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DAC AND OTHER DEFERRED ASSETS/LIABILITIES
 3 Months Ended
Mar. 31, 2023
Contract holder Bonus Interest Credits [Abstract]  
DAC AND OTHER DEFERRED ASSETS/LIABILITIES
6)    DAC AND OTHER DEFERRED ASSETS/LIABILITIES
Changes in the DAC asset for the three months ended March 31, 2023 and 2022 were as follows:

Protection SolutionsIndividual RetirementLegacyGroup RetirementCorporate and OtherTotal
TermULVUL IUL GMxB CoreEI IE SCSGMxB LegacyEG MomentumCB
(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 SolutionsIndividual RetirementLegacyGroup RetirementCorporate and OtherTotal
TermULVUL IUL GMxB CoreEI IE SCSGMxB LegacyEG MomentumCB
(1)
(in millions)
Balance beginning of the period
$385 $180 $799 $180 $1,653 $156 $121 $1,070 $631 $677 $94 $138 $6,084 
Capitalization4 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,
20232022
GMxB CoreGMxB LegacyGMxB CoreGMxB 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,
20232022
ULVULIULULVULIUL
(in millions)
Balance beginning of the period
$95 $684 $157 $80 $619 $94 
Capitalization5 27 17 5 25 18 
Amortization(2)(10)(3)(1)(10)(2)
Balance, end of the period
$98 $701 $171 $84 $634 $110 

The following table presents a reconciliation of DAC to the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 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 Edge156 148 
SCS1,333 1,279 
Legacy Segment
GMxB Legacy583 593 
Group Retirement
EQUI-VEST Group
716 710 
Momentum87 89 
Corporate and Other
124 127 
Other
27 27 
Total$6,419 $6,369 

Annually, or as circumstances warrant, we will review the associated decrements assumptions. (i.e. mortality and lapse) based on our multi-year average of companies experience with actuarial judgements to reflect other observable industry trends. In addition to DAC, the Unearned Revenue Liability and Sales Inducement Asset (“SIA”) use similar techniques and quarterly update processes for balance amortization.
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITSThe following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts for the three months ended March 31, 2023 and 2022.
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Protection SolutionsIndividual RetirementGMxB Legacy Corporate & OtherProtection SolutionsIndividual RetirementGMxB Legacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of the period$2,100 $— $— $— $(5)$2,485 $— $— $— $22 
Beginning balance at original discount rate2,078 — — — (5)1,864 — — — 19 
Effect of changes in cash flow assumptions8 — — — — — — — — — 
Effect of actual variances from expected experience3 — — — (6)56 — — — (18)
Adjusted beginning of the period balance2,089 — — — (11)1,920 — — — 1 
Issuances15 — — — — 22 — — — — 
Interest accrual25 — — — — 23 — — — — 
Net premiums collected(51)— — — 1 (49)— — — — 
Ending Balance at original discount rate2,078 — — — (10)1,916 — — — 1 
Effect of changes in discount rate assumptions82 — — — — 387 — — — 1 
Balance, end of the period$2,160 $— $— $— $(10)$2,303 $— $— $— $2 

Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Protection SolutionsIndividual RetirementGMxB LegacyCorporate & OtherProtection SolutionsIndividual RetirementGMxB LegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(Dollars in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of the period$3,465 $828 $2,689 $523 $1,553 $4,294 $1,114 $2,547 $683 $2,092 
Beginning balance of original discount rate3,391 845 3,024 583 1,795 3,241 883 2,400 632 1,915 
Effect of changes in cash flow assumptions9 — — — — — — — — — 
Effect of actual variances from expected experience4 1 — (1)(7)60 — (4)— (20)
Adjusted beginning of the period balance3,404 846 3,024 582 1,788 3,301 883 2,396 632 1,895 
Issuances16 15 222 — — 23 9 152 — — 
Interest accrual42 10 21 5 15 42 10 16 5 15 
Benefits payments(95)(23)(65)(17)(33)(137)(24)(47)(18)(41)
Ending Balance at original discount rate3,367 848 3,202 570 1,770 3,229 878 2,517 619 1,869 
Effect of changes in discount rate assumptions164 6 (258)(48)(197)650 126 (58)2 (5)
Balance, end of the period$3,531 $854 $2,944 $522 $1,573 $3,879 $1,004 $2,459 $621 $1,864 
Net liability for future policy benefits$1,371 $854 $2,944 $522 $1,583 $1,576 $1,004 $2,459 $621 $1,862 
Less: Reinsurance recoverable27 — (589)— (1,258)16 — (203)— (1,479)
Net liability for future policy benefits, after reinsurance recoverable$1,398 $854 $2,355 $522 $325 $1,592 $1,004 $2,256 $621 $383 
Weighted-average duration of liability for future policyholder benefits (years)7.09.47.97.18.77.59.68.47.28.9


