Mony Life Insurance Co Of America 10-Q21 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	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	333-65423
Entity Registrant Name	EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Entity Incorporation, State or Country Code	AZ
Entity Tax Identification Number	86-0222062
Entity Address, Address Line One	525 Washington Boulevard
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07310
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		2,500,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Central Index Key	0000835357
Current Fiscal Year End Date	--12-31

Balance Sheets

Balance Sheets - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022	[1]
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $6,180 and $2,606) (allowance for credit losses of $0 and $0 )		$ 5,804	$ 2,218
Mortgage loans on real estate (net of allowance for credit losses of $0 and $0)		17	17
Policy loans		260	244
Other equity investments		38	19
Other invested assets		117	47
Total investments		6,236	2,545
Cash and cash equivalents		1,080	294
Deferred policy acquisition costs		947	760
Amounts due from reinsurers (allowance for credit losses of $0 and $0)		1,005	1,051
Funds withheld receivable		10,615	0
Reinsurance deposit assets		12,782	0
Current and deferred income taxes		151	76
Purchased market risk benefits		10	13
Other assets		361	101
Assets for market risk benefits		26	12
Separate Accounts assets		4,508	3,374
Total Assets		37,721	8,226
LIABILITIES
Policyholders’ account balances		21,014	3,751
Liability for market risk benefits		7,363	15
Future policy benefits and other policyholders' liabilities		1,209	669
Amounts due to reinsurers		106	112
Other liabilities		2,124	73
Separate Accounts liabilities		4,508	3,374
Total Liabilities		36,324	7,994
Commitments and contingent liabilities	[2]
EQUITY
Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding		3	3
Additional paid-in capital		1,882	831
Accumulated deficit		(143)	(220)
Accumulated other comprehensive income (loss)		(345)	(382)
Total Equity		1,397	232
Total Liabilities and Equity		$ 37,721	$ 8,226

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]See Note 13 of the Notes to these Financial Statements for details of commitments and contingent liabilities.

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 6,180	$ 2,606
Fixed maturities available-for-sale, allowance for credit losses	0	0
Mortgage loans on real estate, valuation allowances	0	0
Reinsurance recoverable, allowance for credit loss	$ 0	$ 0
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock authorized (in shares)	2,500,000	2,500,000
Common stock issued (in shares)	2,500,000	2,500,000
Common stock outstanding (in shares)	2,500,000	2,500,000

Statements of Income (Loss)

Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Statements of Income (Loss) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
REVENUES
Policy charges and fee income	$ 411	$ 56	[1]	$ 472	$ 112	[2]
Premiums	112	60	[1]	181	109	[1]
Net derivative gains (losses)	(700)	(3)	[1]	(694)	(11)	[2]
Net investment income (loss)	56	21	[1]	85	41	[1]
Investment gains (losses), net	0	(2)	[1]	(5)	(3)	[1]
Investment management and service fees	105	6	[1]	110	11	[1]
Other income	38	1	[1]	44	1	[1]
Total revenues	22	139	[1]	193	260	[1]
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	335	82	[1]	414	156	[1]
Remeasurement of liability for future policy benefits	1	0	[1]	0	(1)	[2]
Change in market risk benefits and purchased market risk benefits	(862)	1	[1]	(862)	(4)	[1]
Interest credited to policyholders’ account balances	185	23	[1]	208	42	[2]
Compensation and benefits	15	9	[1]	28	20	[1]
Commissions	90	26	[1]	121	42	[1]
Amortization of deferred policy acquisition costs	16	10	[1]	28	20	[1]
Other operating costs and expenses	222	21	[1]	245	44	[1]
Total benefits and other deductions	2	172	[1]	182	319	[1]
Income (loss) from continuing operations, before income taxes	20	(33)	[1]	11	(59)	[1]
Income tax (expense) benefit	(6)	8	[1]	66	14	[1]
Net income (loss)	$ 14	$ (25)	[3]	$ 77	$ (45)	[2]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Statements of Comprehensive Inc

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)		$ 14	$ (25)	[1]	$ 77	$ (45)	[2]
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	[3]	(51)	(153)	[1]	24	(324)	[1]
Change in market risk benefits - instrument-specific credit risk		7	3	[1]	12	8	[1]
Change in liability for future policy benefits - current discount rate		1	0	[1]	1	0	[1]
Other comprehensive income (loss), net of income taxes		(43)	(150)	[4]	37	(316)	[4]
Comprehensive income (loss)		$ (29)	$ (175)	[1]	$ 114	$ (361)	[1]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]See Note 12 of the Notes to these Financial Statements for details of change in unrealized gains (losses), net of adjustments.[4]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Statements of Equity

Statements of Equity - USD ($) $ in Millions		Total		Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	[1]	$ 647			$ 3	$ 680	$ (134)		$ 98
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(45)	[2]				(45)	[1]
Other comprehensive income (loss)	[1]	(316)							(316)
Other	[1]	2				2
Dividend of AB Units to parent		0
Ending balance at Jun. 30, 2022	[1]	288			3	682	(179)		(218)
Beginning balance at Dec. 31, 2021	[1]	647			3	680	(134)		98
Ending balance at Dec. 31, 2022		$ 232		$ 0	3	831	(220)		(382)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update [extensible list]		Accounting Standards Update 2016-13 [Member]
Beginning balance at Mar. 31, 2022	[1]	$ 462			3	681	(154)		(68)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(25)	[3]				(25)	[1]
Other comprehensive income (loss)	[1]	(150)							(150)
Other	[1]	1				1
Dividend of AB Units to parent	[1]	0
Ending balance at Jun. 30, 2022	[1]	288			3	682	(179)		(218)
Beginning balance at Dec. 31, 2022		232		$ 0	3	831	(220)		(382)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from parent		1,050				1,050
Net income (loss)		77					77
Other comprehensive income (loss)		37							37
Other		1				1
Ending balance at Jun. 30, 2023		1,397			3	1,882	(143)		(345)
Beginning balance at Mar. 31, 2023		375			3	831	(157)		(302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from parent		1,050				1,050
Net income (loss)		14					14
Other comprehensive income (loss)		(43)							(43)
Other		1				1
Ending balance at Jun. 30, 2023		$ 1,397			$ 3	$ 1,882	$ (143)		$ (345)

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
Statements of Cash Flows - USD ($) $ in Millions		Jun. 30, 2023		Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net income (loss)		$ 77		$ (45)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances		208		42	[1]
Policy charges and fee income		(472)		(112)	[1]
Net derivative (gains) losses		694		11	[1]
Investment (gains) losses, net		5		3	[1]
Non-cash long-term incentive compensation expense		1		2	[1]
Amortization and depreciation		124		21	[1]
Remeasurement of liability for future policy benefits		0		(1)	[1]
Change in market risk benefits		(862)		(4)	[1]
Changes in:
Reinsurance recoverable		817		(12)	[1]
Funds withheld receivable		13		0	[1]
Capitalization of deferred policy acquisition costs		(215)		(52)	[1]
Future policy benefits		133		17	[1]
Current and deferred income taxes	[2]	(66)		(14)	[1]
Other, net		431		105	[1]
Net cash provided by (used in) operating activities		888		(39)	[1]
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale		98		120	[1]
Short-term investments		(1)		(1)	[1]
Other		80		0	[1]
Payment for the purchase/origination of:
Fixed maturities, available-for-sale		(3,582)		(289)	[1]
Other		(99)		(1)	[1]
Cash settlements related to derivative instruments, net		(208)		(97)	[1]
Other, net		(16)		(8)	[1]
Net cash provided by (used in) investing activities		(3,728)		(276)	[1]
Cash flows from financing activities:
Deposits		3,453		357	[1]
Withdrawals		(1,064)		(44)	[1]
Transfer (to) from Separate Accounts		26		(93)	[1]
Payments of market risk benefits		(181)		0
Change in collateralized pledged liabilities		342		(3)	[1]
Cash contribution from parent company		1,050		0	[1]
Other, net		0		4	[1]
Net cash provided by (used in) financing activities		3,626		221	[1]
Change in cash and cash equivalents		786		(94)	[1]
Cash and cash equivalents, beginning of period		294	[3]	127	[1]
Cash and cash equivalents, end of period		$ 1,080		$ 33	[1]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]The six months ended June 30, 2023 includes a release of $69 million deferred tax valuation allowance. See Note 10 of the Notes to these Financial Statements.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) $ in Millions	Jun. 30, 2023 USD ($)
Statement of Cash Flows [Abstract]
Valuation allowance partial release	$ 69

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Equitable Financial Life Insurance Company of America’s (“Equitable America” or “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 Equitable Holdings, Inc. (“Holdings”). Equitable America is a stock life insurance company organized under the laws of Arizona. Internal Reinsurance Transaction On May 17, 2023, Equitable America entered into a reinsurance agreement (the “Reinsurance Treaty”) with its affiliate, Equitable Financial Life Insurance Company, a New York domiciled life insurance company (“Equitable Financial”), 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 account 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 Equitable Financial seeks to novate the reinsured contracts on a reasonable best effort 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 receivable of $11.2 billion, reinsurance deposit assets of $12.9 billion, MRB of $8.2 billion, policyholders’ account balances of $13.9 billion (includes $32.4 billion of assumed policyholder account balances related to the non-insulated (“NI”) modco offset by $28.7 billion of NI modco receivable), future policy benefits and other policyholders' liabilities of $357 million, and cost of reinsurance liability of $1.7 billion. Additionally, $64.1 billion of Insulated Separate Account liabilities were assumed under a modified coinsurance portion of the agreement.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim financial statements (the “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 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 terms “second quarter 2023” and “second quarter 2022” refer to the three months ended June 30, 2023 and 2022, respectively. The terms “first six months of 2023” and “first six months of 2022” refer to the six months ended June 30, 2023 and 2022, respectively. 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. 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 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. The majority of the transition impacts come from removal of DAC and URL adjustments balances recorded in accumulated other comprehensive income (AOCI) impact, resulting in a favorable AOCI. There is limited impact from LFPB and MRB as of transition. 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 (1) $ — $ — $ — Market risk benefits 2 (1) 1 DAC — 110 110 Unearned revenue liability and sales inducement assets (1) — (37) (37) Total transition adjustment before taxes 2 72 74 Income taxes (1) (15) (16) Total transition adjustment (net of taxes) $ 1 $ 57 $ 58 _____________ (1) Unearned revenue liability included within liability for future policy benefits financial statement line item in the balance sheet. Sales inducement assets are included in other assets in the balance sheets. The following table summarizes the balance of and changes in DAC on January 1, 2021 resulting from the adoption of ASU 2018-12: Variable Universal Life Indexed Universal Life Total (in millions) Balance, December 31, 2020 $ 230 $ 247 $ 477 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 70 40 110 Balance, January 1, 2021 $ 300 $ 287 $ 587 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: Variable Universal Life Indexed Universal Life Total (in millions) Balance, December 31, 2020 $ 55 $ 14 $ 69 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 28 9 37 Balance, January 1, 2021 $ 83 $ 23 $ 106 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. Funds withheld receivable Funds withheld receivable represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (“funds withheld”) reinsurance agreements in which we are the reinsurer. The funds withheld receivable under reinsurance treaties includes the funds withheld embedded derivative receivable. The reinsurance agreement between the Company and Equitable Financial written on a funds withheld and modified coinsurance basis contains embedded derivatives. We determined that the obligation to receive the total return on the assets funds withheld receivable, 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 receivable on the balance sheets for assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the statements of income. Assumed earnings from the funds withheld receivable and changes in the fair value of embedded derivatives are reported in operating activities on the statements of cash flows. Contributions to and withdrawals from funds withheld receivable are reported in operating activities on the statements of cash flows. For business assumed on a funds withheld or modified coinsurance basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the embedded derivative included in funds withheld is recorded as a funds withheld asset and any excess or shortfall in relation to statutory reserves is settled quarterly. 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. 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. The reinsurance agreement between the Company and Equitable Financial 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 included within Policyholder account balances on the balance sheets for the assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivative gains (losses) on the statements of income. Assumed earnings from the modified coinsurance and changes in the fair value of embedded derivatives are reported in operating activities on the statements of cash flows. Contributions to and withdrawals from the Policyholder account balances are reported in financing activities on the statements of cash flows. Future Policy Benefits and Other Policyholders’ Liabilities For traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Company’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated policyholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 3.5% to 4.5% of life insurance liabilities and a range of 4.5% to 5.5% for retained annuity liabilities. For traditional life insurance policies and limited pay contracts, 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 statement of comprehensive income. For non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension), 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 statement of income (loss), Remeasurement of Liability for Future Policy Benefits, part of total benefits and other deductions. On the 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. Liabilities for unpaid claims and claim adjustment expenses are established for the Company’s employee benefits products which include the following Group products: long-term and short-term disability, life insurance, vision, dental, critical Illness, and accident. Unpaid claim and claim adjustment expenses consist of (i) claim reserves for known claims that are unpaid as of the balance sheet date; (ii) Incurred But Not Reported reserves for claims where the insured event occurred but has not yet been reported to the Company or the insured has not yet satisfied elimination period to be eligible for the benefits; and (iii) claim adjustment expense reserves for settling the claim run-out. The Company determines Incurred But Not Reported reserves and reviews the claim reserves for the long-term disability claims provided by a reinsurer managing the claims on the Company’s behalf. The claim adjustment expense reserves are set based on the Company’s anticipated cost associated with claim administration expenses on the run-out of business. For long-term disability (“LTD”) the claim reserves for the reported claims are calculated as the present value of the net monthly LTD benefits (Social Security and other offsets may be estimated if unknown) and the best estimate probabilities of the claimant remaining disabled for a given benefit payment which are based on a termination rates table adjusted for experience. Should the offsets be estimated, they are estimated using the claimant’s salary, duration of disability and the probability of the offset award. The disability termination rates vary based on the insured’s age at disability, gender, elimination period, the duration of disability, social security status and the number of months remaining in the benefit period. The rates account for the probabilities of both recovery and death. The reserves vary with plan provisions such as monthly benefit, offsets, own occupation period, benefit duration, cost of living adjustment (“COLA”), and minimum and maximum benefits. The discount rate assumptions for these liabilities are set annually and are based on projected investment returns for the asset portfolios. The interest rate is locked in for each claimant based on the year of disability. For long-term disability, critical illness, and group accident the incurred but not reported reserves are determined using the expected loss ratio method, where the expected loss ratio is applied to the premiums to determine ultimate liabilities. For dental and vision, the incurred but not reported reserves are determined using completion factors, where these factors complete paid-to-date claims to the ultimate liability based on past experience. For short-term disability and group life the incurred but not reported reserves are determined using a combination of expected loss ratio and completion factor methods. 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, 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 GMIB (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. 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 statements of income (loss). Revision of Previously Issued Financial Statements During the quarter ended September 30, 2022, the Company identified an error in its previously issued financial statements specifically related to the amortization of the cost of reinsurance asset. The impact of this error to prior periods financial statements were not considered to be material. The impact of the errors to prior periods financial statements was not considered to be material. See Note 17 to the Notes to these Financial Statements for details of the revision. Out of Period Adjustment During the three months ended June 30, 2023, the Company recorded out of period adjustment resulting in a decrease of $5 million to Income (loss) from continuing operations, before income taxes. The adjustments relate to an understatement of policyholders’ benefits expenses and an understatement of other liabilities in the period ended and as of December 31, 2021, respectively. The error was not material to any prior period.

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	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 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 $50 million and $23 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) $ 4,421 $ — $ 5 $ 345 $ 4,081 U.S. Treasury, government and agency 15 — — 1 14 States and political subdivisions 51 — — 8 43 Foreign governments 30 — — — 30 Residential mortgage-backed 416 — — 5 411 Asset-backed (2) 1,082 — — 6 1,076 Commercial mortgage-backed 165 — — 16 149 Total at June 30, 2023 $ 6,180 $ — $ 5 $ 381 $ 5,804 December 31, 2022: Fixed Maturities: Corporate (1) $ 2,417 $ — $ — $ 359 $ 2,058 U.S. Treasury, government and agency 14 — — — 14 States and political subdivisions 43 — — 9 34 Residential mortgage-backed 8 — — 2 6 Asset-backed (2) 43 — — 2 41 Commercial mortgage-backed 81 — — 16 65 Total at December 31, 2022 $ 2,606 $ — $ — $ 388 $ 2,218 ______________ (1) Corporate fixed maturities include both public and private issues. (2) 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 prepayment 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 $ 127 $ 126 Due in years two through five 888 860 Due in years six through ten 2,370 2,256 Due after ten years 1,132 926 Subtotal 4,517 4,168 Residential mortgage-backed 416 411 Asset-backed 1,082 1,076 Commercial mortgage-backed 165 149 Total at June 30, 2023 $ 6,180 $ 5,804 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 $ — $ 39 $ 50 $ 62 Gross gains on sales $ — $ — $ — $ — Gross losses on sales $ — $ 3 $ (5) $ 4 Net (increase) decrease in Allowance for Credit and Intent to Sell losses $ — $ — $ — $ — 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 $ — $ 2 $ — $ 2 Previously recognized impairments on securities that matured, paid, prepaid or sold — (2) — (2) Recognized impairments on securities impaired to fair value this period (1) — — — — Credit losses recognized this period on securities for which credit losses were not previously recognized — — — Additional credit losses this period on securities previously impaired — — — — Increases due to passage of time on previously recorded credit losses — — — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — — — Balance, end of period $ — $ — $ — $ — ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI. Net Unrealized Gains (Losses) on AFS Fixed Maturities 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 $ (312) $ 6 $ 145 $ (161) Net investment gains (losses) arising during the period (64) — — (64) Reclassification adjustment: — Included in Net income (loss) — — — — Excluded from Net income (loss) — — — — Impact of net unrealized investment gains (losses) — 1 14 15 Net unrealized investment gains (losses) excluding credit losses (376) 7 159 (210) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (376) $ 7 $ 159 $ (210) 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 $ (93) $ 2 $ 19 $ (72) Net investment gains (losses) arising during the period (202) — — (202) Reclassification adjustment: — Included in Net income (loss) 2 — — 2 Excluded from Net income (loss) — — — — Impact of net unrealized investment gains (losses) — 4 41 45 Net unrealized investment gains (losses) excluding credit losses (293) 6 60 (227) Net unrealized investment gains (losses) with credit losses (1) — — — — Balance, end of period $ (293) $ 6 $ 60 $ (227) 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 $ (388) $ 8 $ 161 $ (219) Net investment gains (losses) arising during the period 7 — — 7 Reclassification adjustment: Included in net income (loss) 5 — — 5 Other (1) — — — — Impact of net unrealized investment gains (losses) — (1) (2) (3) Net unrealized investment gains (losses) excluding credit losses (376) 7 159 (210) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (376) $ 7 $ 159 $ (210) 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 $ 128 $ (3) $ (26) $ 99 Net investment gains (losses) arising during the period (424) — — (424) Reclassification adjustment: Included in net income (loss) 3 — — 3 Other — — — — Impact of net unrealized investment gains (losses) — 9 86 95 Net unrealized investment gains (losses) excluding credit losses (293) 6 60 (227) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (293) $ 6 $ 60 $ (227) The following tables disclose the fair values and gross unrealized losses of the 1,172 issues as of June 30, 2023 and the 845 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 $ 1,928 $ 38 $ 1,555 $ 307 $ 3,483 $ 345 U.S. Treasury, government and agency 5 — 9 1 14 1 States and political subdivisions 6 1 27 7 33 8 Residential mortgage-backed 331 2 6 3 337 5 Asset-backed 680 5 31 1 711 6 Commercial mortgage-backed 85 1 60 15 145 16 Total at June 30, 2023 $ 3,035 $ 47 $ 1,688 $ 334 $ 4,723 $ 381 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) December 31, 2022: Fixed Maturities: Corporate $ 1,446 $ 159 $ 590 $ 200 $ 2,036 $ 359 States and political subdivisions 19 4 13 5 32 9 Residential mortgage-backed 2 — 4 2 6 2 Asset-backed 35 1 6 1 41 2 Commercial mortgage-backed 5 1 60 15 65 16 Total at December 31, 2022 $ 1,507 $ 165 $ 673 $ 223 $ 2,180 $ 388 The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the 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 1.3% 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 $54 million and $24 million, respectively, representing 3.9% and 10.3% of the 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 $48 million and $4 million, or 0.8% and 0.2%, of the $6.2 billion and $2.6 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had no gross unrealized losses as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, respectively, the $334 million and $223 million of gross unrealized losses of twelve months or more were concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Financial Statements, the Company concluded that an 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. Mortgage Loans on Real Estate The Company held two commercial mortgage loans with a carrying value of $17 million and $17 million at June 30, 2023 and December 31, 2022. The loans were issued prior to 2017 for apartment complex properties located in the Mid-Atlantic region. The loans were current as of June 30, 2023 and December 31, 2022 with LTV ratios between 0%-50% and DSC ratios of 2.0x or greater. Accrued interest receivable as of June 30, 2023 and December 31, 2022 was $0 million and no accrued interest was written off for the three and six months ended June 30, 2023 and 2022. The allowance for credit losses was $0 million as of June 30, 2023 and 2022, with a change of $0 million for the periods ended. 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. 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 $ — $ (1) $ (1) $ (3) Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on equity securities $ — $ (1) $ (1) $ (3) Trading Securities As of June 30, 2023 and December 31, 2022, respectively, the fair value of the Company’s trading securities was $0 million and $1 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 $1 million and $1 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 $ 2 $ — $ — $ — Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on trading securities 2 — — — Interest and dividend income from trading securities — — — — Net investment income (loss) from trading securities $ 2 $ — $ — $ — Net Investment Income The following tables provide the components of net investment income by investment type: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ 48 $ 22 $ 77 $ 43 Mortgage loans on real estate — — — — Policy loans 1 1 2 2 Other equity investments — (2) — (3) Trading securities 2 — — — Other investment income 7 — 9 — Gross investment income (loss) 58 21 88 42 Investment expenses (2) — (3) (1) Net investment income (loss) $ 56 $ 21 $ 85 $ 41 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, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ — $ (2) $ (5) $ (3) Mortgage loans on real estate — — — — Other equity investments (1) — — — — Investment gains (losses), net $ — $ (2) $ (5) $ (3) _____________

