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v3.23.1

DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 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:
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement |  | Total
Term |  | UL (1) |  | VUL (2) |  | IUL (3) |  | GMxB Legacy |  | GMxB Core |  | EI (4) |  | IE (5) |  | SCS |  | EG (6) |  | Momentum |
| (in millions)
Balance, December 31, 2020 | $ | 403 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 654 |  |  | $ | 1,635 |  |  | $ | 134 |  |  | $ | 95 |  |  | $ | 645 |  |  | $ | 553 |  |  | $ | 79 |  |  | $ | 4,198 |
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income | — |  |  | 177 |  |  | 714 |  |  | 162 |  |  | 13 |  |  | 11 |  |  | 20 |  |  | (1) |  |  | 210 |  |  | 81 |  |  | 22 |  |  | 1,409 |
Balance, January 1, 2021 (7) | $ | 403 |  |  | $ | 177 |  |  | $ | 714 |  |  | $ | 162 |  |  | $ | 667 |  |  | $ | 1,646 |  |  | $ | 154 |  |  | $ | 94 |  |  | $ | 855 |  |  | $ | 634 |  |  | $ | 101 |  |  | $ | 5,607 |
______________ (1) “UL” defined as Universal Life (2) “VUL” defined as Variable Universal Life (3) "IUL” defined as Indexed Universal Life (4) “EI” defined as EQUI-VEST Individual (5) “IE” defined as Investment Edge (6) “EG” defined as EQUI-VEST Group (7) DAC transition table not inclusive of Closed Block of $136 million and Protection Solutions of $3 million transition adjustment. Changes in the DAC asset for the three months ended March 31, 2023 and 2022 were as follows:
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance beginning of the period | $ | 362 |  |  | $ | 179 |  |  | $ | 889 |  |  | $ | 185 |  |  | $ | 1,625 |  |  | $ | 156 |  |  | $ | 148 |  |  | $ | 1,279 |  |  | $ | 593 |  |  | $ | 710 |  |  | $ | 89 |  |  | $ | 127 |  |  | $ | 6,342 |
Capitalization | 4 |  |  | 1 |  |  | 35 |  |  | 3 |  |  | 19 |  |  | 3 |  |  | 11 |  |  | 101 |  |  | 6 |  |  | 16 |  |  | 3 |  |  | — |  |  | 202 |
Amortization | (10) |  |  | (3) |  |  | (14) |  |  | (3) |  |  | (35) |  |  | (3) |  |  | (3) |  |  | (47) |  |  | (16) |  |  | (10) |  |  | (5) |  |  | (3) |  |  | (152) |
Balance, March 31, 2023 | $ | 356 |  |  | $ | 177 |  |  | $ | 910 |  |  | $ | 185 |  |  | $ | 1,609 |  |  | $ | 156 |  |  | $ | 156 |  |  | $ | 1,333 |  |  | $ | 583 |  |  | $ | 716 |  |  | $ | 87 |  |  | $ | 124 |  |  | $ | 6,392 |
______________ (1)“CB” defined as Closed Block
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance beginning of the period | $ | 385 |  |  | $ | 180 |  |  | $ | 799 |  |  | $ | 180 |  |  | $ | 1,653 |  |  | $ | 156 |  |  | $ | 121 |  |  | $ | 1,070 |  |  | $ | 631 |  |  | $ | 677 |  |  | $ | 94 |  |  | $ | 138 |  |  | $ | 6,084 |
Capitalization | 4 |  |  | 3 |  |  | 36 |  |  | 4 |  |  | 31 |  |  | 3 |  |  | 10 |  |  | 88 |  |  | 8 |  |  | 18 |  |  | 4 |  |  | — |  |  | 209 |
Amortization (2) | (10) |  |  | (3) |  |  | (12) |  |  | (2) |  |  | (33) |  |  | (3) |  |  | (4) |  |  | (40) |  |  | (16) |  |  | (10) |  |  | (5) |  |  | (3) |  |  | (141) |
Balance, March 31, 2022 | $ | 379 |  |  | $ | 180 |  |  | $ | 823 |  |  | $ | 182 |  |  | $ | 1,651 |  |  | $ | 156 |  |  | $ | 127 |  |  | $ | 1,118 |  |  | $ | 623 |  |  | $ | 685 |  |  | $ | 93 |  |  | $ | 135 |  |  | $ | 6,152 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $2 million related to Other not reflected in table above. Changes in the Individual Retirement Sales Inducement Assets for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |  |
| (in millions)
Balance beginning of the period | $ | 137 |  |  | $ | 200 |  |  | $ | 147 |  |  | $ | 222 |  |  |  |  |
Amortization | (3) |  |  | (5) |  |  | (3) |  |  | (6) |  |  |  |  |
Balance, end of the period | $ | 134 |  |  | $ | 195 |  |  | $ | 144 |  |  | $ | 216 |  |  |  |  |
Changes in the Protection Solution Unearned Revenue Liability for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |  |
| (in millions)
Balance beginning of the period | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |  |  |  |  |
Capitalization | 5 |  |  | 27 |  |  | 17 |  |  | 5 |  |  | 25 |  |  | 18 |  |  |  |  |
Amortization | (2) |  |  | (10) |  |  | (3) |  |  | (1) |  |  | (10) |  |  | (2) |  |  |  |  |
Balance, end of the period | $ | 98 |  |  | $ | 701 |  |  | $ | 171 |  |  | $ | 84 |  |  | $ | 634 |  |  | $ | 110 |  |  |  |  |
Schedule of Reconciliation of Deferred Acquisition Cost | The following table presents a reconciliation of DAC to the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 356 |  |  | $ | 362 |  |  |
Universal Life | 177 |  |  | 179 |  |  |
Variable Universal Life | 910 |  |  | 889 |  |  |
Indexed Universal Life | 185 |  |  | 185 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,609 |  |  | 1,625 |  |  |
EQUI-VEST Individual | 156 |  |  | 156 |  |  |
Investment Edge | 156 |  |  | 148 |  |  |
SCS | 1,333 |  |  | 1,279 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 583 |  |  | 593 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 716 |  |  | 710 |  |  |
Momentum | 87 |  |  | 89 |  |  |
Corporate and Other | 124 |  |  | 127 |  |  |
Other | 27 |  |  | 27 |  |  |
Total | $ | 6,419 |  |  | $ | 6,369 |  |  |

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