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POLICYHOLDER ACCOUNT BALANCES (Tables)
 12 Months Ended
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, 2022December 31, 2021
Protection SolutionsIndividual RetirementLegacyCorporate & OtherProtection SolutionsIndividual RetirementLegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(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 assumptions204 — — — (10)69 — — — — 
Effect of actual variances from expected experience31 — — — (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 rate2,078 — — — (5)1,864 — — — 19 
Effect of changes in discount rate assumptions22 — — — — 621 — — — 3 
Balance, end of year$2,100 $— $— $— $(5)$2,485 $— $— $— $22 
December 31, 2022December 31, 2021
Protection SolutionsIndividual RetirementLegacyCorporate & OtherProtection SolutionsIndividual RetirementLegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(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 rate3,241 883 2,400 632 1,915 3,184 883 1,993 686 2,028 
Effect of changes in cash flow assumptions222 (2)(1)— (5)69 34 4 (2)— 
Effect of actual variances from expected experience31 (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 
Issuances82 23 758 — — 117 26 490 — — 
Interest accrual168 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 rate3,391 845 3,024 583 1,795 3,241 883 2,400 632 1,915 
Effect of changes in discount rate assumptions74 (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 recoverable21 — (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)7.09.58.17.28.77.59.68.47.28.9

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 December 31, 2022 and 2021.
December 31, 2022December 31, 2021
(in millions)
Reconciliation
Term$1,365 $1,809 
Individual Retirement - Payout828 1,114 
Legacy - Payout2,689 2,547 
Group Pension - Benefit Reserve & DPL523 683 
Health1,558 2,070 
UL and VUL - additional liability for death benefits 1,109 1,087 
subtotal8,072 9,310 
  Whole Life Closed Block and Open Block products
5,664 5,911 
Other (1)908 1,175 
Future policyholder benefits total14,644 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, 2022Protection SolutionsLegacyIndividual Retirement Group Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of year$5,462 $4,807 $745 $112 $33,443 $2,784 $11,951 $704 
Premiums received730 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 rate3.62%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, 2021Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of year$5,564 $4,835 $815 $99 $25,654 $2,862 $11,665 $761 
Issuances— — — — — — — — 
Premiums received787 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 rate3.56 %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, 2022December 31, 2021
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,340 $5,462 
Variable Universal Life4,909 4,807 
Legacy Segment
GMxB Legacy688 746 
Individual Retirement
GMxB Core69 112 
EQUI-VEST Individual2,652 2,784 
SCS35,702 33,443 
Group Retirement
EQUI-VEST Group12,045 11,951 
Momentum702 704 
Other (1)6,118 5,998 
Balance (exclusive of Funding Agreements)$68,225 $66,007 
Funding Agreements15,641 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, 2022Protection SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB Legacy GMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of year$16,405 $44,912 $35,288 $5,583 $4,287 $27,509 $4,975 
Premiums and deposits1,115 240 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, 2021Protection SolutionsLegacy Individual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of year$14,155 $43,747 $33,754 $5,051 $3,245 $23,530 $4,424 
Premiums and deposits1,060 225 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, 2022December 31, 2021
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$13,187 $16,405 
Legacy Segment
GMxB Legacy32,616 44,912 
Individual Retirement
GMxB Core27,772 35,288 
EQUI-VEST Individual4,161 5,583 
Investment Edge3,798 4,287 
Group Retirement
EQUI-VEST Group22,393 27,509 
Momentum3,885 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 RateAt 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 RateAt 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 SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$58 $1 $17 $8 $— $84 
Common Stock41 32 430 1,686 — 2,189 
Mutual Funds13,498 36,860 27,639 773 32,625 111,395 
Bonds and Notes119 3 1 1,062 — 1,185 
Total$13,716 $36,896 $28,087 $3,529 $32,625 $114,853 


December 31, 2021
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$61 $1 $15 $10 $— $87 
Common Stock105 35 33 2,584 — 2,757 
Mutual Funds16,793 46,494 34,311 746 44,926 143,270 
Bonds and Notes126 3 — 1,063 — 1,192 
Total$17,085 $46,533 $34,359 $4,403 $44,926 $147,306