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INSURANCE LIABILITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Insurance [Abstract] |
Variable Annuity Contracts- GMDB GMIB | Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature Three and Nine Months Ended September 30, 2022 and 2021
| GMDB |  | GMIB
| Direct |  | Assumed (1) (2) |  | Ceded |  | Direct |  | Assumed (1) (2) |  | Ceded
| (in millions)
Balance, July 1, 2022 | $ | 5,096 |  |  | $ | — |  |  | $ | (2,276) |  |  | $ | 6,165 |  |  | $ | — |  |  | $ | (3,707) |
Paid guarantee benefits | (152) |  |  | — |  |  | 63 |  |  | (171) |  |  | — |  |  | 46 |
Other changes in reserve | 379 |  |  | — |  |  | (147) |  |  | (312) |  |  | — |  |  | 341 |
Balance, September 30, 2022 | $ | 5,323 |  |  | $ | — |  |  | $ | (2,360) |  |  | $ | 5,682 |  |  | $ | — |  |  | $ | (3,320) |
Balance, July 1, 2021 | $ | 5,091 |  |  | $ | — |  |  | $ | (2,262) |  |  | $ | 5,905 |  |  | $ | — |  |  | $ | (4,168) |
Paid guarantee benefits | (103) |  |  | — |  |  | 41 |  |  | (87) |  |  | — |  |  | 16 |
Other changes in reserve | (6) |  |  | — |  |  | 2 |  |  | 131 |  |  | — |  |  | 89 |
Impact of the Venerable Transaction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2021 | $ | 4,982 |  |  | $ | — |  |  | $ | (2,219) |  |  | $ | 5,949 |  |  | $ | — |  |  | $ | (4,063) |
| GMDB |  | GMIB
| Direct |  | Assumed (1) (2) |  | Ceded |  | Direct |  | Assumed (1) (2) |  | Ceded
| (in millions)
Balance, January 1, 2022 | $ | 4,951 |  |  | $ | — |  |  | $ | (2,216) |  |  | $ | 5,892 |  |  | $ | — |  |  | $ | (3,968) |
Paid guarantee benefits | (433) |  |  | — |  |  | 180 |  |  | (437) |  |  | — |  |  | 53 |
Other changes in reserve | 805 |  |  | — |  |  | (324) |  |  | 227 |  |  | — |  |  | 595 |
Balance, September 30, 2022 | $ | 5,323 |  |  | $ | — |  |  | $ | (2,360) |  |  | $ | 5,682 |  |  | $ | — |  |  | $ | (3,320) |
Balance, January 1, 2021 | $ | 5,097 |  |  | $ | 72 |  |  | $ | (88) |  |  | $ | 6,026 |  |  | $ | 196 |  |  | $ | (2,488) |
Paid guarantee benefits | (350) |  |  | (12) |  |  | 64 |  |  | (271) |  |  | (49) |  |  | 41 |
Other changes in reserve | 235 |  |  | 14 |  |  | (19) |  |  | 194 |  |  | (7) |  |  | 525 |
Impact of the Venerable Transaction | — |  |  | (74) |  |  | (2,176) |  |  | — |  |  | (140) |  |  | (2,141) |
Balance, September 30, 2021 | $ | 4,982 |  |  | $ | — |  |  | $ | (2,219) |  |  | $ | 5,949 |  |  | $ | — |  |  | $ | (4,063) |
______________ (1)Change in Assumed is driven by the sale of CSLRC to Venerable. (2)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.
