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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Adoption of New Accounting Pronouncements

Description			Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944)
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of Market Risk Benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.			On January 1, 2023, the Company adopted the new accounting standard ASU 2018-12 using the modified retrospective approach, except for MRBs which will use the full retrospective approach. Refer to “Transition impact of ASU 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” section within this note for further details.

Future Adoption of New Accounting Pronouncements

Description			Effective Date and Method of Adoption			Effect on the Financial Statement or Other Significant Matters
ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This ASU provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements.			The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. A calendar year public entity will adopt the ASU for its 2024 Form 10-K. The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so.			The Company is currently assessing the additional required disclosures under the ASU including providing new segment disclosure requirements for entities with a single reportable segment. Management is evaluating the impact the adoption of this guidance will have on the Company’s consolidated financial statements.
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The ASU enhanced existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by(2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.			The ASU will be effective for annual periods beginning after December 15, 2024. Entities are required to apply the ASU on a prospective basis.			The adoption of ASU 2023-09 is not expected to materially impact the Company’s financial position, results of operation, or cash flows.

The following table presents the effect of transition adjustment to total equity resulting from the adoption of ASU 2018-12 as of January 1, 2021:

			Retained Earnings						Accumulated Other Comprehensive Income												Total
			(in millions)
Liability for future policy benefits			$	30					$	(1,343)											$	(1,313)
Market risk benefits			(3,398)						(902)												(4,300)
DAC			—						1,548												1,548
Unearned revenue liability and sales inducement assets (1)			—						(166)												(166)
Total transition adjustment before taxes			(3,368)						(863)												(4,231)
Income taxes			707						181												888
Total transition adjustment (net of taxes)			$	(2,661)					$	(682)											$	(3,343)

_______________

(1)Unearned revenue liability included within liability for future policy benefits financial statement line item in the consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated balance sheets.

Schedule of Balance of and Changes in Liability for Future Policy Benefits

The following table summarizes the balance of and changes in liability for future policy benefits on January 1, 2021 resulting from the adoption of ASU 2018-12:

			Protection Solutions									Individual Retirement						Corporate & Other									Total
			Term												Payout						Group Pension									Health
			(in millions)
Balance, December 31, 2020			$	1,423											$	3,047					$	771					$	2,100		$	7,341
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income			—												(171)						(85)						(100)			(356)
Effect of remeasurement of liability at current single A rate (1)			560												531						94						300			1,485
Balance, January 1, 2021 (1)			1,983												3,407						780						2,300			8,470
Less: Reinsurance recoverable			(59)												—						—						(1,837)			(1,896)
Balance, January 1, 2021, net of reinsurance			$	1,924											$	3,407					$	780					$	463		$	6,574

________________

(1)LFPB transition table not inclusive of the following transition adjustments to AOCI including Protection Solutions PFBL of $550 million, PDR of $(230) million, Rider Reserves and Term Reinsurance of $(24) million and Corporate and Other of $(111) million.

Schedule of Market Risk Benefit, Activity

The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12:

			Individual Retirement						Legacy												Total
			GMxB Core						GMxB Legacy						Purchased MRB
			(in millions)
Balance, December 31, 2020			$	2,206					$	19,891					$	(2,572)					$	19,525
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income			(4)						(70)						—						(74)
Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (1)			505						461						2						968
Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (1)			(563)						4,122						(194)						3,365
Balance, January 1, 2021			$	2,144					$	24,404					$	(2,764)					$	23,784

_____________

(1)MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including Individual Retirement EQUI-VEST of $43 million, SCS of $21 million, Protection Solutions of $(2) million and Group Retirement EQUI-VEST of $(20) million.

The following table presents the balances and changes to the balances for market risk benefits for the GMxB benefits on deferred variable annuities:

			Year Ended December 31,
			2023																								2022
			Individual Retirement						Legacy																		Individual Retirement						Legacy
			GMxB Core						GMxB Legacy						Purchased MRB (3)						Net Legacy						GMxB Core						GMxB Legacy						Purchased MRB (3)						Net Legacy
			(in millions)
Balance, beginning of year			$	530					$	14,699					$	(10,415)					$	4,284					$	1,061					$	20,236					$	(14,059)					$	6,177
Balance BOP before changes in the instrument specific credit risk			529						15,314						(10,358)						4,956						666						19,719						(14,051)						5,668
Model changes and effect of changes in cash flow assumptions			20						(11)						(33)						(44)						(5)						317						(143)						174
Actual market movement effect			(481)						(1,847)						986						(861)						1,074						3,402						(1,226)						2,176
Interest accrual			73						770						(555)						215						37						731						(489)						242
Attributed fees accrued (1)			407						843						(284)						559						399						882						(295)						587
Benefit payments			(47)						(1,354)						768						(586)						(37)						(1,179)						669						(510)
Actual policyholder behavior different from expected behavior			23						(14)						(41)						(55)						24						142						(102)						40
Changes in future economic assumptions			(203)						(673)						130						(543)						(1,626)						(8,700)						5,279						(3,421)
Issuances			1						—						—						—						(3)						—						—						—
Balance EOP before changes in the instrument-specific credit risk			322						13,028						(9,387)						3,641						529						15,314						(10,358)						4,956
Changes in the instrument-specific credit risk (2)			268						390						(33)						357						1						(615)						(57)						(672)
Balance, end of year			$	590					$	13,418					$	(9,420)					$	3,998					$	530					$	14,699					$	(10,415)					$	4,284
Weighted-average age of policyholders (years)			64.4						73.0						72.6						N/A						63.5						72.5						72.1						N/A
Net amount at risk (4)			$	2,995					$	21,136					$	11,343					N/A						$	3,530					$	22,631					$	11,755					N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.

