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FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below.
Fair Value Measurements as of December 31, 2022

Level 1
Level 2
Level 3
Total
 
(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)
$— $41,450 $2,121 $43,571 
U.S. Treasury, government and agency— 5,837 — 5,837 
States and political subdivisions— 499 28 527 
Foreign governments— 836 — 836 
Residential mortgage-backed (2)
— 788 34 822 
Asset-backed (3)
— 8,490 — 8,490 
Commercial mortgage-backed— 3,203 32 3,235 
Redeemable preferred stock— 43 — 43 
Total fixed maturities, AFS— 61,146 2,215 63,361 
Fixed maturities, at fair value using the fair value option — 1,284 224 1,508 
Other equity investments (6)214 497 12 723 
Trading securities290 332 55 677 
Other invested assets:
Short-term investments— 943 — 943 
Assets of consolidated VIEs/VOEs131 393 5 529 
Swaps— (425)— (425)
Credit default swaps
— 9 — 9 
Futures2 — — 2 
Options— 4,171 — 4,171 
Total other invested assets133 5,091 5 5,229 
Cash equivalents2,386 501 — 2,887 
Segregated securities— 1,522 — 1,522 
Purchased market risk benefits
— — 10,423 10,423 
Assets for market risk benefits
— — 490 490 
Separate Accounts assets (4)111,744 2,436 1 114,181 
Total Assets$114,767 $72,809 $13,425 $201,001 
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)
$— $1,374 $— $1,374 
SCS, SIO, MSO and IUL indexed features’ liability— 4,164 — 4,164 
Liabilities of consolidated VIEs and VOEs15 7 — 22 
Liabilities for market risk benefits
— — 15,766 15,766 
Contingent payment arrangements— — 247 247 
Total Liabilities$15 $5,545 $16,013 $21,573 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2022, the fair value of such investments was $456 million.
(5)Includes CLO short-term debt of $239 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option. Accrued interest payable of $15 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
(6)Includes short position equity securities of $12 million that are reported in other liabilities.
Fair Value Measurements as of December 31, 2021

Level 1
Level 2
Level 3
Total
 
(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)
$— $51,007 $1,504 $52,511 
U.S. Treasury, government and agency— 15,385 — 15,385 
States and political subdivisions— 627 35 662 
Foreign governments— 1,152 — 1,152 
Residential mortgage-backed (2)
— 98 — 98 
Asset-backed (3)
— 5,926 8 5,934 
Commercial mortgage-backed (2)
— 2,401 20 2,421 
Redeemable preferred stock— 53 — 53 
Total fixed maturities, AFS— 76,649 1,567 78,216 
Fixed maturities, at fair value using the fair value option1,440 201 1,641 
Other equity investments
322 457 5 784 
Trading securities340 226 65 631 
Other invested assets:

Short-term investments— 30 — 30 
Assets of consolidated VIEs/VOEs166 450 11 627 
Swaps— (473)— (473)
Credit default swaps
— (1)— (1)
Futures(1)— — (1)
Options— 6,959 — 6,959 
Swaptions— — — — 
Total other invested assets165 6,965 11 7,141 
Cash equivalents3,275 293 — 3,568 
Segregated securities— 1,504 — 1,504 
Purchased market risk benefits
— — 14,074 14,074 
Assets for market risk benefits
— — 318 318 
Separate Accounts assets (4)
144,124 2,572 1 146,697 
Total Assets$148,226 $90,106 $16,242 $254,574 
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)
$— $1,277 $— $1,277 
SCS, SIO, MSO and IUL indexed features’ liability— 6,773 — 6,773 
Liabilities of consolidated VIEs and VOEs16 2 — 18 
Liabilities for market risk benefits
— — 21,688 21,688 
Contingent payment arrangements— — 38 38 
Total Liabilities$16 $8,052 $21,726 $29,794 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.
(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2021, the fair value of such investments was $404 million.
(5)Includes CLO short-term debt of $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option Accrued interest payable of $6 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Schedule of Reconciliation of Assets and Liabilities at Level 3
The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the years ended December 31, 2022, 2021 and 2020, respectively. Not included below are the changes in balances related to market risk benefits and purchased market risk level 3 assets and liabilities, which are included in Note 10 of the Notes to these Consolidated Financial Statements.
CorporateState and Political SubdivisionsAsset-backedCMBSRMBSTrading Securities, at Fair ValueFixed maturities, at FVO
(in millions)
Balance, January 1, 2022$1,504 $35 $8 $20 $— $65 $201 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)5 — — — — — (11)
Investment gains (losses), net(5)— — — — (10)— 
Subtotal— — — — — (10)(11)
Other comprehensive income (loss)(159)(5)— (2)— — — 
Purchases1,107 — — 14 34 — 98 
Sales(378)(2)(2)— — — (36)
Activity related to consolidated VIEs/VOEs— — — — — — — 
Transfers into Level 3 (1)168 — — — — — 45 
Transfers out of Level 3 (1)(121)— (6)— — — (73)
Balance, December 31, 2022$2,121 $28 $— $32 $34 $55 $224 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $— $(10)$(2)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$(156)$(5)$— $(2)$— $— $— 
Balance, January 1, 2021$1,702 $39 $20 $— $— $39 $80 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)5 — — — — — 5 
Investment gains (losses), net(16)— — — — 26 — 
Subtotal(11)— — — — 26 5 
Other comprehensive income (loss)34 (2)— — — — — 
Purchases938 — 6 20 — — 211 
Sales(473)(2)(18)— — — (23)
Activity related to consolidated VIEs/VOEs— — — — — — — 
Transfers into Level 3 (1)27 — — — — — — 
Transfers out of Level 3 (1)(713)— — — — — (72)
Balance, December 31, 2021$1,504 $35 $8 $20 $— $65 $201 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $— $26 $5 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$28 $(2)$— $— $— $— $— 
CorporateState and Political SubdivisionsAsset-backedCMBSRMBSTrading Securities, at Fair ValueFixed maturities, at FVO
(in millions)
Balance, January 1, 2020$1,257 $39 $100 $— $— $36 $— 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)4 — — — — — — 
Investment gains (losses), net(16)— — — — 3 — 
Subtotal(12)— — — — 3 — 
Other comprehensive income (loss)(17)2 — — — — — 
Purchases514 — 20 — — — 81 
Sales(226)(2)— — — — (1)
Activity related to consolidated VIEs/VOEs— — — — — — — 
Transfers into Level 3 (1)189 — — — — — — 
Transfers out of Level 3 (1)(3)— (100)— — — — 
Balance, December 31, 2020$1,702 $39 $20 $— $— $39 $80 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $— $3 $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$(18)$2 $— $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of December 31, 2022 or December 31, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Other Equity Investments (4)Separate Accounts AssetsContingent Payment Arrangement
(in millions)
Balance, January 1, 2022$16 $1 $(38)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income(1)— — 
Net derivative gains (losses) — — — 
Total realized and unrealized gains (losses)(1)— — 
Other comprehensive income (loss)— — — 
Purchases8 — (231)
Sales — — — 
Settlements — — — 
Other — — 22 
Activity related to consolidated VIEs/VOEs(3)— — 
Transfers into Level 3 (2)— — — 
Transfers out of Level 3 (2)(3)— — 
Balance, December 31, 2022$17 $1 $(247)
Other Equity Investments (4)Separate Accounts AssetsContingent Payment Arrangement
(in millions)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)$(1)$— $— 
Balance, January 1, 2021$84 $1 $(28)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income21 — — 
Net derivative gains (losses) — — — 
Total realized and unrealized gains (losses)21 — — 
Other comprehensive income (loss)— — — 
Purchases 8 1 (7)
Sales (92)— — 
Other— — — 
Activity related to consolidated VIEs/VOEs(4)— (3)
Transfers into Level 3 (2)— — — 
Transfers out of Level 3 (2)(1)(1)— 
Balance, December 31, 2021$16 $1 $(38)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)$2 $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)$— $— $— 
Balance, January 1, 2020$113 $— $(23)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income(8)— — 
Net derivative gains (losses)— — — 
Total realized and unrealized gains (losses)(8)— — 
Other comprehensive income (loss)— — — 
Purchases 9 1 (4)
Sales(26)— — 
Settlements (1)— — 1 
Change in estimate— — 1 
Activity related to consolidated VIEs/VOEs(4)— (3)
Transfers into Level 3 (2)— — — 
Transfers out of Level 3 (2)— — — 
Balance, December 31, 2020$84 $1 $(28)
Other Equity Investments (4)Separate Accounts AssetsContingent Payment Arrangement
(in millions)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)$(8)$1 $(7)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)$— $— $— 
For contingent payment arrangements, it represents payments under the arrangement.
(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(3)For instruments held as of December 31, 2022 or December 31, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
(4)Other Equity Investments include other invested assets.
Schedule of Quantitative Information About Level 3 Fair Value Measurement
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2022 and 2021, respectively.
Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2022

Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
 (Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$417 Matrix pricing model
Spread over Benchmark
20 bps - 797 bps
205 bps
1,029 Market comparable 
companies
EBITDA multiples
Discount rate
Cash flow multiples
Loan to value
5.3x - 35.8x
9.0% - 45.7%
0.0x - 10.3x
0.0% - 40.4%
13.6x
11.9%
6.1x
12.0%
Trading Securities, at Fair Value55 Discounted Cash Flow
Earnings multiple
Discount factor
Discount years
8.3x
10.0%
7
Other equity investments4 Market comparable companies
Revenue multiple
0.5x - 10.8x
2.4x
Purchased MRB asset (1) (2) (4)10,423 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB Utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115

0.26%-26.23%
0.06%-10.93%
0.04%-66.66%
54 bps - 124 bps
14%-32%
0.01%-0.17%
0.06%-0.52%
0.32%-40.00%
1.58%
0.69%
7.39%
69 bps
24%
2.87%
(same for all ages)
(same for all ages)
Liabilities:
Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
AB Contingent Consideration Payable$247 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 83.9%
1.9% - 10.4%
11.5%
4.5%
Direct MRB (1) (2) (3) (4)15,276 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
157 bps
0.26%-35.42%
0.00%-10.93%
0.04% - 100.00%
0.01%-0.17%
0.06%-0.52%
0.32%-40.00%
157 bps
3.01%
0.68%
5.53%
2.43%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. GMIB utilization rates were developed as a function of the GMIB benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $15.8 billion of MRB liabilities and $490 million of MRB assets.
(4)Includes Legacy and Core products.
Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021

Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
 (Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$258 Matrix pricing model
Spread over benchmark
20 bps - 270 bps
144 bps
888 Market comparable companies
EBITDA multiples
 Discount rate
 Cash flow multiples
Loan to value
4.9x - 62.3x
6.2% - 21.5%
0.5x-10.0x
3.1%-63.4%
13.0x
9.1%
5.5x
30.8%
Trading Securities, at Fair Value65 Discounted cash flow
Earnings multiple
Discounts factor
Discount years
7.3x
10.00%
11
Other equity investments4 Market comparable companies
Revenue multiple
7.8x - 10.3x
9.5x
Purchased MRB asset (1) (2) (4)14,074 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115

0.26%-26.85%
0.19%-8.34%
0.04%-66.14%
50 bps - 93 bps
11%-31%
0.01%-0.17%
0.06%-0.53%
0.31%-40.00%



1.30%
1.20%
6.92%
67 bps
24%
2.59%
(same for all ages)
(same for all ages)
Liabilities:
AB Contingent Consideration Payable38 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 83.9%
1.9% - 10.4%
11.9%
7.0%
Direct MRB (1) (2) (3) (4)21,370 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41 - 60
Ages 60 - 115
111 bps
0.26% - 26.85%
0.00% - 8.34%
0.04% -100.00%
0.01% - 0.17%
0.06% - 0.53%
0.31% - 40.00%
111 bps
2.35%
1.18%
5.44%
2.27%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. GMIB utilization rates were developed as a function of the GMIB benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $21.7 billion of MRB liabilities and $318 million of MRB assets.
(4)Includes Legacy and Core products.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value
The carrying values and fair values as of December 31, 2022 and 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements are presented in the table below.
Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

 
Carrying
Value
Fair Value
 
Level 1
Level 2
Level 3
Total
(in millions)
December 31, 2022:
Mortgage loans on real estate $16,481 $— $— $14,690 $14,690 
Policy loans$4,033 $— $— $4,349 $4,349 
Policyholders’ liabilities: Investment contracts$1,916 $— $— $1,750 $1,750 
FHLB funding agreements $8,505 $— $8,390 $— $8,390 
FABN funding agreements$7,095 $— $6,384 $— $6,384 
Short-term debt (1)$520 $— $518 $— $518 
Long-term debt$3,322 $— $3,130 $— $3,130 
Separate Accounts liabilities$10,236 $— $— $10,236 $10,236 
December 31, 2021 (1):
Mortgage loans on real estate$14,033 $— $— $14,308 $14,308 
Policy loans$4,024 $— $— $5,050 $5,050 
Policyholders’ liabilities: Investment contracts$2,035 $— $— $2,103 $2,103 
FHLB funding agreements $6,647 $— $6,679 $— $6,679 
FABN funding agreements$6,689 $— $6,626 $— $6,626 
Long-term debt $3,839 $— $4,544 $— $4,544 
Separate Accounts liabilities$11,620 $— $— $11,620 $11,620 
_____________
(1)As of December 31, 2022 and 2021, excludes CLO short-term debt of $239 million and $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option.