Mony Life Insurance Co Of America 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	8501 IBM Drive
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28262
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	Q3
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Central Index Key	0000835357
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $8,331 and $2,606) (allowance for credit losses of $0 and $0 )		$ 7,755	$ 2,218
Mortgage loans on real estate (net of allowance for credit losses of $0 and $0)		69	17
Policy loans		262	244
Other equity investments		18	19
Other invested assets		252	47
Total investments		8,356	2,545
Cash and cash equivalents		1,026	294
Deferred policy acquisition costs		1,079	760
Amounts due from reinsurers (allowance for credit losses of $0 and $0)		979	1,051
Funds withheld receivable		10,550	0
Reinsurance deposit assets		12,682	0
Current and deferred income taxes		131	76
Purchased market risk benefits		9	13
Other assets		234	101
Assets for market risk benefits		24	12
Separate Accounts assets		4,791	3,374
Total Assets		39,861	8,226
LIABILITIES
Policyholders’ account balances		23,256	3,751
Liability for market risk benefits		6,731	15
Future policy benefits and other policyholders' liabilities		1,352	669
Amounts due to reinsurers		104	112
Other liabilities		2,137	73
Separate Accounts liabilities		4,791	3,374
Total Liabilities		38,371	7,994
Commitments and contingent liabilities	[1]
EQUITY
Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding		3	3
Additional paid-in capital		1,882	831
Retained earnings (accumulated deficit)		373	(220)
Accumulated other comprehensive income (loss)		(768)	(382)
Total Equity		1,490	232
Total Liabilities and Equity		$ 39,861	$ 8,226
[1]See Note 13 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost of fixed maturities available-for-sale	$ 8,331	$ 2,606
Allowance for credit losses of fixed maturities available-for-sale	0	0
Valuation allowances for credit losses of mortgage loans on real estate	0	0
Allowance for credit losses of reinsurance recoverable	$ 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

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Policy charges and fee income	$ 410	$ 57	$ 882	$ 169
Premiums	152	54	333	163
Net derivative gains (losses)	(340)	(12)	(1,034)	(23)
Net investment income (loss)	99	22	184	63
Investment gains (losses), net	0	0	(5)	(3)
Investment management and service fees	143	5	253	16
Other income	38	2	82	3
Total revenues	502	128	695	388
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	244	60	658	216
Remeasurement of liability for future policy benefits	10	(1)	10	(2)
Change in market risk benefits and purchased market risk benefits	(980)	(5)	(1,842)	(9)
Interest credited to policyholders’ account balances	231	25	439	67
Compensation and benefits	17	9	45	29
Commissions	100	20	221	62
Amortization of deferred policy acquisition costs	20	10	48	30
Other operating costs and expenses	210	24	455	68
Total benefits and other deductions	(148)	142	34	461
Income (loss) from continuing operations, before income taxes	650	(14)	661	(73)
Income tax (expense) benefit	(134)	5	(68)	19
Net income (loss)	$ 516	$ (9)	$ 593	$ (54)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ 516	$ (9)	$ 593	$ (54)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustments	[1]	(154)	(115)	(130)	(439)
Change in market risk benefits - instrument-specific credit risk		(280)	(1)	(268)	7
Change in liability for future policy benefits - current discount rate		11	0	12	0
Other comprehensive income (loss)		(423)	(116)	(386)	(432)
Comprehensive income (loss)		$ 93	$ (125)	$ 207	$ (486)
[1]See Note 12 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2021	$ 647	$ 3	$ 680	$ (134)	$ 98
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent	100		100
Net income (loss)	(54)			(54)
Other comprehensive income (loss)	(432)				(432)
Other	3		3
Balance at end of period at Sep. 30, 2022	264	3	783	(188)	(334)
Balance at beginning of period at Jun. 30, 2022	288	3	682	(179)	(218)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent	100		100
Net income (loss)	(9)			(9)
Other comprehensive income (loss)	(116)				(116)
Other	1		1
Balance at end of period at Sep. 30, 2022	264	3	783	(188)	(334)
Balance at beginning of period at Dec. 31, 2022	232	3	831	(220)	(382)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent	1,050		1,050
Net income (loss)	593			593
Other comprehensive income (loss)	(386)				(386)
Other	1		1
Balance at end of period at Sep. 30, 2023	1,490	3	1,882	373	(768)
Balance at beginning of period at Jun. 30, 2023	1,397	3	1,882	(143)	(345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	516			516
Other comprehensive income (loss)	(423)				(423)
Balance at end of period at Sep. 30, 2023	$ 1,490	$ 3	$ 1,882	$ 373	$ (768)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)		$ 593	$ (54)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances		439	67
Policy charges and fee income		(882)	(169)
Net derivative (gains) losses		1,034	23
Investment (gains) losses, net		5	3
Realized and unrealized (gains) losses on trading securities		1	0
Non-cash long-term incentive compensation expense		2	3
Amortization and depreciation		195	46
Remeasurement of liability for future policy benefits		10	(2)
Change in market risk benefits		(1,842)	(9)
Changes in:
Reinsurance recoverable		47	(37)
Funds withheld receivable		(87)	0
Capitalization of deferred policy acquisition costs		(367)	(84)
Future policy benefits		264	10
Current and deferred income taxes	[1]	68	(19)
Other, net		972	61
Net cash provided by (used in) operating activities		452	(161)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale		486	132
Trading account securities		(1)	0
Short-term investments		(2)	0
Other		100	1
Payment for the purchase/origination of:
Fixed maturities, available-for-sale		(6,152)	(376)
Mortgage loans on real estate		(52)	0
Other		(99)	(2)
Cash settlements related to derivative instruments, net		(553)	(123)
Other, net		(17)	(11)
Net cash provided by (used in) investing activities		(6,290)	(379)
Policyholders’ account balances:
Deposits		5,952	540
Withdrawals		(745)	(72)
Transfer (to) from Separate Accounts		258	(136)
Payments of market risk benefits		(360)	(1)
Change in collateralized pledged assets		(27)	0
Change in collateralized pledged liabilities		415	(3)
Cash contribution from parent company		1,050	100
Changes in securities lending payable		27	0
Other, net		0	15
Net cash provided by (used in) financing activities		6,570	443
Change in cash and cash equivalents		732	(97)
Cash and cash equivalents, beginning of period		294	127
Cash and cash equivalents, end of period		$ 1,026	$ 30
[1]The nine months ended September 30, 2023 includes a release of $69 million deferred tax valuation allowance. See Note 10 of the Notes to these Consolidated Financial Statements.

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Equitable Financial Life Insurance Company of America’s (collectively with its consolidated subsidiary, “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. Equitable Financial Investment Management America, LLC (“EFIMA”) is a subsidiary of Equitable America and is a wholly-owned indirect subsidiary of Holdings. Internal Reinsurance Treaty 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 Accounts liabilities relating to such variable annuity contracts were reinsured to Equitable America on a modified coinsurance basis. Equitable America’s obligations under the Reinsurance Treaty are secured through Equitable Financial’s retention of certain assets supporting the reinsured liabilities. The New York Department of Financial Services (the “NYDFS”) and the Arizona Department of Insurance and Financial Institutions each approved the Reinsurance Treaty. As a condition to approving the Reinsurance Treaty, the NYDFS has required that 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	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Recast 2022 Annual Report. Certain prior period amounts were adjusted to reflect the adoption of ASU 2018-12: Financial Services - Insurance (Topic 944). The terms “third quarter 2023” and “third quarter 2022” refer to the three months ended September 30, 2023 and 2022, respectively. The terms “first nine months of 2023” and “first nine months of 2022” refer to the nine months ended September 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 consolidated financial statements for the year ended December 31, 2020 to reflect the adoption of ASU 2018-12, consistent with the Division of Corporation Finance’s Financial Reporting Manual Section 11410.1. The Company adopted ASU 2018-12 for liability for future policy benefits (“LFPB”), additional insurance liabilities, DAC and balances amortized on a basis consistent with DAC on a modified retrospective basis. ASU 2018-12 was adopted for MRBs on a full retrospective basis. 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 consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated balance sheets. The following table summarizes the balance of and changes in 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 consolidated balance sheets for assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the consolidated 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 consolidated statements of cash flows. Contributions to and withdrawals from funds withheld receivable are reported in operating activities on the consolidated 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 consolidated balance sheets, 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 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 consolidated 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 consolidated 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 consolidated statements of cash flows. Contributions to and withdrawals from the policyholder account balances are reported in financing activities on the consolidated 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% for 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. Quarterly, the Company updates its estimate of cash flows using actual experience and current future cash flow assumptions, which is reflected in an updated net premium ratio used to calculate the liability. The ratio of actual and future expected claims to actual and future expected premiums determines the net premium ratio. The policy administration expense assumption is not updated after policy issuance. If actual expenses differ from the original expense assumptions, the differences are recognized in the period identified. The revised net premium ratio is used to determine the updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original contract issuance rate. Changes in the liability due to current discount rates differing from original rates are included in other comprehensive income within the consolidated statement of comprehensive income. For non-participating traditional life insurance policies (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 consolidated statements of income (loss), remeasurement of liability for future policy benefits, part of total benefits and other deductions. On the consolidated balance sheets, the DPL is recorded in the liability for future policy benefits. Additional liabilities for contract or contract features 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 a 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 is measured considering the counterparty credit risk of the reinsurer, while the direct contract liabilities are measured considering the instrument-specific credit risk of the insurer. As a result of the difference in the treatment of the counterparty credit risk, the fair value of the direct and ceded contracts may be different even if the contractual fees and benefits are the same. Changes in instrument-specific credit risk of the Company is included in the fair value of its market risk benefit, whether in an asset or liability position, and whether related to an issued or purchased MRB, is recognized in OCI. The counterparty credit risk of the reinsurer is recorded in the consolidated statements of income (loss). Assumption Updates and Model Changes The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of MRB, liabilities for future policyholder benefits and Additional Liability Update. However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. MRB Update The Company updates its assumptions to reflect emerging experience for withdrawals, mortality and lapse election. This includes actuarial judgement informed by actual experience of how policy holders are expected to use these policies in the future LFPB Update The significant assumptions for the LFPB balances include mortality and lapses for our Traditional life business. The primary assumption for the payout block of business is mortality. Additional Liability Update The significant assumptions for the additional insurance liability balances include mortality, lapses, premium payment pattern, interest crediting assumption. Impact of Assumption Updates The net impact of assumption changes in the nine months ended September 30, 2023 increased remeasurement of liability for future policy benefits by $1 million, decreased policyholders’ benefits by $1 million, decreased market risk benefits and purchased market risk benefits by $8 million, and decreased other operating costs and expenses by $42 million. This resulted in an increase in income (loss) from operations, before income taxes of $50 million and an increase to net income (loss) by $40 million. The net impact of assumption changes in the three and nine months ended September 30, 2022 increased remeasurement of liability for future policy benefits by $1 million, decreased policyholders’ benefits by $11 million, and decreased amortization of DAC by $1 million. This resulted in an increase in income (loss) from operations, before income taxes of $11 million and an increase to net income (loss) by $9 million. Model Changes There were no material model changes in the first nine months of 2023 and 2022.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Fixed Maturities AFS The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of September 30, 2023 and December 31, 2022 was $68 million and $23 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 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) September 30, 2023: Fixed Maturities: Corporate (1) $ 5,348 $ — $ 1 $ 515 $ 4,834 U.S. Treasury, government and agency 21 — — 1 20 States and political subdivisions 51 — — 11 40 Foreign governments 30 — — 1 29 Residential mortgage-backed 770 — — 18 752 Asset-backed (2) 1,808 — 2 12 1,798 Commercial mortgage-backed 303 — — 21 282 Total at September 30, 2023 $ 8,331 $ — $ 3 $ 579 $ 7,755 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 September 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) September 30, 2023: Contractual maturities: Due in one year or less $ 148 $ 147 Due in years two through five 1,163 1,122 Due in years six through ten 2,961 2,751 Due after ten years 1,178 903 Subtotal 5,450 4,923 Residential mortgage-backed 770 752 Asset-backed 1,808 1,798 Commercial mortgage-backed 303 282 Total at September 30, 2023 $ 8,331 $ 7,755 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Proceeds from sales $ 183 $ — $ 233 $ 62 Gross gains on sales $ — $ — $ — $ — Gross losses on sales $ — $ — $ (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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ — $ — $ — $ 2 Previously recognized impairments on securities that matured, paid, prepaid or sold — — — (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 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 September 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 $ (376) $ 7 $ 159 $ (210) Net investment gains (losses) arising during the period (200) — — (200) Reclassification adjustment: Included in net income (loss) — — — — Excluded from net income (loss) — — — — Impact of net unrealized investment gains (losses) — 5 40 45 Net unrealized investment gains (losses) excluding credit losses (576) 12 199 (365) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (576) $ 12 $ 199 $ (365) Three Months Ended September 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 $ (293) $ 6 $ 60 $ (227) Net investment gains (losses) arising during the period (146) — — (146) Reclassification adjustment: Included in net income (loss) — — — — Excluded from net income (loss) — — — — Impact of net unrealized investment gains (losses) — 3 30 33 Net unrealized investment gains (losses) excluding credit losses (439) 9 90 (340) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (439) $ 9 $ 90 $ (340) Nine Months Ended September 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 (193) — — (193) Reclassification adjustment: Included in net income (loss) 5 — — 5 Excluded from net income (loss) — — — — Other — — — — Impact of net unrealized investment gains (losses) — 4 38 42 Net unrealized investment gains (losses) excluding credit losses (576) 12 199 (365) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (576) $ 12 $ 199 $ (365) Nine Months Ended September 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 (570) — — (570) Reclassification adjustment: Included in net income (loss) 3 — — 3 Impact of net unrealized investment gains (losses) — 12 116 128 Net unrealized investment gains (losses) excluding credit losses (439) 9 90 (340) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (439) $ 9 $ 90 $ (340) The following tables disclose the fair values and gross unrealized losses of the 1,423 issues as of September 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) September 30, 2023: Fixed Maturities: Corporate $ 2,866 $ 115 $ 1,776 $ 400 $ 4,642 $ 515 U.S. Treasury, government and agency 6 — 14 1 20 1 States and political subdivisions 10 — 30 11 40 11 Foreign governments 29 1 — — 29 1 Residential mortgage-backed 747 15 5 3 752 18 Asset-backed 1,282 11 28 1 1,310 12 Commercial mortgage-backed 170 4 58 17 228 21 Total at September 30, 2023 $ 5,110 $ 146 $ 1,911 $ 433 $ 7,021 $ 579 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 maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 1.1% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of September 30, 2023 and December 31, 2022 were $51 million and $24 million, respectively, representing 3.5% and 10.3% of the consolidated equity of the Company. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of September 30, 2023 and December 31, 2022, respectively, approximately $92 million and $4 million, or 1.1% and 0.2%, of the $8.3 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 gross unrealized losses of $2 million and $0 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, respectively, the $433 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 Consolidated Financial Statements, the Company concluded that an allowance for credit losses for these securities was not warranted at either September 30, 2023 or December 31, 2022. As of September 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 September 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 three commercial mortgage loans with a carrying value of $69 million at September 30, 2023 and two commercial mortgage loans with a carrying value of $17 million at December 31, 2022. The loans were issued for apartment complex properties located in the South-Atlantic and Mid-Atlantic regions. The loans were current as of September 30, 2023 and December 31, 2022 with LTV ratios between 0%-70% and DSC ratios of 1.4x or greater. Accrued interest receivable was $0 million as of September 30, 2023 and December 31, 2022 and no accrued interest was written off for the three and nine months ended September 30, 2023 and 2022. The allowance for credit losses was $0 million as of September 30, 2023 and December 31, 2022, with a change of $0 million for the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses. Equity Securities The breakdown of unrealized and realized gains and (losses) on equity securities was as follows: Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended September 30, Nine Months Ended September 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) $ (4) Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on equity securities $ — $ (1) $ (1) $ (4) Trading Securities As of September 30, 2023 and December 31, 2022, respectively, the fair value of the Company’s trading securities was $1 million and $1 million. As of September 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 breakdown of net investment income (loss) from trading securities was as follows: Net Investment Income (Loss) from Trading Securities Three Months Ended September 30, Nine Months Ended September 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) $ — Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on trading securities (1) — (1) — Interest and dividend income from trading securities — — — — Net investment income (loss) from trading securities $ (1) $ — $ (1) $ — Net Investment Income The following tables provide the components of net investment income by investment type: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ 90 $ 23 $ 167 $ 66 Mortgage loans on real estate — — — — Policy loans 1 1 3 3 Other equity investments — — — (3) Trading securities (1) — (1) — Other investment income 10 — 19 — Gross investment income (loss) 100 24 188 66 Investment expenses (1) (2) (4) (3) Net investment income (loss) $ 99 $ 22 $ 184 $ 63 Investment Gains (Losses), Net Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ — $ — $ (5) $ (3) Mortgage loans on real estate — — — — Other equity investments (1) — — — — Investment gains (losses), net $ — $ — $ (5) $ (3) _____________