			December 31, 2021
			Individual Retirement						Legacy
			GMxB Core						GMxB Legacy						Purchased MRB (3)						Net Legacy
Balance, beginning of the period (“BOP”)			$	2,143					$	24,405					$	(2,763)					$	21,642
Balance BOP before changes in the instrument specific credit risk			$	1,639					23,944						(2,766)						21,178
Model changes and effect of changes in cash flow assumptions			(280)						(196)						36						(160)
Actual market movement effect			(665)						(3,026)						799						(2,227)
Interest accrual			7						197						(122)						75
Attributed fees accrued (1)			386						918						(194)						724
Benefit payments			(14)						(902)						350						(552)
Actual policyholder behavior different from expected behavior			(9)						135						(56)						79
Changes in future economic assumptions			(397)						(1,351)						(950)						(2,301)
Issuances			(1)						—						(11,148)						(11,148)
Balance EOP before changes in the instrument-specific credit risk			$	666					19,719						(14,051)						5,668
Changes in the instrument-specific credit risk (2)			395						517						(8)						509
Balance, end of the period (“EOP”)			$	1,061					$	20,236					$	(14,059)					$	6,177
Weighted-average age of policyholders (years)			62.6						71.9						71.5						N/A
Net amount at risk (4)			$	1,115					$	15,901					$	9,055					N/A

______________

(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)    Changes are recorded in OCI.

(3)    Purchased MRB is the impact of non-affiliated reinsurance.

(4) GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.

The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:

			Year Ended December 31,
			2023																														2022
			Direct Asset						Direct Liability						Net Direct MRB						Purchased MRB						Total						Direct Asset						Direct Liability						Net Direct MRB						Purchased MRB						Total
			(in millions)
Individual Retirement
GMxB Core			$	(418)					$	1,008					$	590					$	—					$	590					$	(387)					$	917					$	530					$	—					$	530
Legacy Segment
GMxB Legacy			(102)						13,520						13,418						(9,420)						3,998						(51)						14,749						14,699						(10,412)						4,287
Other (1)			(71)						84						13						(7)						6						(52)						100						47						(11)						36
Total			$	(591)					$	14,612					$	14,021					$	(9,427)					$	4,594					$	(490)					$	15,766					$	15,276					$	(10,423)					$	4,853

______________

(1)Other primarily includes Individual EQUI-VEST MRB.

Schedule of 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 were as follows:

			Year Ended December 31, 2023
			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 year			$	362					$	179					$	889					$	185					$	1,625					$	156					$	148					$	1,279					$	593					$	710					$	89					$	127					$	6,342
Capitalization			14						7						155						14						121						11						38						507						26						73						10						—						976
Amortization (2)			(39)						(12)						(57)						(11)						(144)						(12)						(14)						(215)						(64)						(41)						(17)						(11)						(637)
Balance, end of year			$	337					$	174					$	987					$	188					$	1,602					$	155					$	172					$	1,571					$	555					$	742					$	82					$	116					$	6,681

______________

(1)“CB” defined as Closed Block.

(2)DAC amortization of $4 million related to Other not reflected in table above.

			Year Ended December 31, 2022
			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
			(in millions)
Balance, beginning of 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 (1)			(41)						(12)						(52)						(11)						(137)						(12)						(13)						(169)						(65)						(41)						(19)						(11)						(583)
Balance, end of year			$	362					$	179					$	889					$	185					$	1,625					$	156					$	148					$	1,279					$	593					$	710					$	89					$	127					$	6,342

______________

(1)DAC amortization of $3 million related to Other not reflected in table above.

			Year Ended 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
			(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)    DAC amortization of $3 million related to Other not reflected in table above.

Changes in the Individual Retirement sales inducement assets were as follows:

			Year Ended December 31,
			2023												2022												2021
			GMxB Core						GMxB Legacy						GMxB Core						GMxB Legacy						GMxB Core						GMxB Legacy
			(in millions)
Balance, beginning of year			$	137					$	200					$	147					$	222					$	158					$	246
Capitalization			2						—						2						—						1						—
Amortization			(12)						(21)						(12)						(22)						(12)						(24)
Balance, end of year			$	127					$	179					$	137					$	200					$	147					$	222

Changes in the Protection Solutions unearned revenue liability were as follows:

			Year Ended December 31,
			2023																		2022																		2021
			UL						VUL						IUL						UL						VUL						IUL						UL						VUL						IUL
			(in millions)
Balance, beginning of year			$	95					$	684					$	157					$	80					$	619					$	94					$	60					$	566					$	24
Capitalization			19						115						64						21						105						71						25						92						74
Amortization			(7)						(45)						(11)						(6)						(40)						(8)						(5)						(39)						(4)
Balance, end of year			$	107					$	754					$	210					$	95					$	684					$	157					$	80					$	619					$	94

Schedule of Deferred Income

The following tables summarizes the balance of and changes in sales inducement assets and unearned revenue liability on January 1, 2021 resulting from the adoption of ASU 2018-12:

			Sales Inducement Assets
			Legacy						Individual Retirement						Total
			GMxB Legacy						GMxB Core
			(in millions)
Balance, December 31, 2020			$	246					$	158					$	404
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income			—						—						—
Balance, January 1, 2021			$	246					$	158					$	404

			Protection Solutions																		Total
			Unearned Revenue Liability
			UL						VUL						IUL
			(in millions)
Balance, December 31, 2020			$	31					$	438					$	14					$	483
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income			29						127						9						165
Balance, January 1, 2021			$	60					$	565					$	23					$	648

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-12

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-13

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