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DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)

12 Months Ended

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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