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 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 variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility. 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 September 30, 2023 December 31, 2022 Fair Value Fair Value Notional Derivative Assets Derivative Net Derivatives Notional Derivative Assets Derivative Net Derivatives (in millions) Derivatives: (1) Equity contracts: Futures $ 1,967 $ — $ — $ — $ 394 $ — $ — $ — Options 3,102 806 285 521 209 34 16 18 Interest rate contracts: Futures 405 — — — 282 — — — Other contracts: Margin — 119 — 119 — 29 — 29 Collateral — — 508 (508) — — 3 (3) Total: 5,474 925 793 132 885 63 19 44 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — 6,474 (6,474) — — 87 (87) Funds withheld receivable (3) — (567) — (567) — — — — Modco receivable (2) — — 823 (823) — — — — Total embedded derivatives — (567) 7,297 (7,864) — — 87 (87) Total derivative instruments $ 5,474 $ 358 $ 8,090 $ (7,732) $ 885 $ 63 $ 106 $ (43) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. (3) Reported in funds withheld receivable in the consolidated balance sheets. The following table presents the effects of derivative instruments on the consolidated statements of income (loss) and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Derivatives: Equity contracts: Futures $ (75) $ (11) $ 23 $ (85) Options (70) (1) 41 (4) Interest rate contracts: Futures (47) (16) (51) (40) Total: (192) (28) 13 (129) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Embedded Derivatives: SCS, SIO, MSO and IUL indexed features 903 16 (1,326) 106 Funds withheld receivable 48 — (551) — Modco receivable (1,099) — 830 — Total Embedded Derivatives (148) 16 (1,047) 106 Total Derivatives instruments (1) $ (340) $ (12) $ (1,034) (23) ______________ (1) Reported in net derivative gains (losses) in the consolidated statements of income (loss). Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based futures contracts as of September 30, 2023 and December 31, 2022 are exchange-traded and net settled daily in cash. As of September 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 $103 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 $16 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 September 30, 2023 and December 31, 2022, respectively, the Company held $508 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 September 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 September 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: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of September 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 $ 925 $ 793 $ 132 $ (90) $ 42 Secured lending 27 — 27 — 27 Other financial assets 93 — 93 — 93 Other invested assets $ 1,045 $ 793 $ 252 $ (90) $ 162 Liabilities: Derivative liabilities $ 794 $ 793 $ 1 $ — $ 1 Secured lending 27 — 27 — 27 Other financial liabilities 2,109 — 2,109 — 2,109 Other liabilities $ 2,930 $ 793 $ 2,137 $ — $ 2,137 ______________ (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	9 Months Ended
	Sep. 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 were as follows: Nine Months Ended September 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 51 11 61 16 207 346 Amortization (4) (17) (13) (4) (1) (12) (47) Balance, end of period $ 444 $ 294 $ 97 $ 16 $ 208 $ 1,059 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. (4) DAC amortization of $1 million related to Other not reflected in table above. Nine Months Ended September 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 53 13 18 84 Amortization (15) (14) (1) (30) Balance, end of period $ 399 $ 296 $ 31 $ 726 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. Changes in the Unearned Revenue Liability were as follows: Nine Months Ended September 30, 2023 2022 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 41 49 36 54 Amortization (8) (8) (6) (6) Balance, end of period $ 192 $ 198 $ 148 $ 142 The following table presents a reconciliation of DAC to the consolidated balance sheets: September 30, 2023 December 31, 2022 (in millions) VUL $ 444 $ 410 IUL 294 296 GMxB Core 97 40 Investment Edge 16 1 SCS 208 13 Other 20 — Total $ 1,079 $ 760

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 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 are also considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of September 30, 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 September 30, 2023 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 4,740 $ 94 $ 4,834 U.S. Treasury, government and agency — 20 — 20 States and political subdivisions — 40 — 40 Foreign governments — 29 — 29 Residential mortgage-backed — 713 39 752 Asset-backed (2) — 1,798 — 1,798 Commercial mortgage-backed — 271 11 282 Total fixed maturities, AFS — 7,611 144 7,755 Other equity investments — 18 — 18 Other invested assets: Options — 521 — 521 Total other invested assets — 521 — 521 Cash equivalents 772 — — 772 Funds withheld receivable (3) (5) — — (567) (567) Purchased market risk benefits — — 9 9 Assets for market risk benefits — — 24 24 Separate Accounts assets (4) 4,784 7 — 4,791 Total Assets $ 5,556 $ 8,157 $ (390) $ 13,323 Liabilities: Policyholders’ account balances: SCS, MSO and IUL indexed features’ liability — 6,474 — 6,474 Modco receivable (5) — — 823 823 Liabilities for market risk benefits — — 6,731 6,731 Total Liabilities $ — $ 6,474 $ 7,554 $ 14,028 ______________ (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, 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 available for sale securities. (4) Separate Accounts assets included in the fair value hierarchy exclude investments not fair valued including other assets of $2 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 Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. Funds Withheld 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 a 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 Consolidated 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 nine months ended September 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 consolidated equity as of September 30, 2023. During the nine months ended September 30, 2022, there were $5 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 1.9% of total consolidated equity as of September 30, 2022. The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). 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 Consolidated Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended September 30, 2023 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable (in millions) Balance, beginning of period $ 61 $ — $ — $ (136) $ 166 Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — (1) — — Purchases 42 11 40 — — Sales (8) — — — — Change in fair value of funds withheld assets — — — (431) 657 Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) — — — — — Balance, end of period $ 94 $ 11 $ 39 $ (567) $ 823 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) $ — $ — Three Months Ended September 30, 2022 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable Balance, beginning of period $ 16 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) — — — — — Purchases 1 — — — — Sales — — — — — Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) — — — — — Balance, end of period $ 17 $ — $ — $ — $ — 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. $ — $ — $ — $ — $ — Nine Months Ended September 30, 2023 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable (in millions) Balance, beginning of period $ 18 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — (1) — — Purchases 95 11 40 — — Sales (8) — — — — Change in fair value of funds withheld assets — — — (567) 823 Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) (10) — — — — Balance, end of period $ 94 $ 11 $ 39 $ (567) $ 823 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) $ — $ — Nine Months Ended September 30, 2022 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable Balance, beginning of period $ 11 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — — — — Purchases 13 — — — — Sales (1) — — — — Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) (5) — — — — Balance, end of period $ 17 $ — $ — $ — $ — 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: Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2023 Fair Valuation Technique Significant Range Weighted Average (Dollars in millions) Assets:(4) Investments: Fixed maturities, AFS: Corporate $ 41 Matrix pricing Spread over benchmark 95 bps - 245 bps 131 bps Purchased MRB asset (1) 9 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 Liabilities: Direct MRB (1) (2) (3) $ 6,707 Discounted cash flow Non-performance risk (bps) Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 33 bps - 151 bps 0.21% - 29.37% 0.00% - 14.97% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.53% 0.33% - 42.00% 33 bps 3.99% 0.70% 3.00% 2.60% (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 [$24 million] of MRB assets and [$6,731 million] of MRB liabilities. (3) Includes Core products. (4) Funds withheld and modco 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 September 30, 2023 and December 31, 2022, respectively, are approximately $103 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 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 the Notes to these Consolidated Financial Statements The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) September 30, 2023: Mortgage loans on real estate $ 69 $ — $ — $ 65 $ 65 Policy loans $ 262 $ — $ — $ 259 $ 259 Funds withheld receivable $ 11,116 $ — $ — $ 11,116 $ 11,116 Modco receivable $ 29,053 $ — $ — $ 29,053 $ 29,053 Policyholders’ liabilities: Investment contracts $ 113 $ — $ — $ 102 $ 102 Separate Accounts liabilities $ 297 $ — $ — $ 297 $ 297 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

LIABILITIES FOR FUTURE POLICYHO

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS	9 Months Ended
	Sep. 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Nine Months Ended September 30, Payout-Legacy 2023 2022 (Dollars 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 232 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 232 — Effect of changes in discount rate assumptions (10) — Balance, end of period $ 222 $ — Net liability for future policy benefits $ 222 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 222 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.7 — The following tables reconcile the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets: September 30, 2023 (in millions) Reconciliation Payout - Legacy $ 222 UL (1) 325 Other (2) 323 Subtotal 870 Other policy funds (3) 482 Grand total $ 1,352 ______________ (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. (3) Includes $392 million of URL of which $390 million is covered in Note 5 of the Notes to these Consolidated Financial Statements. 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 of the Notes to these Consolidated Financial Statements, 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: September 30, 2023 December 31, 2022 (in millions) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 353 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 220 — Expected future gross premiums (discounted) — — The following table provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities : Nine Months Ended September 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Payout - Legacy (1) $ 60 $ — $ 3 $ — Total $ 60 $ — $ 3 $ — ______________ (1) Gross premium reflected is the liquidation of Account Value at time of annuitization. The following table provides the weighted average interest rates for the liability for future policy benefits: September 30, 2023 December 31, 2022 Weighted Average Interest Rate Payout-Legacy Interest accretion rate 5.2 % — % Current discount rate 5.8 % — % The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities: Nine Months Ended September 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 (5) 1 Effect of actual variances from expected experience 6 (3) Adjusted beginning of period balance 1 53 Issuances (3) 322 — Interest accrual 3 2 Net assessments collected 1 7 Benefit payments (2) — Ending balance before shadow reserve adjustments 325 62 Effect of shadow reserve adjustment — (9) Balance, end of period $ 325 $ 53 Net liability for additional liability $ 325 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 325 $ 53 Weighted-average duration of additional liability - death benefit (years) 17.2 33.7 ______________ (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 of the Notes to these Consolidated Financial Statements, 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 provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities: Nine Months Ended September 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 395 $ 7 Total $ 395 $ 7 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Nine Months Ended September 30, 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion Universal Life $ 13 $ 2 Total $ 13 $ 2 ______________ (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 of the Notes to these Consolidated Financial Statements, these are no longer material and are not disclosed separately. Nine Months Ended September 30, 2023 2022 Universal Life Weighted Average Interest Rate Interest accretion rate 4.5 % 5.5 % Prescribed and Permitted Accounting Practices As of September 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 an increase of approximately $46 million in statutory surplus as of September 30, 2023.

MARKET RISK BENEFITS

MARKET RISK BENEFITS	9 Months Ended
	Sep. 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 Three Months Ended September 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ 1,047 $ 6,237 $ (10) $ — Balance BOP before changes in the instrument specific credit risk 1,056 6,243 (2) — Model changes and effect of changes in cash flow assumptions 54 (44) — — Actual market movement effect 206 287 5 — Interest accrual 12 77 — — Attributed fees accrued (1) 90 87 1 — Benefit payments (11) (127) — — Actual policyholder behavior different from expected behavior 7 (5) 1 — Changes in future economic assumptions (512) (1,094) (9) — Issuances (2) — — — — Balance EOP before changes in the instrument-specific credit risk 902 5,424 (4) — Changes in the instrument-specific credit risk (3) 123 213 (7) — Balance, end of period $ 1,025 $ 5,637 $ (11) $ — Weighted-average age of policyholders (years) 64.5 73.6 60.5 — Net amount at risk $ 3,487 $ 10,957 $ 17 $ — _______________ (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 Consolidated Financial Statements. (3) Changes are recorded in OCI. Nine Months Ended September 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 54 (44) — — Actual market movement effect 93 23 19 — Interest accrual 21 145 — — Attributed fees accrued (1) 192 182 2 — Benefit payments (23) (280) — — Actual policyholder behavior different from expected behavior 15 (9) 3 — Changes in future economic assumptions (734) (1,458) (28) — Issuances (2) 1,292 6,865 (1) — Balance EOP before changes in the instrument-specific credit risk 902 5,424 (4) — Changes in the instrument-specific credit risk (3) 123 213 (7) — Balance, end of period $ 1,025 $ 5,637 $ (11) $ — Weighted-average age of policyholders (years) 64.5 73.6 60.5 — Net amount at risk $ 3,487 $ 10,957 $ 17 $ — _______________ (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 Consolidated 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 benefit amounts in the consolidated balance sheets: September 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 $ (23) $ 1,048 $ 1,025 $ — $ 1,025 $ (12) $ 3 $ (9) $ — $ (9) GMxB Legacy — 5,637 5,637 — 5,637 — — — — — Other (1) (1) 46 45 (9) 36 — 12 12 (13) (1) Total $ (24) $ 6,731 $ 6,707 $ (9) $ 6,698 $ (12) $ 15 $ 3 $ (13) $ (10) ______________