The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
(in millions)
Reconciliation
Term$1,371 $1,365 
Individual Retirement - Payout853 828 
Legacy - Payout2,944 2,689 
Group Pension - Benefit Reserve & DPL523 523 
Health1,583 1,558 
Universal Life - additional liability for death benefits 1,133 1,109 
Subtotal8,407 8,072 
  Whole Life Closed Block and Open Block products
5,597 5,664 
Other (1)904 908 
Future policyholder benefits total14,908 14,644 
  Other policyholder funds and dividends payable
1,830 1,959 
Total$16,738 $16,603 
_____________
(1)Primarily consists of Future policy benefits related to Protective Life and Annuity, Assumed Life and DI, GRP Life Run off, VISL rider 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 as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,972 $6,022 
Expected future gross premiums (undiscounted)7,188 7,273 
Expected future benefit payments and expenses (discounted; AOCI basis)3,531 3,465 
Expected future gross premiums (discounted; AOCI basis)3,981 3,904 
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)4,227 3,947 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)2,861 2,607 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,456 1,460 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)825 801 
Expected future gross premiums (discounted; AOCI basis)— — 
March 31, 2023December 31, 2022
(in millions)
Group Pension
Expected future benefit payments and expenses (undiscounted)713 730 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)550 563 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,469 2,510 
Expected future gross premiums (undiscounted)94 99 
Expected future benefit payments and expenses (discounted; AOCI basis)1,553 1,533 
Expected future gross premiums (discounted; AOCI basis)$75 $78 

The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the three months ended March 31, 2023 and 2022:
March 31, 2023March 31, 2022March 31, 2023March 31, 2022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$70 $71 $17 $18 
Payout - Legacy27 21 21 16 
Payout15 9 10 11 
Group Pension— — 5 5 
Health2 2 15 15 
Total$114 $103 $68 $65 

The following table provides the weighted average interest rates for the liability for future policy benefits as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Weighted Average Interest Rate
Term Life
Interest accretion rate5.6 %5.7 %
Current discount rate4.7 %5.1 %
Payout - Legacy
Interest accretion rate3.6 %3.4 %
Current discount rate4.8 %5.0 %
Payout
Interest accretion rate4.9 %4.9 %
Current discount rate4.9 %5.2 %
Group Pension
Interest accretion rate3.4 %3.4 %
Current discount rate4.7 %5.1 %
Health
Interest accretion rate3.3 %3.3 %
Current discount rate4.9 %5.2 %
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the three months ended March 31, 2023 and 2022:

March 31, 2023March 31, 2022
Protection Solutions
Universal LifeUniversal Life
(Dollars in millions)
Balance, beginning of the period$1,109 $1,087 
Beginning balance before AOCI adjustments1,135 1,076 
Effect of changes in interest rate & cash flow assumptions and model changes— 5 
Effect of actual variances from expected experience6 5 
Adjusted beginning of the period balance1,141 1,086 
Interest accrual13 12 
Net assessments collected18 21 
Benefit payments(18)(29)
Ending balance before shadow reserve adjustments1,154 1,090 
Effect of reserve adjustment recorded in AOCI(21)(2)
Balance, end of the period$1,133 $1,088 
Net liability for additional liability $1,133 $1,088 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,133 $1,088 
Weighted-average duration of additional liability - death benefit (years)21.622.9

The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the three months ended and as of March 31, 2023 and 2022.
Three Months Ended March 31,
2023202220232022
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
Universal Life$172 $180 $13 $12 
Total$172 $180 $13 $12 

March 31,
20232022
Weighted Average Interest Rate
Universal Life4.5 %4.5 %
Interest accretion rate4.5 %4.5 %

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.