INSURANCE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Variable Annuity Contracts- GMDB GMIB

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Years Ended December 31, 2022, 2021 and 2020


	GMDB						GMIB
	Direct		Assumed (1) (2)		Ceded		Direct		Assumed (1) (2)		Ceded
	(in millions)
Balance, January 1, 2020	$	4,780	$	76	$	(104)	$	4,673	$	187	$	(2,139)
Paid guarantee benefits	(495)		(22)		15		(293)		15		79
Other changes in reserve	812		18		1		1,646		(6)		(428)
Balance, December 31, 2020	$	5,097	$	72	$	(88)	$	6,026	$	196	$	(2,488)
Paid guarantee benefits	(461)		(12)		113		(377)		(49)		58
Other changes in reserve	315		14		(65)		243		(7)		603
Impact of the Venerable Transaction	—		(74)		(2,176)		—		(140)		(2,141)
Balance, December 31, 2021	$	4,951	$	—	$	(2,216)	$	5,892	$	—	$	(3,968)
Paid guarantee benefits	(595)		—		249		(602)		—		76
Other changes in reserve	886		—		(359)		336		—		646

Balance, December 31, 2022	$	5,242	$	—	$	(2,326)	$	5,626	$	—	$	(3,246)

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(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 December 31, 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	$	16,891		$	97		$	46		$	144		$	17,178
Separate Accounts	47,608			7,445			2,452			25,211			82,716
Total Account Values	$	64,499		$	7,542		$	2,498		$	25,355		$	99,894

NAR, gross	$	739		$	1,422		$	1,843		$	23,101		$	27,105
NAR, net of amounts reinsured	$	726		$	1,291		$	1,341		$	12,469		$	15,827

Average attained age of policyholders (in years)	51.6			69.8			76.1			71.8			55.3
Percentage of policyholders over age 70	12.1		%	52.8		%	74.7		%	60.7		%	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		$	188		$	202
Separate Accounts	—			—			21,001			26,529			47,530
Total Account Values	$	—		$	—		$	21,015		$	26,717		$	47,732

NAR, gross	$	—		$	—		$	489		$	7,540		$	8,029
NAR, net of amounts reinsured	$	—		$	—		$	157		$	3,071		$	3,228

Average attained age of policyholders (in years)	N/A			N/A			65.8			71.4			69.2
Weighted average years remaining until annuitization	N/A			N/A			5.4			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



	December 31, 2022				December 31, 2021
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	39,779	$	14,075	$	52,771	$	20,015
Fixed income	4,416		1,964		5,391		2,507
Balanced	37,398		31,240		48,390		40,491
Other	1,123		251		1,025		263
Total	$	82,716	$	47,530	$	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)
	Year Ended December 31,
		2022		2021		2020
		(in millions)
Beginning balance		$	1,096	$	1,022	$	898
Paid guarantee benefits		(79)		(84)		(39)
Other changes in reserves		145		158		163

Ending balance		$	1,162	$	1,096	$	1,022

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(1)There were no amounts of reinsurance ceded in any period presented.