POLICYHOLDER ACCOUNT BALANCES

POLICYHOLDER ACCOUNT BALANCES	9 Months Ended
	Sep. 30, 2023
Policyholder Account Balance [Abstract]
POLICYHOLDER ACCOUNT BALANCES	POLICYHOLDER ACCOUNT BALANCES The following tables summarize the balances and changes in policyholders’ account balances: Nine Months Ended September 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 241 180 5 173 — Policy charges (254) (143) — (2) (5) Surrenders and withdrawals (9) (46) (144) (451) (1,203) Benefit payments (12) (8) (16) (12) (120) Net transfers from (to) separate account — — (17) 79 4,946 Interest credited (3) 18 92 31 93 1,474 Balance, end of period $ 1,192 $ 2,386 $ 2,072 $ 6,697 $ 36,523 Weighted-average crediting rate 3.42% 2.39% 2.88% 2.31% —% Net amount at risk (4) $ 16,308 $ 19,322 $ 115 $ 38 $ 30 Cash surrender value $ 1,039 $ 1,825 $ 2,067 $ 6,650 $ 33,064 ______________ (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 Consolidated 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. Nine Months Ended September 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 185 13 56 40 Policy charges (133) (26) (2) (24) Surrenders and withdrawals (24) — (1) (90) Benefit payments (6) (4) — (17) Net transfers from (to) separate account — 37 (43) 36 Interest credited (3) (50) 11 1 28 Other — — — 1 Balance, end of period $ 1,945 $ 645 $ 24 $ 840 Weighted-average crediting rate 2.18% 3.35% 1.00% 4.37% Net amount at risk (4) $ 18,184 $ 29,540 $ 17 $ 4,212 Cash surrender value $ 1,484 $ 521 $ 25 $ 839 ___________ (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 tables reconcile the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets: September 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,192 IUL 2,386 EI 2,072 EG 6,697 SCS 36,523 Other (1) (25,614) Total $ 23,256 ______________ (1) Includes $(28.2) 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: September 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% 60 5 414 215 694 Greater than 2.50% — 499 — — 499 Total $ 60 $ 504 $ 414 $ 215 $ 1,193 Indexed Universal Life 0.00% - 1.50% — — — — — 1.51% - 2.50% 1,120 372 821 — 2,313 Greater than 2.50% — — — — — Total $ 1,120 $ 372 $ 821 $ — $ 2,313 EQUI-VEST Individual 0.00% - 1.50% $ 50 $ 212 $ — $ — $ 262 1.51% - 2.50% 42 — — — 42 Greater than 2.50% 1,768 — — — 1,768 Total $ 1,860 $ 212 $ — $ — $ 2,072 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% $ 489 $ 1,996 $ 23 $ 300 $ 2,808 1.51% - 2.50% 262 — — — 262 Greater than 2.50% 2,764 — — — 2,764 Total $ 3,515 $ 1,996 $ 23 $ 300 $ 5,834 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 tables present the balances of and changes in Separate Account liabilities: Nine Months Ended September 30, 2023 VUL GMxB Core IE Reinsured (2) (in millions) Balance, beginning of period $ 1,653 $ 756 $ 26 $ 913 Premiums and deposits 284 790 387 15 Policy charges (98) (8) — (25) Surrenders and withdrawals (36) (21) (4) (49) Benefit payments (9) (4) — (4) Investment performance (1) 117 20 1 — Net transfers from (to) general account (32) 110 (245) 103 Other charges — — — — Balance, end of period $ 1,879 $ 1,643 $ 165 $ 953 Cash surrender value $ 1,551 $ 1,516 $ 157 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Nine Months Ended September 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 263 361 — Policy charges (86) (3) (26) Surrenders and withdrawals (24) (7) — Benefit payments (6) (1) — Investment performance (2) (440) (107) (312) Net transfers from (to) general account (37) — (39) Other charges — — — Balance, end of period $ 1,502 $ 558 $ 867 Cash surrender value $ 1,200 $ 508 N/A __ ____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following tables reconcile the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets: September 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,879 GMxB Core 1,643 IE 165 Reinsured 953 Other 151 Total $ 4,791 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 tables present the aggregate fair value of Separate Account assets by major asset category: September 30, 2023 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Other Total (in millions) Asset Type Mutual Funds $ 2,348 $ 2,431 $ 12 $ 4,791 Total $ 2,348 $ 2,431 $ 12 $ 4,791 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Other 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	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three and nine months ended September 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 available for sale securities portfolio. Adjustments to the valuation allowance due to changes in the portfolio’s unrealized capital loss are recorded in other comprehensive income. For the three month ended March 31, 2023, the Company recorded a decrease to the valuation allowance of $16 million in other comprehensive income. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income. During the three-months ended March 31, 2023, the Company increased its available future liquidity by increasing borrowing capacity and amending certain counterparty agreements. As a result of these actions, the Company has the ability and intent to hold the underlying securities in its available for sale 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. During the three months ended March 31, 2023, the remaining valuation allowance of $69 million was released and recorded in net income. The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to available for sale securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company did not enter into any new significant transactions with related parties during the three months ended September 30, 2023. On May 17, 2023, the Company entered into a reinsurance agreement with Equitable Financial, effective for April 1, 2023. See Note 1 and Note 16 of the Notes to these Consolidated Financial Statements for further details.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances were as follows: September 30, 2023 December 31, 2022 (in millions) Unrealized gains (losses) on investments $ (445) $ (383) Market risk benefits - instrument-specific credit risk component (338) 1 Liability or future policy benefits - current discount rate component 15 — Accumulated other comprehensive income (loss) $ (768) $ (382) The components of OCI, net of taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (158) $ (116) $ (137) $ (451) (Gains) losses reclassified into net income (loss) during the period (1) — — 4 3 Net unrealized gains (losses) on investments (158) (116) (133) (448) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 4 1 3 9 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(43), $(31), $(55) and $(117)). (154) (115) (130) (439) 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 $(74), $0, $(71) and $2). (280) (1) (268) 7 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $3, $0, $3, and $0) 11 — 12 — Other comprehensive income (loss) $ (423) $ (116) $ (386) $ (432) ______________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(2) million and $(1) million for the three and nine months ended September 30, 2023, respectively and $(2) million and $(1) million for the three and nine months ended September 30, 2022, respectively. Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 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 September 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 September 30, 2023. Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. As of September 30, 2023, these arrangements include commitments by the Company to provide equity financing of $60 million to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. The Company has no outstanding commitments under existing mortgage loans or mortgage loan commitment agreements at September 30, 2023.

INSURANCE STATUTORY FINANCIAL I

INSURANCE STATUTORY FINANCIAL INFORMATION	9 Months Ended
	Sep. 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Nine Months Ended September 30, Payout-Legacy 2023 2022 (Dollars 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 232 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 232 — Effect of changes in discount rate assumptions (10) — Balance, end of period $ 222 $ — Net liability for future policy benefits $ 222 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 222 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.7 — The following tables reconcile the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets: September 30, 2023 (in millions) Reconciliation Payout - Legacy $ 222 UL (1) 325 Other (2) 323 Subtotal 870 Other policy funds (3) 482 Grand total $ 1,352 ______________ (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. (3) Includes $392 million of URL of which $390 million is covered in Note 5 of the Notes to these Consolidated Financial Statements. 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 of the Notes to these Consolidated Financial Statements, 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: September 30, 2023 December 31, 2022 (in millions) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 353 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 220 — Expected future gross premiums (discounted) — — The following table provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities : Nine Months Ended September 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Payout - Legacy (1) $ 60 $ — $ 3 $ — Total $ 60 $ — $ 3 $ — ______________ (1) Gross premium reflected is the liquidation of Account Value at time of annuitization. The following table provides the weighted average interest rates for the liability for future policy benefits: September 30, 2023 December 31, 2022 Weighted Average Interest Rate Payout-Legacy Interest accretion rate 5.2 % — % Current discount rate 5.8 % — % The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities: Nine Months Ended September 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 (5) 1 Effect of actual variances from expected experience 6 (3) Adjusted beginning of period balance 1 53 Issuances (3) 322 — Interest accrual 3 2 Net assessments collected 1 7 Benefit payments (2) — Ending balance before shadow reserve adjustments 325 62 Effect of shadow reserve adjustment — (9) Balance, end of period $ 325 $ 53 Net liability for additional liability $ 325 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 325 $ 53 Weighted-average duration of additional liability - death benefit (years) 17.2 33.7 ______________ (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 of the Notes to these Consolidated Financial Statements, 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 provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities: Nine Months Ended September 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 395 $ 7 Total $ 395 $ 7 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Nine Months Ended September 30, 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion Universal Life $ 13 $ 2 Total $ 13 $ 2 ______________ (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 of the Notes to these Consolidated Financial Statements, these are no longer material and are not disclosed separately. Nine Months Ended September 30, 2023 2022 Universal Life Weighted Average Interest Rate Interest accretion rate 4.5 % 5.5 % Prescribed and Permitted Accounting Practices As of September 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 an increase of approximately $46 million in statutory surplus as of September 30, 2023.

UNPAID CLAIM AND CLAIM EXPENSES

UNPAID CLAIM AND CLAIM EXPENSES	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
UNPAID CLAIM AND CLAIM EXPENSES	UNPAID CLAIM AND CLAIM EXPENSES The following summarizes the change in liability for unpaid claims and claim expenses: Liability for Unpaid Claims and Claim Expenses Nine Months Ended September 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 178 144 Prior Period (15) (6) Total Incurred 163 138 Paid Claims (net) Related to: Current Period 113 91 Prior Period 37 30 Total Paid 150 121 Net Balance, end of period 87 72 Add Reinsurance 44 32 Gross Balance, end of period $ 131 $ 104

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 100 $ 80 $ 278 $ 231 Reinsurance assumed - Equitable Financial 340 — 685 — Reinsurance ceded (30) (23) (81) (62) Policy charges and fee income $ 410 $ 57 $ 882 $ 169 Direct premiums $ 88 $ 68 $ 259 $ 201 Reinsurance assumed - Equitable Financial 78 — 118 — Reinsurance ceded (14) (14) (44) (38) Premiums $ 152 $ 54 $ 333 $ 163 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Direct policyholders’ benefits $ 119 $ 93 $ 328 $ 284 Reinsurance assumed - Equitable Financial 146 — 410 — Reinsurance ceded (21) (33) (80) (68) Policyholders’ benefits $ 244 $ 60 $ 658 $ 216 Direct interest credited to policyholders’ account balances $ 85 $ 35 $ 159 $ 112 Reinsurance assumed - Equitable Financial 155 — 306 — Reinsurance ceded (9) (10) (26) (45) Interest credited to policyholders’ account balances $ 231 $ 25 $ 439 $ 67 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 of the Notes to these Consolidated Financial Statements for further details on the transaction. There is a diverse pool of assets supporting the funds withheld and NI modco arrangement with Equitable Financial. The following table summarizes the composition of the pool of assets: September 30, 2023 Carrying Value Fair Value (in millions) Fixed maturities $ 23,958 $ 23,958 Mortgage loans on real estate 8,476 7,171 Policy loans 241 241 Other equity investments 227 227 Other invested assets (1) 6,290 6,290 Total assets supporting funds withheld $ 39,192 $ 37,887 ______________ (1) Other invested assets includes derivatives and cash and cash equivalents.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 516	$ (9)	$ 593	$ (54)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Recast 2022 Annual Report. Certain prior period amounts were adjusted to reflect the adoption of ASU 2018-12: Financial Services - Insurance (Topic 944). The terms “third quarter 2023” and “third quarter 2022” refer to the three months ended September 30, 2023 and 2022, respectively. The terms “first nine months of 2023” and “first nine months of 2022” refer to the nine months ended September 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.
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 consolidated balance sheets for assumed agreement. The change in the fair value of the embedded derivatives is recorded in net derivatives gains (losses) on the consolidated 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 consolidated statements of cash flows. Contributions to and withdrawals from funds withheld receivable are reported in operating activities on the consolidated 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	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 consolidated balance sheets, 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
Policyholders’ Account Balances and Future Policy Benefits and Other Policyholders’ Liabilities and Market Risk Benefits	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 consolidated 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 consolidated 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 consolidated statements of cash flows. Contributions to and withdrawals from the policyholder account balances are reported in financing activities on the consolidated 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% for 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. Quarterly, the Company updates its estimate of cash flows using actual experience and current future cash flow assumptions, which is reflected in an updated net premium ratio used to calculate the liability. The ratio of actual and future expected claims to actual and future expected premiums determines the net premium ratio. The policy administration expense assumption is not updated after policy issuance. If actual expenses differ from the original expense assumptions, the differences are recognized in the period identified. The revised net premium ratio is used to determine the updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original contract issuance rate. Changes in the liability due to current discount rates differing from original rates are included in other comprehensive income within the consolidated statement of comprehensive income. For non-participating traditional life insurance policies (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 consolidated statements of income (loss), remeasurement of liability for future policy benefits, part of total benefits and other deductions. On the consolidated balance sheets, the DPL is recorded in the liability for future policy benefits. Additional liabilities for contract or contract features 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 a 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 is measured considering the counterparty credit risk of the reinsurer, while the direct contract liabilities are measured considering the instrument-specific credit risk of the insurer. As a result of the difference in the treatment of the counterparty credit risk, the fair value of the direct and ceded contracts may be different even if the contractual fees and benefits are the same. Changes in instrument-specific credit risk of the Company is included in the fair value of its market risk benefit, whether in an asset or liability position, and whether related to an issued or purchased MRB, is recognized in OCI. The counterparty credit risk of the reinsurer is recorded in the consolidated statements of income (loss).
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 are also 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)	9 Months Ended
	Sep. 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. 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 consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated 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 were as follows: Nine Months Ended September 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 51 11 61 16 207 346 Amortization (4) (17) (13) (4) (1) (12) (47) Balance, end of period $ 444 $ 294 $ 97 $ 16 $ 208 $ 1,059 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. (4) DAC amortization of $1 million related to Other not reflected in table above. Nine Months Ended September 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 53 13 18 84 Amortization (15) (14) (1) (30) Balance, end of period $ 399 $ 296 $ 31 $ 726 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. Changes in the Unearned Revenue Liability were as follows: Nine Months Ended September 30, 2023 2022 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 41 49 36 54 Amortization (8) (8) (6) (6) Balance, end of period $ 192 $ 198 $ 148 $ 142
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)	9 Months Ended
	Sep. 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) September 30, 2023: Fixed Maturities: Corporate (1) $ 5,348 $ — $ 1 $ 515 $ 4,834 U.S. Treasury, government and agency 21 — — 1 20 States and political subdivisions 51 — — 11 40 Foreign governments 30 — — 1 29 Residential mortgage-backed 770 — — 18 752 Asset-backed (2) 1,808 — 2 12 1,798 Commercial mortgage-backed 303 — — 21 282 Total at September 30, 2023 $ 8,331 $ — $ 3 $ 579 $ 7,755 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 September 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) September 30, 2023: Contractual maturities: Due in one year or less $ 148 $ 147 Due in years two through five 1,163 1,122 Due in years six through ten 2,961 2,751 Due after ten years 1,178 903 Subtotal 5,450 4,923 Residential mortgage-backed 770 752 Asset-backed 1,808 1,798 Commercial mortgage-backed 303 282 Total at September 30, 2023 $ 8,331 $ 7,755
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Proceeds from sales $ 183 $ — $ 233 $ 62 Gross gains on sales $ — $ — $ — $ — Gross losses on sales $ — $ — $ (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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Balance, beginning of period $ — $ — $ — $ 2 Previously recognized impairments on securities that matured, paid, prepaid or sold — — — (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 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 September 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 $ (376) $ 7 $ 159 $ (210) Net investment gains (losses) arising during the period (200) — — (200) Reclassification adjustment: Included in net income (loss) — — — — Excluded from net income (loss) — — — — Impact of net unrealized investment gains (losses) — 5 40 45 Net unrealized investment gains (losses) excluding credit losses (576) 12 199 (365) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (576) $ 12 $ 199 $ (365) Three Months Ended September 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 $ (293) $ 6 $ 60 $ (227) Net investment gains (losses) arising during the period (146) — — (146) Reclassification adjustment: Included in net income (loss) — — — — Excluded from net income (loss) — — — — Impact of net unrealized investment gains (losses) — 3 30 33 Net unrealized investment gains (losses) excluding credit losses (439) 9 90 (340) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (439) $ 9 $ 90 $ (340) Nine Months Ended September 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 (193) — — (193) Reclassification adjustment: Included in net income (loss) 5 — — 5 Excluded from net income (loss) — — — — Other — — — — Impact of net unrealized investment gains (losses) — 4 38 42 Net unrealized investment gains (losses) excluding credit losses (576) 12 199 (365) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (576) $ 12 $ 199 $ (365) Nine Months Ended September 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 (570) — — (570) Reclassification adjustment: Included in net income (loss) 3 — — 3 Impact of net unrealized investment gains (losses) — 12 116 128 Net unrealized investment gains (losses) excluding credit losses (439) 9 90 (340) Net unrealized investment gains (losses) with credit losses — — — — Balance, end of period $ (439) $ 9 $ 90 $ (340)
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 1,423 issues as of September 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) September 30, 2023: Fixed Maturities: Corporate $ 2,866 $ 115 $ 1,776 $ 400 $ 4,642 $ 515 U.S. Treasury, government and agency 6 — 14 1 20 1 States and political subdivisions 10 — 30 11 40 11 Foreign governments 29 1 — — 29 1 Residential mortgage-backed 747 15 5 3 752 18 Asset-backed 1,282 11 28 1 1,310 12 Commercial mortgage-backed 170 4 58 17 228 21 Total at September 30, 2023 $ 5,110 $ 146 $ 1,911 $ 433 $ 7,021 $ 579 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 breakdown of unrealized and realized gains and (losses) on equity securities was as follows: Unrealized and Realized Gains (Losses) from Equity Securities Three Months Ended September 30, Nine Months Ended September 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) $ (4) Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on equity securities $ — $ (1) $ (1) $ (4) The breakdown of net investment income (loss) from trading securities was as follows: Net Investment Income (Loss) from Trading Securities Three Months Ended September 30, Nine Months Ended September 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) $ — Net investment gains (losses) recognized on securities sold during the period — — — — Unrealized and realized gains (losses) on trading securities (1) — (1) — Interest and dividend income from trading securities — — — — Net investment income (loss) from trading securities $ (1) $ — $ (1) $ —
Schedule of Net Investment Income (Loss)	The following tables provide the components of net investment income by investment type: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ 90 $ 23 $ 167 $ 66 Mortgage loans on real estate — — — — Policy loans 1 1 3 3 Other equity investments — — — (3) Trading securities (1) — (1) — Other investment income 10 — 19 — Gross investment income (loss) 100 24 188 66 Investment expenses (1) (2) (4) (3) Net investment income (loss) $ 99 $ 22 $ 184 $ 63
Schedule of 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 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Fixed maturities $ — $ — $ (5) $ (3) Mortgage loans on real estate — — — — Other equity investments (1) — — — — Investment gains (losses), net $ — $ — $ (5) $ (3) _____________