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	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. The Company does not designate any derivatives as hedge accounting. 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 can be used in these hedging programs, including exchange traded equity and interest rate futures contracts as well as equity options. 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. 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. Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options The Company hedges crediting rates in the SCS, 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. The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: The following table presents the gross notional amount and estimated fair value of the Company’s derivatives: Derivative Instruments by Category June 30, 2023 December 31, 2022 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Derivatives: (1) Equity contracts: Futures $ 1,324 $ — $ — $ 394 $ — $ — Options 1,948 546 167 209 34 16 Interest rate contracts: Futures 370 — — 282 — — Other contracts: Margin — 81 — — 29 — Collateral — — 346 — — 3 Total: 3,642 627 513 885 63 19 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — 7,347 — — 87 Funds withheld receivable (3) — (136) — — — — Modco receivable (2) — — 166 — — — Total embedded derivatives — (136) 7,513 — — 87 Total derivative instruments $ 3,642 $ 491 $ 8,026 $ 885 $ 63 $ 106 ______________ (1) Reported in other invested assets in the balance sheets. (2) Reported in policyholders’ account balances in the balance sheets. (3) Reported in funds withheld receivable in the balance sheets. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Derivatives: Equity contracts: Futures $ 70 $ (66) $ 98 $ (74) Options 105 (3) 111 (3) Interest rate contracts: Futures (12) (12) (4) (24) Total: 163 (81) 205 (101) Embedded Derivatives: SCS, SIO, MSO and IUL indexed features (2,194) 78 (2,230) 90 Funds withheld receivable (599) — (599) — Modco receivable 1,930 — 1,930 — Total Embedded Derivatives (863) 78 (899) 90 Total Derivatives instruments (1) $ (700) $ (3) $ (694) (11) ________ (1) Reported in net derivative gains (losses) in the statements of income (loss). Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based 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 $67 million and $22 million and (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 $14 million and $10 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 $346 million and $3 million 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 $0 million and $0 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 $ 627 $ 513 $ 114 $ — $ 114 Other financial assets 3 — 3 — 3 Other invested assets $ 630 $ 513 $ 117 $ — $ 117 Liabilities: Derivative liabilities $ 513 $ 513 $ — $ — $ — Other financial liabilities 2,124 — 2,124 — 2,124 Other liabilities $ 2,637 $ 513 $ 2,124 $ — $ 2,124 ______________ (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 $ 63 $ 18 $ 45 $ — $ 45 Other financial assets 2 — 2 — 2 Other invested assets $ 65 $ 18 $ 47 $ — $ 47 Liabilities: Derivative liabilities $ 19 $ 18 $ 1 $ — $ 1 Other financial liabilities 72 — 72 — 72 Other liabilities $ 91 $ 18 $ 73 $ — $ 73 ______________ (1) Financial instruments sent (held).

DAC AND OTHER DEFERRED ASSETS_L

DAC AND OTHER DEFERRED ASSETS/LIABILITIES	6 Months Ended
DAC AND OTHER DEFERRED ASSETS/LIABILITIES	Jun. 30, 2023
Contract holder Bonus Interest Credits [Abstract]
DAC AND OTHER DEFERRED ASSETS/LIABILITIES	DAC AND OTHER DEFERRED ASSETS/LIABILITIES Changes in the DAC asset for the six months ended June 30, 2023 and 2022 are as follows: Six Months Ended June 30, 2023 VUL (1) IUL (2) GMxB Core IE (3) SCS Total (in millions) Balance, beginning of period $ 410 $ 296 $ 40 $ 1 $ 13 $ 760 Capitalization 34 7 34 11 119 205 Amortization (11) (9) (2) — (5) (27) Balance, end of period $ 433 $ 294 $ 72 $ 12 $ 127 $ 938 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. Six Months Ended June 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 35 9 9 53 Amortization (10) (9) (1) (20) Balance, end of period $ 386 $ 297 $ 22 $ 705 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. 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 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 27 33 23 36 Amortization (5) (5) (4) (4) Balance, end of period $ 181 $ 185 $ 137 $ 126 The following table presents a reconciliation of DAC to the balance sheet: June 30, 2023 December 31, 2022 (in millions) VUL $ 433 $ 410 IUL 294 296 GMxB Core 72 40 Investment Edge 12 1 SCS 127 13 Other 9 — Total $ 947 $ 760

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
FAIR VALUE DISCLOSURES	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) $ — $ 4,020 $ 61 $ 4,081 U.S. Treasury, government and agency — 14 — 14 States and political subdivisions — 43 — 43 Foreign governments — 30 — 30 Residential mortgage-backed — 411 — 411 Asset-backed (2) — 1,076 — 1,076 Commercial mortgage-backed — 149 — 149 Total fixed maturities, AFS — 5,743 61 5,804 Other equity investments 20 18 — 38 Other invested assets: Options — 379 — 379 Total other invested assets — 379 — 379 Cash equivalents 1,028 — — 1,028 Funds withheld receivable (3) (5) — — (136) (136) Purchased market risk benefits — — 10 10 Assets for market risk benefits — — 26 26 Separate Accounts assets (4) 4,501 7 — 4,508 Total Assets $ 5,549 $ 6,147 $ (39) $ 11,657 Liabilities: Policyholders’ account balances: — — — — SCS, MSO and IUL indexed features’ liability — 7,347 — 7,347 Modco payable (5) — — 166 166 Liabilities for market risk benefits — — 7,363 7,363 Total Liabilities $ — $ 7,347 $ 7,529 $ 14,876 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (3) As discussed in Note 2 to these Financial Statements, the funds withheld receivable was created through a funds withheld and modified coinsurance agreement where the investments supporting the reinsurance agreement are withheld by and continue to reside on Equitable Financial’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 Equitable Financial, which are primarily AFS securities. (4) Separate Accounts assets included in the fair value hierarchy exclude investments not fair valued including other assets of $1 million. (5) The embedded derivative is partially reflected in funds withheld receivable and policyholders’ account balance. The portion within policyholders’ account balances relates to the non-insulated products assumed on a modified coinsurance basis and is reflected net of assumed liabilities on the balance sheet. Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 2,040 $ 18 $ 2,058 U.S. Treasury, government and agency — 14 — 14 States and political subdivisions — 34 — 34 Residential mortgage-backed — 6 — 6 Asset-backed (2) — 41 — 41 Commercial mortgage-backed — 65 — 65 Total fixed maturities, AFS — 2,200 18 2,218 Other equity investments — 19 — 19 Other invested assets: Options — 18 — 18 Total other invested assets — 18 — 18 Cash equivalents 272 — — 272 Funds withheld receivable — — — — Purchased market risk benefits — — 13 13 Assets for market risk benefits — — 12 12 Separate Accounts assets (3) 3,367 7 — 3,374 Total Assets $ 3,639 $ 2,244 $ 43 $ 5,926 Liabilities: Policyholders’ account balances — — — — SCS, SIO, MSO and IUL indexed features’ liability — 87 — 87 Modco receivable — — — — Liabilities for market risk benefits — — 15 15 Total Liabilities $ — $ 87 $ 15 $ 102 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (3) Separate Accounts assets included in the fair value hierarchy exclude investments not fair valued including other assets of $1 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 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 receivable 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 Equitable Financial. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Equitable Financial’s consolidated balance sheet. Level Classifications of the Company’s Financial Instruments Financial Instruments Classified as Level 1 Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature. Financial Instruments Classified as Level 2 Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. Certain Company products, such as IUL and the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers. Financial Instruments Classified as Level 3 The Company’s investments classified as Level 3 primarily include corporate debt securities, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company 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 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 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 Purchased MRB valuations. 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. See Note 8 of the Notes to these Financial Statements for further description of our market risk benefits fair value. The funds withheld embedded derivative receivable 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. Transfers of Financial Instruments Between Levels 2 and 3 During the six months ended June 30, 2023, there were $10 million AFS fixed maturities transferred out of Level 3 and into Level 2 and no AFS fixed maturities transferred out of Level 2 and into Level 3. These transfers in the aggregate represent approximately 0.7% of total equity as of June 30, 2023. During the six months ended June 30, 2022, there were $5 million AFS fixed maturities transferred out of Level 3 and into Level 2 or AFS fixed maturities transferred out of Level 2 and into Level 3. These transfers in the aggregate represent approximately 1.7% of total equity as of June 30, 2022. The tables below present reconciliations for 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 8 of the Notes to these Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Corporate Funds Withheld Receivable Modco Payable Corporate Funds Withheld Receivable Modco Payable (in millions) Balance, beginning of period $ 37 $ — $ — $ 11 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — — Net derivative gains (losses) (1) — (136) 166 — — — Total realized and unrealized gains (losses) — (136) 166 — — — Other comprehensive income (loss) — — — — — — Purchases 24 — — 11 — — Sales — — — (1) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — — — (5) — — Balance, end of period $ 61 $ (136) $ 166 $ 16 $ — $ — Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period $ — $ — $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period. $ — $ — $ — $ — $ — $ — Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Corporate Funds Withheld Receivable Modco Payable Corporate Funds Withheld Receivable Modco Payable (in millions) Balance, beginning of period $ 18 $ — $ — $ 11 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — — Net derivative gains (losses) (1) — (136) 166 — — — Total realized and unrealized gains (losses) — (136) 166 — — — Other comprehensive income (loss) — — — (1) — — Purchases 53 — — 12 — — Sales — — — (1) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) (10) — — (5) — — Balance, end of period $ 61 $ (136) $ 166 $ 16 $ — $ — Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period $ — $ — $ — $ — $ — $ — 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) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Quantitative and Qualitative Information about Level 3 Fair Value Measurements The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of 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 (Dollars in millions) Assets:(4) Investments: Fixed maturities, AFS: Corporate $ 32 Matrix pricing Spread over benchmark 20 bps - 320 bps 65 bps Purchased MRB asset (1) 10 Discounted cash flow Lapse rates Withdrawal rates Annuitization rates Non-performance risk (bps) Mortality: Ages 0-40 Ages 41-60 Ages 61-115 N/A N/A Fair Valuation Technique Significant Range Weighted Average (Dollars in millions) Liabilities: Direct MRB (1) (2) (3) $ 7,337 Discounted cash flow Non-performance risk (bps) Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 55 bps - 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% 55 bps 3.81% 0.65% 3.13% 2.56% (same for all ages) (same for all ages) (1) 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. (2) MRB assets are shown net of MRB liabilities. Net amount is made up of $26 million of MRB assets and $7,363 million of MRB liabilities. (3) Includes Core products. (4) Funds withheld receivable that contain embedded derivatives held at fair value are excluded from the tables above. The funds withheld receivable 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 (Dollars in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 4 Matrix pricing model Spread over benchmark 245 bps - 245 bps 245 bps Purchased MRB asset (1) (2) (4) 13 Discounted cash flow Lapse rates Withdrawal rates Annuitization Non-performance risk (bps) Mortality: Ages 0-40 Ages 41-60 Ages 61-115 N/A N/A Liabilities: Direct MRB (1) (2) (3) (4) $ 3 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 157 bps 0.35% - 35.42% 0.20% - 1.24% 0.04% - 100.00% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 157 bps 4.35% 1.22% 3.27% 1.08% (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 million of MRB liabilities and $12 million of MRB assets. (4) Includes Core products. Level 3 Financial Instruments for which Quantitative Inputs are Not Available Certain Privately Placed Debt Securities with Limited Trading Activity Excluded from the tables above as of June 30, 2023 and December 31, 2022, respectively, are approximately $29 million and $14 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. • The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. Market Risk Benefits Significant unobservable inputs with respect to the fair value measurement of the Purchased MRB assets and MRB liabilities identified in the table above are developed using Company data. Future policyholder behavior is an unobservable market assumption and as such all aspects of policyholder behavior are derived based on recent historical experience. These policyholder behaviors include lapses, pro-rata withdrawals, dollar for dollar withdrawals, GMIB utilization, deferred mortality and payout phase mortality. Many of these policyholder behaviors have dynamic adjustment factors based on the relative value of the rider as compared to the account value in different economic environments. This applies to all variable annuity related products; products with GMxB riders including but not limited to GMIB, GMDB and GWL. Lapse rates are adjusted at the contract level based on a comparison of the value of the embedded GMxB rider and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing Purchased MRB assets and MRB liabilities, lapse rates vary throughout the period over which cash flows are projected. Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of Notes to Financial Statements 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 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 $ — $ — $ 15 $ 15 Policy loans $ 260 $ — $ — $ 265 $ 265 Funds withheld receivable $ 10,751 $ — $ — $ 10,751 $ 10,751 Modco receivable $ 30,022 $ — $ — $ 30,022 $ 30,022 Policyholders’ liabilities: Investment contracts $ 110 $ — $ — $ 101 $ 101 Separate Accounts liabilities $ 267 $ — $ — $ 267 $ 267 December 31, 2022: Mortgage loans on real estate $ 17 $ — $ — $ 15 $ 15 Policy loans $ 244 $ — $ — $ 248 $ 248 Funds withheld receivable $ — $ — $ — $ — $ — Modco receivable $ — $ — $ — $ — $ — Policyholders’ liabilities: Investment contracts $ 115 $ — $ — $ 106 $ 106 Separate Accounts liabilities $ — $ — $ — $ — $ — Mortgage Loans on Real Estate Fair values for commercial mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower. Policy Loans The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns. Policyholder Liabilities - Investment Contracts and Separate Account Liabilities The fair values for deferred annuities and certain annuities, which are included in policyholders’ account balances and liabilities for investment contracts with fund investments in Separate Accounts are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company’s association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value. Financia

LIABILITIES FOR FUTURE POLICYHO

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	6 Months Ended
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	Jun. 30, 2023
Insurance [Abstract]
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Six Months Ended June 30, 2022 2023 2022 Payout-Legacy (in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ — $ — Beginning balance of original discount rate — — Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning of period balance — — Issuances 120 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 120 — Effect of changes in discount rate assumptions (1) — Balance, end of period $ 119 $ — Net liability for future policy benefits $ 119 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 119 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.6 0 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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Reconciliation Payout - Legacy $ 119 UL (1) 322 Other (2) 308 Subtotal 749 Other policy funds 460 Grand total $ 1,209 ______________ (1) Represents the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits. December 31, 2022 (in millions) Reconciliation Universal Life (1) $ 58 Other (2) 220 Future policyholder benefits, total 278 Other policyholder liabilities 391 Total $ 669 ______________ (1) Represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Internal Reinsurance Transaction described further in Note 1, these are no longer material and are not disclosed separately. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits. 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) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 174 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 117 — Expected future gross premiums (discounted) — — The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities 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 Payout - Legacy (1) $ 21 $ — $ — $ — Total $ 21 $ — $ — $ — 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 Payout-Legacy Interest accretion rate 5.5 % — % Current discount rate 5.6 % — % Six Months Ended June 30, 2023 2022 UL (1) Universal Life (2) (Dollars in millions) Balance, beginning of period $ — $ 57 Beginning balance before AOCI adjustments — 55 Effect of changes in interest rate and cash flow assumptions and model changes — — Effect of actual variances from expected experience — (1) Adjusted beginning of period balance — 54 Issuances (3) 322 — Interest accrual — 1 Net assessments collected — 5 Benefit payments — — Ending balance before shadow reserve adjustments 322 60 Effect of shadow reserve adjustment — (7) Balance, end of period $ 322 $ 53 Net liability for additional liability $ 322 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 322 $ 53 Weighted-average duration of additional liability - death benefit (years) 18.6 33.5 ______________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. (3) Issuances represent the UL SOP NLG business assumed from Equitable Financial on April 1, 2023. The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 258 $ 4 Total $ 258 $ 4 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Six Months Ended June 30, 2022 Assessments Interest Accretion Revenue and Interest Accretion Universal Life 9 1 Total $ 9 $ 1 ___________ (1) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate Universal Life 4.5 % 5.5 % Interest accretion rate 4.5 % 5.5 % Prescribed and Permitted Accounting Practices As of June 30, 2023, the following prescribed practice resulted in surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied. During 2022, Equitable Life Financial Insurance Company of America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A (“SA 68A”) for our Structured Capital Strategies product, Separate Account No. 69A (“SA 69A”) for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A (“SA 71A”) for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the NAIC Accounting and Practices and Procedures Manual to align with how we manage and measure our overall general account asset portfolio. The impact of the application is a decrease of approximately $36 million in statutory surplus as of June 30, 2023.