Schedule of Net Amount of Risk by Product and Guarantee | Direct Variable Annuity Contracts with GMDB and GMIB Features as of September 30, 2022
| Guarantee Type
| Return of Premium |  | Ratchet |  | Roll-Up |  | Combo |  | Total
| (in millions, except age and interest rate)
Variable annuity contracts with GMDB features |  |  |  |  |  |  |  |  |
Account Values invested in: |  |  |  |  |  |  |  |  |
General Account | $ | 16,657 |  | $ | 94 |  | $ | 48 |  | $ | 148 |  | $ | 16,947
Separate Accounts | 44,879 |  | 7,213 |  | 2,384 |  | 24,547 |  | 79,023
Total Account Values | $ | 61,536 |  | $ | 7,307 |  | $ | 2,432 |  | $ | 24,695 |  | $ | 95,970
NAR, gross | $ | 1,176 |  |  | $ | 1,802 |  |  | $ | 1,975 |  | $ | 24,164 |  | $ | 29,117
NAR, net of amounts reinsured | $ | 1,164 |  |  | $ | 1,630 |  |  | $ | 1,439 |  | $ | 13,074 |  | $ | 17,307
Average attained age of policyholders (in years) | 51.6 |  |  | 69.6 |  |  | 76.0 |  |  | 71.6 |  |  | 55.4 |
Percentage of policyholders over age 70 | 12.1 | % |  | 52.1 | % |  | 74.2 | % |  | 60.0 | % |  | 21.1 | %
Range of contractually specified interest rates | N/A |  | N/A |  | 3% - 6% |  | 3% - 6.5% |  | 3% - 6.5%
Variable annuity contracts with GMIB features |  |  |  |  |  |  |  |  |
Account Values invested in: |  |  |  |  |  |  |  |  |
General Account | $ | — |  |  | $ | — |  |  | $ | 14 |  | $ | 193 |  | $ | 207
Separate Accounts | — |  |  | — |  |  | 20,235 |  | 25,771 |  | 46,006
Total Account Values | $ | — |  |  | $ | — |  |  | $ | 20,249 |  | $ | 25,964 |  | $ | 46,213
NAR, gross | $ | — |  | $ | — |  | $ | 546 |  | $ | 8,237 |  | $ | 8,783
NAR, net of amounts reinsured | $ | — |  | $ | — |  | $ | 176 |  | $ | 3,377 |  | $ | 3,553
Average attained age of policyholders (in years) | N/A |  | N/A |  | 65.6 |  |  | 71.3 |  |  | 69.1 |
Weighted average years remaining until annuitization | N/A |  | N/A |  | 5.6 |  |  | 0.5 |  |  | 2.4 |
Range of contractually specified interest rates | N/A |  | N/A |  | 3% - 6% |  | 3% - 6.5% |  | 3% - 6.5%
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Investment in Variable Insurance Trust Mutual Funds
| September 30, 2022 |  | December 31, 2021
Mutual Fund Type | GMDB |  | GMIB |  | GMDB |  | GMIB
| (in millions)
Equity | $ | 37,285 |  |  | $ | 13,460 |  |  | $ | 52,771 |  |  | $ | 20,015 |
Fixed income | 4,474 |  |  | 2,028 |  |  | 5,391 |  |  | 2,507 |
Balanced | 36,134 |  |  | 30,264 |  |  | 48,390 |  |  | 40,491 |
Other | 1,130 |  |  | 254 |  |  | 1,025 |  |  | 263 |
Total | $ | 79,023 |  |  | $ | 46,006 |  |  | $ | 107,577 |  |  | $ | 63,276 |
Schedule of No Lapse Guarantee Liabilities | The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.
| Direct Liability (1)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Beginning balance | $ | 1,134 |  |  | $ | 1,070 |  |  | $ | 1,096 |  |  | $ | 1,022 |  |  |
Paid guarantee benefits | (46) |  |  | (24) |  |  | (62) |  |  | (52) |  |  |
Other changes in reserves | 74 |  |  | 38 |  |  | 128 |  |  | 114 |  |  |
Ending balance | $ | 1,162 |  |  | $ | 1,084 |  |  | $ | 1,162 |  |  | $ | 1,084 |  |  |
_____________ (1)There were no amounts of reinsurance ceded in any period presented.

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