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Fair Value Fair Value Notional Derivative Assets Derivative Net Derivatives Notional Derivative Assets Derivative Net Derivatives (in millions) Derivatives: (1) Equity contracts: Futures $ 1,967 $ — $ — $ — $ 394 $ — $ — $ — Options 3,102 806 285 521 209 34 16 18 Interest rate contracts: Futures 405 — — — 282 — — — Other contracts: Margin — 119 — 119 — 29 — 29 Collateral — — 508 (508) — — 3 (3) Total: 5,474 925 793 132 885 63 19 44 Embedded derivatives: SCS, SIO, MSO and IUL indexed features (2) — — 6,474 (6,474) — — 87 (87) Funds withheld receivable (3) — (567) — (567) — — — — Modco receivable (2) — — 823 (823) — — — — Total embedded derivatives — (567) 7,297 (7,864) — — 87 (87) Total derivative instruments $ 5,474 $ 358 $ 8,090 $ (7,732) $ 885 $ 63 $ 106 $ (43) ______________ (1) Reported in other invested assets in the consolidated balance sheets. (2) Reported in policyholders’ account balances in the consolidated balance sheets. (3) Reported in funds withheld receivable in the consolidated balance sheets. The following table presents the effects of derivative instruments on the consolidated statements of income (loss) and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Derivatives: Equity contracts: Futures $ (75) $ (11) $ 23 $ (85) Options (70) (1) 41 (4) Interest rate contracts: Futures (47) (16) (51) (40) Total: (192) (28) 13 (129) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Derivatives Gains (Losses) (in millions) Embedded Derivatives: SCS, SIO, MSO and IUL indexed features 903 16 (1,326) 106 Funds withheld receivable 48 — (551) — Modco receivable (1,099) — 830 — Total Embedded Derivatives (148) 16 (1,047) 106 Total Derivatives instruments (1) $ (340) $ (12) $ (1,034) (23) ______________
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: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of September 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 $ 925 $ 793 $ 132 $ (90) $ 42 Secured lending 27 — 27 — 27 Other financial assets 93 — 93 — 93 Other invested assets $ 1,045 $ 793 $ 252 $ (90) $ 162 Liabilities: Derivative liabilities $ 794 $ 793 $ 1 $ — $ 1 Secured lending 27 — 27 — 27 Other financial liabilities 2,109 — 2,109 — 2,109 Other liabilities $ 2,930 $ 793 $ 2,137 $ — $ 2,137 ______________ (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)	9 Months Ended
	Sep. 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 were as follows: Nine Months Ended September 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 51 11 61 16 207 346 Amortization (4) (17) (13) (4) (1) (12) (47) Balance, end of period $ 444 $ 294 $ 97 $ 16 $ 208 $ 1,059 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. (3) “IE” defined as Investment Edge. (4) DAC amortization of $1 million related to Other not reflected in table above. Nine Months Ended September 30, 2022 VUL (1) IUL (2) GMxB Core Total (in millions) Balance, beginning of period $ 361 $ 297 $ 14 $ 672 Capitalization 53 13 18 84 Amortization (15) (14) (1) (30) Balance, end of period $ 399 $ 296 $ 31 $ 726 ______________ (1) “VUL” defined as Variable Universal Life. (2) “IUL” defined as Indexed Universal Life. Changes in the Unearned Revenue Liability were as follows: Nine Months Ended September 30, 2023 2022 VUL IUL VUL IUL (in millions) Balance, beginning of period $ 159 $ 157 $ 118 $ 94 Capitalization 41 49 36 54 Amortization (8) (8) (6) (6) Balance, end of period $ 192 $ 198 $ 148 $ 142
Schedule of Reconciliation of Deferred Acquisition Cost	The following table presents a reconciliation of DAC to the consolidated balance sheets: September 30, 2023 December 31, 2022 (in millions) VUL $ 444 $ 410 IUL 294 296 GMxB Core 97 40 Investment Edge 16 1 SCS 208 13 Other 20 — Total $ 1,079 $ 760

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 4,740 $ 94 $ 4,834 U.S. Treasury, government and agency — 20 — 20 States and political subdivisions — 40 — 40 Foreign governments — 29 — 29 Residential mortgage-backed — 713 39 752 Asset-backed (2) — 1,798 — 1,798 Commercial mortgage-backed — 271 11 282 Total fixed maturities, AFS — 7,611 144 7,755 Other equity investments — 18 — 18 Other invested assets: Options — 521 — 521 Total other invested assets — 521 — 521 Cash equivalents 772 — — 772 Funds withheld receivable (3) (5) — — (567) (567) Purchased market risk benefits — — 9 9 Assets for market risk benefits — — 24 24 Separate Accounts assets (4) 4,784 7 — 4,791 Total Assets $ 5,556 $ 8,157 $ (390) $ 13,323 Liabilities: Policyholders’ account balances: SCS, MSO and IUL indexed features’ liability — 6,474 — 6,474 Modco receivable (5) — — 823 823 Liabilities for market risk benefits — — 6,731 6,731 Total Liabilities $ — $ 6,474 $ 7,554 $ 14,028 ______________ (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, 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 available for sale securities. (4) Separate Accounts assets included in the fair value hierarchy exclude investments not fair valued including other assets of $2 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 all Level 3 assets and liabilities and changes in unrealized gains (losses). 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 Consolidated Financial Statements. Level 3 Instruments - Fair Value Measurements Three Months Ended September 30, 2023 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable (in millions) Balance, beginning of period $ 61 $ — $ — $ (136) $ 166 Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — (1) — — Purchases 42 11 40 — — Sales (8) — — — — Change in fair value of funds withheld assets — — — (431) 657 Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) — — — — — Balance, end of period $ 94 $ 11 $ 39 $ (567) $ 823 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) $ — $ — Three Months Ended September 30, 2022 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable Balance, beginning of period $ 16 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) — — — — — Purchases 1 — — — — Sales — — — — — Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) — — — — — Balance, end of period $ 17 $ — $ — $ — $ — 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. $ — $ — $ — $ — $ — Nine Months Ended September 30, 2023 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable (in millions) Balance, beginning of period $ 18 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — (1) — — Purchases 95 11 40 — — Sales (8) — — — — Change in fair value of funds withheld assets — — — (567) 823 Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) (10) — — — — Balance, end of period $ 94 $ 11 $ 39 $ (567) $ 823 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) $ — $ — Nine Months Ended September 30, 2022 Corporate CMBS RMBS Funds Withheld Receivable Modco Receivable Balance, beginning of period $ 11 $ — $ — $ — $ — Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), reported in net investment income — — — — — Net derivative gains (losses) (1) — — — — — Total realized and unrealized gains (losses) — — — — — Other comprehensive income (loss) (1) — — — — Purchases 13 — — — — Sales (1) — — — — Transfers into Level 3 (1) — — — — — Transfers out of Level 3 (1) (5) — — — — Balance, end of period $ 17 $ — $ — $ — $ — 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: Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2023 Fair Valuation Technique Significant Range Weighted Average (Dollars in millions) Assets:(4) Investments: Fixed maturities, AFS: Corporate $ 41 Matrix pricing Spread over benchmark 95 bps - 245 bps 131 bps Purchased MRB asset (1) 9 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 Liabilities: Direct MRB (1) (2) (3) $ 6,707 Discounted cash flow Non-performance risk (bps) Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 33 bps - 151 bps 0.21% - 29.37% 0.00% - 14.97% 0.04% - 100.00% 0.01% - 0.18% 0.07% - 0.53% 0.33% - 42.00% 33 bps 3.99% 0.70% 3.00% 2.60% (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 [$24 million] of MRB assets and [$6,731 million] of MRB liabilities. (3) Includes Core products. (4) Funds withheld and modco 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 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) September 30, 2023: Mortgage loans on real estate $ 69 $ — $ — $ 65 $ 65 Policy loans $ 262 $ — $ — $ 259 $ 259 Funds withheld receivable $ 11,116 $ — $ — $ 11,116 $ 11,116 Modco receivable $ 29,053 $ — $ — $ 29,053 $ 29,053 Policyholders’ liabilities: Investment contracts $ 113 $ — $ — $ 102 $ 102 Separate Accounts liabilities $ 297 $ — $ — $ 297 $ 297 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)	9 Months Ended
	Sep. 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Nine Months Ended September 30, Payout-Legacy 2023 2022 (Dollars 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 232 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 232 — Effect of changes in discount rate assumptions (10) — Balance, end of period $ 222 $ — Net liability for future policy benefits $ 222 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 222 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.7 — The following tables summarize the balances and changes in policyholders’ account balances: Nine Months Ended September 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 241 180 5 173 — Policy charges (254) (143) — (2) (5) Surrenders and withdrawals (9) (46) (144) (451) (1,203) Benefit payments (12) (8) (16) (12) (120) Net transfers from (to) separate account — — (17) 79 4,946 Interest credited (3) 18 92 31 93 1,474 Balance, end of period $ 1,192 $ 2,386 $ 2,072 $ 6,697 $ 36,523 Weighted-average crediting rate 3.42% 2.39% 2.88% 2.31% —% Net amount at risk (4) $ 16,308 $ 19,322 $ 115 $ 38 $ 30 Cash surrender value $ 1,039 $ 1,825 $ 2,067 $ 6,650 $ 33,064 ______________ (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 Consolidated 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. Nine Months Ended September 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 185 13 56 40 Policy charges (133) (26) (2) (24) Surrenders and withdrawals (24) — (1) (90) Benefit payments (6) (4) — (17) Net transfers from (to) separate account — 37 (43) 36 Interest credited (3) (50) 11 1 28 Other — — — 1 Balance, end of period $ 1,945 $ 645 $ 24 $ 840 Weighted-average crediting rate 2.18% 3.35% 1.00% 4.37% Net amount at risk (4) $ 18,184 $ 29,540 $ 17 $ 4,212 Cash surrender value $ 1,484 $ 521 $ 25 $ 839 ___________ (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 tables reconcile the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets: September 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,192 IUL 2,386 EI 2,072 EG 6,697 SCS 36,523 Other (1) (25,614) Total $ 23,256 ______________ (1) Includes $(28.2) 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 tables present the balances of and changes in Separate Account liabilities: Nine Months Ended September 30, 2023 VUL GMxB Core IE Reinsured (2) (in millions) Balance, beginning of period $ 1,653 $ 756 $ 26 $ 913 Premiums and deposits 284 790 387 15 Policy charges (98) (8) — (25) Surrenders and withdrawals (36) (21) (4) (49) Benefit payments (9) (4) — (4) Investment performance (1) 117 20 1 — Net transfers from (to) general account (32) 110 (245) 103 Other charges — — — — Balance, end of period $ 1,879 $ 1,643 $ 165 $ 953 Cash surrender value $ 1,551 $ 1,516 $ 157 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Nine Months Ended September 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 263 361 — Policy charges (86) (3) (26) Surrenders and withdrawals (24) (7) — Benefit payments (6) (1) — Investment performance (2) (440) (107) (312) Net transfers from (to) general account (37) — (39) Other charges — — — Balance, end of period $ 1,502 $ 558 $ 867 Cash surrender value $ 1,200 $ 508 N/A __ ____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following tables reconcile the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets: September 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,879 GMxB Core 1,643 IE 165 Reinsured 953 Other 151 Total $ 4,791 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 And Liability For Unpaid Claims And Claims Adjustment Expense	The following tables reconcile the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets: September 30, 2023 (in millions) Reconciliation Payout - Legacy $ 222 UL (1) 325 Other (2) 323 Subtotal 870 Other policy funds (3) 482 Grand total $ 1,352 ______________ (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. (3) Includes $392 million of URL of which $390 million is covered in Note 5 of the Notes to these Consolidated Financial Statements. 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 of the Notes to these Consolidated Financial Statements, 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: September 30, 2023 December 31, 2022 (in millions) Payout-Legacy Expected future benefit payments and expenses (undiscounted) $ 353 $ — Expected future gross premiums (undiscounted) — — Expected future benefit payments and expenses (discounted) 220 — Expected future gross premiums (discounted) — —
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion	The following table provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities : Nine Months Ended September 30, 2023 2022 2023 2022 Gross Premium Interest Accretion (in millions) Revenue and Interest Accretion Payout - Legacy (1) $ 60 $ — $ 3 $ — Total $ 60 $ — $ 3 $ — ______________ (1) Gross premium reflected is the liquidation of Account Value at time of annuitization.
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: September 30, 2023 December 31, 2022 Weighted Average Interest Rate Payout-Legacy Interest accretion rate 5.2 % — % Current discount rate 5.8 % — %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees	The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities: Nine Months Ended September 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 (5) 1 Effect of actual variances from expected experience 6 (3) Adjusted beginning of period balance 1 53 Issuances (3) 322 — Interest accrual 3 2 Net assessments collected 1 7 Benefit payments (2) — Ending balance before shadow reserve adjustments 325 62 Effect of shadow reserve adjustment — (9) Balance, end of period $ 325 $ 53 Net liability for additional liability $ 325 $ 53 Effect of reserve adjustment recorded in AOCI — — Net liability for additional liability, after reinsurance recoverable $ 325 $ 53 Weighted-average duration of additional liability - death benefit (years) 17.2 33.7 ______________ (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 of the Notes to these Consolidated Financial Statements, 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 provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities: Nine Months Ended September 30, 2023 Assessments Interest Accretion (in millions) Revenue and Interest Accretion UL (1) $ 395 $ 7 Total $ 395 $ 7 _____________ (1) The 2023 additional insurance liabilities represent the SOP NLG Rider on UL contracts assumed from Equitable Financial. Nine Months Ended September 30, 2022 Assessments Interest Accretion (in millions) Revenue and Interest Accretion Universal Life $ 13 $ 2 Total $ 13 $ 2 ______________ (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 of the Notes to these Consolidated Financial Statements, these are no longer material and are not disclosed separately. Nine Months Ended September 30, 2023 2022 Universal Life Weighted Average Interest Rate Interest accretion rate 4.5 % 5.5 %