MARKET RISK BENEFITS

MARKET RISK BENEFITS	6 Months Ended
MARKET RISK BENEFITS	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 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ (14) $ — $ (7) $ — Balance BOP before changes in the instrument specific credit risk (8) — (2) — Model changes and effect of changes in cash flow assumptions — — — — Actual market movement effect (108) (264) 10 — Interest accrual 9 68 — — Attributed fees accrued (1) 101 95 1 — Benefit payments (12) (153) — — Actual policyholder behavior different from expected behavior 6 (4) 1 — Changes in future economic assumptions (224) (364) (12) — Issuances (2) 1,292 6,865 — — Balance EOP before changes in the instrument-specific credit risk 1,056 6,243 (2) — Changes in the instrument-specific credit risk (3) (9) (6) (8) — Balance, end of period $ 1,047 $ 6,237 $ (10) $ — Weighted-average age of policyholders (years) 64.3 73.5 59.7 — Net amount at risk $ 3,079 $ 10,464 $ 11 $ — _______________ (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 Financial. See Note 1 of the Notes to these Financial Statements. (3) Changes are recorded in OCI. Six Months Ended June 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ (9) $ — $ — $ — Balance BOP before changes in the instrument specific credit risk (8) — 1 — Model changes and effect of changes in cash flow assumptions — — — — Actual market movement effect (113) (264) 14 — Interest accrual 9 68 — — Attributed fees accrued (1) 102 95 1 — Benefit payments (12) (153) — — Actual policyholder behavior different from expected behavior 8 (4) 2 — Changes in future economic assumptions (222) (364) (19) — Issuances (2) 1,292 6,865 (1) — Balance EOP before changes in the instrument-specific credit risk 1,056 6,243 (2) — Changes in the instrument-specific credit risk (3) (9) (6) (8) — Balance, end of period $ 1,047 $ 6,237 $ (10) $ — Weighted-average age of policyholders (years) 64.3 73.5 59.7 — Net amount at risk $ 3,079 $ 10,464 $ 11 $ — _______________ (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 Financial. See Note 1 of the Notes to these Financial Statements. (3) Changes are recorded in OCI. 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 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 $ (25) $ 1,072 $ 1,047 $ — $ 1,047 $ (12) $ 3 $ (9) $ — $ (9) GMxB Legacy — 6,237 6,237 — 6,237 — — — — — Other (1) (1) 54 53 (10) 43 — 12 12 (13) (1) Total $ (26) $ 7,363 $ 7,337 $ (10) $ 7,327 $ (12) $ 15 $ 3 $ (13) $ (10) ______________

POLICYHOLDER ACCOUNT BALANCES

POLICYHOLDER ACCOUNT BALANCES	6 Months Ended
POLICYHOLDER ACCOUNT BALANCES	Jun. 30, 2023
Policyholder Account Balance [Abstract]
POLICYHOLDER ACCOUNT BALANCES	POLICYHOLDER ACCOUNT BALANCES The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2023: Six Months Ended June 30, 2023 UL IUL EI EG SCS (1) (Dollars in millions) Balance, beginning of period $ — $ 1,962 $ — $ — 242 Issuances (2) 1,208 349 2,213 6,817 31,189 Premiums received 122 119 3 93 — Policy charges (128) (93) — (1) (2) Surrenders and withdrawals (4) (25) (74) (230) (606) Benefit payments (5) (5) (9) (7) (55) Net transfers from (to) separate account — — (12) 45 2,823 Interest credited (3) 9 73 16 69 2,212 Balance, end of period $ 1,202 $ 2,380 $ 2,137 $ 6,786 $ 35,803 Weighted-average crediting rate 3.32% 2.34% 2.92% 2.31% N/A Net amount at risk (4) $ 16,580 $ 19,438 $ 107 $ 17 $ 11 Cash surrender value $ 1,044 $ 1,790 $ 2,130 $ 6,713 $ 32,495 ______________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate. (2) Issuances are related to the Reinsurance Treaty with Equitable Financial. See Note 1 of the Notes to these Financial Statements. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at risk is the maximum GMxB NAR for the policyholder. The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2022: Six Months Ended June 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 127 9 30 18 Policy charges (89) (14) (1) (12) Surrenders and withdrawals (12) — — (39) Benefit payments (4) (4) — (6) Net transfers from (to) separate account — 26 (27) 2 Interest credited (3) (54) 7 — 18 Other — — — — Balance, end of period $ 1,941 $ 638 $ 15 $ 847 Weighted-average crediting rate 2.18% 3.52% 1.00% 4.27% Net amount at risk (4) $ 18,260 $ 28,861 $ 11 $ 4,272 Cash surrender value $ 1,477 $ 518 $ 16 $ 846 ___________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) Reinsured primarily reflects Protective Life reinsured business. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at 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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,202 IUL 2,380 EI 2,137 EG 6,786 SCS 35,803 Other (1) (27,294) Total $ 21,014 ______________ (1) Includes $(30) billion of assumed fair value of the modco reinsurance with Equitable Financial. December 31, 2022 (in millions) Policyholders’ account balance reconciliation IUL $ 1,962 VUL 655 GMxB Core 27 IE 7 SCS 242 Reinsured 819 Other 39 Total $ 3,751 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 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) Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 76 13 476 130 695 Greater than 2.50% — 506 — — 506 Total $ 76 $ 519 $ 476 $ 130 $ 1,201 June 30, 2023 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) Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — Indexed Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 1,125 596 559 — 2,280 Greater than 2.50% — — — — — Total $ 1,125 $ 596 $ 559 $ — $ 2,280 EQUI-VEST Individual 0.00% - 1.50% $ 51 $ 218 $ — $ — $ 269 1.51% - 2.50% 44 — — — 44 Greater than 2.50% 1,823 — — — 1,823 Total $ 1,918 $ 218 $ — $ — $ 2,136 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A EQUI-VEST Group 0.00% - 1.50% $ 497 $ 1,982 $ 23 $ 315 $ 2,817 1.51% - 2.50% 258 — — — 258 Greater than 2.50% 2,844 — 1 — 2,845 Total $ 3,599 $ 1,982 $ 24 $ 315 $ 5,920 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) Indexed Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 1,202 666 73 — 1,941 Greater than 2.50% — — — — — Total $ 1,202 $ 666 $ 73 $ — $ 1,941 Variable Universal Life 0.00% - 1.50% $ 18 $ 30 $ 2 $ — $ 50 1.51% - 2.50% 73 12 — — 85 Greater than 2.50% 460 — 2 — 462 Total $ 551 $ 42 $ 4 $ — $ 597 Investment Edge 0.00% - 1.50% $ 7 $ — $ — $ — $ 7 1.51% - 2.50% — — — — — Greater than 2.50% — — — — — Total $ 7 $ — $ — $ — $ 7 GMxB Core 0.00% - 1.50% $ 32 $ — $ — $ — $ 32 1.51% - 1.51% — — — — — Greater than 2.50% — — — — — Total $ 32 $ — $ — $ — $ 32 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 Core IE Reinsured (2) Balance, beginning of period 1,653 $ 756 $ 26 $ 913 Premiums and deposits 190 439 270 11 Policy charges (64) (4) — (17) Surrenders and withdrawals (23) (11) (2) (37) Benefit payments (5) (3) — (11) Investment performance (1) 192 79 4 141 Net transfers from (to) general account (25) 65 (163) (1) Other charges — — — — Balance, end of period $ 1,918 $ 1,321 $ 135 $ 999 Cash surrender value $ 1,590 $ 1,221 $ 129 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Six Months Ended June 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 177 166 10 Policy charges (60) (1) (14) Surrenders and withdrawals (16) (3) (24) Benefit payments (3) — (5) Investment performance (2) (361) (74) (141) Net transfers from (to) general account (26) 27 (2) Other charges — — — Balance, end of period $ 1,543 $ 430 $ 1,068 Cash surrender value $ 1,241 $ 392 N/A __ _____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following table reconciles the separate account liabilities to the separate account liability balance in the balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,918 GMxB Core 1,321 IE 135 Reinsured 999 Other 135 Total $ 4,508 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 1,653 GMxB Core 756 IE 26 Reinsured 913 Other 26 Total $ 3,374 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 Legacy Segment Total (in millions) Asset Type Mutual Funds $ 2,414 $ 2,081 $ — $ 13 $ — $ 4,508 Total $ 2,414 $ 2,081 $ — $ 13 $ — $ 4,508 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Legacy Segment Total (in millions) Asset Type Mutual Funds $ 2,096 — $ 1,265 — $ — — $ 13 — $ — $ 3,374 Total $ 2,096 $ 1,265 $ — $ 13 $ — $ 3,374

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	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 $85 million against its deferred tax asset related to unrealized capital losses in the AFS securities portfolio. For the three month period ended March 31, 2023, the Company recorded a decrease to the valuation allowance of $16 million due to a decrease in the portfolio’s unrealized capital loss. This adjustment was allocated to 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. During the three-months ended March 31, 2023, the Company increased its available future liquidity by increasing borrowing capacity and amending certain counterparty agreements. As a result of these actions, the Company was able to assert its ability and intent to hold the underlying securities in its AFS portfolio to recovery. Based on all available evidence, the Company concluded the deferred tax assets related to unrealized tax capital losses are more-likely-than-not to be realized and that a valuation allowance was not necessary. The remaining release of the valuation allowance of $69 million was recorded in net income for the three months ended March 31, 2023. 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
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSOn May 17, 2023, Equitable America entered into a reinsurance agreement with Equitable Financial, effective April 1, 2023. See Note 1 and Note 16 of the Notes to these Financial Statements for further details.

EQUITY

EQUITY	6 Months Ended
EQUITY	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 is as follows: June 30, 2023 December 31, 2022 (in millions) Unrealized gains (losses) on investments $ (362) $ (383) Market risk benefits - instrument-specific credit risk component 16 1 Liability or future policy benefits - current discount rate component $ 1 $ — Accumulated other comprehensive income (loss) $ (345) $ (382) The components of OCI, net of taxes for the three and six months ended June 30, 2023 and 2022, follow: 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 $ (51) $ (159) $ 21 $ (335) (Gains) losses reclassified into net income (loss) during the period (1) — 2 4 3 Net unrealized gains (losses) on investments (51) (157) 25 (332) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other — 4 (1) 8 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(28), $(41), $(12) and $(86)). (51) (153) 24 (324) Change in LFPB discount rate and MRB credit risk Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $2, $1, $3 and $2). 7 3 12 8 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $—, $—, $—, and $—) 1 — 1 — Other comprehensive income (loss) $ (43) $ (150) $ 37 $ (316) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(2) million, $(1) million, $(1) million and $(1) 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 statements of income (loss). Amounts presented in the table above are net of tax.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Litigation Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities. The Company is a defendant in 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. 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 $5 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. 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 $1.0 billion. The Company had $0 outstanding as of June 30, 2023. Guarantees and Other Commitments The Company has no outstanding commitments under existing mortgage loans or mortgage loan commitment agreements at June 30, 2023.

INSURANCE STATUTORY FINANCIAL I

INSURANCE STATUTORY FINANCIAL INFORMATION	6 Months Ended
INSURANCE STATUTORY FINANCIAL INFORMATION	Jun. 30, 2023
Insurance Statutory Financial Information [Abstract]
INSURANCE STATUTORY FINANCIAL INFORMATION	LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Six Months Ended June 30, 2022 2023 2022 Payout-Legacy (in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ — $ — Beginning balance of original discount rate — — Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning of period balance — — Issuances 120 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 120 — Effect of changes in discount rate assumptions (1) — Balance, end of period $ 119 $ — Net liability for future policy benefits $ 119 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 119 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.6 0 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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Reconciliation Payout - Legacy $ 119 UL (1) 322 Other (2) 308 Subtotal 749 Other policy funds 460 Grand total $ 1,209 ______________ (1) Represents the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits. December 31, 2022 (in millions) Reconciliation Universal Life (1) $ 58 Other (2) 220 Future policyholder benefits, total 278 Other policyholder liabilities 391 Total $ 669 ______________ (1) Represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Internal Reinsurance Transaction described further in Note 1, these are no longer material and are not disclosed separately. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits. 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) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 174 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 117 — Expected future gross premiums (discounted) — — The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities 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 Payout - Legacy (1) $ 21 $ — $ — $ — Total $ 21 $ — $ — $ — 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 Payout-Legacy Interest accretion rate 5.5 % — % Current discount rate 5.6 % — % Six Months Ended June 30, 2023 2022 UL (1) Universal Life (2) (Dollars in millions) Balance, beginning of period $ — $ 57 Beginning balance before AOCI adjustments — 55 Effect of changes in interest rate and cash flow assumptions and model changes — — Effect of actual variances from expected experience — (1) Adjusted beginning of period balance — 54 Issuances (3) 322 — Interest accrual — 1 Net assessments collected — 5 Benefit payments — — Ending balance before shadow reserve adjustments 322 60 Effect of shadow reserve adjustment — (7) Balance, end of period $ 322 $ 53 Net liability for additional liability $ 322 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 322 $ 53 Weighted-average duration of additional liability - death benefit (years) 18.6 33.5 ______________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. (3) Issuances represent the UL SOP NLG business assumed from Equitable Financial on April 1, 2023. The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 258 $ 4 Total $ 258 $ 4 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Six Months Ended June 30, 2022 Assessments Interest Accretion Revenue and Interest Accretion Universal Life 9 1 Total $ 9 $ 1 ___________ (1) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate Universal Life 4.5 % 5.5 % Interest accretion rate 4.5 % 5.5 % Prescribed and Permitted Accounting Practices As of June 30, 2023, the following prescribed practice resulted in surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied. During 2022, Equitable Life Financial Insurance Company of America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A (“SA 68A”) for our Structured Capital Strategies product, Separate Account No. 69A (“SA 69A”) for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A (“SA 71A”) for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the NAIC Accounting and Practices and Procedures Manual to align with how we manage and measure our overall general account asset portfolio. The impact of the application is a decrease of approximately $36 million in statutory surplus as of June 30, 2023.

UNPAID CLAIM AND CLAIM EXPENSES

UNPAID CLAIM AND CLAIM EXPENSES	6 Months Ended
UNPAID CLAIM AND CLAIM EXPENSES	Jun. 30, 2023
Insurance [Abstract]
UNPAID CLAIM AND CLAIM EXPENSES	UNPAID CLAIM AND CLAIM EXPENSESThe following summarizes the change in liability for unpaid claims and claim expenses: Liability for Unpaid Claims and Claim Expenses Six Months Ended June 30, 2023 2022 (in millions) Gross Balance, beginning of period $ 110 $ 78 Less Reinsurance 36 23 Net Balance, beginning of period 74 55 Incurred Claims (net) Related to: Current Period 121 88 Prior Period (14) 9 Total Incurred 107 97 Paid Claims (net) Related to: Current Period 65 49 Prior Period 33 27 Total Paid 98 76 Net Balance, end of period 83 76 Add Reinsurance 40 29 Gross Balance, end of period $ 123 $ 105

REINSURANCE

REINSURANCE	6 Months Ended
REINSURANCE	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: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 92 $ 78 $ 178 $ 151 Reinsurance assumed - Equitable Financial 345 — 345 — Reinsurance ceded (26) (22) (51) (39) Policy charges and fee income $ 411 $ 56 $ 472 $ 112 Direct premiums $ 86 $ 74 $ 171 $ 133 Reinsurance assumed - Equitable Financial 40 — 40 — Reinsurance ceded (14) (14) (30) (24) Premiums $ 112 $ 60 $ 181 $ 109 Direct policyholders’ benefits $ 110 $ 106 $ 209 $ 191 Reinsurance assumed - Equitable Financial 264 — 264 — Reinsurance ceded (39) (24) (59) (35) Policyholders’ benefits $ 335 $ 82 $ 414 $ 156 Direct interest credited to policyholders’ account balances $ 42 $ 32 $ 74 $ 77 Reinsurance assumed - Equitable Financial 151 — 151 — Reinsurance ceded (8) (9) (17) (35) Interest credited to policyholders’ account balances $ 185 $ 23 $ 208 $ 42 Ceded Reinsurance In 2013, the Company entered into the Reinsurance Agreement with Protective to reinsure an in-force book of life insurance and annuity policies written prior to 2004. In addition to the Reinsurance Agreement, the Company entered into a long-term administrative services agreement with Protective whereby Protective will provide all administrative and other services with respect to the reinsured business. For business not reinsured with Protective, the Company generally reinsures its variable life and interest-sensitive life insurance policies on an excess of retention basis. The Company generally retains up to a maximum of $4 million of mortality risk on single-life policies and up to a maximum of $6 million of mortality risk on second-to die policies. For amounts applied for in excess of those limits, reinsurance is ceded to Equitable Financial up to a combined maximum of $20 million of risk on single-life policies and up to a maximum of $25 million on second-to die policies. For amounts issued in excess of these limits, reinsurance is typically obtained from unaffiliated third parties. These reinsurance arrangements obligate the reinsurers to pay a portion of any death claim in excess of the amount the Company retains in exchange for an agreed-upon premium. Equitable America has a quota share arrangement with AXA Global Re (formerly AXA Cessions), assuming a percentage of excess Life/Disability/A&H business. The contract is now closed to new business. Beginning in 2015, group short and long-term disability is being reinsured with Group Reinsurance Plus (GRP) via a quota share arrangement. Assumed Reinsurance On May 17, 2023, Equitable America entered into a Reinsurance Treaty with Equitable Financial, 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 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 Financial. 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 (1) 7,249 7,249 Total assets supporting funds withheld $ 42,140 $ 41,004

REVISION OF PREVIOUSLY ISSUED F

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	6 Months Ended
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS During the quarter ended September 30, 2022, the Company identified errors primarily related to the calculation of the deferred cost of reinsurance amortization. Specifically, the deferred cost of reinsurance as reflected on the balance sheet was overstated and operating expenses (deferred cost amortization) was understated commencing in the quarter ended December 31, 2019 with a cumulative impact of $14 million pre-tax. In accordance with SAB No. 108, management evaluated the impact of this error and concluded that previously issued financial statements were not materially misstated; however, the cumulative impact would be material to the quarter ended September 30, 2022 and annual period ending December 31, 2022 and accordingly, determined to revise previously reported financial statements for years ended December 31, 2021, 2020 and 2019 and for the three-month periods ended March 31, 2022 and 2021 and June 30, 2022 and 2021 and for the six-months periods ended June 30, 2022 and June 2021. As a result of the determination to revise previously issued financial statements for the amortization matter discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, (a) balance sheet gross up errors resulting from incorrectly calculating reserves relating to business which has been 100% ceded to reinsurers resulting in corrections to Future policy benefits and other policyholders’ liabilities and Amounts due from reinsurers; (b) the classification of a preferred stock investment of $25 million from AFS debt securities to equity securities and present previously recorded unrealized losses as net investment income (loss) rather than as a component of other comprehensive income in the amount of $2 million; and, (c) other immaterial errors. The following tables present line items for prior period impacted financial statements that have been affected by the errors discussed above as well as the impact of the adoption of ASU 2018-12: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised (in millions) Statements of Income (Loss) Benefits and other deductions Other operating costs and expenses $ 22 $ (2) $ 20 $ 1 $ 21 $ 43 $ (1) $ 42 $ 2 $ 44 Total benefits and deductions 177 (6) 171 1 172 338 (21) 317 2 319 Income (loss) from continuing operations, before income taxes (12) (20) (32) (1) (33) (34) (23) (57) (2) (59) Income tax (expense) benefit from continuing operations (1) 10 9 (1) 8 2 13 15 (1) 14 Net income (loss) from continuing operations (13) (10) (23) (2) (25) (32) (10) (42) (3) (45) Net income (loss) $ (13) $ (10) $ (23) $ (2) $ (25) $ (32) $ (10) $ (42) $ (3) $ (45) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised (in millions) Statements of Comprehensive Income (Loss) Net income (loss) $ (13) $ (10) $ (23) $ (2) $ (25) $ (32) $ (10) $ (42) $ (3) $ (45) Comprehensive income (loss) $ (150) $ (23) $ (173) $ (2) $ (175) $ (319) $ (40) $ (359) $ (3) $ (361) Three Months Ended June 30, 2022 Statements of Equity: As Previously ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Additional paid-in capital, beginning of year $ 680 $ — $ 680 $ 1 $ 681 Additional paid-in capital, end of period 681 — 681 1 682 Accumulated Deficit, beginning of year (79) (64) (142) (12) (154) Net income (loss) (13) (10) (23) (2) (25) Accumulated Deficit, end of period (92) (74) (166) (13) (179) Total equity, end of period $ 391 $ (92) $ 299 $ (11) $ 288 Six Months Ended June 30, 2022 Statements of Equity: As Previously ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Additional paid-in capital, beginning of year $ 679 $ — $ 679 $ 1 $ 680 Additional paid-in capital, end of year 681 — 681 1 682 Accumulated Deficit, beginning of year (60) (64) (124) (10) (134) Net income (loss) (32) (10) (42) (3) (45) Accumulated Deficit, end of year (92) (74) (166) (13) (179) Accumulated other comprehensive income (loss), beginning of year 86 12 98 — 98 Other comprehensive income (loss) (287) (30) (317) 1 (316) Total equity, end of year $ 391 $ (92) $ 299 $ (11) $ 288 Six Months June 30, 2022 As Reported ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Statement of Cash Flows: Cash flow from operating activities: Net income (loss) $ (32) $ (10) $ (42) $ (3) $ (45) Future policy benefits 4 — 4 13 17 Reinsurance recoverable 1 — 1 (13) (12) Current and deferred income taxes (2) (13) (15) 1 (14) Other, net $ 104 $ — $ 104 $ 2 $ 106

