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DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Contract holder Bonus Interest Credits [Abstract] |
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 years ended December 31, 2022, and 2021 were as follows: December 31, 2022
| Protection Solutions |  | Individual Retirement |  |  | Legacy |  | Group Retirement |  | Corporate and Other | Total
| Term | UL | VUL | IUL |  | GMxBCore | EI | IE | SCS |  |  | GMxB Legacy |  | EG | Momentum |  | CB (1)
| (in millions)
Balance beginning of the year | $ | 385 |  | $ | 180 |  | $ | 799 |  | $ | 180 |  |  | $ | 1,653 |  | $ | 156 |  | $ | 121 |  | $ | 1,070 |  |  |  | $ | 631 |  |  | $ | 677 |  | $ | 94 |  |  | $ | 138 |  | $ | 6,084 |
Capitalization | 18 |  | 11 |  | 142 |  | 16 |  |  | 109 |  | 12 |  | 40 |  | 378 |  |  |  | 27 |  |  | 74 |  | 14 |  |  | — |  | 841 |
Amortization (2) | (41) |  | (12) |  | (52) |  | (11) |  |  | (137) |  | (12) |  | (13) |  | (169) |  |  |  | (65) |  |  | (41) |  | (19) |  |  | (11) |  | (583) |
Balance, December 31, 2022 | $ | 362 |  | $ | 179 |  | $ | 889 |  | $ | 185 |  |  | $ | 1,625 |  | $ | 156 |  | $ | 148 |  | $ | 1,279 |  |  |  | $ | 593 |  |  | $ | 710 |  | $ | 89 |  |  | $ | 127 |  | $ | 6,342 |
______________ (1) “CB” defined as Closed Block (2) DAC amortization of $3 million related to Other not reflected in table above. December 31, 2021
| 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 year | $ | 403 |  | $ | 177 |  | $ | 714 |  | $ | 162 |  |  |  | $ | 1,646 |  | $ | 154 |  | $ | 94 |  | $ | 855 |  |  |  | $ | 667 |  |  | $ | 634 |  | $ | 101 |  |  | $ | 150 |  | $ | 5,757 |
Capitalization | 26 |  | 15 |  | 133 |  | 28 |  |  |  | 141 |  | 15 |  | 38 |  | 350 |  |  |  | 30 |  |  | 84 |  | 16 |  |  | — |  | 876 |
Amortization (2) | (44) |  | (12) |  | (48) |  | (10) |  |  |  | (134) |  | (13) |  | (11) |  | (135) |  |  |  | (66) |  |  | (41) |  | (23) |  |  | (12) |  | (549) |
Balance, December 31, 2021 | $ | 385 |  | $ | 180 |  | $ | 799 |  | $ | 180 |  |  |  | $ | 1,653 |  | $ | 156 |  | $ | 121 |  | $ | 1,070 |  |  |  | $ | 631 |  |  | $ | 677 |  | $ | 94 |  |  | $ | 138 |  | $ | 6,084 |
______________ (1) “CB” defined as Closed Block (2) DAC amortization of $3 million related to Other not reflected in table above. Prior to the Company’s adoption of ASU 2018-12 effective January 1, 2021, changes in the DAC asset for the year ended 2020 were as follows:
|  |  |  |  | December 31,
|  |  |  |  | 2020
|  |  |  |  | (in millions)
Balance, beginning of year |  |  |  |  | $ | 5,840 |
Capitalization of commissions, sales and issue expenses |  |  |  |  | 669 |
Amortization: |  |  |  |  |
Impact of assumptions updates and model changes |  |  |  |  | (1,109) |
All other |  |  |  |  | (504) |
Total amortization |  |  |  |  | (1,613) |
Change in unrealized investment gains and losses |  |  |  |  | (654) |
Reclassified to assets HFS |  |  |  |  | 1 |
Balance, end of year |  |  |  |  | $ | 4,243 |
Changes in the Individual Retirement Sales Inducement Assets for the years ended December 31, 2022, and 2021 were as follows:
| December 31, 2022 |  | December 31, 2021 |  |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |
| ( in millions)
Balance beginning of the year | $ | 147 |  |  | $ | 222 |  |  | $ | 158 |  |  | $ | 246 |  |  |  |
Capitalization | 2 |  |  | — |  |  | 1 |  |  | — |  |  |  |
Amortization | (12) |  |  | (22) |  |  | (12) |  |  | (24) |  |  |  |
Balance, end of the year | $ | 137 |  |  | $ | 200 |  |  | $ | 147 |  |  | $ | 222 |  |  |  |
Changes in the Protection Solutions Unearned Revenue Liability for the years ended December 31, 2022, and 2021 were as follows:
| December 31, 2022 |  | December 31, 2021 |  |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |
| (in millions)
Balance beginning of the year | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |  |  | $ | 60 |  |  | $ | 566 |  |  | $ | 24 |  |  |  |
Capitalization | 21 |  |  | 105 |  |  | 71 |  |  | 25 |  |  | 92 |  |  | 74 |  |  |  |
Amortization | (6) |  |  | (40) |  |  | (8) |  |  | (5) |  |  | (39) |  |  | (4) |  |  |  |
Balance, end of the year | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |  |  |  |
Prior to the Company’s adoption of ASU 2018-12 effective January 1, 2021, changes in the Sales Inducement Assets asset for the year ended 2020 were as follows:
|  |  |  |  | Year Ended December 31,
|  |  |  |  | 2020
|  |  |  |  | (in millions)
Balance, beginning of year |  |  |  |  | $ | 430 |
Amortization charged to income |  |  |  |  | (26) |
Balance, end of year |  |  |  |  | $ | 404 |
Schedule of Reconciliation of Deferred Acquisition Cost | The following table presents a reconciliation of DAC to the consolidated balance sheet as of December 31, 2022, and 2021
| Years Ended December 31,
| 2022 |  | 2021 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 362 |  |  | $ | 385 |  |  |
Universal Life | 179 |  |  | 180 |  |  |
Variable Universal Life | 889 |  |  | 799 |  |  |
Indexed Universal Life | 185 |  |  | 180 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,625 |  |  | 1,653 |  |  |
EQUI-VEST Individual | 156 |  |  | 156 |  |  |
Investment Edge | 148 |  |  | 121 |  |  |
SCS | 1,279 |  |  | 1,070 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 593 |  |  | 631 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 710 |  |  | 677 |  |  |
Momentum | 89 |  |  | 94 |  |  |
Corporate and Other | 127 |  |  | 138 |  |  |
Other | 27 |  |  | 29 |  |  |
Total | $ | 6,369 |  |  | $ | 6,113 |  |  |

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