$ 13	$ 14
1.51%-2.50% | GMxB Core | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
1.51%-2.50% | GMxB Core | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
1.51%-2.50% | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	$ 45	$ 46
1.51%-2.50% | EQUI-VEST Individual | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
1.51%-2.50% | EQUI-VEST Individual | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
1.51%-2.50% | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	332	$ 902
1.51%-2.50% | EQUI-VEST Group | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
1.51%-2.50% | EQUI-VEST Group | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
1.51%-2.50% | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	160	$ 179
1.51%-2.50% | Momentum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
1.51%-2.50% | Momentum | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
1.51%-2.50% | At Guaranteed Minimum | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	122	$ 181
1.51%-2.50% | At Guaranteed Minimum | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	227	411
1.51%-2.50% | At Guaranteed Minimum | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	24	560
1.51%-2.50% | At Guaranteed Minimum | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	13	14
1.51%-2.50% | At Guaranteed Minimum | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	45	46
1.51%-2.50% | At Guaranteed Minimum | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	332	11
1.51%-2.50% | At Guaranteed Minimum | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	159	178
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	69	197
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	245	42
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	2
1.51%-2.50% | 1 Basis Point - 50 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	1	1
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	645	605
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3	0
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	889
1.51%-2.50% | 51 Basis Points - 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	201	47
1.51%-2.50% | Greater Than 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
1.51%-2.50% | Greater Than 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
1.51%-2.50% | EQUI-VEST Individual | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
1.51%-2.50% | EQUI-VEST Individual | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
1.51%-2.50% | EQUI-VEST Group | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
1.51%-2.50% | EQUI-VEST Group | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
1.51%-2.50% | Momentum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
1.51%-2.50% | Momentum | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
Greater than 2.50% | Universal Life
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Policyholder account value	$ 4,183	$ 4,272
Greater than 2.50% | Variable Universal Life
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Policyholder account value	$ 3,270	$ 3,441
Greater than 2.50% | GMxB Legacy
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Policyholder account value	$ 507	$ 35
Greater than 2.50% | GMxB Core
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Policyholder account value	$ 12	$ 0
Greater than 2.50% | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Policyholder account value	2,167	$ 2,261
Greater than 2.50% | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Policyholder account value	6,986	$ 7,300
Greater than 2.50% | Momentum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Policyholder account value	77	$ 78
Greater than 2.50% | At Guaranteed Minimum | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3,539	3,615
Greater than 2.50% | At Guaranteed Minimum | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	3,270	3,441
Greater than 2.50% | At Guaranteed Minimum | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	507	35
Greater than 2.50% | At Guaranteed Minimum | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	12	0
Greater than 2.50% | At Guaranteed Minimum | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	2,167	2,199
Greater than 2.50% | At Guaranteed Minimum | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	6,986	6,949
Greater than 2.50% | At Guaranteed Minimum | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	72	73
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	643	657
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	21
Greater than 2.50% | 1 Basis Point - 50 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	62
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	330
Greater than 2.50% | 51 Basis Points - 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	5	5
Greater than 2.50% | Greater Than 150 Basis Points Above | Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Greater than 2.50% | Greater Than 150 Basis Points Above | Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
Greater than 2.50% | EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
Greater than 2.50% | EQUI-VEST Group
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
Greater than 2.50% | Momentum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%