MARKET RISK BENEFITS (Tables)

MARKET RISK BENEFITS (Tables)	9 Months Ended
	Sep. 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 Three Months Ended September 30, 2023 2022 GMxB Core GMxB Legacy GMxB Core GMxB Legacy (Dollars in millions) Balance, beginning of period $ 1,047 $ 6,237 $ (10) $ — Balance BOP before changes in the instrument specific credit risk 1,056 6,243 (2) — Model changes and effect of changes in cash flow assumptions 54 (44) — — Actual market movement effect 206 287 5 — Interest accrual 12 77 — — Attributed fees accrued (1) 90 87 1 — Benefit payments (11) (127) — — Actual policyholder behavior different from expected behavior 7 (5) 1 — Changes in future economic assumptions (512) (1,094) (9) — Issuances (2) — — — — Balance EOP before changes in the instrument-specific credit risk 902 5,424 (4) — Changes in the instrument-specific credit risk (3) 123 213 (7) — Balance, end of period $ 1,025 $ 5,637 $ (11) $ — Weighted-average age of policyholders (years) 64.5 73.6 60.5 — Net amount at risk $ 3,487 $ 10,957 $ 17 $ — _______________ (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 Consolidated Financial Statements. (3) Changes are recorded in OCI. Nine Months Ended September 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 54 (44) — — Actual market movement effect 93 23 19 — Interest accrual 21 145 — — Attributed fees accrued (1) 192 182 2 — Benefit payments (23) (280) — — Actual policyholder behavior different from expected behavior 15 (9) 3 — Changes in future economic assumptions (734) (1,458) (28) — Issuances (2) 1,292 6,865 (1) — Balance EOP before changes in the instrument-specific credit risk 902 5,424 (4) — Changes in the instrument-specific credit risk (3) 123 213 (7) — Balance, end of period $ 1,025 $ 5,637 $ (11) $ — Weighted-average age of policyholders (years) 64.5 73.6 60.5 — Net amount at risk $ 3,487 $ 10,957 $ 17 $ — _______________ (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 Consolidated 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 benefit amounts in the consolidated balance sheets: September 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 $ (23) $ 1,048 $ 1,025 $ — $ 1,025 $ (12) $ 3 $ (9) $ — $ (9) GMxB Legacy — 5,637 5,637 — 5,637 — — — — — Other (1) (1) 46 45 (9) 36 — 12 12 (13) (1) Total $ (24) $ 6,731 $ 6,707 $ (9) $ 6,698 $ (12) $ 15 $ 3 $ (13) $ (10) ______________

POLICYHOLDER ACCOUNT BALANCES (

POLICYHOLDER ACCOUNT BALANCES (Tables)	9 Months Ended
	Sep. 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. The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums: Nine Months Ended September 30, Payout-Legacy 2023 2022 (Dollars 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 232 — Interest accrual — — Benefits payments — — Ending balance at original discount rate 232 — Effect of changes in discount rate assumptions (10) — Balance, end of period $ 222 $ — Net liability for future policy benefits $ 222 $ — Less: Reinsurance recoverable — — Net liability for future policy benefits, after reinsurance recoverable $ 222 $ — Weighted-average duration of liability for future policyholder benefits (years) 7.7 — The following tables summarize the balances and changes in policyholders’ account balances: Nine Months Ended September 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 241 180 5 173 — Policy charges (254) (143) — (2) (5) Surrenders and withdrawals (9) (46) (144) (451) (1,203) Benefit payments (12) (8) (16) (12) (120) Net transfers from (to) separate account — — (17) 79 4,946 Interest credited (3) 18 92 31 93 1,474 Balance, end of period $ 1,192 $ 2,386 $ 2,072 $ 6,697 $ 36,523 Weighted-average crediting rate 3.42% 2.39% 2.88% 2.31% —% Net amount at risk (4) $ 16,308 $ 19,322 $ 115 $ 38 $ 30 Cash surrender value $ 1,039 $ 1,825 $ 2,067 $ 6,650 $ 33,064 ______________ (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 Consolidated 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. Nine Months Ended September 30, 2022 IUL VUL GMxB Core Reinsured (2) (Dollars in millions) Balance, beginning of period $ 1,973 $ 614 $ 13 $ 866 Issuances — — — — Premiums received 185 13 56 40 Policy charges (133) (26) (2) (24) Surrenders and withdrawals (24) — (1) (90) Benefit payments (6) (4) — (17) Net transfers from (to) separate account — 37 (43) 36 Interest credited (3) (50) 11 1 28 Other — — — 1 Balance, end of period $ 1,945 $ 645 $ 24 $ 840 Weighted-average crediting rate 2.18% 3.35% 1.00% 4.37% Net amount at risk (4) $ 18,184 $ 29,540 $ 17 $ 4,212 Cash surrender value $ 1,484 $ 521 $ 25 $ 839 ___________ (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 tables reconcile the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets: September 30, 2023 (in millions) Policyholders’ account balance reconciliation UL $ 1,192 IUL 2,386 EI 2,072 EG 6,697 SCS 36,523 Other (1) (25,614) Total $ 23,256 ______________ (1) Includes $(28.2) 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 tables present the balances of and changes in Separate Account liabilities: Nine Months Ended September 30, 2023 VUL GMxB Core IE Reinsured (2) (in millions) Balance, beginning of period $ 1,653 $ 756 $ 26 $ 913 Premiums and deposits 284 790 387 15 Policy charges (98) (8) — (25) Surrenders and withdrawals (36) (21) (4) (49) Benefit payments (9) (4) — (4) Investment performance (1) 117 20 1 — Net transfers from (to) general account (32) 110 (245) 103 Other charges — — — — Balance, end of period $ 1,879 $ 1,643 $ 165 $ 953 Cash surrender value $ 1,551 $ 1,516 $ 157 N/A __ _____________ (1) Investment performance is reflected net of mortality and expense fees. (2) Reinsured primarily reflects Protective Life reinsured ceded business. Nine Months Ended September 30, 2022 VUL GMxB Core Reinsured (1) (in millions) Balance, beginning of period $ 1,832 $ 315 $ 1,244 Premiums and deposits 263 361 — Policy charges (86) (3) (26) Surrenders and withdrawals (24) (7) — Benefit payments (6) (1) — Investment performance (2) (440) (107) (312) Net transfers from (to) general account (37) — (39) Other charges — — — Balance, end of period $ 1,502 $ 558 $ 867 Cash surrender value $ 1,200 $ 508 N/A __ ____________ (1) Reinsured primarily reflects Protective Life reinsured ceded business. (2) Investment performance is reflected net of mortality and expense fees. The following tables reconcile the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets: September 30, 2023 (in millions) Separate Account Reconciliation VUL $ 1,879 GMxB Core 1,643 IE 165 Reinsured 953 Other 151 Total $ 4,791 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: September 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% 60 5 414 215 694 Greater than 2.50% — 499 — — 499 Total $ 60 $ 504 $ 414 $ 215 $ 1,193 Indexed Universal Life 0.00% - 1.50% — — — — — 1.51% - 2.50% 1,120 372 821 — 2,313 Greater than 2.50% — — — — — Total $ 1,120 $ 372 $ 821 $ — $ 2,313 EQUI-VEST Individual 0.00% - 1.50% $ 50 $ 212 $ — $ — $ 262 1.51% - 2.50% 42 — — — 42 Greater than 2.50% 1,768 — — — 1,768 Total $ 1,860 $ 212 $ — $ — $ 2,072 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% $ 489 $ 1,996 $ 23 $ 300 $ 2,808 1.51% - 2.50% 262 — — — 262 Greater than 2.50% 2,764 — — — 2,764 Total $ 3,515 $ 1,996 $ 23 $ 300 $ 5,834 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 tables present the aggregate fair value of Separate Account assets by major asset category: September 30, 2023 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Other Total (in millions) Asset Type Mutual Funds $ 2,348 $ 2,431 $ 12 $ 4,791 Total $ 2,348 $ 2,431 $ 12 $ 4,791 December 31, 2022 Life Insurance & Employee Benefits Products Individual Variable Annuity Products Other 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)	9 Months Ended
	Sep. 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 were as follows: September 30, 2023 December 31, 2022 (in millions) Unrealized gains (losses) on investments $ (445) $ (383) Market risk benefits - instrument-specific credit risk component (338) 1 Liability or future policy benefits - current discount rate component 15 — Accumulated other comprehensive income (loss) $ (768) $ (382)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of OCI, net of taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ (158) $ (116) $ (137) $ (451) (Gains) losses reclassified into net income (loss) during the period (1) — — 4 3 Net unrealized gains (losses) on investments (158) (116) (133) (448) Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other 4 1 3 9 Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(43), $(31), $(55) and $(117)). (154) (115) (130) (439) 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 $(74), $0, $(71) and $2). (280) (1) (268) 7 Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $3, $0, $3, and $0) 11 — 12 — Other comprehensive income (loss) $ (423) $ (116) $ (386) $ (432) ______________ (1) See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(2) million and $(1) million for the three and nine months ended September 30, 2023, respectively and $(2) million and $(1) million for the three and nine months ended September 30, 2022, respectively.

UNPAID CLAIM AND CLAIM EXPENS_2

UNPAID CLAIM AND CLAIM EXPENSES (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 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 178 144 Prior Period (15) (6) Total Incurred 163 138 Paid Claims (net) Related to: Current Period 113 91 Prior Period 37 30 Total Paid 150 121 Net Balance, end of period 87 72 Add Reinsurance 44 32 Gross Balance, end of period $ 131 $ 104

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2023
Reinsurance Disclosures [Abstract]
Schedule of Effect of Reinsurance	The following table summarizes the effect of reinsurance: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Direct charges and fee income $ 100 $ 80 $ 278 $ 231 Reinsurance assumed - Equitable Financial 340 — 685 — Reinsurance ceded (30) (23) (81) (62) Policy charges and fee income $ 410 $ 57 $ 882 $ 169 Direct premiums $ 88 $ 68 $ 259 $ 201 Reinsurance assumed - Equitable Financial 78 — 118 — Reinsurance ceded (14) (14) (44) (38) Premiums $ 152 $ 54 $ 333 $ 163 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Direct policyholders’ benefits $ 119 $ 93 $ 328 $ 284 Reinsurance assumed - Equitable Financial 146 — 410 — Reinsurance ceded (21) (33) (80) (68) Policyholders’ benefits $ 244 $ 60 $ 658 $ 216 Direct interest credited to policyholders’ account balances $ 85 $ 35 $ 159 $ 112 Reinsurance assumed - Equitable Financial 155 — 306 — Reinsurance ceded (9) (10) (26) (45) Interest credited to policyholders’ account balances $ 231 $ 25 $ 439 $ 67
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: September 30, 2023 Carrying Value Fair Value (in millions) Fixed maturities $ 23,958 $ 23,958 Mortgage loans on real estate 8,476 7,171 Policy loans 241 241 Other equity investments 227 227 Other invested assets (1) 6,290 6,290 Total assets supporting funds withheld $ 39,192 $ 37,887 ______________ (1) Other invested assets includes derivatives and cash and cash equivalents.

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($) $ in Millions	Sep. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Reinsurance Retention Policy [Line Items]
Funds withheld receivable	$ 10,550	$ 11,200	$ 0
Deposit contracts, assets		12,900
Assets for market risk benefits	24	8,200	12
Policyholder account balance		13,900
Modco receivable		28,700
Net liability for additional liability, after reinsurance recoverable		357
Reinsurance liability	0	1,700	0
Separate Accounts liabilities	$ 4,791		$ 3,374
Non-Insulated
Reinsurance Retention Policy [Line Items]
Policyholder account balance		32,400
Insulated
Reinsurance Retention Policy [Line Items]
Separate Accounts liabilities		$ 64,100

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Effect of Transition Adjustment to Total Equity Resulting (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefits		$ (1,352)	$ (669)
DAC	$ 587	$ 1,079	$ 760
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	74
Income taxes	(16)
Total transition adjustment (net of taxes)	58
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Retained Earnings
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
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss)
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

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 1,079	$ 760	$ 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
Variable Universal Life
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	444	410
Variable Universal Life | Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs			300
Variable Universal Life | Life Insurance & Employee Benefits Products | As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs			230
Variable Universal Life | 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
Indexed Universal Life
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 294	$ 296
Indexed Universal Life | Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs			287
Indexed Universal Life | Life Insurance & Employee Benefits Products | As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs			247
Indexed Universal Life | 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

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Income (Details) $ in Millions	Dec. 31, 2020 USD ($)
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	$ 106
As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	69
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	37
Variable Universal Life | Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	83
Variable Universal Life | Life Insurance & Employee Benefits Products | As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	55
Variable Universal Life | Life Insurance & Employee Benefits Products | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	28
Indexed Universal Life | Life Insurance & Employee Benefits Products
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	23
Indexed Universal Life | Life Insurance & Employee Benefits Products | As Previously Reported
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	14
Indexed Universal Life | Life Insurance & Employee Benefits Products | Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost [Line Items]
Sales inducement assets and unearned revenue liability	$ 9

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Change in Accounting Estimate [Line Items]
Increase in remeasurement of liability for future policy benefits	$ (10)	$ 1	$ (10)	$ 2
Decrease in policyholders' benefit	(244)	(60)	(658)	(216)
Decreased other operating costs and expenses	(210)	(24)	(455)	(68)
Increase in income (loss) from continuing operation, before income taxes	$ 650	(14)	661	(73)
Long-term Lapses Partial Withdrawal Rates And Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Increase in remeasurement of liability for future policy benefits		1	1	1
Decrease in policyholders' benefit		11	1	11
Decrease in market risk benefits and purchased mark risk benefits			8
Decreased other operating costs and expenses			42
Increase in income (loss) from continuing operation, before income taxes		11	50	11
Increase in net income (loss)		9	$ 40	9
Decrease in amortization of DAC		$ 1		$ 1

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) loan security	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan security
Net Investment Income [Line Items]
Number of unrealized loss positions | security	1,423		1,423		845
Debt securities exposure in single issuer greater than stated percentage of total investments	1.10%		1.10%
Amortized cost of fixed maturities available-for-sale	$ 8,331,000,000		$ 8,331,000,000		$ 2,606,000,000
Unrealized loss on available for sale securities	2,000,000		2,000,000		0
Gross unrealized losses	433,000,000		433,000,000		223,000,000
Loaned securities	$ 27,000,000		$ 27,000,000
Minimum requirement percentage of the fair value of the loaned securities to be held as cash collateral	102%		102%
Cash collateral	$ 27,000,000		$ 27,000,000
Financing receivable, debt service ratio multiplier	1.4		1.4
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	1,000,000		1,000,000		$ 1,000,000
Minimum
Net Investment Income [Line Items]
Financing receivable, loan to value ratio percentage					0%
Maximum
Net Investment Income [Line Items]
Financing receivable, loan to value ratio percentage					70%
Commercial Mortgage Loans
Net Investment Income [Line Items]
Accrued investment income receivable	$ 0		$ 0		$ 0
Number of loans held | loan	3		3		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 1.4x | 0% To 70%
Net Investment Income [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	69,000,000		69,000,000		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
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	68,000,000		68,000,000		23,000,000
Accrued interest written off	0	$ 0	0	$ 0
Amortized cost of fixed maturities available-for-sale	8,300,000,000		8,300,000,000		2,600,000,000
Fixed maturities | External Credit Rating, Non Investment Grade
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost	$ 92,000,000		$ 92,000,000		$ 4,000,000
Percentage of available for sale securities	1.10%		1.10%		0.20%
Corporate
Net Investment Income [Line Items]
Debt securities exposure in single issuer of total investments	$ 51,000,000		$ 51,000,000		$ 24,000,000
Debt securities exposure in single issuer of total investments, percent	3.50%		3.50%		10.30%
Amortized cost of fixed maturities available-for-sale	$ 5,348,000,000		$ 5,348,000,000		$ 2,417,000,000
Gross unrealized losses	$ 400,000,000		$ 400,000,000		$ 200,000,000

