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v3.23.1

POLICYHOLDER ACCOUNT BALANCES (Tables) | 12 Months Ended
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Dec. 31, 2022
Policyholder Account Balance [Abstract] |
Schedule of Policyholder Account Balance | The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts as of December 31, 2022 and 2021.
| December 31, 2022 |  | December 31, 2021 |  |  |
| Protection Solutions |  | Individual Retirement |  | Legacy | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | Legacy | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout | Group Pension |  | Health |  | Term |  | Payout |  | Payout | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 2,485 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 22 |  |  | $ | 2,492 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 35 |  |  |  |  |  |  |  |  |  |
Beginning balance at original discount rate | 1,864 |  |  | — |  |  | — |  | — |  |  | 19 |  |  | 1,762 |  |  | — |  |  | — |  | — |  |  | 29 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 204 |  |  | — |  |  | — |  | — |  |  | (10) |  |  | 69 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 31 |  |  | — |  |  | — |  | — |  |  | (15) |  |  | 15 |  |  | — |  |  | — |  | — |  |  | (8) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of year balance | 2,099 |  |  | — |  |  | — |  | — |  |  | (6) |  |  | 1,846 |  |  | — |  |  | — |  | — |  |  | 21 |  |  |  |  |  |  |  |  |  |
Issuances | 76 |  |  | — |  |  | — |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 97 |  |  | — |  |  | — |  | — |  |  | — |  |  | 92 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Net premiums collected | (194) |  |  | — |  |  | — |  | — |  |  | 1 |  |  | (185) |  |  | — |  |  | — |  | — |  |  | (3) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 2,078 |  |  | — |  |  | — |  | — |  |  | (5) |  |  | 1,864 |  |  | — |  |  | — |  | — |  |  | 19 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 22 |  |  | — |  |  | — |  | — |  |  | — |  |  | 621 |  |  | — |  |  | — |  | — |  |  | 3 |  |  |  |  |  |  |  |  |  |
Balance, end of year | $ | 2,100 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | (5) |  |  | $ | 2,485 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 22 |  |  |  |  |  |  |  |  |  |
| December 31, 2022 |  | December 31, 2021 |  |  |
| Protection Solutions |  | Individual Retirement | Legacy |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement | Legacy |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout | Payout |  | Group Pension |  | Health |  | Term |  | Payout | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (Dollars in millions) |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 4,294 |  |  | $ | 1,114 |  | $ | 2,547 |  |  | $ | 683 |  |  | $ | 2,092 |  |  | $ | 4,475 |  |  | 1,158 |  | 2,250 |  |  | $ | 780 |  |  | $ | 2,334 |  |  |  |  |  |  |  |  |  |
Beginning balance of original discount rate | 3,241 |  |  | 883 |  | 2,400 |  |  | 632 |  |  | 1,915 |  |  | 3,184 |  |  | 883 |  | 1,993 |  |  | 686 |  |  | 2,028 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 222 |  |  | (2) |  | (1) |  |  | — |  |  | (5) |  |  | 69 |  |  | 34 |  | 4 |  |  | (2) |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 31 |  |  | (1) |  | (4) |  |  | 1 |  |  | (13) |  |  | 11 |  |  | (8) |  | 9 |  |  | 1 |  |  | (4) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of year balance | 3,494 |  |  | 880 |  | 2,395 |  |  | 633 |  |  | 1,897 |  |  | 3,264 |  |  | 909 |  | 2,006 |  |  | 685 |  |  | 2,024 |  |  |  |  |  |  |  |  |  |
Issuances | 82 |  |  | 23 |  | 758 |  |  | — |  |  | — |  |  | 117 |  |  | 26 |  | 490 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 168 |  |  | 40 |  | 63 |  |  | 21 |  |  | 61 |  |  | 168 |  |  | 40 |  | 61 |  |  | 23 |  |  | 65 |  |  |  |  |  |  |  |  |  |