POLICYHOLDER ACCOUNT BALANCES_3

POLICYHOLDER ACCOUNT BALANCES - Separate Accounts Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	$ 111,479
Balance, end of period	119,390
VUL
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	11,535	$ 14,574
Premiums and deposits	382	380
Policy charges	(213)	(210)
Surrenders and withdrawals	(259)	(185)
Benefit payments	(45)	(61)
Investment performance	1,495	(3,001)
Net transfers from (to) general account	89	(63)
Other charges	0
Balance, end of period	12,984	11,434
Cash surrender value	12,971	11,454
VUL | Protection Solutions
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	11,535
Net transfers from (to) general account	89	(63)
Balance, end of period	12,984
GMxB Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	32,616	44,912
Premiums and deposits	110	120
Policy charges	(340)	(352)
Surrenders and withdrawals	(1,324)	(1,431)
Benefit payments	(382)	(364)
Investment performance	3,392	(8,666)
Net transfers from (to) general account	(2)	(9)
Other charges	0
Balance, end of period	34,070	34,210
Cash surrender value	33,792	33,920
GMxB Legacy | Legacy Segment
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	32,616
Net transfers from (to) general account	(2)	(9)
Balance, end of period	34,070
GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	27,017	34,973
Premiums and deposits	259	597
Policy charges	(241)	(238)
Surrenders and withdrawals	(1,216)	(1,253)
Benefit payments	(117)	(122)
Investment performance	2,065	(5,980)
Net transfers from (to) general account	38	77
Other charges	0
Balance, end of period	27,805	28,054
Cash surrender value	27,055	27,177
GMxB Core | Legacy Segment
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	27,017
Balance, end of period	27,805
GMxB Core | Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Net transfers from (to) general account	38	77
EQUI-VEST Individual
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	4,162	5,584
Premiums and deposits	49	68
Policy charges	(1)	(1)
Surrenders and withdrawals	(198)	(165)
Benefit payments	(27)	(28)
Investment performance	538	(1,193)
Net transfers from (to) general account	(3)	(21)
Other charges	4
Balance, end of period	4,524	4,244
Cash surrender value	4,491	4,212
EQUI-VEST Individual | Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	4,162
Net transfers from (to) general account	(4)	(21)
Balance, end of period	4,524
Investment Edge
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	3,772	4,287
Premiums and deposits	200	530
Policy charges	0	0
Surrenders and withdrawals	(195)	(145)
Benefit payments	(24)	(17)
Investment performance	321	(780)
Net transfers from (to) general account	(94)	(158)
Other charges	0
Balance, end of period	3,980	3,717
Cash surrender value	3,894	3,623
EQUI-VEST Group
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	22,393	27,509
Premiums and deposits	1,116	1,089
Policy charges	(8)	(8)
Surrenders and withdrawals	(744)	(680)
Benefit payments	(28)	(33)
Investment performance	2,849	(5,898)
Net transfers from (to) general account	(144)	(194)
Other charges	25
Balance, end of period	25,459	21,785
Cash surrender value	25,210	21,555
EQUI-VEST Group | Group Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	22,393
Net transfers from (to) general account	(144)	(194)
Balance, end of period	25,459
Momentum
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	3,884	4,975
Premiums and deposits	332	331
Policy charges	(10)	(10)
Surrenders and withdrawals	(364)	(347)
Benefit payments	(5)	(6)
Investment performance	452	(978)
Net transfers from (to) general account	12	(42)
Other charges	0
Balance, end of period	4,301	3,923
Cash surrender value	4,295	3,917
Momentum | Group Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	3,884
Net transfers from (to) general account	12	$ (43)
Balance, end of period	4,301
Others | Other Segments
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period	6,100
Balance, end of period	$ 6,267

POLICYHOLDER ACCOUNT BALANCES_4

POLICYHOLDER ACCOUNT BALANCES - Aggregate Fair Value of Separate Account Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 119,390	$ 111,479
Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	13,057	11,620
Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	71,124	68,256
Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	31,621	28,087
Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	3,588	3,516
Debt Securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	85	84
Debt Securities | Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	58	58
Debt Securities | Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	1	1
Debt Securities | Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	17	17
Debt Securities | Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	9	8
Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,336	2,189
Common Stock | Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	61	41
Common Stock | Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	33	32
Common Stock | Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	472	430
Common Stock | Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	1,770	1,686
Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	115,770	108,021
Mutual Funds | Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	12,840	11,402
Mutual Funds | Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	71,087	68,220
Mutual Funds | Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	31,131	27,639
Mutual Funds | Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	712	760
Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	1,199	1,185
Bonds and Notes | Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	98	119
Bonds and Notes | Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	3	3
Bonds and Notes | Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	1	1
Bonds and Notes | Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 1,097	$ 1,062

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Valuation allowance increase (decrease)	$ 121	$ (316)	$ 1,500
Deferred tax assets, valuation allowance partial release	$ 354	$ 586		$ 940

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Equity [Abstract]
Unrealized gains (losses) on investments	$ (8,125)	$ (8,873)
Market risk benefits - instrument-specific credit risk component	1,735	665	$ 23,416
Liability for future policy benefits - current discount rate component	311	357
Defined benefit pension plans	(4)	(4)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$ (6,083)	$ (7,855)