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)	$ 14	$ (25)	[1]	$ 77	$ (45)	[2]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	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
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation The unaudited interim financial statements (the “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 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 terms “second quarter 2023” and “second quarter 2022” refer to the three months ended June 30, 2023 and 2022, respectively. The terms “first six months of 2023” and “first six months of 2022” refer to the six months ended June 30, 2023 and 2022, respectively.
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. Funds withheld receivable Funds withheld receivable represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (“funds withheld”) reinsurance agreements in which we are the reinsurer. The funds withheld receivable under reinsurance treaties includes the funds withheld embedded derivative receivable. The reinsurance agreement between the Company and Equitable Financial written on a funds withheld and modified coinsurance basis contains embedded derivatives. We determined that the obligation to receive the total return on the assets funds withheld receivable, 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 receivable on the balance sheets for assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the statements of income. Assumed earnings from the funds withheld receivable and changes in the fair value of embedded derivatives are reported in operating activities on the statements of cash flows. Contributions to and withdrawals from funds withheld receivable are reported in operating activities on the statements of cash flows. For business assumed on a funds withheld or modified coinsurance basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the embedded derivative included in funds withheld is recorded as a funds withheld asset and any excess or shortfall in relation to statutory reserves is settled quarterly.
Funds Withheld Receivable	Funds withheld receivable Funds withheld receivable represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (“funds withheld”) reinsurance agreements in which we are the reinsurer. The funds withheld receivable under reinsurance treaties includes the funds withheld embedded derivative receivable. The reinsurance agreement between the Company and Equitable Financial written on a funds withheld and modified coinsurance basis contains embedded derivatives. We determined that the obligation to receive the total return on the assets funds withheld receivable, 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 receivable on the balance sheets for assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the statements of income. Assumed earnings from the funds withheld receivable and changes in the fair value of embedded derivatives are reported in operating activities on the statements of cash flows. Contributions to and withdrawals from funds withheld receivable are reported in operating activities on the statements of cash flows. For business assumed on a funds withheld or modified coinsurance basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the embedded derivative included in funds withheld is recorded as a funds withheld asset 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.
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. The reinsurance agreement between the Company and Equitable Financial 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 included within Policyholder account balances on the balance sheets for the assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivative gains (losses) on the statements of income. Assumed earnings from the modified coinsurance and changes in the fair value of embedded derivatives are reported in operating activities on the statements of cash flows. Contributions to and withdrawals from the Policyholder account balances are reported in financing activities on the statements of cash flows. Future Policy Benefits and Other Policyholders’ Liabilities For traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Company’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated policyholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 3.5% to 4.5% of life insurance liabilities and a range of 4.5% to 5.5% for retained annuity liabilities. For traditional life insurance policies and limited pay contracts, 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 statement of comprehensive income. For non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension), 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 statement of income (loss), Remeasurement of Liability for Future Policy Benefits, part of total benefits and other deductions. On the 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. Liabilities for unpaid claims and claim adjustment expenses are established for the Company’s employee benefits products which include the following Group products: long-term and short-term disability, life insurance, vision, dental, critical Illness, and accident. Unpaid claim and claim adjustment expenses consist of (i) claim reserves for known claims that are unpaid as of the balance sheet date; (ii) Incurred But Not Reported reserves for claims where the insured event occurred but has not yet been reported to the Company or the insured has not yet satisfied elimination period to be eligible for the benefits; and (iii) claim adjustment expense reserves for settling the claim run-out. The Company determines Incurred But Not Reported reserves and reviews the claim reserves for the long-term disability claims provided by a reinsurer managing the claims on the Company’s behalf. The claim adjustment expense reserves are set based on the Company’s anticipated cost associated with claim administration expenses on the run-out of business. For long-term disability (“LTD”) the claim reserves for the reported claims are calculated as the present value of the net monthly LTD benefits (Social Security and other offsets may be estimated if unknown) and the best estimate probabilities of the claimant remaining disabled for a given benefit payment which are based on a termination rates table adjusted for experience. Should the offsets be estimated, they are estimated using the claimant’s salary, duration of disability and the probability of the offset award. The disability termination rates vary based on the insured’s age at disability, gender, elimination period, the duration of disability, social security status and the number of months remaining in the benefit period. The rates account for the probabilities of both recovery and death. The reserves vary with plan provisions such as monthly benefit, offsets, own occupation period, benefit duration, cost of living adjustment (“COLA”), and minimum and maximum benefits. The discount rate assumptions for these liabilities are set annually and are based on projected investment returns for the asset portfolios. The interest rate is locked in for each claimant based on the year of disability. For long-term disability, critical illness, and group accident the incurred but not reported reserves are determined using the expected loss ratio method, where the expected loss ratio is applied to the premiums to determine ultimate liabilities. For dental and vision, the incurred but not reported reserves are determined using completion factors, where these factors complete paid-to-date claims to the ultimate liability based on past experience. For short-term disability and group life the incurred but not reported reserves are determined using a combination of expected loss ratio and completion factor methods. 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, 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 GMIB (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. 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 statements of income (loss). Revision of Previously Issued Financial Statements During the quarter ended September 30, 2022, the Company identified an error in its previously issued financial statements specifically related to the amortization of the cost of reinsurance asset. The impact of this error to prior periods financial statements were not considered to be material. The impact of the errors to prior periods financial statements was not considered to be material. See Note 17 to the Notes to these Financial Statements for details of the revision. Out of Period Adjustment During the three months ended June 30, 2023, the Company recorded out of period adjustment resulting in a decrease of $5 million to Income (loss) from continuing operations, before income taxes. The adjustments relate to an understatement of policyholders’ benefits expenses and an understatement of other liabilities in the period ended and as of December 31, 2021, respectively. The error was not material to any prior period.
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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 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. Retained Earnings Accumulated Other Comprehensive Income Total (in millions) Liability for future policy benefits (1) $ — $ — $ — Market risk benefits 2 (1) 1 DAC — 110 110 Unearned revenue liability and sales inducement assets (1) — (37) (37) Total transition adjustment before taxes 2 72 74 Income taxes (1) (15) (16) Total transition adjustment (net of taxes) $ 1 $ 57 $ 58 _____________ (1) Unearned revenue liability included within liability for future policy benefits financial statement line item in the balance sheet. Sales inducement assets are included in other assets in the balance sheets.
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: Variable Universal Life Indexed Universal Life Total (in millions) Balance, December 31, 2020 $ 230 $ 247 $ 477 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 70 40 110 Balance, January 1, 2021 $ 300 $ 287 $ 587 Changes in the DAC asset for the six months ended June 30, 2023 and 2022 are as follows: Six Months Ended June 30, 2023 VUL (1) IUL (2) GMxB Core IE (3) SCS Total (in millions) Balance, beginning of period $ 410 $ 296 $ 40 $ 1 $ 13 $ 760 Capitalization 34 7 34 11 119 205 Amortization (11) (9) (2) — (5) (27) Balance, end of period $ 433 $ 294 $ 72 $ 12 $ 127 $ 938 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. Six Months Ended June 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 35 9 9 53 Amortization (10) (9) (1) (20) Balance, end of period $ 386 $ 297 $ 22 $ 705 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. 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 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 27 33 23 36 Amortization (5) (5) (4) (4) Balance, end of period $ 181 $ 185 $ 137 $ 126
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: Variable Universal Life Indexed Universal Life Total (in millions) Balance, December 31, 2020 $ 55 $ 14 $ 69 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 28 9 37 Balance, January 1, 2021 $ 83 $ 23 $ 106

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	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) $ 4,421 $ — $ 5 $ 345 $ 4,081 U.S. Treasury, government and agency 15 — — 1 14 States and political subdivisions 51 — — 8 43 Foreign governments 30 — — — 30 Residential mortgage-backed 416 — — 5 411 Asset-backed (2) 1,082 — — 6 1,076 Commercial mortgage-backed 165 — — 16 149 Total at June 30, 2023 $ 6,180 $ — $ 5 $ 381 $ 5,804 December 31, 2022: Fixed Maturities: Corporate (1) $ 2,417 $ — $ — $ 359 $ 2,058 U.S. Treasury, government and agency 14 — — — 14 States and political subdivisions 43 — — 9 34 Residential mortgage-backed 8 — — 2 6 Asset-backed (2) 43 — — 2 41 Commercial mortgage-backed 81 — — 16 65 Total at December 31, 2022 $ 2,606 $ — $ — $ 388 $ 2,218 ______________ (1) Corporate fixed maturities include both public and private issues. (2) 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 prepayment 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 $ 127 $ 126 Due in years two through five 888 860 Due in years six through ten 2,370 2,256 Due after ten years 1,132 926 Subtotal 4,517 4,168 Residential mortgage-backed 416 411 Asset-backed 1,082 1,076 Commercial mortgage-backed 165 149 Total at June 30, 2023 $ 6,180 $ 5,804
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 $ — $ 39 $ 50 $ 62 Gross gains on sales $ — $ — $ — $ — Gross losses on sales $ — $ 3 $ (5) $ 4 Net (increase) decrease in Allowance for Credit and Intent to Sell losses $ — $ — $ — $ —
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 $ — $ 2 $ — $ 2 Previously recognized impairments on securities that matured, paid, prepaid or sold — (2) — (2) Recognized impairments on securities impaired to fair value this period (1) — — — — Credit losses recognized this period on securities for which credit losses were not previously recognized — — — Additional credit losses this period on securities previously impaired — — — — Increases due to passage of time on previously recorded credit losses — — — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — — — Balance, end of period $ — $ — $ — $ — ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities	The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI. Net Unrealized Gains (Losses) on AFS Fixed Maturities 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 $ (312) $ 6 $ 145 $ (161) Net investment gains (losses) arising during the period (64) — — (64) Reclassification adjustment: — Included in Net income (loss) — — — — Excluded from Net income (loss) — — — — Impact of net unrealized investment gains (losses) — 1 14 15 Net unrealized investment gains (losses) excluding credit losses (376) 7 159 (210) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (376) $ 7 $ 159 $ (210) 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 $ (93) $ 2 $ 19 $ (72) Net investment gains (losses) arising during the period (202) — — (202) Reclassification adjustment: — Included in Net income (loss) 2 — — 2 Excluded from Net income (loss) — — — — Impact of net unrealized investment gains (losses) — 4 41 45 Net unrealized investment gains (losses) excluding credit losses (293) 6 60 (227) Net unrealized investment gains (losses) with credit losses (1) — — — — Balance, end of period $ (293) $ 6 $ 60 $ (227) 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 $ (388) $ 8 $ 161 $ (219) Net investment gains (losses) arising during the period 7 — — 7 Reclassification adjustment: Included in net income (loss) 5 — — 5 Other (1) — — — — Impact of net unrealized investment gains (losses) — (1) (2) (3) Net unrealized investment gains (losses) excluding credit losses (376) 7 159 (210) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (376) $ 7 $ 159 $ (210) 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 $ 128 $ (3) $ (26) $ 99 Net investment gains (losses) arising during the period (424) — — (424) Reclassification adjustment: Included in net income (loss) 3 — — 3 Other — — — — Impact of net unrealized investment gains (losses) — 9 86 95 Net unrealized investment gains (losses) excluding credit losses (293) 6 60 (227) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (293) $ 6 $ 60 $ (227)
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 1,172 issues as of June 30, 2023 and the 845 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 $ 1,928 $ 38 $ 1,555 $ 307 $ 3,483 $ 345 U.S. Treasury, government and agency 5 — 9 1 14 1 States and political subdivisions 6 1 27 7 33 8 Residential mortgage-backed 331 2 6 3 337 5 Asset-backed 680 5 31 1 711 6 Commercial mortgage-backed 85 1 60 15 145 16 Total at June 30, 2023 $ 3,035 $ 47 $ 1,688 $ 334 $ 4,723 $ 381 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) December 31, 2022: Fixed Maturities: Corporate $ 1,446 $ 159 $ 590 $ 200 $ 2,036 $ 359 States and political subdivisions 19 4 13 5 32 9 Residential mortgage-backed 2 — 4 2 6 2 Asset-backed 35 1 6 1 41 2 Commercial mortgage-backed 5 1 60 15 65 16 Total at December 31, 2022 $ 1,507 $ 165 $ 673 $ 223 $ 2,180 $ 388
Schedule of Unrealized and Realized Gains (Losses) from 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 $ — $ (1) $ (1) $ (3) Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on equity securities $ — $ (1) $ (1) $ (3) 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 $ 2 $ — $ — $ — Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on trading securities 2 — — — Interest and dividend income from trading securities — — — — Net investment income (loss) from trading securities $ 2 $ — $ — $ —
Schedule of Net Investment Income (Loss)	The following tables provide the components of net investment income by investment type: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ 48 $ 22 $ 77 $ 43 Mortgage loans on real estate — — — — Policy loans 1 1 2 2 Other equity investments — (2) — (3) Trading securities 2 — — — Other investment income 7 — 9 — Gross investment income (loss) 58 21 88 42 Investment expenses (2) — (3) (1) Net investment income (loss) $ 56 $ 21 $ 85 $ 41
Investment Gains (Losses) Net Including Changes In Valuation Allowances and Credit Losses	Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ — $ (2) $ (5) $ (3) Mortgage loans on real estate — — — — Other equity investments (1) — — — — Investment gains (losses), net $ — $ (2) $ (5) $ (3) _____________

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments by Category	The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: The following table presents the gross notional amount and estimated fair value of the Company’s derivatives: Derivative Instruments by Category June 30, 2023 December 31, 2022 Fair Value Fair Value Notional Derivative Assets Derivative Notional Derivative Assets Derivative (in millions) Derivatives: (1) Equity contracts: Futures $ 1,324 $ — $ — $ 394 $ — $ — Options 1,948 546 167 209 34 16 Interest rate contracts: Futures 370 — — 282 — — Other contracts: Margin — 81 — — 29 — Collateral — — 346 — — 3 Total: 3,642 627 513 885 63 19 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — 7,347 — — 87 Funds withheld receivable (3) — (136) — — — — Modco receivable (2) — — 166 — — — Total embedded derivatives — (136) 7,513 — — 87 Total derivative instruments $ 3,642 $ 491 $ 8,026 $ 885 $ 63 $ 106 ______________ (1) Reported in other invested assets in the balance sheets. (2) Reported in policyholders’ account balances in the balance sheets. (3) Reported in funds withheld receivable in the balance sheets. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Derivatives: Equity contracts: Futures $ 70 $ (66) $ 98 $ (74) Options 105 (3) 111 (3) Interest rate contracts: Futures (12) (12) (4) (24) Total: 163 (81) 205 (101) Embedded Derivatives: SCS, SIO, MSO and IUL indexed features (2,194) 78 (2,230) 90 Funds withheld receivable (599) — (599) — Modco receivable 1,930 — 1,930 — Total Embedded Derivatives (863) 78 (899) 90 Total Derivatives instruments (1) $ (700) $ (3) $ (694) (11)
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 $ 627 $ 513 $ 114 $ — $ 114 Other financial assets 3 — 3 — 3 Other invested assets $ 630 $ 513 $ 117 $ — $ 117 Liabilities: Derivative liabilities $ 513 $ 513 $ — $ — $ — Other financial liabilities 2,124 — 2,124 — 2,124 Other liabilities $ 2,637 $ 513 $ 2,124 $ — $ 2,124 ______________ (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 $ 63 $ 18 $ 45 $ — $ 45 Other financial assets 2 — 2 — 2 Other invested assets $ 65 $ 18 $ 47 $ — $ 47 Liabilities: Derivative liabilities $ 19 $ 18 $ 1 $ — $ 1 Other financial liabilities 72 — 72 — 72 Other liabilities $ 91 $ 18 $ 73 $ — $ 73 ______________ (1) Financial instruments sent (held).

DAC AND OTHER DEFERRED ASSETS_2

DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)	6 Months Ended
DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)	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: Variable Universal Life Indexed Universal Life Total (in millions) Balance, December 31, 2020 $ 230 $ 247 $ 477 Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income 70 40 110 Balance, January 1, 2021 $ 300 $ 287 $ 587 Changes in the DAC asset for the six months ended June 30, 2023 and 2022 are as follows: Six Months Ended June 30, 2023 VUL (1) IUL (2) GMxB Core IE (3) SCS Total (in millions) Balance, beginning of period $ 410 $ 296 $ 40 $ 1 $ 13 $ 760 Capitalization 34 7 34 11 119 205 Amortization (11) (9) (2) — (5) (27) Balance, end of period $ 433 $ 294 $ 72 $ 12 $ 127 $ 938 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. Six Months Ended June 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 35 9 9 53 Amortization (10) (9) (1) (20) Balance, end of period $ 386 $ 297 $ 22 $ 705 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. 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 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 27 33 23 36 Amortization (5) (5) (4) (4) Balance, end of period $ 181 $ 185 $ 137 $ 126
Schedule of Reconciliation of Deferred Acquisition Cost	The following table presents a reconciliation of DAC to the balance sheet: June 30, 2023 December 31, 2022 (in millions) VUL $ 433 $ 410 IUL 294 296 GMxB Core 72 40 Investment Edge 12 1 SCS 127 13 Other 9 — Total $ 947 $ 760

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
FAIR VALUE DISCLOSURES (Tables)	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) $ — $ 4,020 $ 61 $ 4,081 U.S. Treasury, government and agency — 14 — 14 States and political subdivisions — 43 — 43 Foreign governments — 30 — 30 Residential mortgage-backed — 411 — 411 Asset-backed (2) — 1,076 — 1,076 Commercial mortgage-backed — 149 — 149 Total fixed maturities, AFS — 5,743 61 5,804 Other equity investments 20 18 — 38 Other invested assets: Options — 379 — 379 Total other invested assets — 379 — 379 Cash equivalents 1,028 — — 1,028 Funds withheld receivable (3) (5) — — (136) (136) Purchased market risk benefits — — 10 10 Assets for market risk benefits — — 26 26 Separate Accounts assets (4) 4,501 7 — 4,508 Total Assets $ 5,549 $ 6,147 $ (39) $ 11,657 Liabilities: Policyholders’ account balances: — — — — SCS, MSO and IUL indexed features’ liability — 7,347 — 7,347 Modco payable (5) — — 166 166 Liabilities for market risk benefits — — 7,363 7,363 Total Liabilities $ — $ 7,347 $ 7,529 $ 14,876 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (3) As discussed in Note 2 to these Financial Statements, the funds withheld receivable was created through a funds withheld and modified coinsurance agreement where the investments supporting the reinsurance agreement are withheld by and continue to reside on Equitable Financial’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 Equitable Financial, which are primarily AFS securities. (4) Separate Accounts assets included in the fair value hierarchy exclude investments not fair valued including other assets of $1 million. (5) The embedded derivative is partially reflected in funds withheld receivable and policyholders’ account balance. The portion within policyholders’ account balances relates to the non-insulated products assumed on a modified coinsurance basis and is reflected net of assumed liabilities on the balance sheet. Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 2,040 $ 18 $ 2,058 U.S. Treasury, government and agency — 14 — 14 States and political subdivisions — 34 — 34 Residential mortgage-backed — 6 — 6 Asset-backed (2) — 41 — 41 Commercial mortgage-backed — 65 — 65 Total fixed maturities, AFS — 2,200 18 2,218 Other equity investments — 19 — 19 Other invested assets: Options — 18 — 18 Total other invested assets — 18 — 18 Cash equivalents 272 — — 272 Funds withheld receivable — — — — Purchased market risk benefits — — 13 13 Assets for market risk benefits — — 12 12 Separate Accounts assets (3) 3,367 7 — 3,374 Total Assets $ 3,639 $ 2,244 $ 43 $ 5,926 Liabilities: Policyholders’ account balances — — — — SCS, SIO, MSO and IUL indexed features’ liability — 87 — 87 Modco receivable — — — — Liabilities for market risk benefits — — 15 15 Total Liabilities $ — $ 87 $ 15 $ 102 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Schedule of Reconciliation of Assets and Liabilities at Level 3	The tables below present reconciliations for 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 8 of the Notes to these Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Corporate Funds Withheld Receivable Modco Payable Corporate Funds Withheld Receivable Modco Payable (in millions) Balance, beginning of period $ 37 $ — $ — $ 11 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — — Net derivative gains (losses) (1) — (136) 166 — — — Total realized and unrealized gains (losses) — (136) 166 — — — Other comprehensive income (loss) — — — — — — Purchases 24 — — 11 — — Sales — — — (1) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — — — (5) — — Balance, end of period $ 61 $ (136) $ 166 $ 16 $ — $ — Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period $ — $ — $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period. $ — $ — $ — $ — $ — $ — Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Corporate Funds Withheld Receivable Modco Payable Corporate Funds Withheld Receivable Modco Payable (in millions) Balance, beginning of period $ 18 $ — $ — $ 11 $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — — Net derivative gains (losses) (1) — (136) 166 — — — Total realized and unrealized gains (losses) — (136) 166 — — — Other comprehensive income (loss) — — — (1) — — Purchases 53 — — 12 — — Sales — — — (1) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) (10) — — (5) — — Balance, end of period $ 61 $ (136) $ 166 $ 16 $ — $ — Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period $ — $ — $ — $ — $ — $ — 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) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
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 (Dollars in millions) Assets:(4) Investments: Fixed maturities, AFS: Corporate $ 32 Matrix pricing Spread over benchmark 20 bps - 320 bps 65 bps Purchased MRB asset (1) 10 Discounted cash flow Lapse rates Withdrawal rates Annuitization rates Non-performance risk (bps) Mortality: Ages 0-40 Ages 41-60 Ages 61-115 N/A N/A Fair Valuation Technique Significant Range Weighted Average (Dollars in millions) Liabilities: Direct MRB (1) (2) (3) $ 7,337 Discounted cash flow Non-performance risk (bps) Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 55 bps - 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% 55 bps 3.81% 0.65% 3.13% 2.56% (same for all ages) (same for all ages) (1) 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. (2) MRB assets are shown net of MRB liabilities. Net amount is made up of $26 million of MRB assets and $7,363 million of MRB liabilities. (3) Includes Core products. (4) Funds withheld receivable that contain embedded derivatives held at fair value are excluded from the tables above. The funds withheld receivable 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 (Dollars in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 4 Matrix pricing model Spread over benchmark 245 bps - 245 bps 245 bps Purchased MRB asset (1) (2) (4) 13 Discounted cash flow Lapse rates Withdrawal rates Annuitization Non-performance risk (bps) Mortality: Ages 0-40 Ages 41-60 Ages 61-115 N/A N/A Liabilities: Direct MRB (1) (2) (3) (4) $ 3 Discounted cash flow Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 157 bps 0.35% - 35.42% 0.20% - 1.24% 0.04% - 100.00% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% 157 bps 4.35% 1.22% 3.27% 1.08% (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 million of MRB liabilities and $12 million of MRB assets. (4) Includes 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 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 $ — $ — $ 15 $ 15 Policy loans $ 260 $ — $ — $ 265 $ 265 Funds withheld receivable $ 10,751 $ — $ — $ 10,751 $ 10,751 Modco receivable $ 30,022 $ — $ — $ 30,022 $ 30,022 Policyholders’ liabilities: Investment contracts $ 110 $ — $ — $ 101 $ 101 Separate Accounts liabilities $ 267 $ — $ — $ 267 $ 267 December 31, 2022: Mortgage loans on real estate $ 17 $ — $ — $ 15 $ 15 Policy loans $ 244 $ — $ — $ 248 $ 248 Funds withheld receivable $ — $ — $ — $ — $ — Modco receivable $ — $ — $ — $ — $ — Policyholders’ liabilities: Investment contracts $ 115 $ — $ — $ 106 $ 106 Separate Accounts liabilities $ — $ — $ — $ — $ —