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 8,331		$ 8,331		$ 2,606
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	3		3		0
Gross Unrealized Losses	579		579		388
Fair Value	7,755		7,755		2,218
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	148		148
Due in years two through five	1,163		1,163
Due in years six through ten	2,961		2,961
Due after ten years	1,178		1,178
Subtotal	5,450		5,450
Amortized Cost	8,331		8,331
Fair Value
Due in one year or less	147		147
Due in years two through five	1,122		1,122
Due in years six through ten	2,751		2,751
Due after ten years	903		903
Subtotal	4,923		4,923
Fair Value	7,755		7,755		2,218
Available-For-Sale Fixed Maturities Proceeds, Gross Gains (Losses) From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	183	$ 0	233	$ 62
Gross gains on sales	0	0	0	0
Gross losses on sales	0	0	(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	0	0	2
Previously recognized impairments on securities that matured, paid, prepaid or sold	0	0	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	5,348		5,348		2,417
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	1		1		0
Gross Unrealized Losses	515		515		359
Fair Value	4,834		4,834		2,058
Fair Value
Fair Value	4,834		4,834		2,058
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21		21		14
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	1		1		0
Fair Value	20		20		14
Fair Value
Fair Value	20		20		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	11		11		9
Fair Value	40		40		34
Fair Value
Fair Value	40		40		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	1		1
Fair Value	29		29
Fair Value
Fair Value	29		29
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	770		770		8
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	18		18		2
Fair Value	752		752		6
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	770		770
Fair Value
Without single maturity date	752		752
Fair Value	752		752		6
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,808		1,808		43
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		0
Gross Unrealized Losses	12		12		2
Fair Value	1,798		1,798		41
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	1,808		1,808
Fair Value
Without single maturity date	1,798		1,798
Fair Value	1,798		1,798		41
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	303		303		81
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	0		0		0
Gross Unrealized Losses	21		21		16
Fair Value	282		282		65
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	303		303
Fair Value
Without single maturity date	282		282
Fair Value	$ 282		$ 282		$ 65

INVESTMENTS - Net Unrealized In

INVESTMENTS - Net Unrealized Investment (Details) - Unrealized gains (losses) on investments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ (376)	$ (293)	$ (388)	$ 128
Net investment gains (losses) arising during the period	(200)	(146)	(193)	(570)
Included in net income (loss)	0	0	5	3
Excluded from net income (loss)	0	0	0
Other			0
Impact of net unrealized investment gains (losses)	0	0	0	0
Ending balance	(576)	(439)	(576)	(439)
Unrealized Investment Gains Losses All Other | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7	6	8	(3)
Net investment gains (losses) arising during the period	0	0	0	0
Included in net income (loss)	0	0	0	0
Excluded from net income (loss)	0	0	0
Other			0
Impact of net unrealized investment gains (losses)	5	3	4	12
Ending balance	12	9	12	9
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	159	60	161	(26)
Net investment gains (losses) arising during the period	0	0	0	0
Included in net income (loss)	0	0	0	0
Excluded from net income (loss)	0	0	0
Other			0
Impact of net unrealized investment gains (losses)	40	30	38	116
Ending balance	199	90	199	90
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	(210)	(227)	(219)	99
Net investment gains (losses) arising during the period	(200)	(146)	(193)	(570)
Included in net income (loss)	0	0	5	3
Excluded from net income (loss)	0	0	0
Other			0
Impact of net unrealized investment gains (losses)	45	33	42	128
Ending balance	(365)	(340)	(365)	(340)
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	(576)	(439)	(576)	(439)
Net unrealized investment gains (losses) excluding credit losses | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Ending balance	12	9	12	9
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	199	90	199	90
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	(365)	(340)	(365)	(340)
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
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
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
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

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	$ 5,110	$ 1,507
Less than 12 months, gross unrealized losses	146	165
12 months or longer, fair value	1,911	673
12 Months or Longer, gross unrealized Losses	433	223
Total fair value	7,021	2,180
Total gross unrealized losses	579	388
Corporate
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	2,866	1,446
Less than 12 months, gross unrealized losses	115	159
12 months or longer, fair value	1,776	590
12 Months or Longer, gross unrealized Losses	400	200
Total fair value	4,642	2,036
Total gross unrealized losses	515	359
U.S. Treasury, government and agency
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	6
Less than 12 months, gross unrealized losses	0
12 months or longer, fair value	14
12 Months or Longer, gross unrealized Losses	1
Total fair value	20
Total gross unrealized losses	1
States and political subdivisions
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	10	19
Less than 12 months, gross unrealized losses	0	4
12 months or longer, fair value	30	13
12 Months or Longer, gross unrealized Losses	11	5
Total fair value	40	32
Total gross unrealized losses	11	9
Foreign governments
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	29
Less than 12 months, gross unrealized losses	1
12 months or longer, fair value	0
12 Months or Longer, gross unrealized Losses	0
Total fair value	29
Total gross unrealized losses	1
Residential mortgage-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	747	2
Less than 12 months, gross unrealized losses	15	0
12 months or longer, fair value	5	4
12 Months or Longer, gross unrealized Losses	3	2
Total fair value	752	6
Total gross unrealized losses	18	2
Asset-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	1,282	35
Less than 12 months, gross unrealized losses	11	1
12 months or longer, fair value	28	6
12 Months or Longer, gross unrealized Losses	1	1
Total fair value	1,310	41
Total gross unrealized losses	12	2
Commercial mortgage-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	170	5
Less than 12 months, gross unrealized losses	4	1
12 months or longer, fair value	58	60
12 Months or Longer, gross unrealized Losses	17	15
Total fair value	228	65
Total gross unrealized losses	$ 21	$ 16

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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)	$ (4)
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)	$ (4)

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ (1)	$ 0	$ (1)	$ 0
Net investment gains (losses) recognized on securities sold during the period	0	0	0	0
Unrealized and realized gains (losses) on trading securities	(1)	0	(1)	0
Interest and dividend income from trading securities	0	0	0	0
Net investment income (loss) from trading securities	$ (1)	$ 0	$ (1)	$ 0

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Gross investment income (loss)	$ 100	$ 24	$ 188	$ 66
Investment expenses	(1)	(2)	(4)	(3)
Net investment income (loss)	99	22	184	63
Fixed maturities
Net Investment Income [Line Items]
Gross investment income (loss)	90	23	167	66
Mortgage loans on real estate
Net Investment Income [Line Items]
Gross investment income (loss)	0	0	0	0
Policy loans
Net Investment Income [Line Items]
Gross investment income (loss)	1	1	3	3
Other equity investments
Net Investment Income [Line Items]
Gross investment income (loss)	0	0	0	(3)
Trading securities
Net Investment Income [Line Items]
Gross investment income (loss)	(1)	0	(1)	0
Other investment income
Net Investment Income [Line Items]
Gross investment income (loss)	$ 10	$ 0	$ 19	$ 0

INVESTMENTS - Investment Gains

INVESTMENTS - Investment Gains (Losses), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment gains (losses), net	$ 0	$ 0	$ (5)	$ (3)
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	0	0	(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

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,967	$ 394
Derivative Assets	0	0
Derivative Liabilities	0	0
Net Derivatives	0	0
Options
Derivatives, Fair Value [Line Items]
Notional Amount	3,102	209
Derivative Assets	806	34
Derivative Liabilities	285	16
Net Derivatives	521	18
Futures
Derivatives, Fair Value [Line Items]
Notional Amount	405	282
Derivative Assets	0	0
Derivative Liabilities	0	0
Net Derivatives	0	0
Margin
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	119	29
Derivative Liabilities	0	0
Net Derivatives	119	29
Collateral
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	508	3
Net Derivatives	(508)	(3)
Derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	5,474	885
Derivative Assets	925	63
Derivative Liabilities	793	19
Net Derivatives	132	44
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	6,474	87
Net Derivatives	(6,474)	(87)
Funds withheld receivable
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	(567)	0
Derivative Liabilities	0	0
Net Derivatives	(567)	0
Modco receivable
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	823	0
Net Derivatives	(823)	0
Embedded derivative
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	(567)	0
Derivative Liabilities	7,297	87
Net Derivatives	(7,864)	(87)
Total derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	5,474	885
Derivative Assets	358	63
Derivative Liabilities	8,090	106
Net Derivatives	$ (7,732)	$ (43)

DERIVATIVES - Financial Stateme

DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ (340)	$ (12)	$ (1,034)	$ (23)
Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(75)	(11)	23	(85)
Options
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(70)	(1)	41	(4)
Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(47)	(16)	(51)	(40)
Derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(192)	(28)	13	(129)
SCS, SIO, MSO and IUL indexed features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	903	16	(1,326)	106
Funds withheld receivable
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	48	0	(551)	0
Modco receivable
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(1,099)	0	830	0
Embedded derivative
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(148)	16	(1,047)	106
Total derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ (340)	$ (12)	$ (1,034)	$ (23)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 508	$ 3
Collateral	0	0
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	103	22
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	$ 16	$ 10

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative
Assets:
Gross Amount Recognized	$ 925	$ 63
Gross Amount Offset in the Balance Sheets	793	18
Net Amount Presented in the Balance Sheets	132	45
Gross Amount not Offset in the Balance Sheets	(90)	0
Net Amount	42	45
Liabilities:
Gross Amount Recognized	794	19
Gross Amount Offset in the Balance Sheets	793	18
Net Amount Presented in the Balance Sheets	1	1
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1	1
Secured lending
Assets:
Gross Amount Recognized	27
Gross Amount Offset in the Balance Sheets	0
Net Amount Presented in the Balance Sheets	27
Gross Amount not Offset in the Balance Sheets	0
Net Amount	27
Liabilities:
Gross Amount Recognized	27
Gross Amount Offset in the Balance Sheets	0
Net Amount Presented in the Balance Sheets	27
Gross Amount not Offset in the Balance Sheets	0
Net Amount	27
Other financial assets
Assets:
Gross Amount Recognized	93	2
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	93	2
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	93	2
Other invested assets
Assets:
Gross Amount Recognized	1,045	65
Gross Amount Offset in the Balance Sheets	793	18
Net Amount Presented in the Balance Sheets	252	47
Gross Amount not Offset in the Balance Sheets	(90)	0
Net Amount	162	47
Other financial liabilities
Liabilities:
Gross Amount Recognized	2,109	72
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	2,109	72
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	2,109	72
Other liabilities
Liabilities:
Gross Amount Recognized	2,930	91
Gross Amount Offset in the Balance Sheets	793	18
Net Amount Presented in the Balance Sheets	2,137	73
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 2,137	$ 73

DAC AND OTHER DEFERRED ASSETS_3

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	$ 760
Balance, end of year	1,079
VUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	410
Balance, end of year	444
IUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	296
Balance, end of year	294
GMxB Core
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	40
Balance, end of year	97
IE
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1
Balance, end of year	16
SCS
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	13
Balance, end of year	208
Corporate Segment
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	760	$ 672
Capitalization	346	84
Amortization	(47)	(30)
Balance, end of year	1,059	726
Corporate Segment | VUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	410	361
Capitalization	51	53
Amortization	(17)	(15)
Balance, end of year	444	399
Corporate Segment | IUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	296	297
Capitalization	11	13
Amortization	(13)	(14)
Balance, end of year	294	296
Corporate Segment | GMxB Core
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	40	14
Capitalization	61	18
Amortization	(4)	(1)
Balance, end of year	97	$ 31
Corporate Segment | IE
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1
Capitalization	16
Amortization	(1)
Balance, end of year	16
Corporate Segment | SCS
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	13
Capitalization	207
Amortization	(12)
Balance, end of year	208
Corporate Segment | Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Amortization	$ (1)

DAC AND OTHER DEFERRED ASSETS_4

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Credits (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
VUL
Changes in unearned revenue liability
Balance, beginning of the period	$ 159	$ 118
Capitalization	41	36
Amortization	(8)	(6)
Balance, end of the period	192	148
IUL
Changes in unearned revenue liability
Balance, beginning of the period	157	94
Capitalization	49	54
Amortization	(8)	(6)
Balance, end of the period	$ 198	$ 142

DAC AND OTHER DEFERRED ASSETS_5

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - Reconciliation of DAC (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 1,079	$ 760	$ 587
VUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	444	410
IUL
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	294	296
GMxB Core
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	97	40
Investment Edge
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	16	1
SCS
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	208	13
Others
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 20	$ 0

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Fixed maturities available for sale, at fair value	$ 7,755	$ 2,218
U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	20	14
States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	40	34
Foreign governments
Assets:
Fixed maturities available for sale, at fair value	29
Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	752	6
Asset-backed
Assets:
Fixed maturities available for sale, at fair value	1,798	41
Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	282	65
Fair Value, Recurring
Assets:
Fixed maturities available for sale, at fair value	7,755	2,218
Other equity investments	18	19
Other invested assets:	521	18
Cash equivalents	772	272
Funds withheld receivable	(567)	0
Purchased market risk benefits	9	13
Assets for market risk benefits	24	12
Separate Accounts assets	4,791	3,374
Total Assets	13,323	5,926
Liabilities:
Liabilities for market risk benefits	6,731	15
Total Liabilities	14,028	102
Fair Value, Recurring | Corporate
Assets:
Fixed maturities available for sale, at fair value	4,834	2,058
Fair Value, Recurring | U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	20	14
Fair Value, Recurring | States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	40	34
Fair Value, Recurring | Foreign governments
Assets:
Fixed maturities available for sale, at fair value	29	6
Fair Value, Recurring | Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	752
Fair Value, Recurring | Asset-backed
Assets:
Fixed maturities available for sale, at fair value	1,798	41
Fair Value, Recurring | Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	282	65
Fair Value, Recurring | Options
Assets:
Other invested assets:	521	18
Fair Value, Recurring | SCS, MSO and IUL indexed features’ liability
Liabilities:
Guarantees	6,474	87
Fair Value, Recurring | Modco receivable
Liabilities:
Guarantees	823	0
Fair Value, Recurring | Level 1
Assets:
Fixed maturities available for sale, at fair value	0	0
Other equity investments	0	0
Other invested assets:	0	0
Cash equivalents	772	272
Funds withheld receivable	0	0
Purchased market risk benefits	0	0
Assets for market risk benefits	0	0
Separate Accounts assets	4,784	3,367
Total Assets	5,556	3,639
Liabilities:
Liabilities for market risk benefits	0	0
Total Liabilities	0	0
Fair Value, Recurring | Level 1 | Corporate
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | Foreign governments
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	0
Fair Value, Recurring | Level 1 | Asset-backed
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 1 | Options
Assets:
Other invested assets:	0	0
Fair Value, Recurring | Level 1 | SCS, MSO and IUL indexed features’ liability
Liabilities:
Guarantees	0	0
Fair Value, Recurring | Level 1 | Modco receivable
Liabilities:
Guarantees	0	0
Fair Value, Recurring | Level 2
Assets:
Fixed maturities available for sale, at fair value	7,611	2,200
Other equity investments	18	19
Other invested assets:	521	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	8,157	2,244
Liabilities:
Liabilities for market risk benefits	0	0
Total Liabilities	6,474	87
Fair Value, Recurring | Level 2 | Corporate
Assets:
Fixed maturities available for sale, at fair value	4,740	2,040
Fair Value, Recurring | Level 2 | U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	20	14
Fair Value, Recurring | Level 2 | States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	40	34
Fair Value, Recurring | Level 2 | Foreign governments
Assets:
Fixed maturities available for sale, at fair value	29	6
Fair Value, Recurring | Level 2 | Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	713
Fair Value, Recurring | Level 2 | Asset-backed
Assets:
Fixed maturities available for sale, at fair value	1,798	41
Fair Value, Recurring | Level 2 | Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	271	65
Fair Value, Recurring | Level 2 | Options
Assets:
Other invested assets:	521	18
Fair Value, Recurring | Level 2 | SCS, MSO and IUL indexed features’ liability
Liabilities:
Guarantees	6,474	87
Fair Value, Recurring | Level 2 | Modco receivable
Liabilities:
Guarantees	0	0
Fair Value, Recurring | Level 3
Assets:
Fixed maturities available for sale, at fair value	144	18
Other equity investments	0	0
Other invested assets:	0	0
Cash equivalents	0	0
Funds withheld receivable	(567)	0
Purchased market risk benefits	9	13
Assets for market risk benefits	24	12
Separate Accounts assets	0	0
Total Assets	(390)
Total Assets		43
Liabilities:
Liabilities for market risk benefits	6,731	15
Total Liabilities	7,554	15
Fair Value, Recurring | Level 3 | Corporate
Assets:
Fixed maturities available for sale, at fair value	94	18
Fair Value, Recurring | Level 3 | U.S. Treasury, government and agency
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 3 | States and political subdivisions
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 3 | Foreign governments
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 3 | Residential mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	39
Fair Value, Recurring | Level 3 | Asset-backed
Assets:
Fixed maturities available for sale, at fair value	0	0
Fair Value, Recurring | Level 3 | Commercial mortgage-backed
Assets:
Fixed maturities available for sale, at fair value	11	0
Fair Value, Recurring | Level 3 | Options
Assets:
Other invested assets:	0	0
Fair Value, Recurring | Level 3 | SCS, MSO and IUL indexed features’ liability
Liabilities:
Guarantees	0	0
Fair Value, Recurring | Level 3 | Modco receivable
Liabilities:
Guarantees	823	0
Fair Value, Recurring | NAV
Assets:
Separate Accounts assets	$ 2	$ 1