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Tax [Abstract]
Net unrealized gains (losses) arising during the period		$ (616)	$ (4,419)	$ 836	$ (9,214)
(Gains) losses reclassified into net income (loss) during the period		39	177	94	438
Net unrealized gains (losses) on investments		(577)	(4,242)	930	(8,776)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		31	(112)	33	689
Other Comprehensive Income (Loss), Available For Sale Securities Adjustment Net Of Tax 1	[1]	(546)	(4,354)	963	(8,087)
Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(23), $313, $225 and $715		(88)	1,179	845	2,691
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $19, $151, $(10) and $219)		73	567	(36)	824
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total		(561)	(2,608)	1,772	(4,572)
Change in net unrealized gains (losses) on investments		(310)	(1,158)	7	(2,150)
Market risk benefits - change in instrument-specific credit risk deferred income tax expense (benefit)		(23)	313	225	715
Liability for future policy benefits - change in current discount rate deferred income tax expense (benefit)		19	151	(10)	219
Unrealized Gains (losses) on Investments
Other Comprehensive Income (Loss), Tax [Abstract]
Reclassification from AOCI, current period, tax		$ (10)	$ (25)	$ (46)	$ (116)
[1]See Note 13 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 19	$ 29	$ 21	$ 28
Net earnings (loss) attributable to redeemable noncontrolling interests	1	(3)	1	(4)
Purchase/change of redeemable noncontrolling interests	1	(5)	(1)	(3)
Balance, end of period	$ 21	$ 21	$ 21	$ 21

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	Jun. 30, 2023 USD ($) legalAction	May 31, 2023 USD ($)	Feb. 29, 2016 USD ($)
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 250,000,000
Federal home loan bank stock	413,000,000
Carrying value of collateral pledged for federal home loan bank	10,300,000,000
Commitments by the Company to provide equity financing	1,300,000,000
Commitments under existing mortgage loan agreements	827,000,000
Long-Term Line of Credit	590,000,000
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
Funding Agreement-Backed Commercial Paper Program | Commercial Paper
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000,000,000
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	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	$ 8,501
Issued During the Period	30,052
Repaid During the Period	(29,678)
Long-term Agreements Maturing Within One Year	11
Long-term Agreements Maturing Within Five Years	(11)
Outstanding balance, period end	8,875
Difference related to remaining amortization	3	$ 4
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	7,085
Issued During the Period	671
Repaid During the Period	(1,000)
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	20
Outstanding balance, period end	6,776
Difference related to remaining amortization	29	$ 66
Due in one year or less | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	6,130
Issued During the Period	30,052
Repaid During the Period	(29,678)
Long-term Agreements Maturing Within One Year	183
Long-term Agreements Maturing Within Five Years	0
Outstanding balance, period end	6,687
Due in one year or less | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	1,500
Issued During the Period	0
Repaid During the Period	(1,000)
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding balance, period end	500
Due in years two through five | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	1,679
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(172)
Long-term Agreements Maturing Within Five Years	0
Outstanding balance, period end	1,507
Due in years two through five | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	4,000
Issued During the Period	671
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	1,285
Foreign Currency Transaction Adjustment	20
Outstanding balance, period end	5,976
Due in more than five years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	692
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	(11)
Outstanding balance, period end	681
Due in more than five years | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	1,585
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	(1,285)
Foreign Currency Transaction Adjustment	0
Outstanding balance, period end	300
Long-term Funding Agreements | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	2,371
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(172)
Long-term Agreements Maturing Within Five Years	(11)
Outstanding balance, period end	2,188
Long-term Funding Agreements | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding balance, period start	5,585
Issued During the Period	671
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	20
Outstanding balance, period end	$ 6,276

INSURANCE STATUTORY FINANCIAL_2

INSURANCE STATUTORY FINANCIAL INFORMATION (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) prescribedAndPermittedPractice	Jun. 30, 2023 USD ($) prescribedAndPermittedPractice	Sep. 30, 2022	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Number of prescribed and permitted practices | prescribedAndPermittedPractice	3	3
Statement of Statutory Accounting Principles 108
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase	$ 38,000,000	$ 38,000,000
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		330,000,000
Statutory accounting practices, reserves phased-in (as a percent)			100%
Statutory accounting practices, total asset requirement reserves		318,000,000
Regulation Number 213 with Seperate Accounts
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, (decrease) increase to new standard application	$ (1,700,000,000)	$ (1,700,000,000)

REINSURANCE - Effect of Reinsur

REINSURANCE - Effect of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Disclosures [Abstract]
Direct charges and fee income	$ 678	$ 698	$ 1,352	$ 1,434
Reinsurance assumed	3	3	4	3
Reinsurance ceded - Equitable America	(345)	0	(345)	0
Reinsurance ceded - third party	(153)	(139)	(304)	(284)
Policy charges and fee income	183	562	707	1,153
Direct premiums	203	187	408	378
Reinsurance assumed	44	37	96	87
Reinsurance ceded - Equitable America	(40)	0	(40)	0
Reinsurance ceded - third party	(51)	(58)	(111)	(110)
Premiums	156	166	353	355
Direct policyholders’ benefits	742	575	1,449	1,372
Reinsurance assumed	39	51	77	105
Reinsurance ceded - Equitable America	(264)	0	(264)	0
Reinsurance ceded - third party	(182)	(134)	(309)	(272)
Policyholders’ benefits	335	492	953	1,205
Direct Interest credited to policyholders’ account balances	490	288	953	592
Reinsurance assumed	0	0	0	0
Reinsurance ceded - Equitable America	(151)	0	(151)	0
Reinsurance ceded - third party	(27)	(1)	(55)	(17)
Interest credited to policyholders’ account balances	$ 312	$ 287	$ 747	$ 575