LIABILITIES FOR FUTURE POLICY_2

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)	6 Months Ended
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)	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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Six Months Ended June 30, 2022 2023 2022 Payout-Legacy (in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ — $ — Beginning balance of original discount rate — — Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning of period balance — — Issuances 120 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 120 — Effect of changes in discount rate assumptions (1) — Balance, end of period $ 119 $ — Net liability for future policy benefits $ 119 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 119 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.6 0 The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2023: Six Months Ended June 30, 2023 UL IUL EI EG SCS (1) (Dollars in millions) Balance, beginning of period $ — $ 1,962 $ — $ — 242 Issuances (2) 1,208 349 2,213 6,817 31,189 Premiums received 122 119 3 93 — Policy charges (128) (93) — (1) (2) Surrenders and withdrawals (4) (25) (74) (230) (606) Benefit payments (5) (5) (9) (7) (55) Net transfers from (to) separate account — — (12) 45 2,823 Interest credited (3) 9 73 16 69 2,212 Balance, end of period $ 1,202 $ 2,380 $ 2,137 $ 6,786 $ 35,803 Weighted-average crediting rate 3.32% 2.34% 2.92% 2.31% N/A Net amount at risk (4) $ 16,580 $ 19,438 $ 107 $ 17 $ 11 Cash surrender value $ 1,044 $ 1,790 $ 2,130 $ 6,713 $ 32,495 ______________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate. (2) Issuances are related to the Reinsurance Treaty with Equitable Financial. See Note 1 of the Notes to these Financial Statements. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at risk is the maximum GMxB NAR for the policyholder. The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2022: Six Months Ended June 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 127 9 30 18 Policy charges (89) (14) (1) (12) Surrenders and withdrawals (12) — — (39) Benefit payments (4) (4) — (6) Net transfers from (to) separate account — 26 (27) 2 Interest credited (3) (54) 7 — 18 Other — — — — Balance, end of period $ 1,941 $ 638 $ 15 $ 847 Weighted-average crediting rate 2.18% 3.52% 1.00% 4.27% Net amount at risk (4) $ 18,260 $ 28,861 $ 11 $ 4,272 Cash surrender value $ 1,477 $ 518 $ 16 $ 846 ___________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) Reinsured primarily reflects Protective Life reinsured business. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at 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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,202 IUL 2,380 EI 2,137 EG 6,786 SCS 35,803 Other (1) (27,294) Total $ 21,014 ______________ (1) Includes $(30) billion of assumed fair value of the modco reinsurance with Equitable Financial. December 31, 2022 (in millions) Policyholders’ account balance reconciliation IUL $ 1,962 VUL 655 GMxB Core 27 IE 7 SCS 242 Reinsured 819 Other 39 Total $ 3,751 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 Core IE Reinsured (2) Balance, beginning of period 1,653 $ 756 $ 26 $ 913 Premiums and deposits 190 439 270 11 Policy charges (64) (4) — (17) Surrenders and withdrawals (23) (11) (2) (37) Benefit payments (5) (3) — (11) Investment performance (1) 192 79 4 141 Net transfers from (to) general account (25) 65 (163) (1) Other charges — — — — Balance, end of period $ 1,918 $ 1,321 $ 135 $ 999 Cash surrender value $ 1,590 $ 1,221 $ 129 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Six Months Ended June 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 177 166 10 Policy charges (60) (1) (14) Surrenders and withdrawals (16) (3) (24) Benefit payments (3) — (5) Investment performance (2) (361) (74) (141) Net transfers from (to) general account (26) 27 (2) Other charges — — — Balance, end of period $ 1,543 $ 430 $ 1,068 Cash surrender value $ 1,241 $ 392 N/A __ _____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following table reconciles the separate account liabilities to the separate account liability balance in the balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,918 GMxB Core 1,321 IE 135 Reinsured 999 Other 135 Total $ 4,508 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 1,653 GMxB Core 756 IE 26 Reinsured 913 Other 26 Total $ 3,374
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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Reconciliation Payout - Legacy $ 119 UL (1) 322 Other (2) 308 Subtotal 749 Other policy funds 460 Grand total $ 1,209 ______________ (1) Represents the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits. December 31, 2022 (in millions) Reconciliation Universal Life (1) $ 58 Other (2) 220 Future policyholder benefits, total 278 Other policyholder liabilities 391 Total $ 669 ______________ (1) Represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Internal Reinsurance Transaction described further in Note 1, these are no longer material and are not disclosed separately. (2) Primarily future policy benefits related to Protective Life & Annuity and Employee Benefits.
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) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 174 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 117 — Expected future gross premiums (discounted) — —
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion	The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities 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 Payout - Legacy (1) $ 21 $ — $ — $ — Total $ 21 $ — $ — $ —
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 Payout-Legacy Interest accretion rate 5.5 % — % Current discount rate 5.6 % — %
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 (1) Universal Life (2) (Dollars in millions) Balance, beginning of period $ — $ 57 Beginning balance before AOCI adjustments — 55 Effect of changes in interest rate and cash flow assumptions and model changes — — Effect of actual variances from expected experience — (1) Adjusted beginning of period balance — 54 Issuances (3) 322 — Interest accrual — 1 Net assessments collected — 5 Benefit payments — — Ending balance before shadow reserve adjustments 322 60 Effect of shadow reserve adjustment — (7) Balance, end of period $ 322 $ 53 Net liability for additional liability $ 322 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 322 $ 53 Weighted-average duration of additional liability - death benefit (years) 18.6 33.5 ______________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. (2) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. (3) Issuances represent the UL SOP NLG business assumed from Equitable Financial on April 1, 2023. The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the six months ended June 30, 2023 and 2022. Six Months Ended June 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 258 $ 4 Total $ 258 $ 4 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Six Months Ended June 30, 2022 Assessments Interest Accretion Revenue and Interest Accretion Universal Life 9 1 Total $ 9 $ 1 ___________ (1) The 2022 additional insurance liabilities represent the SOP LTC Rider on all Universal Life contracts inclusive of VL and UL sold by the Company. Subsequent to the Reinsurance Treaty described further in Note 1, these are no longer material and are not disclosed separately. Six Months Ended June 30, 2023 2022 Weighted Average Interest Rate Universal Life 4.5 % 5.5 % Interest accretion rate 4.5 % 5.5 %

MARKET RISK BENEFITS (Tables)

MARKET RISK BENEFITS (Tables)	6 Months Ended
MARKET RISK BENEFITS (Tables)	Jun. 30, 2023
Market Risk Benefit [Abstract]
Schedule of Market Risk Benefit, Activity	The 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 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ (14) $ — $ (7) $ — Balance BOP before changes in the instrument specific credit risk (8) — (2) — Model changes and effect of changes in cash flow assumptions — — — — Actual market movement effect (108) (264) 10 — Interest accrual 9 68 — — Attributed fees accrued (1) 101 95 1 — Benefit payments (12) (153) — — Actual policyholder behavior different from expected behavior 6 (4) 1 — Changes in future economic assumptions (224) (364) (12) — Issuances (2) 1,292 6,865 — — Balance EOP before changes in the instrument-specific credit risk 1,056 6,243 (2) — Changes in the instrument-specific credit risk (3) (9) (6) (8) — Balance, end of period $ 1,047 $ 6,237 $ (10) $ — Weighted-average age of policyholders (years) 64.3 73.5 59.7 — Net amount at risk $ 3,079 $ 10,464 $ 11 $ — _______________ (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 Financial. See Note 1 of the Notes to these Financial Statements. (3) Changes are recorded in OCI. Six Months Ended June 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ (9) $ — $ — $ — Balance BOP before changes in the instrument specific credit risk (8) — 1 — Model changes and effect of changes in cash flow assumptions — — — — Actual market movement effect (113) (264) 14 — Interest accrual 9 68 — — Attributed fees accrued (1) 102 95 1 — Benefit payments (12) (153) — — Actual policyholder behavior different from expected behavior 8 (4) 2 — Changes in future economic assumptions (222) (364) (19) — Issuances (2) 1,292 6,865 (1) — Balance EOP before changes in the instrument-specific credit risk 1,056 6,243 (2) — Changes in the instrument-specific credit risk (3) (9) (6) (8) — Balance, end of period $ 1,047 $ 6,237 $ (10) $ — Weighted-average age of policyholders (years) 64.3 73.5 59.7 — Net amount at risk $ 3,079 $ 10,464 $ 11 $ — _______________ (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 Financial. See Note 1 of the Notes to these Financial Statements. (3) Changes are recorded in OCI. 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 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 $ (25) $ 1,072 $ 1,047 $ — $ 1,047 $ (12) $ 3 $ (9) $ — $ (9) GMxB Legacy — 6,237 6,237 — 6,237 — — — — — Other (1) (1) 54 53 (10) 43 — 12 12 (13) (1) Total $ (26) $ 7,363 $ 7,337 $ (10) $ 7,327 $ (12) $ 15 $ 3 $ (13) $ (10) ______________

POLICYHOLDER ACCOUNT BALANCES (

POLICYHOLDER ACCOUNT BALANCES (Tables)	6 Months Ended
POLICYHOLDER ACCOUNT BALANCES (Tables)	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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Six Months Ended June 30, 2022 2023 2022 Payout-Legacy (in millions) Present Value of Expected Future Policy Benefits Balance, beginning of period $ — $ — Beginning balance of original discount rate — — Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning of period balance — — Issuances 120 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 120 — Effect of changes in discount rate assumptions (1) — Balance, end of period $ 119 $ — Net liability for future policy benefits $ 119 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 119 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.6 0 The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2023: Six Months Ended June 30, 2023 UL IUL EI EG SCS (1) (Dollars in millions) Balance, beginning of period $ — $ 1,962 $ — $ — 242 Issuances (2) 1,208 349 2,213 6,817 31,189 Premiums received 122 119 3 93 — Policy charges (128) (93) — (1) (2) Surrenders and withdrawals (4) (25) (74) (230) (606) Benefit payments (5) (5) (9) (7) (55) Net transfers from (to) separate account — — (12) 45 2,823 Interest credited (3) 9 73 16 69 2,212 Balance, end of period $ 1,202 $ 2,380 $ 2,137 $ 6,786 $ 35,803 Weighted-average crediting rate 3.32% 2.34% 2.92% 2.31% N/A Net amount at risk (4) $ 16,580 $ 19,438 $ 107 $ 17 $ 11 Cash surrender value $ 1,044 $ 1,790 $ 2,130 $ 6,713 $ 32,495 ______________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate. (2) Issuances are related to the Reinsurance Treaty with Equitable Financial. See Note 1 of the Notes to these Financial Statements. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at risk is the maximum GMxB NAR for the policyholder. The following table summarizes the balances and changes in policyholders’ account balances for the six months ended June 30, 2022: Six Months Ended June 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 127 9 30 18 Policy charges (89) (14) (1) (12) Surrenders and withdrawals (12) — — (39) Benefit payments (4) (4) — (6) Net transfers from (to) separate account — 26 (27) 2 Interest credited (3) (54) 7 — 18 Other — — — — Balance, end of period $ 1,941 $ 638 $ 15 $ 847 Weighted-average crediting rate 2.18% 3.52% 1.00% 4.27% Net amount at risk (4) $ 18,260 $ 28,861 $ 11 $ 4,272 Cash surrender value $ 1,477 $ 518 $ 16 $ 846 ___________ (1) SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2) Reinsured primarily reflects Protective Life reinsured business. (3) SCS includes amounts related to the change in embedded derivative. (4) 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 at 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 balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,202 IUL 2,380 EI 2,137 EG 6,786 SCS 35,803 Other (1) (27,294) Total $ 21,014 ______________ (1) Includes $(30) billion of assumed fair value of the modco reinsurance with Equitable Financial. December 31, 2022 (in millions) Policyholders’ account balance reconciliation IUL $ 1,962 VUL 655 GMxB Core 27 IE 7 SCS 242 Reinsured 819 Other 39 Total $ 3,751 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 Core IE Reinsured (2) Balance, beginning of period 1,653 $ 756 $ 26 $ 913 Premiums and deposits 190 439 270 11 Policy charges (64) (4) — (17) Surrenders and withdrawals (23) (11) (2) (37) Benefit payments (5) (3) — (11) Investment performance (1) 192 79 4 141 Net transfers from (to) general account (25) 65 (163) (1) Other charges — — — — Balance, end of period $ 1,918 $ 1,321 $ 135 $ 999 Cash surrender value $ 1,590 $ 1,221 $ 129 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Six Months Ended June 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 177 166 10 Policy charges (60) (1) (14) Surrenders and withdrawals (16) (3) (24) Benefit payments (3) — (5) Investment performance (2) (361) (74) (141) Net transfers from (to) general account (26) 27 (2) Other charges — — — Balance, end of period $ 1,543 $ 430 $ 1,068 Cash surrender value $ 1,241 $ 392 N/A __ _____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following table reconciles the separate account liabilities to the separate account liability balance in the balance sheet as of June 30, 2023 and December 31, 2022: June 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,918 GMxB Core 1,321 IE 135 Reinsured 999 Other 135 Total $ 4,508 December 31, 2022 (in millions) Separate Account Reconciliation VUL $ 1,653 GMxB Core 756 IE 26 Reinsured 913 Other 26 Total $ 3,374
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 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) Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 76 13 476 130 695 Greater than 2.50% — 506 — — 506 Total $ 76 $ 519 $ 476 $ 130 $ 1,201 June 30, 2023 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) Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — Indexed Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 1,125 596 559 — 2,280 Greater than 2.50% — — — — — Total $ 1,125 $ 596 $ 559 $ — $ 2,280 EQUI-VEST Individual 0.00% - 1.50% $ 51 $ 218 $ — $ — $ 269 1.51% - 2.50% 44 — — — 44 Greater than 2.50% 1,823 — — — 1,823 Total $ 1,918 $ 218 $ — $ — $ 2,136 SCS Products with either a fixed rate or no guaranteed minimum N/A N/A N/A N/A N/A EQUI-VEST Group 0.00% - 1.50% $ 497 $ 1,982 $ 23 $ 315 $ 2,817 1.51% - 2.50% 258 — — — 258 Greater than 2.50% 2,844 — 1 — 2,845 Total $ 3,599 $ 1,982 $ 24 $ 315 $ 5,920 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) Indexed Universal Life 0.00% - 1.50% $ — $ — $ — $ — $ — 1.51% - 2.50% 1,202 666 73 — 1,941 Greater than 2.50% — — — — — Total $ 1,202 $ 666 $ 73 $ — $ 1,941 Variable Universal Life 0.00% - 1.50% $ 18 $ 30 $ 2 $ — $ 50 1.51% - 2.50% 73 12 — — 85 Greater than 2.50% 460 — 2 — 462 Total $ 551 $ 42 $ 4 $ — $ 597 Investment Edge 0.00% - 1.50% $ 7 $ — $ — $ — $ 7 1.51% - 2.50% — — — — — Greater than 2.50% — — — — — Total $ 7 $ — $ — $ — $ 7 GMxB Core 0.00% - 1.50% $ 32 $ — $ — $ — $ 32 1.51% - 1.51% — — — — — Greater than 2.50% — — — — — Total $ 32 $ — $ — $ — $ 32
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 Legacy Segment Total (in millions) Asset Type Mutual Funds $ 2,414 $ 2,081 $ — $ 13 $ — $ 4,508 Total $ 2,414 $ 2,081 $ — $ 13 $ — $ 4,508 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Employer - Sponsored Products Other Legacy Segment Total (in millions) Asset Type Mutual Funds $ 2,096 — $ 1,265 — $ — — $ 13 — $ — $ 3,374 Total $ 2,096 $ 1,265 $ — $ 13 $ — $ 3,374

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
EQUITY (Tables)	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 is as follows: June 30, 2023 December 31, 2022 (in millions) Unrealized gains (losses) on investments $ (362) $ (383) Market risk benefits - instrument-specific credit risk component 16 1 Liability or future policy benefits - current discount rate component $ 1 $ — Accumulated other comprehensive income (loss) $ (345) $ (382)
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, follow: 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 $ (51) $ (159) $ 21 $ (335) (Gains) losses reclassified into net income (loss) during the period (1) — 2 4 3 Net unrealized gains (losses) on investments (51) (157) 25 (332) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other — 4 (1) 8 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(28), $(41), $(12) and $(86)). (51) (153) 24 (324) Change in LFPB discount rate and MRB credit risk Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $2, $1, $3 and $2). 7 3 12 8 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $—, $—, $—, and $—) 1 — 1 — Other comprehensive income (loss) $ (43) $ (150) $ 37 $ (316) ____________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(2) million, $(1) million, $(1) million and $(1) million for the three and six months ended June 30, 2023 and 2022, respectively.

