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INSURANCE LIABILITIES (Tables)

9 Months Ended

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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