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Oct. 03, 2022	Jun. 30, 2023
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%
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 - Reinsurance Reten

REINSURANCE - Reinsurance Retention (Details) $ in Millions	Jun. 30, 2023 USD ($)
Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	$ 42,140
Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	41,004
Fixed maturities | Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	25,889
Fixed maturities | Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	25,889
Mortgage loans on real estate | Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	8,528
Mortgage loans on real estate | Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	7,391
Policy loans | Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	229
Policy loans | Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	230
Other equity investments | Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	245
Other equity investments | Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	245
Other invested assets | Carrying Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	7,249
Other invested assets | Fair Value
Reinsurance Retention Policy [Line Items]
FHLB funding agreements	$ 7,249

REINSURANCE - Investment Income

REINSURANCE - Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Retention Policy [Line Items]
Net derivative gains (losses)	$ (221)	$ 1,834	$ (1,062)	$ 1,978
Net investment income (loss)			(58)	(565)
Income (loss) from continuing operations, before income taxes	234	1,019	(486)	1,435
Income tax (expense) benefit	(189)	187	(890)	254
Net income (loss) attributable to Equitable Financial	422	835	403	1,185
Comprehensive income (loss)	(138)	(1,776)	2,176	(3,391)
Embedded Derivative Financial Instruments
Reinsurance Retention Policy [Line Items]
Net derivative gains (losses)	(1,784)	$ 3,466	(3,358)	$ 3,776
Investments | Funds Withheld Assets
Reinsurance Retention Policy [Line Items]
Net derivative gains (losses)	33		33
Net investment income (loss)	295		295
Investment gains (losses), net	(36)		(36)
Income (loss) from continuing operations, before income taxes	292		292
Income tax (expense) benefit	(53)		(53)
Net income (loss) attributable to Equitable Financial	239		239
Change in unrealized in unrealized gains (losses), net of income taxes	(173)		(173)
Comprehensive income (loss)	66		66
Investments | Funds Withheld Assets | Nonembedded Derivative
Reinsurance Retention Policy [Line Items]
Net derivative gains (losses)	1,364		1,364
Investments | Funds Withheld Assets | Embedded Derivative Financial Instruments
Reinsurance Retention Policy [Line Items]
Net derivative gains (losses)	$ (1,331)		$ (1,331)

REINSURANCE - Ceded Credit Risk

REINSURANCE - Ceded Credit Risk (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Reinsurance Retention Policy [Line Items]
Purchased market risk benefits	$ 17,334	$ 10,490
Reinsurance recoverables related to insurance contracts	21,428	7,131
Related parties, Equitable America	14,320	0
Third parties	7,108	7,131
Ceded group health reserves	11	14
Amount due to reinsurers	182	282
Reinsurance Payable	182	282
Reinsurance assumed reserves	687	701
Modco recievable	33,700
Modco payable	(29,900)
Venerable Insurance and Annuity Company (VIAC)
Reinsurance Retention Policy [Line Items]
Reinsurance Payable	67	147
Venerable Insurance and Annuity Company (VIAC) | A-
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables related to insurance contracts	758	543
First Allmerica-GAF | Global Assessment Of Functioning Scale
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables related to insurance contracts	$ 3,828	$ 4,005

Uncategorized Items - efl-20230

Label	Element	Value
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	$ 8,461,000,000
Previously Reported [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	7,333,000,000
Health [Member] | Corporate and Other [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	2,300,000,000
Health [Member] | Previously Reported [Member] | Corporate and Other [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	2,100,000,000
Payout [Member] | Individual Retirement [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	3,407,000,000
Payout [Member] | Previously Reported [Member] | Individual Retirement [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	3,047,000,000
Group Pension [Member] | Corporate and Other [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	780,000,000
Group Pension [Member] | Previously Reported [Member] | Corporate and Other [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	771,000,000
Term [Member] | Protection Solutions [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	1,974,000,000
Term [Member] | Previously Reported [Member] | Protection Solutions [Member]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	us-gaap_LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeReinsuranceAfterDiscountRateChange	$ 1,415,000,000