UNPAID CLAIM AND CLAIM EXPENS_2

UNPAID CLAIM AND CLAIM EXPENSES (Tables)	6 Months Ended
UNPAID CLAIM AND CLAIM EXPENSES (Tables)	Jun. 30, 2023
Insurance [Abstract]
Schedules of Liability for Unpaid Claims and Claims Adjustment Expense	The following summarizes the change in liability for unpaid claims and claim expenses: Liability for Unpaid Claims and Claim Expenses Six Months Ended June 30, 2023 2022 (in millions) Gross Balance, beginning of period $ 110 $ 78 Less Reinsurance 36 23 Net Balance, beginning of period 74 55 Incurred Claims (net) Related to: Current Period 121 88 Prior Period (14) 9 Total Incurred 107 97 Paid Claims (net) Related to: Current Period 65 49 Prior Period 33 27 Total Paid 98 76 Net Balance, end of period 83 76 Add Reinsurance 40 29 Gross Balance, end of period $ 123 $ 105

REINSURANCE (Tables)

REINSURANCE (Tables)	6 Months Ended
REINSURANCE (Tables)	Jun. 30, 2023
Reinsurance Disclosures [Abstract]
Schedule of Effect of Reinsurance	The following table summarizes the effect of reinsurance: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 92 $ 78 $ 178 $ 151 Reinsurance assumed - Equitable Financial 345 — 345 — Reinsurance ceded (26) (22) (51) (39) Policy charges and fee income $ 411 $ 56 $ 472 $ 112 Direct premiums $ 86 $ 74 $ 171 $ 133 Reinsurance assumed - Equitable Financial 40 — 40 — Reinsurance ceded (14) (14) (30) (24) Premiums $ 112 $ 60 $ 181 $ 109 Direct policyholders’ benefits $ 110 $ 106 $ 209 $ 191 Reinsurance assumed - Equitable Financial 264 — 264 — Reinsurance ceded (39) (24) (59) (35) Policyholders’ benefits $ 335 $ 82 $ 414 $ 156 Direct interest credited to policyholders’ account balances $ 42 $ 32 $ 74 $ 77 Reinsurance assumed - Equitable Financial 151 — 151 — Reinsurance ceded (8) (9) (17) (35) Interest credited to policyholders’ account balances $ 185 $ 23 $ 208 $ 42
Summary of Composition of Pool of Assets	There is a diverse pool of assets supporting the funds withheld and NI modco arrangement with Equitable Financial. 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 (1) 7,249 7,249 Total assets supporting funds withheld $ 42,140 $ 41,004 (1) Other invested assets includes derivatives and cash and cash equivalents.

REVISION OF PREVIOUSLY ISSUED_2

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	6 Months Ended
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Financial Information Affected by Revisions and Change in Accounting Principle	Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised (in millions) Statements of Income (Loss) Benefits and other deductions Other operating costs and expenses $ 22 $ (2) $ 20 $ 1 $ 21 $ 43 $ (1) $ 42 $ 2 $ 44 Total benefits and deductions 177 (6) 171 1 172 338 (21) 317 2 319 Income (loss) from continuing operations, before income taxes (12) (20) (32) (1) (33) (34) (23) (57) (2) (59) Income tax (expense) benefit from continuing operations (1) 10 9 (1) 8 2 13 15 (1) 14 Net income (loss) from continuing operations (13) (10) (23) (2) (25) (32) (10) (42) (3) (45) Net income (loss) $ (13) $ (10) $ (23) $ (2) $ (25) $ (32) $ (10) $ (42) $ (3) $ (45) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised As Previously ASU 2018-12 Impact As Adjusted Impact of Revisions As Revised (in millions) Statements of Comprehensive Income (Loss) Net income (loss) $ (13) $ (10) $ (23) $ (2) $ (25) $ (32) $ (10) $ (42) $ (3) $ (45) Comprehensive income (loss) $ (150) $ (23) $ (173) $ (2) $ (175) $ (319) $ (40) $ (359) $ (3) $ (361) Three Months Ended June 30, 2022 Statements of Equity: As Previously ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Additional paid-in capital, beginning of year $ 680 $ — $ 680 $ 1 $ 681 Additional paid-in capital, end of period 681 — 681 1 682 Accumulated Deficit, beginning of year (79) (64) (142) (12) (154) Net income (loss) (13) (10) (23) (2) (25) Accumulated Deficit, end of period (92) (74) (166) (13) (179) Total equity, end of period $ 391 $ (92) $ 299 $ (11) $ 288 Six Months Ended June 30, 2022 Statements of Equity: As Previously ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Additional paid-in capital, beginning of year $ 679 $ — $ 679 $ 1 $ 680 Additional paid-in capital, end of year 681 — 681 1 682 Accumulated Deficit, beginning of year (60) (64) (124) (10) (134) Net income (loss) (32) (10) (42) (3) (45) Accumulated Deficit, end of year (92) (74) (166) (13) (179) Accumulated other comprehensive income (loss), beginning of year 86 12 98 — 98 Other comprehensive income (loss) (287) (30) (317) 1 (316) Total equity, end of year $ 391 $ (92) $ 299 $ (11) $ 288 Six Months June 30, 2022 As Reported ASU 2018-12 Impact As Adjusted Impact of Revision As Revised (in millions) Statement of Cash Flows: Cash flow from operating activities: Net income (loss) $ (32) $ (10) $ (42) $ (3) $ (45) Future policy benefits 4 — 4 13 17 Reinsurance recoverable 1 — 1 (13) (12) Current and deferred income taxes (2) (13) (15) 1 (14) Other, net $ 104 $ — $ 104 $ 2 $ 106

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Organization [Abstract]
Funds withheld receivable		$ 11,200
Deposit contracts, liabilities		12,900
Liability for market risk benefits	$ 7,363	8,200	$ 15	[1]
Reinsurance recoverable, allowance for credit loss	0	1,700	0
Net liability for additional liability, after reinsurance recoverable		357
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities	4,508		3,374	[1]
Policyholder account balance	$ 21,014	13,900	$ 3,751
Modco receivable		28,700
Non-Insulated
Reinsurance Retention Policy [Line Items]
Policyholder account balance		32,400
Insulated
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities		$ 64,100

[1]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	Dec. 31, 2022		Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits		$ (1,209)	$ (669)	[1]
Market risk benefits		16	1
DAC	$ 587	$ 947	$ 760	[1]	$ 705	$ 672
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits	0
Market risk benefits	1
DAC	110						$ 110
Unearned revenue liability and sales inducement assets	(37)
Total transition adjustment before taxes	74
Income taxes	(16)
Total transition adjustment (net of taxes)	58
Retained Earnings \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits	0
Market risk benefits	2
DAC	0
Unearned revenue liability and sales inducement assets	0
Total transition adjustment before taxes	2
Income taxes	(1)
Total transition adjustment (net of taxes)	1
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	0
Market risk benefits	(1)
DAC	110
Unearned revenue liability and sales inducement assets	(37)
Total transition adjustment before taxes	72
Income taxes	(15)
Total transition adjustment (net of taxes)	$ 57

[1]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_5

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022		Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 947	$ 760	[1]	$ 705	$ 672	$ 587
As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs							$ 477
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs						110	110
VUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	433	410		386	361
VUL \| Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs						300
VUL \| Life Insurance & Employee Benefits Products \| As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs							230
VUL \| Life Insurance & Employee Benefits Products \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs							70
IUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 294	$ 296		$ 297	$ 297
IUL \| Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs						$ 287
IUL \| Life Insurance & Employee Benefits Products \| As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs							247
IUL \| Life Insurance & Employee Benefits Products \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs							$ 40

[1]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_6

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Income (Details) - USD ($) $ in Millions	Jan. 01, 2021	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost	$ 106
As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		$ 69
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		37
VUL \| Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost	83
VUL \| Life Insurance & Employee Benefits Products \| As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		55
VUL \| Life Insurance & Employee Benefits Products \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		28
IUL \| Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost	$ 23
IUL \| Life Insurance & Employee Benefits Products \| As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		14
IUL \| Life Insurance & Employee Benefits Products \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Deferred sale inducement cost		$ 9

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Policyholders’ Account Balances (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	[1]	Jun. 30, 2023	Jun. 30, 2022	[1]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Decrease in income (loss) from continuing operations before income taxes	$ (20)	$ 33		$ (11)	$ 59
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Decrease in income (loss) from continuing operations before income taxes	$ 5

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended		6 Months Ended
INVESTMENTS - Narrative (Details)	Jun. 30, 2023 USD ($) security loan	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Net Investment Income [Line Items]
Number of unrealized loss positions \| security	1,172		1,172		845
Debt securities exposure in single issuer greater than stated percentage of total investments	1.30%		1.30%
Fixed maturities available-for-sale, amortized cost	$ 6,180,000,000		$ 6,180,000,000		$ 2,606,000,000
Unrealized loss on available for sale securities	0		0		0
Gross unrealized losses	$ 334,000,000		$ 334,000,000		$ 223,000,000
Financing receivable, debt service ratio multiplier	2		2		2
Financing receivable, allowance for credit loss, excluding accrued interest	$ 0		$ 0		$ 0
Separate account equity investment carrying value	1,000,000		1,000,000		1,000,000
Fair Value, Recurring
Net Investment Income [Line Items]
Trading securities	$ 0		$ 0		$ 1,000,000
Minimum
Net Investment Income [Line Items]
Financing receivable, loan to value ratio percentage	0%		0%		0%
Maximum
Net Investment Income [Line Items]
Financing receivable, loan to value ratio percentage	50%		50%		50%
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	$ 50,000,000		$ 50,000,000		$ 23,000,000
Accrued interest, written off			0	$ 0
Fixed maturities available-for-sale, amortized cost	6,200,000,000		6,200,000,000		2,600,000,000
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 54,000,000		$ 54,000,000		$ 24,000,000
Debt securities exposure in single issuer of total investments, percent	3.90%		3.90%		10.30%
Fixed maturities available-for-sale, amortized cost	$ 4,421,000,000		$ 4,421,000,000		$ 2,417,000,000
Gross unrealized losses	307,000,000		307,000,000		200,000,000
Commercial Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	$ 0		$ 0		0
Number of loans held \| loan	2		2
Accrued interest, written off	$ 0	$ 0	$ 0	0
Financing receivable, allowance for credit loss, excluding accrued interest	0		0		0
Financing receivable, allowance for credit loss, excluding accrued interest, period increase (decrease)			0	$ 0
Commercial Mortgage Loans \| Greater than 2.0x \| 0% - 50%
Net Investment Income [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	17,000,000		17,000,000		17,000,000
Individually Assessed Mortgage Loans
Net Investment Income [Line Items]
Financing receivable, allowance for credit loss, excluding accrued interest	0		0		0
Mortgage loans foreclosure probable	0		0		0
Other Than Investment Grade \| External Credit Rating, Non Investment Grade \| Fixed maturities
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost	$ 48,000,000		$ 48,000,000		$ 4,000,000
Percentage of available for sale securities	0.80%		0.80%		0.20%

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	$ 6,180		$ 6,180		$ 2,606
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	5		5		0
Gross Unrealized Losses	381		381		388
Fair Value	5,804		5,804		2,218	[1]
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	127		127
Due in years two through five	888		888
Due in years six through ten	2,370		2,370
Due after ten years	1,132		1,132
Subtotal	4,517		4,517
Amortized Cost	6,180		6,180
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	126		126
Due in years two through five	860		860
Due in years six through ten	2,256		2,256
Due after ten years	926		926
Subtotal	4,168		4,168
Fair Value	5,804		5,804		2,218	[1]
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	0	$ 39	50	$ 62
Gross gains on sales	0	0	0	0
Gross losses on sales	0	3	(5)	4
Net (increase) decrease in Allowance for Credit and Intent to Sell losses	0	0	0	0
Fixed Maturities - Credit Loss Impairments
Balance, beginning of period	0	2	0	2
Previously recognized impairments on securities that matured, paid, prepaid or sold	0	(2)	0	(2)
Recognized impairments on securities impaired to fair value this period	0	0	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	0	0	0
Additional credit losses this period on securities previously impaired	0	0	0	0
Increases due to passage of time on previously recorded credit losses	0	0	0	0
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	0	0	0	0
Balance, end of period	0	$ 0	0	$ 0
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,421		4,421		2,417
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	5		5		0
Gross Unrealized Losses	345		345		359
Fair Value	4,081		4,081		2,058
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	4,081		4,081		2,058
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15		15		14
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	1		1		0
Fair Value	14		14		14
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	14		14		14
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51		51		43
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	8		8		9
Fair Value	43		43		34
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	43		43		34
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30		30
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Fair Value	30		30
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	30		30
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	416		416		8
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	5		5		2
Fair Value	411		411		6
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	416		416
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	411		411
Fair Value	411		411		6
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,082		1,082		43
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	6		6		2
Fair Value	1,076		1,076		41
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	1,082		1,082
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	1,076		1,076
Fair Value	1,076		1,076		41
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165		165		81
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	16		16		16
Fair Value	149		149		65
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Without single maturity date	165		165
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Without single maturity date	149		149
Fair Value	$ 149		$ 149		$ 65

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

INVESTMENTS - Net Unrealized In

INVESTMENTS - Net Unrealized Investment (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	$ 375	$ 462	[1]	$ 232	$ 647	[1]
Impact of net unrealized investment gains (losses)				2
Ending balance	1,397	288	[1]	1,397	288	[1]
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	(312)	(93)		(388)	128
Net investment gains (losses) arising during the period	(64)	(202)		7	(424)
Included in net income (loss)	0	(2)		5	3
Excluded from Net income (loss)	0	0
Other				0	0
Impact of net unrealized investment gains (losses)	0	0		0	0
Ending balance	(376)	(293)		(376)	(293)
Net unrealized investment gains (losses) excluding credit losses	(376)	(293)
Net unrealized investment gains (losses) with credit losses	0	0
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	6	2		8	(3)
Impact of net unrealized investment gains (losses)	1	4		(1)	9
Ending balance	7	6		7	6
Net unrealized investment gains (losses) excluding credit losses	7	6
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	145	19		161	(26)
Other				0
Impact of net unrealized investment gains (losses)	14	41		(2)	86
Ending balance	159	60		159	60
Net unrealized investment gains (losses) excluding credit losses	159	60
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	(161)	(72)		(219)	99
Net investment gains (losses) arising during the period	(64)	(202)		7	(424)
Included in net income (loss)	0	(2)		5	3
Excluded from Net income (loss)	0	0
Other				0	0
Impact of net unrealized investment gains (losses)	15	45		(3)	95
Ending balance	(210)	(227)		(210)	(227)
Net unrealized investment gains (losses) excluding credit losses	(210)	(227)
Net unrealized investment gains (losses) with credit losses	0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	0	0		0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	0	0		0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	(376)	(293)		(376)	(293)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) 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]
Ending balance	(210)	(227)		(210)	(227)
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains Losses All Other \| Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with credit losses	0	0
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains Losses All Other \| Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with credit losses	0	0
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	0	0		0	0
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	0	0		0	0
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	7	6		7	6
Fixed maturities \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	$ 159	$ 60		$ 159	$ 60

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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	$ 3,035	$ 1,507
Less than 12 months, gross unrealized losses	47	165
12 months or longer, fair value	1,688	673
12 Months or Longer, gross unrealized Losses	334	223
Fair value	4,723	2,180
Gross unrealized losses	381	388
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	1,928	1,446
Less than 12 months, gross unrealized losses	38	159
12 months or longer, fair value	1,555	590
12 Months or Longer, gross unrealized Losses	307	200
Fair value	3,483	2,036
Gross unrealized losses	345	359
U.S. Treasury, government and agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	5
Less than 12 months, gross unrealized losses	0
12 months or longer, fair value	9
12 Months or Longer, gross unrealized Losses	1
Fair value	14
Gross unrealized losses	1
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	6	19
Less than 12 months, gross unrealized losses	1	4
12 months or longer, fair value	27	13
12 Months or Longer, gross unrealized Losses	7	5
Fair value	33	32
Gross unrealized losses	8	9
Residential mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	331	2
Less than 12 months, gross unrealized losses	2	0
12 months or longer, fair value	6	4
12 Months or Longer, gross unrealized Losses	3	2
Fair value	337	6
Gross unrealized losses	5	2
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	680	35
Less than 12 months, gross unrealized losses	5	1
12 months or longer, fair value	31	6
12 Months or Longer, gross unrealized Losses	1	1
Fair value	711	41
Gross unrealized losses	6	2
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	85	5
Less than 12 months, gross unrealized losses	1	1
12 months or longer, fair value	60	60
12 Months or Longer, gross unrealized Losses	15	15
Fair value	145	65
Gross unrealized losses	$ 16	$ 16

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	$ 0	$ (1)	$ (1)	$ (3)
Net investment gains (losses) recognized on securities sold during the period	0	0	0	0
Unrealized and realized gains (losses) on equity securities	$ 0	$ (1)	$ (1)	$ (3)

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	$ 2	$ 0	$ 0	$ 0
Net investment gains (losses) recognized on securities sold during the period	0	0	0	0
Unrealized and realized gains (losses) on trading securities	2	0	0	0
Interest and dividend income from trading securities	0	0	0	0
Net investment income (loss) from trading securities	$ 2	$ 0	$ 0	$ 0

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]
Gross Investment Income, Operating	$ 58	$ 21		$ 88	$ 42
Investment Income, Investment Expense	(2)	0		(3)	(1)
Net investment income (loss)	56	21	[1]	85	41	[1]
Fixed maturities
Net Investment Income [Line Items]
Investment income	48	22		77	43
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment income	0	0		0	0
Policy loans
Net Investment Income [Line Items]
Investment income	1	1		2	2
Other equity investments
Net Investment Income [Line Items]
Other equity investments	0	(2)		0	(3)
Trading securities
Net Investment Income [Line Items]
Investment income	2	0		0	0
Other investment income
Net Investment Income [Line Items]
Investment income	$ 7	$ 0		$ 9	$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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	$ 0	$ (2)	[1]	$ (5)	$ (3)	[1]
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	0	(2)		(5)	(3)
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment gains (losses), net	0	0		0	0
Other equity investments
Net Investment Income [Line Items]
Investment gains (losses), net	$ 0	$ 0		$ 0	$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Amount	$ 3,642	$ 885
Derivative Assets	491	63
Derivative Liabilities	8,026	106
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	1,324	394
Derivative Assets	0	0
Derivative Liabilities	0	0
Options
Derivatives, Fair Value [Line Items]
Notional Amount	1,948	209
Derivative Assets	546	34
Derivative Liabilities	167	16
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	370	282
Derivative Assets	0	0
Derivative Liabilities	0	0
Margin
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	81	29
Derivative Liabilities	0	0
Collateral
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	346	3
Derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	3,642	885
Derivative Assets	627	63
Derivative Liabilities	513	19
MSO, SCS and IUL indexed features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	7,347	87
Funds Withheld
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	(136)	0
Derivative Liabilities	0	0
Modco receivable
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	166	0
Embedded derivative
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	(136)	0
Derivative Liabilities	$ 7,513	$ 87

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)	$ (700)	$ (3)	[1]	$ (694)	$ (11)	[2]
Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	70	(66)		98	(74)
Options
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	105	(3)		111	(3)
Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(12)	(12)		(4)	(24)
Derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	163	(81)		205	(101)
MSO, SCS and IUL indexed features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(2,194)	78		(2,230)	90
Funds Withheld
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(599)	0		(599)	0
Modco receivable
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	1,930	0		1,930	0
Embedded derivative
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ (863)	$ 78		$ (899)	$ 90

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 346	$ 3
Collateral	0	0
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	67	22
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	$ 14	$ 10

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Net Amount Presented in the Balance Sheets	$ 491	$ 63
Liabilities
Net Amount Presented in the Balance Sheets	8,026	106
Derivative
Assets
Gross Amount Recognized	627	63
Gross Amount Offset in the Balance Sheets	513	18
Net Amount Presented in the Balance Sheets	114	45
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	114	45
Liabilities
Gross Amount Recognized	513	19
Gross Amount Offset in the Balance Sheets	513	18
Net Amount Presented in the Balance Sheets	0	1
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	0	1
Other financial assets
Assets
Gross Amount Recognized	3	2
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	3	2
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	3	2
Other invested assets
Assets
Gross Amount Recognized	630	65
Gross Amount Offset in the Balance Sheets	513	18
Net Amount Presented in the Balance Sheets	117	47
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	117	47
Other financial liabilities
Liabilities
Gross Amount Recognized	2,124	72
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	2,124	72
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	2,124	72
Other liabilities
Liabilities
Gross Amount Recognized	2,637	91
Gross Amount Offset in the Balance Sheets	513	18
Net Amount Presented in the Balance Sheets	2,124	73
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 2,124	$ 73