Benefits payments | (353) |  |  | (98) |  | (192) |  |  | (71) |  |  | (163) |  |  | (308) |  |  | (92) |  | (157) |  |  | (76) |  |  | (174) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,391 |  |  | 845 |  | 3,024 |  |  | 583 |  |  | 1,795 |  |  | 3,241 |  |  | 883 |  | 2,400 |  |  | 632 |  |  | 1,915 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 74 |  |  | (17) |  | (335) |  |  | (60) |  |  | (242) |  |  | 1,053 |  |  | 231 |  | 147 |  |  | 51 |  |  | 177 |  |  |  |  |  |  |  |  |  |
Balance, end of year | $ | 3,465 |  |  | $ | 828 |  | $ | 2,689 |  |  | $ | 523 |  |  | $ | 1,553 |  |  | $ | 4,294 |  |  | $ | 1,114 |  | $ | 2,547 |  |  | $ | 683 |  |  | $ | 2,092 |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | $ | 1,365 |  |  | $ | 828 |  | $ | 2,689 |  |  | $ | 523 |  |  | $ | 1,558 |  |  | $ | 1,809 |  |  | $ | 1,114 |  | $ | 2,547 |  |  | $ | 683 |  |  | $ | 2,070 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 21 |  |  | — |  | (465) |  |  | — |  |  | (1,242) |  |  | (42) |  |  | — |  | (143) |  |  | — |  |  | (1,641) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,386 |  |  | $ | 828 |  | $ | 2,224 |  |  | $ | 523 |  |  | $ | 316 |  |  | $ | 1,767 |  |  | $ | 1,114 |  | $ | 2,404 |  |  | $ | 683 |  | $ | — |  | $ | 429 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 7.0 |  | 9.5 | 8.1 |  | 7.2 |  | 8.7 |  | 7.5 |  | 9.6 | 8.4 |  | 7.2 |  | 8.9 |  |  |  |  |  |  |  |  |
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 December 31, 2022 and 2021.
| December 31, 2022 |  | December 31, 2021
| (in millions)
Reconciliation |  |  |
Term | $ | 1,365 |  |  | $ | 1,809 |
Individual Retirement - Payout | 828 |  |  | 1,114 |
Legacy - Payout | 2,689 |  |  | 2,547 |
Group Pension - Benefit Reserve & DPL | 523 |  |  | 683 |
Health | 1,558 |  |  | 2,070 |
UL and VUL - additional liability for death benefits | 1,109 |  |  | 1,087 |
subtotal | 8,072 |  |  | 9,310 |
W hole Life Closed Block and Open Block products | 5,664 |  |  | 5,911 |
Other (1) | 908 |  |  | 1,175 |
Future policyholder benefits total | 14,644 |  |  | 16,396 |
Other policyholder funds and dividends payable | 1,959 |  |  | 1,782 |
Total | $ | 16,603 |  |  | $ | 18,178 |
______________ (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 summarizes the balances and changes in policyholders’ account balances for the years ended and as of December 31, 2022 and 2021:
December 31, 2022 | Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement |  |
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum |  |
| (Dollars in millions) |  |
Balance, beginning of year | $ | 5,462 |  |  | $ | 4,807 |  |  | $ | 745 |  |  | $ | 112 |  |  | $ | 33,443 |  |  | $ | 2,784 |  |  | $ | 11,951 |  |  | $ | 704 |  |  |
Premiums received | 730 |  |  | 160 |  |  | 72 |  |  | 151 |  |  | 2 |  |  | 46 |  |  | 610 |  |  | 79 |  |  |
Policy charges | (789) |  |  | (245) |  |  | 6 |  |  | (22) |  |  | — |  |  | (1) |  |  | (5) |  |  | — |  |  |
Surrenders and withdrawals | (86) |  |  | (12) |  |  | (71) |  |  | (31) |  |  | (2,452) |  |  | (225) |  |  | (995) |  |  | (148) |  |  |
Benefit payments | (200) |  |  | (92) |  |  | (99) |  |  | (2) |  |  | (209) |  |  | (59) |  |  | (70) |  |  | (2) |  |  |
Net transfers from (to) separate account | — |  |  | 124 |  |  | 5 |  |  | (145) |  |  | 7,474 |  |  | 28 |  |  | 303 |  |  | 54 |  |  |
Interest credited (2) | 223 |  |  | 167 |  |  | 30 |  |  | 6 |  |  | (2,556) |  |  | 79 |  |  | 251 |  |  | 15 |  |  |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Balance, end of year | $ | 5,340 |  |  | $ | 4,909 |  |  | $ | 688 |  |  | $ | 69 |  |  | $ | 35,702 |  |  | $ | 2,652 |  |  | $ | 12,045 |  |  | $ | 702 |  |  |
Weighted-average crediting rate | 3.62% |  | 3.81% |  | 1.80% |  | 1.05% |  | 1.12% |  | 2.85% |  | 3.00% |  | 2.02% |  |
Net amount at risk (3) | $ | 37,555 |  | $ | 115,152 |  | $ | 22,631 |  | $ | 3,530 |  | $ | 92 |  | $ | 143 |  | $ | 138 |  | $ | — |  |
Cash surrender value | $ | 3,483 |  | $ | 3,366 |  | $ | 980 |  | $ | 293 |  | $ | 32,080 |  | $ | 2,645 |  | $ | 11,961 |  | $ | 702 |  |