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Inputs, Assets Quantitative Information [Line Items]
AFS fixed maturities transferred from Level 3 to Level 2			$ 10,000,000	$ 5,000,000
AFS fixed maturities transferred from Level 2 to Level 3			$ 0	$ 0
Percentage of total equity representing AFS fixed maturities transferred			0.70%	1.90%
Level 3 | Corporate
Fair Value Inputs, Assets Quantitative Information [Line Items]
AFS fixed maturities transferred from Level 3 to Level 2	$ 0	$ 0	$ 10,000,000	$ 5,000,000
AFS fixed maturities transferred from Level 2 to Level 3	0	$ 0	0	$ 0
Fair Value, Nonrecurring | Level 3
Fair Value Inputs, Assets Quantitative Information [Line Items]
Investments, fair value	$ 103,000,000		$ 103,000,000		$ 14,000,000

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
Net derivative gains (losses)			$ (5,000,000)	$ (3,000,000)
Transfers into Level 3			0	0
Transfers out of Level 3			(10,000,000)	(5,000,000)
Level 3 | Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 61,000,000	$ 16,000,000	18,000,000	11,000,000
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
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)	(1,000,000)	0	(1,000,000)	(1,000,000)
Purchases	42,000,000	1,000,000	95,000,000	13,000,000
Sales	(8,000,000)	0	(8,000,000)	(1,000,000)
Change in fair value of funds withheld assets	0		0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	(10,000,000)	(5,000,000)
Closing Balance	94,000,000	17,000,000	94,000,000	17,000,000
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period.	(1,000,000)	0	(1,000,000)	(1,000,000)
Level 3 | Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	0	0
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
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	0
Purchases	11,000,000	0	11,000,000	0
Sales	0	0	0	0
Change in fair value of funds withheld assets	0		0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	11,000,000	0	11,000,000	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 | Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0	0	0
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
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)	(1,000,000)	0	(1,000,000)	0
Purchases	40,000,000	0	40,000,000	0
Sales	0	0	0	0
Change in fair value of funds withheld assets	0		0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	39,000,000	0	39,000,000	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.	(1,000,000)	0	(1,000,000)	0
Level 3 | Funds Withheld Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(136,000,000)	0	0	0
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
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	0
Purchases	0	0	0	0
Sales	0	0	0	0
Change in fair value of funds withheld assets	(431,000,000)		(567,000,000)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	(567,000,000)	0	(567,000,000)	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 Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	166,000,000	0	0	0
Total Gains (Losses), Realized And Unrealized Included In Net Income (Loss) [Abstract]
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	0
Purchases	0	0	0	0
Sales	0	0	0	0
Change in fair value of funds withheld assets	657,000,000		823,000,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Closing Balance	823,000,000	0	823,000,000	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period.	$ 0	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) $ in Millions	Sep. 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	$ 24	$ 8,200	$ 12
Liability for market risk benefits	6,731		15
Level 3 | Corporate | Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, fixed maturities AFS	$ 41		$ 4
Level 3 | Corporate | Spread over benchmark | Matrix pricing model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0095		0.0245
Level 3 | Corporate | Spread over benchmark | Matrix pricing model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0245		0.0245
Level 3 | Corporate | Spread over benchmark | Matrix pricing model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0131		0.0245
Level 3 | MRB | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, fixed maturities AFS	$ 9		$ 13
Fair value, liabilities	$ 6,707		$ 3
Level 3 | MRB | Non-performance Risk | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0033		0.0157
Level 3 | MRB | Non-performance Risk | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0151
Level 3 | MRB | Non-performance Risk | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0033
Measurement input of servicing liability			0.0157
Level 3 | MRB | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0021		0.0035
Level 3 | MRB | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.2937		0.3542
Level 3 | MRB | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0399
Measurement input of servicing liability			0.0435
Level 3 | MRB | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0		0.0020
Level 3 | MRB | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.1497		0.0124
Level 3 | MRB | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0070		0.0122
Level 3 | MRB | Annuitization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0004
Measurement input of servicing liability			0.0004
Level 3 | MRB | Annuitization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	1
Measurement input of servicing liability			1
Level 3 | MRB | Annuitization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0300		0.0327
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 0-40 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0001		0.0001
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 0-40 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0018		0.0017
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 0-40 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0260		0.0108
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 41-60 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0007		0.0006
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 41-60 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0053		0.0052
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 61-115 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0033		0.0032
Level 3 | MRB | Mortality rates | Discounted cash flow | Age 61-115 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.4200		0.4000

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Consolidated Amounts [Abstract]
Policy loans	$ 262		$ 244
Funds withheld receivable	10,550	$ 11,200	0
Modco receivable		$ 28,700
Policyholders’ liabilities: Investment contracts	23,256		3,751
Separate Accounts liabilities	4,791		3,374
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	69		17
Policy loans	262		244
Funds withheld receivable	11,116		0
Modco receivable	29,053		0
Policyholders’ liabilities: Investment contracts	113		115
Separate Accounts liabilities	297		0
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	65		15
Policy loans	259		248
Funds withheld receivable	11,116		0
Modco receivable	29,053		0
Policyholders’ liabilities: Investment contracts	102		106
Separate Accounts liabilities	297		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	65		15
Policy loans	259		248
Funds withheld receivable	11,116		0
Modco receivable	29,053		0
Policyholders’ liabilities: Investment contracts	102		106
Separate Accounts liabilities	$ 297		$ 0

LIABILITIES FOR FUTURE POLICY_3

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Policyholder Account Balance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 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	$ 1,352			$ 669
Net liability for additional liability, after reinsurance recoverable			$ 357
Weighted-average duration of additional liability - death benefit (years)	7 years 8 months 12 days
Payout-Legacy
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for additional liability	$ 222
Payout-Legacy | Legacy Segment
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	0	$ 0
Beginning balance of original discount rate	0	0
Effect of changes in cash flow assumptions				0	$ 0
Effect of actual variances from expected experience				0	0
Adjusted beginning of period balance				$ 0	$ 0
Issuances	232	0
Interest accrual	0	0
Benefit payments	0	0
Ending balance at original discount rate	232	0
Effect of changes in discount rate assumptions	(10)	0
Balance, end of period	222	0
Net liability for additional liability	222	0
Less: Reinsurance recoverable	0	0
Net liability for additional liability, after reinsurance recoverable	$ 222	$ 0

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	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	$ 1,352	$ 669
Future policyholder benefits, total
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities		278
Subtotal
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	870
Payout-Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	222
UL
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	325
Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities		58
Others
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	323	220
Other policy funds
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	482	$ 391
Unearned revenue liability	390
URL
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders' liabilities	$ 392

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	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	$ 353	$ 0
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted)	220	0
Expected future gross premiums (discounted)	$ 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	$ 60	$ 0
Interest Accretion	3	0
Payout-Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	60	0
Interest Accretion	$ 3	$ 0

LIABILITIES FOR FUTURE POLICY_7

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates (Details) - Payout-Legacy	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.20%	0%
Current discount rate	5.80%	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	9 Months Ended
	Sep. 30, 2023	Sep. 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	$ 1,352			$ 669
Net liability for additional liability, after reinsurance recoverable			$ 357
Weighted-average duration of additional liability - death benefit (years)	7 years 8 months 12 days
Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	$ 395	$ 13
Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	7	$ 2
UL
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for additional liability	325
UL | Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	395
UL | Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion	$ 7
Universal Life
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for additional liability				58
Weighted Average Interest Rate	4.50%	5.50%
Universal Life | Assessments
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion		$ 13
Universal Life | Interest Accretion
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Revenue and Interest Accretion		2
Life Insurance & Employee Benefits Products | UL
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	$ 0
Beginning balance before AOCI adjustments	0
Effect of changes in interest rate and cash flow assumptions and model changes				(5)
Effect of actual variances from expected experience				6
Adjusted beginning of period balance				$ 1
Issuances	322
Interest accrual	3
Net assessments collected	1
Benefit payments	(2)
Ending balance before shadow reserve adjustments	325
Effect of shadow reserve adjustment	0
Balance, end of period	325
Net liability for additional liability	325
Effect of reserve adjustment recorded in AOCI	0
Net liability for additional liability, after reinsurance recoverable	$ 325
Weighted-average duration of additional liability - death benefit (years)	17 years 2 months 12 days
Life Insurance & Employee Benefits Products | Universal Life
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period		57
Beginning balance before AOCI adjustments		55
Effect of changes in interest rate and cash flow assumptions and model changes					$ 1
Effect of actual variances from expected experience					(3)
Adjusted beginning of period balance					$ 53
Issuances		0
Interest accrual		2
Net assessments collected		7
Benefit payments		0
Ending balance before shadow reserve adjustments		62
Effect of shadow reserve adjustment		(9)
Balance, end of period		53
Net liability for additional liability		53
Effect of reserve adjustment recorded in AOCI		0
Net liability for additional liability, after reinsurance recoverable		$ 53
Weighted-average duration of additional liability - death benefit (years)		33 years 8 months 12 days

MARKET RISK BENEFITS - Changes

MARKET RISK BENEFITS - Changes in the Market Risk Benefits for Deferred Variable Annuities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Market Risk Benefit [Roll Forward]
Benefit payments			$ 360	$ 1
GMxB Core | Individual Retirement
Market Risk Benefit [Roll Forward]
Balance, beginning of period	$ 1,047	$ (10)	(9)	0
Balance BOP before changes in the instrument specific credit risk	1,056	(2)	(8)	1
Model changes and effect of changes in cash flow assumptions	54	0	54	0
Actual market movement effect	206	5	93	19
Interest accrual	12	0	21	0
Attributed fees accrued	90	1	192	2
Benefit payments	(11)	0	(23)	0
Actual policyholder behavior different from expected behavior	7	1	15	3
Changes in future economic assumptions	(512)	(9)	(734)	(28)
Issuances	0	0	1,292	(1)
Balance EOP before changes in the instrument-specific credit risk	902	(4)	902	(4)
Changes in the instrument-specific credit risk	123	(7)	123	(7)
Balance, end of period	$ 1,025	$ (11)	$ 1,025	$ (11)
Weighted-average age of policyholders (years)	64 years 6 months	60 years 6 months	64 years 6 months	60 years 6 months
Net amount at risk	$ 3,487	$ 17	$ 3,487	$ 17
GMxB Legacy | Individual Retirement
Market Risk Benefit [Roll Forward]
Balance, beginning of period	6,237	0	0	0
Balance BOP before changes in the instrument specific credit risk	6,243	0	0	0
Model changes and effect of changes in cash flow assumptions	(44)	0	(44)	0
Actual market movement effect	287	0	23	0
Interest accrual	77	0	145	0
Attributed fees accrued	87	0	182	0
Benefit payments	(127)	0	(280)	0
Actual policyholder behavior different from expected behavior	(5)	0	(9)	0
Changes in future economic assumptions	(1,094)	0	(1,458)	0
Issuances	0	0	6,865	0
Balance EOP before changes in the instrument-specific credit risk	5,424	0	5,424	0
Changes in the instrument-specific credit risk	213	0	213	0
Balance, end of period	$ 5,637	0	$ 5,637	0
Weighted-average age of policyholders (years)	73 years 7 months 6 days		73 years 7 months 6 days
Net amount at risk	$ 10,957	$ 0	$ 10,957	$ 0

MARKET RISK BENEFITS - Reconcil

MARKET RISK BENEFITS - Reconciles Market Risk Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
MRB Asset	$ (24)	$ (8,200)	$ (12)
MRB Liability	6,731		15
Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(24)		(12)
MRB Liability	6,731		15
Net MRB	6,707		3
Purchased MRB	(9)		(13)
Net amount at risk	6,698		(10)
GMxB Core | Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(23)		(12)
MRB Liability	1,048		3
Net MRB	1,025		(9)
Purchased MRB	0		0
Net amount at risk	1,025		(9)
GMxB Legacy | Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	0		0
MRB Liability	5,637		0
Net MRB	5,637		0
Purchased MRB	0		0
Net amount at risk	5,637		0
Others | Individual Retirement
Market Risk Benefit [Line Items]
MRB Asset	(1)		0
MRB Liability	46		12
Net MRB	45		12
Purchased MRB	(9)		(13)
Net amount at risk	$ 36		$ (1)