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 year	$ 760	[1]	$ 672
Capitalization			53
Amortization			20
Balance, end of year	947		705
Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	760
Capitalization	205
Amortization	27
Balance, end of year	938
VUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	410		361
Capitalization			35
Amortization			10
Balance, end of year	433		386
VUL \| Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	410
Capitalization	34
Amortization	11
Balance, end of year	433
IUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	296		297
Capitalization			9
Amortization			9
Balance, end of year	294		297
IUL \| Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	296
Capitalization	7
Amortization	9
Balance, end of year	294
GMxB Core
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	40		14
Capitalization			9
Amortization			1
Balance, end of year	72		$ 22
GMxB Core \| Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	40
Capitalization	34
Amortization	2
Balance, end of year	72
IE
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1
Balance, end of year	12
IE \| Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1
Capitalization	11
Amortization	0
Balance, end of year	12
SCS
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	13
Balance, end of year	127
SCS \| Operating Segments
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	13
Capitalization	119
Amortization	5
Balance, end of year	$ 127

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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
VUL
Changes in unearned revenue liability
Balance, beginning of the period	$ 159	$ 118
Capitalization	27	23
Amortization	(5)	(4)
Balance, end of the period	181	137
IUL
Changes in unearned revenue liability
Balance, beginning of the period	157	94
Capitalization	33	36
Amortization	(5)	(4)
Balance, end of the period	$ 185	$ 126

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		Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 947	$ 760	[1]	$ 705	$ 672	$ 587
VUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	433	410		386	361
IUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	294	296		297	297
GMxB Core
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	72	40		$ 22	$ 14
Investment Edge
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	12	1
SCS
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	127	13
Others
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 9	$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Fixed maturities available for sale, at fair value	$ 5,804	$ 2,218	[1]
Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	5,804	2,218
Other equity investments	38	19
Other invested assets:	379	18
Cash equivalents	1,028	272
Funds withheld Receivable	(136)	0
Purchased market risk benefits	10	13
Assets for market risk benefits	26	12
Separate Accounts assets	4,508	3,374
Total Assets	11,657	5,926
Liabilities:
Total Liabilities	14,876	102
Fair Value, Recurring \| Variable Interest Entity, Primary Beneficiary
Liabilities:
Liabilities for market risk benefits	7,363	15
Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Other equity investments	20	0
Other invested assets:	0	0
Cash equivalents	1,028	272
Funds withheld Receivable	0	0
Purchased market risk benefits	0	0
Assets for market risk benefits	0	0
Separate Accounts assets	4,501	3,367
Total Assets	5,549	3,639
Liabilities:
Total Liabilities	0	0
Fair Value, Recurring \| Level 1 \| Variable Interest Entity, Primary Beneficiary
Liabilities:
Liabilities for market risk benefits	0	0
Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	5,743	2,200
Other equity investments	18	19
Other invested assets:	379	18
Cash equivalents	0	0
Funds withheld Receivable	0	0
Purchased market risk benefits	0	0
Assets for market risk benefits	0	0
Separate Accounts assets	7	7
Total Assets	6,147	2,244
Liabilities:
Total Liabilities	7,347	87
Fair Value, Recurring \| Level 2 \| Variable Interest Entity, Primary Beneficiary
Liabilities:
Liabilities for market risk benefits	0	0
Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	61	18
Other equity investments	0	0
Other invested assets:	0	0
Cash equivalents	0	0
Funds withheld Receivable	(136)	0
Purchased market risk benefits	10	13
Assets for market risk benefits	26	12
Separate Accounts assets	0	0
Total Assets	(39)	43
Liabilities:
Total Liabilities	7,529	15
Fair Value, Recurring \| Level 3 \| Variable Interest Entity, Primary Beneficiary
Liabilities:
Liabilities for market risk benefits	7,363	15
Fair Value, Recurring \| NAV
Assets:
Separate Accounts assets		1
Corporate \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	4,081	2,058
Corporate \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Corporate \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	4,020	2,040
Corporate \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	61	18
U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	14	14
U.S. Treasury, government and agency \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	14	14
U.S. Treasury, government and agency \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
U.S. Treasury, government and agency \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	14	14
U.S. Treasury, government and agency \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0	0
States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	43	34
States and political subdivisions \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	43	34
States and political subdivisions \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
States and political subdivisions \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	43	34
States and political subdivisions \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0	0
Foreign governments
Assets:
Fixed maturities available for sale, at fair value	30
Foreign governments \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	30	6
Foreign governments \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Foreign governments \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	30	6
Foreign governments \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0	0
Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	411	6
Residential mortgage-backed \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	411
Residential mortgage-backed \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0
Residential mortgage-backed \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	411
Residential mortgage-backed \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0
Asset-backed
Assets:
Fixed maturities available for sale, at fair value	1,076	41
Asset-backed \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	1,076	41
Asset-backed \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Asset-backed \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	1,076	41
Asset-backed \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0	0
Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	149	65
Commercial mortgage-backed \| Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	149	65
Commercial mortgage-backed \| Fair Value, Recurring \| Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Commercial mortgage-backed \| Fair Value, Recurring \| Level 2
Assets:
Fixed maturities available for sale, at fair value	149	65
Commercial mortgage-backed \| Fair Value, Recurring \| Level 3
Assets:
Fixed maturities available for sale, at fair value	0	0
Options \| Fair Value, Recurring
Assets:
Other invested assets:	379	18
Options \| Fair Value, Recurring \| Level 1
Assets:
Other invested assets:	0	0
Options \| Fair Value, Recurring \| Level 2
Assets:
Other invested assets:	379	18
Options \| Fair Value, Recurring \| Level 3
Assets:
Other invested assets:	0	0
SCS, MSO and IUL indexed features’ liability \| Fair Value, Recurring
Liabilities:
Liabilities	(7,347)	(87)
SCS, MSO and IUL indexed features’ liability \| Fair Value, Recurring \| Level 1
Liabilities:
Liabilities	0	0
SCS, MSO and IUL indexed features’ liability \| Fair Value, Recurring \| Level 2
Liabilities:
Liabilities	(7,347)	(87)
SCS, MSO and IUL indexed features’ liability \| Fair Value, Recurring \| Level 3
Liabilities:
Liabilities	0	0
Modco receivable \| Fair Value, Recurring
Liabilities:
Liabilities	(166)	0
Modco receivable \| Fair Value, Recurring \| Level 1
Liabilities:
Liabilities	0	0
Modco receivable \| Fair Value, Recurring \| Level 2
Liabilities:
Liabilities	0	0
Modco receivable \| Fair Value, Recurring \| Level 3
Liabilities:
Liabilities	$ (166)	$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (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
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
AFS fixed maturities transferred between Level 2 and 3 (percentage)			0.70%	1.70%
Level 3 \| Corporate
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Transfers out of Level 3	$ 0	$ (5)	$ (10)	$ (5)
Level 3 \| Fair Value, Nonrecurring
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value measurements not included in quantitative information about level 3 fair value measurements	$ 29		$ 29		$ 14

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]
Net derivative gains (losses)			$ (5)	$ (3)	[1]
Level 3 \| Corporate
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	$ 37	$ 11	18	11
Investment gains (losses), reported in net investment income	0	0	0	0
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	(1)
Purchases	24	11	53	12
Sales	0	(1)	0	(1)
Transfers into level 3	0	0	0	0
Transfers out of Level 3	0	(5)	(10)	(5)
Closing Balance	61	16	61	16
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	(1)
Level 3 \| Funds Withheld Receivable
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	0	0	0	0
Investment gains (losses), reported in net investment income	0	0	0	0
Net derivative gains (losses)	(136)	0	(136)	0
Total realized and unrealized gains (losses)	(136)	0	(136)	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	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
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	0	0	0	0
Investment gains (losses), reported in net investment income	0	0	0	0
Net derivative gains (losses)	166	0	166	0
Total realized and unrealized gains (losses)	166	0	166	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	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

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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]
Assets for market risk benefits	$ 26		$ 12	[1]
Liability for market risk benefits	7,363	$ 8,200	15	[1]
Corporate \| Level 3 \| Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 32		$ 4
Corporate \| Level 3 \| Spread over Benchmark \| Matrix pricing model \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0020		0.0245
Corporate \| Level 3 \| Spread over Benchmark \| Matrix pricing model \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0320		0.0245
Corporate \| Level 3 \| Spread over Benchmark \| Matrix pricing model \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0065		0.0245
GMIBNLG \| Level 3 \| Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 10		$ 13
Fair Value	$ 7,337		$ 3
GMIBNLG \| Level 3 \| Non-performance Risk \| Discounted cash flow \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	55		0.0157
GMIBNLG \| Level 3 \| Non-performance Risk \| Discounted cash flow \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	192
GMIBNLG \| Level 3 \| Non-performance Risk \| Discounted cash flow \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input			0.0157
Measurement input	55
GMIBNLG \| Level 3 \| Lapse rate \| Discounted cash flow \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0026		0.0035
GMIBNLG \| Level 3 \| Lapse rate \| Discounted cash flow \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.3542		0.3542
GMIBNLG \| Level 3 \| Lapse rate \| Discounted cash flow \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input			0.0435
Measurement input	0.0381
GMIBNLG \| Level 3 \| Withdrawal rate \| Discounted cash flow \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0		0.0020
GMIBNLG \| Level 3 \| Withdrawal rate \| Discounted cash flow \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.1093		0.0124
GMIBNLG \| Level 3 \| Withdrawal rate \| Discounted cash flow \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0065		0.0122
GMIBNLG \| Level 3 \| Annuitization rate \| Discounted cash flow \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input			0.0004
Measurement input	0.0004
GMIBNLG \| Level 3 \| Annuitization rate \| Discounted cash flow \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input			1
Measurement input	1
GMIBNLG \| Level 3 \| Annuitization rate \| Discounted cash flow \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0313		0.0327
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Minimum \| Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001		0.0001
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Minimum \| Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006		0.0006
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Minimum \| Age 61-115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0032		0.0032
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Maximum \| Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0017		0.0017
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Maximum \| Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0052		0.0052
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Maximum \| Age 61-115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4000		0.4000
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Weighted Average \| Age 0-40
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0256		0.0108
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Weighted Average \| Age 41-60
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0256
GMIBNLG \| Level 3 \| Mortality rates \| Discounted cash flow \| Weighted Average \| Age 61-115
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0256

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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]
Policy loans	$ 260		$ 244	[1]
Funds withheld receivable	10,615		0	[1]
Modco receivable		$ 28,700
Policyholders’ liabilities: Investment contracts	21,014		3,751	[1]
Separate Accounts liabilities	4,508		3,374	[1]
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	17		17
Policy loans	260		244
Funds withheld receivable	10,751		0
Modco receivable	30,022		0
Policyholders’ liabilities: Investment contracts	110		115
Separate Accounts liabilities	267		0
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	15		15
Policy loans	265		248
Funds withheld receivable	10,751		0
Modco receivable	30,022		0
Policyholders’ liabilities: Investment contracts	101		106
Separate Accounts liabilities	267		0
Fair Value \| Level 1
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0		0
Policy loans	0		0
Funds withheld receivable	0		0
Modco receivable	0		0
Policyholders’ liabilities: Investment contracts	0		0
Separate Accounts liabilities	0		0
Fair Value \| Level 2
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0		0
Policy loans	0		0
Funds withheld receivable	0		0
Modco receivable	0		0
Policyholders’ liabilities: Investment contracts	0		0
Separate Accounts liabilities	0		0
Fair Value \| Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	15		15
Policy loans	265		248
Funds withheld receivable	10,751		0
Modco receivable	30,022		0
Policyholders’ liabilities: Investment contracts	101		106
Separate Accounts liabilities	$ 267		$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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	Apr. 01, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Effect of changes in discount rate assumptions	$ 1			$ 0
Future policy benefits and other policyholders' liabilities	1,209			669	[1]
Net liability for additional liability, after reinsurance recoverable			$ 357
Payout-Legacy \| Legacy \| Operating Segments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	0
Beginning balance at original discount rate	0
Effect of changes in cash flow assumptions				0
Effect of actual variances from expected experience				0
Adjusted beginning of period balance				$ 0
Issuances	120	$ 0
Interest accrual	0	0
Benefit payments	0	0
Ending balance at original discount rate	120	0
Effect of changes in discount rate assumptions	(1)	0
Balance, end of period	119	0
Future policy benefits and other policyholders' liabilities	119	0
Less: Reinsurance recoverable	0	0
Net liability for additional liability, after reinsurance recoverable	$ 119	$ 0
Weighted-average duration of additional liability - death benefit (years)	7 years 7 months 6 days

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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]
Subtotal	$ 749	$ 278
Other policyholder liabilities	460	391
Net liability for additional liability	1,209	669	[1]
Payout-Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Subtotal	119	58
Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Subtotal	322
Other
Liability for Future Policy Benefit, Activity [Line Items]
Subtotal	$ 308	$ 220

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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) - Payout-Legacy - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	$ 174	$ 0
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted; AOCI basis)	117	0
Expected future gross premiums (discounted; AOCI basis)	$ 0	$ 0

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	$ 21	$ 0
Interest Accretion	0	0
Payout-Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	21	0
Interest Accretion	$ 0	$ 0

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%		5.50%
Payout-Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.50%	0%
Current discount rate	5.60%	0%

LIABILITIES FOR FUTURE POLICY_8

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Balances of and Changes in Additional Liabilities Related to Insurance Guarantees (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Apr. 01, 2023	Dec. 31, 2022		Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for additional liability	$ 1,209	$ 1,209			$ 669	[1]
Net liability for additional liability, after reinsurance recoverable				$ 357
Weighted Average Interest Rate	4.50%	4.50%	5.50%
Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	$ 258		$ 9
Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion		$ 4	$ 1
Universal Life
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Weighted Average Interest Rate	4.50%	4.50%	5.50%
Universal Life \| Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion			$ 9
Universal Life \| Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion			1
Universal Life \| Life Insurance & Employee Benefits Products
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period		$ 0	57
Beginning balance before AOCI adjustments		0	55
Effect of changes in interest rate and cash flow assumptions and model changes					0		$ 0
Effect of actual variances from expected experience					0		(1)
Adjusted beginning of period balance					$ 0		$ 54
Issuances		322	0
Interest accrual		0	1
Net assessments collected		0	5
Benefit payments		0	0
Ending balance before shadow reserve adjustments	$ 322	322	60
Effect of shadow reserve adjustment	0	0	(7)
Balance, end of period	322	322	53
Net liability for additional liability	322	322	53
Effect of reserve adjustment recorded in AOCI	0	0	0
Net liability for additional liability, after reinsurance recoverable	$ 322	$ 322	$ 53
Weighted-average duration of additional liability - death benefit (years)	18 years 7 months 6 days	18 years 7 months 6 days	33 years 6 months
UL \| Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	$ 258
UL \| Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion		$ 4

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Benefit payments			$ 181	$ 0
Changes in the instrument-specific credit risk	$ 16		16		$ 1
Net amount at risk	7,327		7,327		10
GMxB Core
Market Risk Benefit [Roll Forward]
Net amount at risk	1,047		1,047		9
GMxB Core \| Individual Variable Annuity Products
Market Risk Benefit [Roll Forward]
Balance, beginning of period	(14)	$ (7)	(9)	0
Balance BOP before changes in the instrument specific credit risk	(8)	(2)	(8)	1
Model changes and effect of changes in cash flow assumptions	0	0	0	0
Actual market movement effect	(108)	10	(113)	14
Interest accrual	9	0	9	0
Attributed fees accrued	101	1	102	1
Benefit payments	(12)	0	(12)	0
Actual policyholder behavior different from expected behavior	6	1	8	2
Changes in future economic assumptions	(224)	(12)	(222)	(19)
Issuances	1,292	0	1,292	(1)
Balance EOP before changes in the instrument-specific credit risk	1,056	(2)	1,056	(2)
Changes in the instrument-specific credit risk	(9)	(8)	(9)	(8)
Balance, end of period	$ 1,047	$ (10)	$ 1,047	$ (10)
Weighted-average age of policyholders (years)	64 years 3 months 18 days	59 years 8 months 12 days	64 years 3 months 18 days	59 years 8 months 12 days
Net amount at risk	$ 3,079	$ 11	$ 3,079	$ 11
GMxB Legacy
Market Risk Benefit [Roll Forward]
Net amount at risk	6,237		6,237		$ 0
GMxB Legacy \| Individual Variable Annuity Products
Market Risk Benefit [Roll Forward]
Balance, beginning of period	0	0	0	0
Balance BOP 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	(264)	0	(264)	0
Interest accrual	68	0	68	0
Attributed fees accrued	95	0	95	0
Benefit payments	(153)	0	(153)	0
Actual policyholder behavior different from expected behavior	(4)	0	(4)	0
Changes in future economic assumptions	(364)	0	(364)	0
Issuances	6,865	0	6,865	0
Balance EOP before changes in the instrument-specific credit risk	6,243	0	6,243	0
Changes in the instrument-specific credit risk	(6)	0	(6)	0
Balance, end of period	$ 6,237	0	$ 6,237	0
Weighted-average age of policyholders (years)	73 years 6 months		73 years 6 months
Net amount at risk	$ 10,464	$ 0	$ 10,464	$ 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	$ (26)		$ (12)	[1]
MRB Liability	7,363	$ 8,200	15	[1]
Net MRB	7,337		3
Purchased MRB	(10)		(13)
Net amount at risk	7,327		10
GMxB Core
Market Risk Benefit [Line Items]
Net amount at risk	1,047		9
GMxB Core \| Individual Variable Annuity Products
Market Risk Benefit [Line Items]
MRB Asset	(25)		(12)
MRB Liability	1,072		3
Net MRB	1,047		(9)
Purchased MRB	0		0
Net amount at risk	3,079				$ 11
GMxB Legacy
Market Risk Benefit [Line Items]
Net amount at risk	6,237		0
GMxB Legacy \| Individual Variable Annuity Products
Market Risk Benefit [Line Items]
MRB Asset	0		0
MRB Liability	6,237		0
Net MRB	6,237		0
Purchased MRB	0		0
Net amount at risk	10,464				$ 0
Other
Market Risk Benefit [Line Items]
Net amount at risk	43		1
Other \| Individual Variable Annuity Products
Market Risk Benefit [Line Items]
MRB Asset	(1)		0
MRB Liability	54		12
Net MRB	53		12
Purchased MRB	$ (10)		$ (13)