______________ (1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder.
December 31, 2021 | Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement |  |
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum |  |
| (Dollars in millions) |  |
Balance, beginning of year | $ | 5,564 |  |  | $ | 4,835 |  |  | $ | 815 |  |  | $ | 99 |  |  | $ | 25,654 |  |  | $ | 2,862 |  |  | $ | 11,665 |  |  | $ | 761 |  |  |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Premiums received | 787 |  |  | 170 |  |  | 58 |  |  | 184 |  |  | 1 |  |  | 55 |  |  | 602 |  |  | 83 |  |  |
Policy charges | (828) |  |  | (244) |  |  | — |  |  | (6) |  |  | — |  |  | (1) |  |  | (4) |  |  | (1) |  |  |
Surrenders and withdrawals | (89) |  |  | (186) |  |  | (100) |  |  | (31) |  |  | (2,474) |  |  | (209) |  |  | (877) |  |  | (152) |  |  |
Benefit payments | (202) |  |  | (78) |  |  | (77) |  |  | (1) |  |  | (187) |  |  | (63) |  |  | (73) |  |  | (2) |  |  |
Net transfers from (to) separate account | — |  |  | 125 |  |  | 18 |  |  | (148) |  |  | 6,692 |  |  | 58 |  |  | 310 |  |  | — |  |  |
Interest credited (2) | 230 |  |  | 185 |  |  | 31 |  |  | 15 |  |  | 3,757 |  |  | 82 |  |  | 328 |  |  | 15 |  |  |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Balance, December 31, 2021 | $ | 5,462 |  |  | $ | 4,807 |  |  | $ | 745 |  |  | $ | 112 |  |  | $ | 33,443 |  |  | $ | 2,784 |  |  | $ | 11,951 |  |  | $ | 704 |  |  |
Weighted-average crediting rate | 3.56 | % |  | 3.84 | % |  | 1.82 | % |  | 1.05 | % |  | 1.14 | % |  | 2.87 | % |  | 2.37 | % |  | 2.06 | % |  |
Net amount at risk (3) | $ | 40,138 |  |  | $ | 111,286 |  |  | $ | 15,901 |  |  | $ | 1,115 |  |  | $ | — |  |  | $ | 92 |  |  | $ | 7 |  |  | $ | — |  |  |
Cash surrender value | $ | 3,529 |  |  | $ | 3,396 |  |  | $ | 1,048 |  |  | $ | 315 |  |  | $ | 31,488 |  |  | $ | 2,776 |  |  | $ | 11,878 |  |  | $ | 704 |  |  |
______________ (1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account. (2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative. (3)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder. The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of December 31, 2022 and 2021.
| December 31, 2022 |  | December 31, 2021 |
| (in millions) |
Policyholders’ account balance reconciliation |  |  |  |
Protection Solutions |  |  |  |
Universal Life | $ | 5,340 |  |  | $ | 5,462 |  |
Variable Universal Life | 4,909 |  |  | 4,807 |  |
Legacy Segment |  |  |  |
GMxB Legacy | 688 |  |  | 746 |  |
Individual Retirement |  |  |  |
GMxB Core | 69 |  |  | 112 |  |
EQUI-VEST Individual | 2,652 |  |  | 2,784 |  |
SCS | 35,702 |  |  | 33,443 |  |
Group Retirement |  |  |  |
EQUI-VEST Group | 12,045 |  |  | 11,951 |  |
Momentum | 702 |  |  | 704 |  |
Other (1) | 6,118 |  |  | 5,998 |  |
Balance (exclusive of Funding Agreements) | $ | 68,225 |  |  | $ | 66,007 |  |
Funding Agreements | 15,641 |  |  | 13,354 |  |
Balance, end of year | $ | 83,866 |  |  | $ | 79,361 |  |
______________ (1)Primarily reflects products, IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other other. The following table presents the balances of and changes in separate account liabilities for the years ended and as of December 31, 2022 and 2021.