POLICYHOLDER ACCOUNT BALANCES -

POLICYHOLDER ACCOUNT BALANCES - Balances and Changes in Policyholders’ Account Balances (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			$ 3,751
Interest credited	$ 231	$ 25	439	$ 67
UL
Policyholder Account Balance [Roll Forward]
Balance, end of the period	1,192		1,192
UL | Protection Solutions
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			0
Issuances			1,208
Premiums received			241
Policy charges			(254)
Surrenders and withdrawals			(9)
Benefit payments			(12)
Net transfers from (to) separate account			0
Interest credited			18
Balance, end of the period	$ 1,192		$ 1,192
Weighted-average crediting rate (years)	3.42%		3.42%
Net amount at risk	$ 16,308		$ 16,308
Cash surrender value	1,039		1,039
IUL
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			1,962
Balance, end of the period	2,386		2,386
IUL | Protection Solutions
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			1,962	1,973
Issuances			349	0
Premiums received			180	185
Policy charges			(143)	(133)
Surrenders and withdrawals			(46)	(24)
Benefit payments			(8)	(6)
Net transfers from (to) separate account			0	0
Interest credited			92	(50)
Other				0
Balance, end of the period	$ 2,386	$ 1,945	$ 2,386	$ 1,945
Weighted-average crediting rate (years)	2.39%	2.18%	2.39%	2.18%
Net amount at risk	$ 19,322	$ 18,184	$ 19,322	$ 18,184
Cash surrender value	1,825	1,484	1,825	1,484
EI
Policyholder Account Balance [Roll Forward]
Balance, end of the period	2,072		2,072
EI | Individual Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			0
Issuances			2,213
Premiums received			5
Policy charges			0
Surrenders and withdrawals			(144)
Benefit payments			(16)
Net transfers from (to) separate account			17
Interest credited			31
Balance, end of the period	$ 2,072		$ 2,072
Weighted-average crediting rate (years)	2.88%		2.88%
Net amount at risk	$ 115		$ 115
Cash surrender value	2,067		2,067
EG
Policyholder Account Balance [Roll Forward]
Balance, end of the period	6,697		6,697
EG | Group Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			0
Issuances			6,817
Premiums received			173
Policy charges			(2)
Surrenders and withdrawals			(451)
Benefit payments			(12)
Net transfers from (to) separate account			(79)
Interest credited			93
Balance, end of the period	$ 6,697		$ 6,697
Weighted-average crediting rate (years)	2.31%		2.31%
Net amount at risk	$ 38		$ 38
Cash surrender value	6,650		6,650
SCS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			242
Balance, end of the period	36,523		36,523
SCS | Group Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			242
Issuances			31,189
Premiums received			0
Policy charges			(5)
Surrenders and withdrawals			(1,203)
Benefit payments			(120)
Net transfers from (to) separate account			(4,946)
Interest credited			1,474
Balance, end of the period	$ 36,523		$ 36,523
Weighted-average crediting rate (years)	0%		0%
Net amount at risk	$ 30		$ 30
Cash surrender value	$ 33,064		33,064
VUL
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			655
VUL | Protection Solutions
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				614
Issuances				0
Premiums received				13
Policy charges				(26)
Surrenders and withdrawals				0
Benefit payments				(4)
Net transfers from (to) separate account				(37)
Interest credited				11
Other				0
Balance, end of the period		$ 645		$ 645
Weighted-average crediting rate (years)		3.35%		3.35%
Net amount at risk		$ 29,540		$ 29,540
Cash surrender value		521		521
GMxB Core
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			27
GMxB Core | Individual Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				13
Issuances				0
Premiums received				56
Policy charges				(2)
Surrenders and withdrawals				(1)
Benefit payments				0
Net transfers from (to) separate account				43
Interest credited				1
Other				0
Balance, end of the period		$ 24		$ 24
Weighted-average crediting rate (years)		1%		1%
Net amount at risk		$ 17		$ 17
Cash surrender value		25		25
Reinsured
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			$ 819
Reinsured | Group Retirement
Policyholder Account Balance [Roll Forward]
Balance, beginning of period				866
Issuances				0
Premiums received				40
Policy charges				(24)
Surrenders and withdrawals				(90)
Benefit payments				(17)
Net transfers from (to) separate account				(36)
Interest credited				28
Other				1
Balance, end of the period		$ 840		$ 840
Weighted-average crediting rate (years)		4.37%		4.37%
Net amount at risk		$ 4,212		$ 4,212
Cash surrender value		$ 839		$ 839

POLICYHOLDER ACCOUNT BALANCES_2

POLICYHOLDER ACCOUNT BALANCES - Reconciliation of Policyholders Account Balances to Policyholders' Account Balance Liability (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance		$ 3,751
Total
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	$ 23,256
UL
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	1,192
IUL
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	2,386	1,962
VUL
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance		655
GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance		27
EI
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	2,072
EG
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	6,697
IE
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance		7
SCS
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	36,523	242
Reinsured
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance		819
Others, Netting
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	(25,614)	$ 39
Modco Reinsurance
Liability for Future Policy Benefit, Activity [Line Items]
Policyholder account balance	$ (28,200)

POLICYHOLDER ACCOUNT BALANCES_3

POLICYHOLDER ACCOUNT BALANCES - Guaranteed Minimum Interest Rates (Details) $ in Millions	Sep. 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 | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,193
Universal Life | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
Universal Life | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
Universal Life | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
Universal Life | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 694
Universal Life | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
Universal Life | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
Universal Life | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 499
Universal Life | Greater than 2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 60
Universal Life | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	60
Universal Life | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	504
Universal Life | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	5
Universal Life | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	499
Universal Life | 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	414
Universal Life | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	414
Universal Life | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	215
Universal Life | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Universal Life | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	215
Universal Life | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
Indexed Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	2,313	$ 1,941
Indexed Universal Life | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
Indexed Universal Life | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%	0%
Indexed Universal Life | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%	1.50%
Indexed Universal Life | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,313	$ 1,941
Indexed Universal Life | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%	1.51%
Indexed Universal Life | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Indexed Universal Life | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0
Indexed Universal Life | Greater than 2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%	2.50%
Indexed Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,120	$ 1,202
Indexed Universal Life | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	1,120	1,202
Indexed Universal Life | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	372	666
Indexed Universal Life | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	372	666
Indexed Universal Life | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	821	73
Indexed Universal Life | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	821	73
Indexed Universal Life | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Indexed Universal Life | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	2,072
EQUI-VEST Individual | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 262
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 | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 42
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 | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,768
EQUI-VEST Individual | Greater than 2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EQUI-VEST Individual | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,860
EQUI-VEST Individual | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	50
EQUI-VEST Individual | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	42
EQUI-VEST Individual | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	1,768
EQUI-VEST Individual | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	212
EQUI-VEST Individual | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	212
EQUI-VEST Individual | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
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 | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Individual | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	5,834
EQUI-VEST Group | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,808
EQUI-VEST Group | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	0%
EQUI-VEST Group | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.50%
EQUI-VEST Group | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 262
EQUI-VEST Group | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	1.51%
EQUI-VEST Group | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EQUI-VEST Group | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 2,764
EQUI-VEST Group | Greater than 2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating	2.50%
EQUI-VEST Group | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,515
EQUI-VEST Group | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	489
EQUI-VEST Group | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	262
EQUI-VEST Group | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	2,764
EQUI-VEST Group | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	1,996
EQUI-VEST Group | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	1,996
EQUI-VEST Group | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group | 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	23
EQUI-VEST Group | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	23
EQUI-VEST Group | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	300
EQUI-VEST Group | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	300
EQUI-VEST Group | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0
EQUI-VEST Group | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0
Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value		597
Variable Universal Life | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 50
Variable Universal Life | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		0%
Variable Universal Life | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.50%
Variable Universal Life | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 85
Variable Universal Life | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		1.51%
Variable Universal Life | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Variable Universal Life | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 462
Variable Universal Life | Greater than 2.50% | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum credit rating		2.50%
Variable Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 551
Variable Universal Life | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		18
Variable Universal Life | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		73
Variable Universal Life | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		460
Variable Universal Life | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		42
Variable Universal Life | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		30
Variable Universal Life | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		12
Variable Universal Life | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Variable Universal Life | 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		4
Variable Universal Life | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		2
Variable Universal Life | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Variable Universal Life | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		2
Variable Universal Life | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Variable Universal Life | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Variable Universal Life | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Variable Universal Life | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge
Policyholder Account Balance [Line Items]
Policyholder account value		7
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 | 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 | 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 | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 7
Investment Edge | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		7
Investment Edge | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
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 | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
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 | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
Investment Edge | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value		32
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 | 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 | 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 | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value		$ 32
GMxB Core | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		32
GMxB Core | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 1 Basis Point - 50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 1 Basis Point - 50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 1 Basis Point - 50 Basis Points Above | Greater than 2.50%
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 | 51 Basis Points - 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 51 Basis Points - 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | 51 Basis Points - 150 Basis Points Above | Greater than 2.50%
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 | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		0
GMxB Core | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value		$ 0

POLICYHOLDER ACCOUNT BALANCES_4

POLICYHOLDER ACCOUNT BALANCES - Balances and Changes in Separate Accounts Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 3,374
Balance, end of period	4,791
VUL
Separate Account, Liability [Roll Forward]
Balance, beginning of period	1,653	$ 1,832
Premiums and deposits	284	263
Policy charges	(98)	(86)
Surrenders and withdrawals	(36)	(24)
Benefit payments	(9)	(6)
Investment performance	117	(440)
Net transfers from (to) separate account	(32)	(37)
Other charges	0	0
Balance, end of period	1,879	1,502
Cash surrender value	1,551	1,200
GMxB Core
Separate Account, Liability [Roll Forward]
Balance, beginning of period	756	315
Premiums and deposits	790	361
Policy charges	(8)	(3)
Surrenders and withdrawals	(21)	(7)
Benefit payments	(4)	(1)
Investment performance	20	(107)
Net transfers from (to) separate account	110	0
Other charges	0	0
Balance, end of period	1,643	558
Cash surrender value	1,516	508
IE
Separate Account, Liability [Roll Forward]
Balance, beginning of period	26
Premiums and deposits	387
Policy charges	0
Surrenders and withdrawals	(4)
Benefit payments	0
Investment performance	1
Net transfers from (to) separate account	(245)
Other charges	0
Balance, end of period	165
Cash surrender value	157
Reinsured
Separate Account, Liability [Roll Forward]
Balance, beginning of period	913	1,244
Premiums and deposits	15	0
Policy charges	(25)	(26)
Surrenders and withdrawals	(49)	0
Benefit payments	(4)	0
Investment performance	0	(312)
Net transfers from (to) separate account	103	(39)
Other charges	0	0
Balance, end of period	$ 953	$ 867

POLICYHOLDER ACCOUNT BALANCES_5

POLICYHOLDER ACCOUNT BALANCES - Reconciliation of Separate Account Liabilities to Separate Account Liability balance (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	$ 4,791	$ 3,374
VUL
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	1,879	1,653	$ 1,502	$ 1,832
GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	1,643	756	558	315
IE
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	165	26
Reinsured
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	953	913	$ 867	$ 1,244
Others
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	$ 151	$ 26

POLICYHOLDER ACCOUNT BALANCES_6

POLICYHOLDER ACCOUNT BALANCES - Aggregate Fair Value of Separate Account Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 4,791	$ 3,374
Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,348	2,096
Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,431	1,265
Others
Policyholder Account Balance [Line Items]
Separate Accounts assets	12	13
Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	4,791	3,374
Mutual Funds | Life Insurance & Employee Benefits Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,348	2,096
Mutual Funds | Individual Variable Annuity Products
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,431	1,265
Mutual Funds | Others
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 12	$ 13

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Valuation allowance			$ 85
Other Comprehensive Income
Valuation Allowance [Line Items]
Change in valuation allowance	$ 16
Net Income
Valuation Allowance [Line Items]
Change in valuation allowance	$ 69	$ 69

EQUITY - Cumulative Gains (Loss

EQUITY - Cumulative Gains (Losses) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI	$ 1,490	$ 1,397	$ 232	$ 264	$ 288	$ 647
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI	(768)	$ (345)	(382)	$ (334)	$ (218)	$ 98
Unrealized gains (losses) on investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI	(445)		(383)
Market risk benefits - instrument-specific credit risk component
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI	(338)		1
Liability or future policy benefits - current discount rate component
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI	$ 15		$ 0

EQUITY - Components of OCI, Net

EQUITY - Components of OCI, Net of Taxes (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period		$ (158)	$ (116)	$ (137)	$ (451)
(Gains) losses reclassified into net income (loss) during the period		0	0	4	3
Net unrealized gains (losses) on investments		(158)	(116)	(133)	(448)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		4	1	3	9
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(43), $(31), $(55) and $(117)).	[1]	(154)	(115)	(130)	(439)
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 $(74), $0, $(71) and $2).		(280)	(1)	(268)	7
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $3, $0, $3, and $0)		11	0	12	0
Other comprehensive income (loss)		(423)	(116)	(386)	(432)
Deferred income tax expense (benefit) for change in unrealized gains (losses)		(43)	(31)	(55)	(117)
Deferred income tax expense (benefit) for market risk benefits - change in instrument-specific credit risk		(74)	0	(71)	2
Deferred income tax expense (benefit) for liability for future policy benefits - change in current discount rate		3	0	3	0
Reclassification adjustment		$ (2)	$ (2)	$ (1)	$ (1)
[1]See Note 12 of the Notes to these Consolidated Financial Statements for details of change in unrealized gains (losses), net of adjustments.

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 31, 2023
Restructuring Cost and Reserve [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 5
Line of credit facility, outstanding balance	0
Guaranty application, equity commitment to certain limited partnerships	$ 60
Commercial Paper | Funding Agreement-Backed Commercial Paper Program
Restructuring Cost and Reserve [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000

INSURANCE STATUTORY FINANCIAL_2

INSURANCE STATUTORY FINANCIAL INFORMATION (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Insurance Statutory Financial Information [Abstract]
Increase in statutory surplus	$ 46

UNPAID CLAIM AND CLAIM EXPENS_3

UNPAID CLAIM AND CLAIM EXPENSES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, [Roll Forward]
Gross balance at beginning of period	$ 110	$ 78
Less Reinsurance	36	23
Net balance at beginning of period	74	55
Incurred Claims (net) Related to:
Current Period	178	144
Prior Period	(15)	(6)
Total Incurred	163	138
Paid Claims (net) Related to:
Current Period	113	91
Prior Period	37	30
Total Paid	150	121
Net balance at end of period	87	72
Add Reinsurance	44	32
Gross balance at end of period	$ 131	$ 104

REINSURANCE - Effect of Reinsur

REINSURANCE - Effect of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reinsurance Disclosures [Abstract]
Direct charges and fee income	$ 100	$ 80	$ 278	$ 231
Reinsurance assumed - Equitable Financial	340	0	685	0
Reinsurance ceded	(30)	(23)	(81)	(62)
Policy charges and fee income	410	57	882	169
Direct premiums	88	68	259	201
Reinsurance assumed - Equitable Financial	78	0	118	0
Reinsurance ceded	(14)	(14)	(44)	(38)
Premiums	152	54	333	163
Direct policyholders’ benefits	119	93	328	284
Reinsurance assumed - Equitable Financial	146	0	410	0
Reinsurance ceded	(21)	(33)	(80)	(68)
Policyholders’ benefits	244	60	658	216
Direct interest credited to policyholders’ account balances	85	35	159	112
Reinsurance assumed - Equitable Financial	155	0	306	0
Reinsurance ceded	(9)	(10)	(26)	(45)
Interest credited to policyholders’ account balances	$ 231	$ 25	$ 439	$ 67

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 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	Sep. 30, 2023	Jun. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Other equity investments	$ 18			$ 19
Total assets supporting funds withheld	10,550		$ 11,200	0
Carrying Value
Effects of Reinsurance [Line Items]
Total assets supporting funds withheld	11,116			0
Fair Value
Effects of Reinsurance [Line Items]
Total assets supporting funds withheld	$ 11,116			$ 0
Equitable Financial Life Insurance Company | Carrying Value
Effects of Reinsurance [Line Items]
Fixed maturities		$ 23,958
Mortgage loans on real estate		8,476
Policy loans		241
Other equity investments		227
Other invested assets		6,290
Total assets supporting funds withheld		39,192
Equitable Financial Life Insurance Company | Fair Value
Effects of Reinsurance [Line Items]
Fixed maturities		23,958
Mortgage loans on real estate		7,171
Policy loans		241
Other equity investments		227
Other invested assets		6,290
Total assets supporting funds withheld		$ 37,887