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

POLICYHOLDER ACCOUNT BALANCES -

POLICYHOLDER ACCOUNT BALANCES - Balances and Changes in Policyholders’ 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	[3]
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				$ 3,751
Interest credited	$ 185	$ 23	[1]	208	$ 42	[2]
Balance, end of the period	21,014			21,014
Amounts due to reinsurers	106			106			$ 112
UL
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				1,962
Balance, end of the period	1,202			1,202
UL \| Life Insurance & Employee Benefits Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				0
Issuances				1,208
Premiums received				122
Policy charges				(128)
Surrenders and withdrawals				(4)
Benefit payments				(5)
Net transfers from (to) separate account				0
Interest credited				9
Balance, end of the period	$ 1,202			$ 1,202
Weighted-average crediting rate (years)	3.32%			3.32%
Net amount at risk	$ 16,580			$ 16,580
Cash surrender value	1,044			1,044
IUL
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				1,962	1,973
Issuances				349	0
Premiums received				119	127
Policy charges				(93)	(89)
Surrenders and withdrawals				(25)	(12)
Benefit payments				(5)	(4)
Net transfers from (to) separate account				0	0
Interest credited				73	(54)
Policyholder Account Balance, Other					0
Balance, end of the period	$ 2,380	$ 1,941		$ 2,380	$ 1,941
Weighted-average crediting rate (years)	2.34%	2.18%		2.34%	2.18%
Net amount at risk	$ 19,438	$ 18,260		$ 19,438	$ 18,260
Cash surrender value	1,790	1,477		1,790	1,477
GMxB Core
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				27
Net transfers from (to) separate account				65	27
GMxB Core \| Individual Variable Annuity Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period					13
Issuances					0
Premiums received					30
Policy charges					(1)
Surrenders and withdrawals					0
Benefit payments					0
Net transfers from (to) separate account					(27)
Interest credited					0
Policyholder Account Balance, Other					0
Balance, end of the period		$ 15			$ 15
Weighted-average crediting rate (years)		1%			1%
Net amount at risk		$ 11			$ 11
Cash surrender value		16			16
Investment Edge
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				7
Net transfers from (to) separate account				(163)
EQUI-VEST Individual
Policyholder Account Balance [Roll Forward]
Balance, end of the period	2,137			2,137
EQUI-VEST Individual \| Individual Variable Annuity Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				0
Issuances				2,213
Premiums received				3
Policy charges				0
Surrenders and withdrawals				(74)
Benefit payments				(9)
Net transfers from (to) separate account				(12)
Interest credited				16
Balance, end of the period	$ 2,137			$ 2,137
Weighted-average crediting rate (years)	2.92%			2.92%
Net amount at risk	$ 107			$ 107
Cash surrender value	2,130			2,130
EG
Policyholder Account Balance [Roll Forward]
Balance, end of the period	6,786			6,786
EG \| Employer - Sponsored Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				0
Issuances				6,817
Premiums received				93
Policy charges				(1)
Surrenders and withdrawals				(230)
Benefit payments				(7)
Net transfers from (to) separate account				45
Interest credited				69
Balance, end of the period	$ 6,786			$ 6,786
Weighted-average crediting rate (years)	2.31%			2.31%
Net amount at risk	$ 17			$ 17
Cash surrender value	6,713			6,713
SCS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				242
Balance, end of the period	35,803			35,803
SCS \| Employer - Sponsored Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				242
Issuances				31,189
Premiums received				0
Policy charges				(2)
Surrenders and withdrawals				(606)
Benefit payments				(55)
Net transfers from (to) separate account				2,823
Interest credited				2,212
Balance, end of the period	35,803			35,803
Net amount at risk	11			11
Cash surrender value	32,495			32,495
VUL
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				655
Net transfers from (to) separate account				(25)	(26)
VUL \| Life Insurance & Employee Benefits Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period					614
Issuances					0
Premiums received					9
Policy charges					(14)
Surrenders and withdrawals					0
Benefit payments					(4)
Net transfers from (to) separate account					26
Interest credited					7
Policyholder Account Balance, Other					0
Balance, end of the period		$ 638			$ 638
Weighted-average crediting rate (years)		3.52%			3.52%
Net amount at risk		$ 28,861			$ 28,861
Cash surrender value		518			518
Reinsured
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				819
Net transfers from (to) separate account				(1)	(2)
Reinsured \| Employer - Sponsored Products
Policyholder Account Balance [Roll Forward]
Balance, beginning of period					866
Issuances					0
Premiums received					18
Policy charges					(12)
Surrenders and withdrawals					(39)
Benefit payments					(6)
Net transfers from (to) separate account					2
Interest credited					18
Policyholder Account Balance, Other					0
Balance, end of the period		$ 847			$ 847
Weighted-average crediting rate (years)		4.27%			4.27%
Net amount at risk		$ 4,272			$ 4,272
Cash surrender value		$ 846			$ 846
Others
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				39
Balance, end of the period	(27,294)			(27,294)
Modco Reinsurance
Policyholder Account Balance [Roll Forward]
Balance, end of the period	$ (30,000)			$ (30,000)

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

POLICYHOLDER ACCOUNT BALANCES_2

POLICYHOLDER ACCOUNT BALANCES - Guaranteed Minimum Interest Rates (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
1 Basis Point - 50 Basis Points Above \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0001	0.0001
1 Basis Point - 50 Basis Points Above \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0050	0.0050
51 Basis Points-150 Basis Points Above \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0051	0.0051
51 Basis Points-150 Basis Points Above \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
UL
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,201
UL \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	76
UL \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	519
UL \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	476
UL \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	130
UL \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
UL \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
UL \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
UL \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
UL \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
UL \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
UL \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
UL \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 695
UL \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
UL \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
UL \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 76
UL \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	13
UL \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	476
UL \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	130
UL \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 506
UL \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
UL \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
UL \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	506
UL \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
UL \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
IUL
Policyholder Account Balance [Line Items]
Policyholder account value	2,280	$ 1,941
IUL \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	1,125	1,202
IUL \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	596	666
IUL \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	559	73
IUL \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
IUL \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
IUL \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
IUL \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
IUL \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,280	$ 1,941
IUL \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
IUL \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
IUL \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,125	$ 1,202
IUL \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	596	666
IUL \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	559	73
IUL \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
IUL \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
IUL \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
IUL \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
IUL \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	2,136
EQUI-VEST Individual \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	1,918
EQUI-VEST Individual \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	218
EQUI-VEST Individual \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 269
EQUI-VEST Individual \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
EQUI-VEST Individual \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
EQUI-VEST Individual \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 51
EQUI-VEST Individual \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	218
EQUI-VEST Individual \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 44
EQUI-VEST Individual \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
EQUI-VEST Individual \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EQUI-VEST Individual \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 44
EQUI-VEST Individual \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,823
EQUI-VEST Individual \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EQUI-VEST Individual \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,823
EQUI-VEST Individual \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EG
Policyholder Account Balance [Line Items]
Policyholder account value	5,920
EG \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	3,599
EG \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	1,982
EG \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	24
EG \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	315
EG \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,817
EG \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
EG \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
EG \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 497
EG \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	1,982
EG \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	23
EG \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	315
EG \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 258
EG \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
EG \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EG \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 258
EG \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EG \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EG \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EG \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,845
EG \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EG \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,844
EG \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EG \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	1
EG \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
VUL
Policyholder Account Balance [Line Items]
Policyholder account value		597
VUL \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		551
VUL \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		42
VUL \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		4
VUL \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
VUL \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 50
VUL \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
VUL \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
VUL \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 18
VUL \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		30
VUL \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		2
VUL \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
VUL \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 85
VUL \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
VUL \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
VUL \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 73
VUL \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		12
VUL \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
VUL \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
VUL \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 462
VUL \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
VUL \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 460
VUL \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
VUL \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		2
VUL \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge
Policyholder Account Balance [Line Items]
Policyholder account value		7
Investment Edge \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		7
Investment Edge \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 7
Investment Edge \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
Investment Edge \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
Investment Edge \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 7
Investment Edge \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
Investment Edge \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
Investment Edge \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Investment Edge \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
Investment Edge \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
Investment Edge \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Investment Edge \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
Investment Edge \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value		32
GMxB Core \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		32
GMxB Core \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 32
GMxB Core \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
GMxB Core \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
GMxB Core \| 0.00%-1.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 32
GMxB Core \| 0.00%-1.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 0.00%-1.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 0.00%-1.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
GMxB Core \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
GMxB Core \| 1.51%-2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
GMxB Core \| 1.51%-2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 1.51%-2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| 1.51%-2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
GMxB Core \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
GMxB Core \| Greater than 2.50% \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0
GMxB Core \| Greater than 2.50% \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| Greater than 2.50% \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core \| Greater than 2.50% \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0

POLICYHOLDER ACCOUNT BALANCES S

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	[1]	$ 3,374
Balance, end of period		4,508
VUL
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period		1,653	$ 1,832
Premiums and deposits		190	177
Policy charges		(64)	(60)
Surrenders and withdrawals		(23)	(16)
Benefit payments		(5)	(3)
Investment performance		192	(361)
Net transfers from (to) separate account		25	26
Other charges		0	0
Balance, end of period		1,918	1,543
Cash surrender value		1,590	1,241
GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period		756	315
Premiums and deposits		439	166
Policy charges		(4)	(1)
Surrenders and withdrawals		(11)	(3)
Benefit payments		(3)	0
Investment performance		79	(74)
Net transfers from (to) separate account		(65)	(27)
Other charges		0	0
Balance, end of period		1,321	430
Cash surrender value		1,221	392
Investment Edge
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period		26
Premiums and deposits		270
Policy charges		0
Surrenders and withdrawals		(2)
Benefit payments		0
Investment performance		4
Net transfers from (to) separate account		163
Other charges		0
Balance, end of period		135
Cash surrender value		129
Reinsured
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period		913	1,244
Premiums and deposits		11	10
Policy charges		(17)	(14)
Surrenders and withdrawals		(37)	(24)
Benefit payments		(11)	(5)
Investment performance		141	(141)
Net transfers from (to) separate account		1	2
Other charges		0	0
Balance, end of period		999	$ 1,068
Others
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of period		26
Balance, end of period		$ 135

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

POLICYHOLDER ACCOUNT BALANCES_3

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	$ 4,508	$ 3,374	[1]
Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,414	2,096
Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,081	1,265
Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	0	0
Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	13	13
Legacy Segment
Policyholder Account Balance [Line Items]
Separate Accounts assets	0	0
Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	4,508	3,374
Mutual Funds \| Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,414	2,096
Mutual Funds \| Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,081	1,265
Mutual Funds \| Employer - Sponsored Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	0	0
Mutual Funds \| Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	13	13
Mutual Funds \| Legacy Segment
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 0	$ 0

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance			$ 85
Decrease in valuation allowances	$ 16
Valuation allowance partial release		$ 69

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Unrealized gains (losses) on investments	$ (362)	$ (383)
Market risk benefits - instrument-specific credit risk component	16	1
Liability or future policy benefits - current discount rate component	1	0
Accumulated other comprehensive income (loss)	$ (345)	$ (382)	[1]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

EQUITY - Components of OCI, Net

EQUITY - Components of OCI, Net of Taxes (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Net unrealized gains (losses) arising during the period		$ (51)	$ (159)		$ 21	$ (335)
(Gains) losses reclassified into net income (loss) during the period		0	2		4	3
Net unrealized gains (losses) on investments		(51)	(157)		25	(332)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		0	4		(1)	8
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(28), $(41), $(12) and $(86)).	[1]	(51)	(153)	[2]	24	(324)	[2]
Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $2, $1, $3 and $2).		7	3		12	8
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $—, $—, $—, and $—)		1	0		1	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total		(43)	(150)		37	(316)
Deferred income taxes		(28)	(41)		(12)	(86)
Market risk benefits - change in instrument-specific credit risk deferred income tax expense (benefit)		2	1		3	2
Liability for future policy benefits - change in current discount rate deferred income tax expense (benefit)		0	0		0	0
Reclassification adjustment		$ (2)	$ (1)		$ (1)	$ (1)

[1]See Note 12 of the Notes to these Financial Statements for details of change in unrealized gains (losses), net of adjustments.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	May 31, 2023
Restructuring Cost and Reserve [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 5
Long-term line of credit	$ 0
Commercial Paper \| Funding Agreement-Backed Commercial Paper Program
Restructuring Cost and Reserve [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000

UNPAID CLAIM AND CLAIM EXPENS_3

UNPAID CLAIM AND CLAIM EXPENSES - Rollforward of the Unpaid Claims and Claim Expenses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, [Roll Forward]
Gross balance	$ 110	$ 78
Less Reinsurance	36	23
Net balance	74	55
Incurred Claims (net) Related to:
Current Period	121	88
Prior Period	(14)	9
Total Incurred	107	97
Paid Claims (net) Related to:
Current Period	65	49
Prior Period	33	27
Total Paid	98	76
Net balance	83	76
Add Reinsurance	40	29
Gross balance	$ 123	$ 105

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	$ 92	$ 78		$ 178	$ 151
Reinsurance assumed - Equitable Financial	345	0		345	0
Reinsurance ceded	(26)	(22)		(51)	(39)
Policy charges and fee income	411	56		472	112
Direct premiums	86	74		171	133
Reinsurance assumed - Equitable Financial	40	0		40	0
Reinsurance ceded	(14)	(14)		(30)	(24)
Premiums	112	60	[1]	181	109	[1]
Direct policyholders’ benefits	110	106		209	191
Reinsurance assumed - Equitable Financial	264	0		264	0
Reinsurance ceded	(39)	(24)		(59)	(35)
Policyholders’ benefits	335	82	[1]	414	156	[1]
Direct interest credited to policyholders’ account balances	42	32		74	77
Reinsurance assumed - Equitable Financial	151	0		151	0
Reinsurance ceded	(8)	(9)		(17)	(35)
Interest credited to policyholders’ account balances	$ 185	$ 23	[1]	$ 208	$ 42	[2]

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) $ in Millions	6 Months Ended
REINSURANCE - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Variable Universal Term Life Insurance Single Life
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, amount retained	$ 4
Variable Universal Term Life Insurance Single Life \| Equitable Financial Life Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Policyholder contract deposits ceded	20
Variable Universal Term Life Insurance Joint Life
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, amount retained	6
Variable Universal Term Life Insurance Joint Life \| Equitable Financial Life Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Policyholder contract deposits ceded	$ 25

REINSURANCE - Composition of Po

REINSURANCE - Composition of Pool of Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Other equity investments	$ 38	$ 19	[1]
Total assets supporting funds withheld	10,615	0	[1]
Carrying Value
Effects of Reinsurance [Line Items]
Total assets supporting funds withheld	10,751	0
Carrying Value \| Equitable Financial Life Insurance Company
Effects of Reinsurance [Line Items]
Fixed maturities	25,889
Mortgage loans on real estate	8,528
Policy loans	229
Other equity investments	245
Other invested assets	7,249
Total assets supporting funds withheld	42,140
Fair Value
Effects of Reinsurance [Line Items]
Total assets supporting funds withheld	10,751	$ 0
Fair Value \| Equitable Financial Life Insurance Company
Effects of Reinsurance [Line Items]
Fixed maturities	25,889
Mortgage loans on real estate	7,391
Policy loans	230
Other equity investments	245
Other invested assets	7,249
Total assets supporting funds withheld	$ 41,004

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

REVISION OF PREVIOUSLY ISSUED_3

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Deferred cost amortization	$ 14
Reinsured risk, percent		100%
Total investments		$ 25
Impact of net unrealized investment gains (losses)		$ 2

REVISION OF PREVIOUSLY ISSUED_4

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses	$ 222	$ 21	[1]	$ 245	$ 44	[1]
Total benefits and other deductions	2	172	[1]	182	319	[1]
Income (loss) from continuing operations, before income taxes	20	(33)	[1]	11	(59)	[1]
Income tax (expense) benefit from continuing operations	(6)	8	[1]	66	14	[1]
Net income (loss) from continuing operations		(25)			(45)
Net income (loss)	$ 14	(25)	[2]	$ 77	(45)	[3]
As Previously  Reported
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses		22			43
Total benefits and other deductions		177			338
Income (loss) from continuing operations, before income taxes		(12)			(34)
Income tax (expense) benefit from continuing operations		(1)			2
Net income (loss) from continuing operations		(13)			(32)
Net income (loss)		(13)			(32)
ASU 2018-12 Impact
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses		(2)			(1)
Total benefits and other deductions		(6)			(21)
Income (loss) from continuing operations, before income taxes		(20)			(23)
Income tax (expense) benefit from continuing operations		10			13
Net income (loss) from continuing operations		(10)			(10)
Net income (loss)		(10)			(10)
As Adjusted
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses		20			42
Total benefits and other deductions		171			317
Income (loss) from continuing operations, before income taxes		(32)			(57)
Income tax (expense) benefit from continuing operations		9			15
Net income (loss) from continuing operations		(23)			(42)
Net income (loss)		(23)			(42)
Impact of Revisions
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses		1			2
Total benefits and other deductions		1			2
Income (loss) from continuing operations, before income taxes		(1)			(2)
Income tax (expense) benefit from continuing operations		(1)			(1)
Net income (loss) from continuing operations		(2)			(3)
Net income (loss)		$ (2)			$ (3)

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

REVISION OF PREVIOUSLY ISSUED_5

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statements of Comprehensive Income (Loss):
Net income (loss)	$ (25)	$ (45)
Comprehensive income (loss)	(175)	(361)
As Previously  Reported
Statements of Comprehensive Income (Loss):
Net income (loss)	(13)	(32)
Comprehensive income (loss)	(150)	(319)
ASU 2018-12 Impact
Statements of Comprehensive Income (Loss):
Net income (loss)	(10)	(10)
Comprehensive income (loss)	(23)	(40)
As Adjusted
Statements of Comprehensive Income (Loss):
Net income (loss)	(23)	(42)
Comprehensive income (loss)	(173)	(359)
Impact of Revisions
Statements of Comprehensive Income (Loss):
Net income (loss)	(2)	(3)
Comprehensive income (loss)	$ (2)	$ (3)

REVISION OF PREVIOUSLY ISSUED_6

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Equity (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 375	$ 462	[1]	$ 232	$ 647	[1]
Net income (loss)	14	(25)	[2]	77	(45)	[3]
Other comprehensive income (loss)	(43)	(150)	[1]	37	(316)	[1]
Ending balance	1,397	288	[1]	1,397	288	[1]
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(13)			(32)
ASU 2018-12 Impact
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(10)			(10)
As Adjusted
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(23)			(42)
Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(2)			(3)
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		288			288
Total \| As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		391			391
Total \| ASU 2018-12 Impact
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		(92)			(92)
Total \| As Adjusted
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		299			299
Total \| Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		(11)			(11)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	831	681	[1]	831	680	[1]
Ending balance	1,882	682	[1]	1,882	682	[1]
Additional Paid-in Capital \| As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		680			679
Ending balance		681			681
Additional Paid-in Capital \| ASU 2018-12 Impact
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0			0
Ending balance		0			0
Additional Paid-in Capital \| As Adjusted
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		680			679
Ending balance		681			681
Additional Paid-in Capital \| Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		1			1
Ending balance		1			1
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(157)	(154)	[1]	(220)	(134)	[1]
Net income (loss)	14	(25)	[1]	77	(45)	[1]
Ending balance	(143)	(179)	[1]	(143)	(179)	[1]
Accumulated Deficit \| As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(79)			(60)
Net income (loss)		(13)			(32)
Ending balance		(92)			(92)
Accumulated Deficit \| ASU 2018-12 Impact
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(64)			(64)
Net income (loss)		(10)			(10)
Ending balance		(74)			(74)
Accumulated Deficit \| As Adjusted
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(142)			(124)
Net income (loss)		(23)			(42)
Ending balance		(166)			(166)
Accumulated Deficit \| Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(12)			(10)
Net income (loss)		(2)			(3)
Ending balance		(13)			(13)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(302)	(68)	[1]	(382)	98	[1]
Other comprehensive income (loss)	(43)	(150)	[1]	37	(316)	[1]
Ending balance	$ (345)	$ (218)	[1]	$ (345)	(218)	[1]
Accumulated Other Comprehensive Income (Loss) \| As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					86
Other comprehensive income (loss)					(287)
Accumulated Other Comprehensive Income (Loss) \| ASU 2018-12 Impact
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					12
Other comprehensive income (loss)					(30)
Accumulated Other Comprehensive Income (Loss) \| As Adjusted
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					98
Other comprehensive income (loss)					(317)
Accumulated Other Comprehensive Income (Loss) \| Impact of Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					0
Other comprehensive income (loss)					$ 1

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

REVISION OF PREVIOUSLY ISSUED_7

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
		Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)		$ (25)		$ (45)
Changes in:
Future policy benefits			$ 133	17	[1]
Reinsurance recoverable			817	(12)	[1]
Current and deferred income taxes	[2]		$ (66)	(14)	[1]
Other, net				106
As Previously Reported
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)		(13)		(32)
Changes in:
Future policy benefits				4
Reinsurance recoverable				1
Current and deferred income taxes				(2)
Other, net				104
ASU 2018-12 Impact
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)		(10)		(10)
Changes in:
Future policy benefits				0
Reinsurance recoverable				0
Current and deferred income taxes				(13)
Other, net				0
As Adjusted
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)		(23)		(42)
Changes in:
Future policy benefits				4
Reinsurance recoverable				1
Current and deferred income taxes				(15)
Other, net				104
Impact of Revisions
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)		$ (2)		(3)
Changes in:
Future policy benefits				13
Reinsurance recoverable				(13)
Current and deferred income taxes				1
Other, net				$ 2

[1]Prior period amounts have been adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]The six months ended June 30, 2023 includes a release of $69 million deferred tax valuation allowance. See Note 10 of the Notes to these Financial Statements.