December 31, 2022 | Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
| (in millions)
Balance, beginning of year | $ | 16,405 |  |  | $ | 44,912 |  |  | $ | 35,288 |  |  | $ | 5,583 |  |  | $ | 4,287 |  |  | $ | 27,509 |  |  | $ | 4,975 |
Premiums and deposits | 1,115 |  |  | 240 |  |  | 1,479 |  |  | 124 |  |  | 1,035 |  |  | 2,104 |  |  | 668 |
Policy charges | (538) |  |  | (682) |  |  | (487) |  |  | (2) |  |  | (1) |  |  | (17) |  |  | (20) |
Surrenders and withdrawals | (408) |  |  | (2,825) |  |  | (2,315) |  |  | (328) |  |  | (327) |  |  | (1,359) |  |  | (753) |
Benefit payments | (111) |  |  | (702) |  |  | (216) |  |  | (52) |  |  | (34) |  |  | (60) |  |  | (14) |
Investment performance (1) | (3,152) |  |  | (8,322) |  |  | (6,122) |  |  | (1,136) |  |  | (733) |  |  | (5,481) |  |  | (917) |
Net transfers from (to) general account | (124) |  |  | (5) |  |  | 145 |  |  | (28) |  |  | (429) |  |  | (303) |  |  | (54) |
Balance, end of year | $ | 13,187 |  |  | $ | 32,616 |  |  | $ | 27,772 |  |  | $ | 4,161 |  |  | $ | 3,798 |  |  | $ | 22,393 |  |  | $ | 3,885 |
Cash surrender value | $ | 12,893 |  |  | $ | 32,320 |  |  | $ | 26,888 |  |  | $ | 4,129 |  |  | $ | 3,704 |  |  | $ | 22,163 |  |  | $ | 3,879 |
________________ (1)Investment performance is reflected net of M&E fees.
December 31, 2021 | Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
| (in millions)
Balance, beginning of year | $ | 14,155 |  |  | $ | 43,747 |  |  | $ | 33,754 |  |  | $ | 5,051 |  |  | $ | 3,245 |  |  | $ | 23,530 |  |  | $ | 4,424 |
Premiums and deposits | 1,060 |  |  | 225 |  |  | 1,776 |  |  | 158 |  |  | 1,048 |  |  | 2,014 |  |  | 788 |
Policy charges | (503) |  |  | (705) |  |  | (490) |  |  | (5) |  |  | (1) |  |  | (16) |  |  | (22) |
Surrenders and withdrawals | (449) |  |  | (3,610) |  |  | (3,250) |  |  | (421) |  |  | (256) |  |  | (1,605) |  |  | (892) |
Benefit payments | (188) |  |  | (818) |  |  | (223) |  |  | (56) |  |  | (24) |  |  | (63) |  |  | (11) |
Investment performance (1) | 2,455 |  |  | 6,091 |  |  | 3,573 |  |  | 859 |  |  | 407 |  |  | 4,014 |  |  | 688 |
Net transfers from (to) general account | (125) |  |  | (18) |  |  | 148 |  |  | (58) |  |  | (132) |  |  | (310) |  |  | — |
Other charges (2) | — |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | (55) |  |  | — |
Balance, end of year | $ | 16,405 |  |  | $ | 44,912 |  |  | $ | 35,288 |  |  | $ | 5,583 |  |  | $ | 4,287 |  |  | $ | 27,509 |  |  | $ | 4,975 |
Cash surrender value | $ | 16,069 |  |  | $ | 44,603 |  |  | $ | 34,332 |  |  | $ | 5,547 |  |  | $ | 4,199 |  |  | $ | 27,265 |  |  | $ | 4,968 |
_________________ (1)Investment performance is reflected net of M&E fees. (2)EQUI-VEST Group and EQUI-VEST Individual reflects AV transfer of GMxB closed block business from Group Retirement to Individual Retirement. The following table reconciles the separate account liabilities to the separate account liability balance in the consolidated balance sheet as of December 31, 2022 and 2021.
| December 31, 2022 |  | December 31, 2021
| (in millions)
Separate Account Reconciliation |  |  |
Protection Solutions |  |  |
Variable Universal Life | $ | 13,187 |  |  | $ | 16,405 |
Legacy Segment |  |  |
GMxB Legacy | 32,616 |  |  | 44,912 |
Individual Retirement |  |  |
GMxB Core | 27,772 |  |  | 35,288 |
EQUI-VEST Individual | 4,161 |  |  | 5,583 |
Investment Edge | 3,798 |  |  | 4,287 |
Group Retirement |  |  |
EQUI-VEST Group | 22,393 |  |  | 27,509 |
Momentum | 3,885 |  |  | 4,975 |
Other (1) | 7,041 |  |  | 8,347 |
Total | $ | 114,853 |  |  | $ | 147,306 |
______________ (1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums as of December 31, 2022 and 2021.
December 31, 2022
Product |  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
(in millions)
Protection Solutions
Universal Life |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 6 |
| 1.51% - 2.50% |  | 181 |  |  | 197 |  |  | 605 |  |  | 47 |  |  | 1,030 |
| Greater than 2.50% |  | 3,615 |  |  | 657 |  |  | — |  |  | — |  |  | 4,272 |
| Total |  | $ | 3,796 |  |  | $ | 854 |  |  | $ | 610 |  |  | $ | 48 |  |  | $ | 5,308 |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 30 |  |  | $ | 40 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 78 |
| 1.51% - 2.50% |  | 485 |  |  | 53 |  |  | — |  |  | — |  |  | 538 |
| Greater than - 2.50% |  | 3,900 |  |  | — |  |  | 2 |  |  | — |  |  | 3,902 |
| Total |  | $ | 4,415 |  |  | $ | 93 |  |  | $ | 9 |  |  | $ | 1 |  |  | $ | 4,518 |
Legacy Segment
GMxB Legacy |  | 0.00% - 1.50% |  | $ | 386 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 386 |
| 1.51% - 2.50% |  | 560 |  |  | — |  |  | — |  |  | — |  |  | 560 |
| Greater than 2.50% |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
| Total |  | $ | 981 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 981 |
Individual Retirement
GMxB Core |  | 0.00% - 1.50% |  | $ | 289 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 289 |
| 1.51% - 2.50% |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
| Greater than 2.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 303 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 303 |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | 345 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 345 |
| 1.51% - 2.50% |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |
| Greater than 2.50% |  | 2,199 |  |  | — |  |  | 62 |  |  | — |  |  | 2,261 |
| Total |  | $ | 2,590 |  |  | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | 2,652 |
SCS |  | 0.00% - 1.50% |  | $ | 28,086 |  |  | $ | — |  |  | $ | — |  | — |  | $ | — |  |  | $ | 28,086 |
| 1.51% - 2.50% |  | 5,527 |  |  | — |  |  | — |  | — |  | — |  |  | 5,527 |
| Greater than - 2.50% |  | — |  |  | — |  |  | — |  | — |  | — |  |  | — |
| Total |  | $ | 33,613 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33,613 |
Group Retirement
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 109 |  |  | $ | 5 |  |  | $ | 366 |  |  | $ | 3,112 |  |  | $ | 3,592 |
| 1.51% - 2.50% |  | 11 |  |  | 2 |  |  | 889 |  |  | — |  |  | 902 |
| Greater than 2.50% |  | 6,949 |  |  | 21 |  |  | 330 |  |  | — |  |  | 7,300 |
| Total |  | $ | 7,069 |  |  | $ | 28 |  |  | $ | 1,585 |  |  | $ | 3,112 |  |  | $ | 11,794 |
Momentum |  | 0.00% - 1.50% |  | $ | 15 |  |  | $ | 301 |  |  | $ | 122 |  |  | $ | 7 |  |  | $ | 445 |
| 1.51% - 2.50% |  | 178 |  |  | 1 |  |  | — |  |  | — |  |  | 179 |
| Greater than 2.50% |  | 73 |  |  | — |  |  | 5 |  |  | — |  |  | 78 |
| Total |  | $ | 266 |  |  | $ | 302 |  |  | $ | 127 |  |  | $ | 7 |  |  | $ | 702 |
December 31, 2021
Product (1) |  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
(in millions)
Protection Solutions
Universal Life |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
| 1.51% - 2.50% |  | 197 |  |  | 184 |  |  | 638 |  |  | — |  |  | 1,019 |
| Greater than - 2.50% |  | 4,397 |  |  | — |  |  | — |  |  | — |  |  | 4,397 |
| Total |  | $ | 4,594 |  |  | $ | 184 |  |  | $ | 643 |  |  | $ | — |  |  | $ | 5,421 |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 21 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |
| 1.51% - 2.50% |  | 480 |  |  | — |  |  | — |  |  | — |  |  | 480 |
| Greater than - 2.50% |  | 3,887 |  |  | — |  |  | — |  |  | — |  |  | 3,887 |
| Total |  | $ | 4,388 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,419 |
Legacy Segment
GMxB Legacy |  | 0.00% - 1.50% |  | $ | 394 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 394 |
| 1.51% - 2.50% |  | 618 |  |  | — |  |  | — |  |  | — |  |  | 618 |
| Greater than - 2.50% |  | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
| Total |  | $ | 1,049 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,049 |
Individual Retirement
GMxB Core |  | 0.00% - 1.50% |  | $ | 307 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 307 |
| 1.51% - 2.50% |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |
| Greater than - 2.50% |  |  |  |  |  |  |  |  |  | — |
| Total |  | $ | 324 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 324 |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | 340 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |
| 1.51% - 2.50% |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
| Greater than - 2.50% |  | 2,331 |  |  | — |  |  | 64 |  |  | — |  |  | 2,395 |
| Total |  | $ | 2,721 |  |  | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | 2,785 |
SCS |  | 0.00% - 1.50% |  | $ | 26,421 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,421 |
| 1.51% - 2.50% |  | 6,254 |  |  | — |  |  | — |  |  | — |  |  | 6,254 |
| Greater than - 2.50% |  |  |  |  |  |  |  |  |  |
| Total |  | $ | 32,675 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,675 |
Group Retirement
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 3,395 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,400 |
| 1.51% - 2.50% |  | 869 |  |  | 3 |  |  | — |  |  | — |  |  | 872 |
| Greater than - 2.50% |  | 7,435 |  |  | — |  |  | — |  |  | — |  |  | 7,435 |
| Total |  | $ | 11,699 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,707 |
Momentum |  | 0.00% - 1.50% |  | $ | 14 |  |  | $ | 287 |  |  | $ | 124 |  |  | $ | 6 |  |  | $ | 431 |
| 1.51% - 2.50% |  | 190 |  |  | 1 |  |  | — |  |  | — |  |  | 191 |
| Greater than - 2.50% |  | 77 |  |  | — |  |  | 5 |  |  | — |  |  | 82 |
| Total |  | $ | 281 |  |  | $ | 288 |  |  | $ | 129 |  |  | $ | 6 |  |  | $ | 704 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment | The following table presents the aggregate fair value of separate account assets by major asset category as of December 31, 2022 and 2021:
| December 31, 2022
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 58 |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 84 |
Common Stock | 41 |  |  | 32 |  |  | 430 |  |  | 1,686 |  |  | — |  |  | 2,189 |
Mutual Funds | 13,498 |  |  | 36,860 |  |  | 27,639 |  |  | 773 |  |  | 32,625 |  |  | 111,395 |
Bonds and Notes | 119 |  |  | 3 |  |  | 1 |  |  | 1,062 |  |  | — |  |  | 1,185 |
Total | $ | 13,716 |  |  | $ | 36,896 |  |  | $ | 28,087 |  |  | $ | 3,529 |  |  | $ | 32,625 |  |  | $ | 114,853 |
| December 31, 2021
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 61 |  |  | $ | 1 |  |  | $ | 15 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 87 |
Common Stock | 105 |  |  | 35 |  |  | 33 |  |  | 2,584 |  |  | — |  |  | 2,757 |
Mutual Funds | 16,793 |  |  | 46,494 |  |  | 34,311 |  |  | 746 |  |  | 44,926 |  |  | 143,270 |
Bonds and Notes | 126 |  |  | 3 |  |  | — |  |  | 1,063 |  |  | — |  |  | 1,192 |
Total | $ | 17,085 |  |  | $ | 46,533 |  |  | $ | 34,359 |  |  | $ | 4,403 |  |  | $ | 44,926 |  |  | $ | 147,306 |

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