INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
December 31, 2022
Fixed Maturities:
Corporate (1)	$	46,053	$	24	$	89	$	6,655	$	39,463
U.S. Treasury, government and agency	7,049		—		1		1,312		5,738
States and political subdivisions	540		—		7		76		471
Foreign governments	985		—		2		151		836
Residential mortgage-backed (2)	860		—		1		84		777
Asset-backed (3)	8,817		—		3		371		8,449
Commercial mortgage-backed	3,742		—		—		572		3,170
Redeemable preferred stock	41		—		2		—		43
Total at December 31, 2022	$	68,087	$	24	$	105	$	9,221	$	58,947
December 31, 2021:
Fixed Maturities:
Corporate (1)	$	45,578	$	22	$	2,382	$	214	$	47,724
U.S. Treasury, government and agency	13,032		—		2,196		14		15,214
States and political subdivisions	527		—		73		3		597
Foreign governments	1,124		—		42		14		1,152
Residential mortgage-backed (2)	82		—		8		—		90
Asset-backed (3)	5,904		—		20		19		5,905
Commercial mortgage-backed	2,348		—		19		26		2,341
Redeemable preferred stock	41		—		12		—		53
Total at December 31, 2021	$	68,636	$	22	$	4,752	$	290	$	73,076

______________

(1)Corporate fixed maturities include 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.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of December 31, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
December 31, 2022:
Contractual maturities:
Due in one year or less	$	1,516	$	1,497
Due in years two through five	13,452		12,727
Due in years six through ten	14,632		12,979
Due after ten years	25,003		19,305
Subtotal	54,603		46,508
Residential mortgage-backed	860		777
Asset-backed	8,817		8,449
Commercial mortgage-backed	3,742		3,170
Redeemable preferred stock	41		43
Total at December 31, 2022	$	68,063	$	58,947

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the years ended December 31, 2022, 2021 and 2020:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Proceeds from sales	$	11,683	$	26,678	$	12,670
Gross gains on sales	$	38	$	1,141	$	854
Gross losses on sales	$	(668)	$	(189)	$	(34)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses (1)	$	(253)	$	(16)	$	(13)

______________

(1)Amounts reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 11 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction.

Schedule of AFS Fixed Maturities - Credit Loss Impairments

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Balance, beginning of period	$	42	$	28	$	15
Previously recognized impairments on securities that matured, paid, prepaid or sold	(261)		(2)		—
Recognized impairments on securities impaired to fair value this period (1) (2)	246		—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	—		9		6
Additional credit losses this period on securities previously impaired	9		7		7
Increases due to passage of time on previously recorded credit losses	—		—		—
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—		—
Balance at December 31,	$	36	$	42	$	28

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

(2)Amounts reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 11 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2022	$	4,462	$	(284)	$	(977)	$	(673)	$	2,528
Net investment gains (losses) arising during the period	(14,456)		—		—		—		(14,456)
Reclassification adjustment:									—
Included in net income (loss)	885		—		—		—		885
Other (1)	—		—		—		(1,489)		(1,489)
Impact of net unrealized investment gains (losses)	—		1,354		750		2,409		4,513
Net unrealized investment gains (losses) excluding credit losses	(9,109)		1,070		(227)		247		(8,019)
Net unrealized investment gains (losses) with credit losses	(7)		1		—		1		(5)
Balance, December 31, 2022	$	(9,116)	$	1,071	$	(227)	$	248	$	(8,024)
Balance, January 1, 2021	$	8,230	$	(466)	$	(1,814)	$	(1,250)	$	4,700
Net investment gains (losses) arising during the period	(2,902)		—		—		—		(2,902)
Reclassification adjustment:									—
Included in net income (loss)	(835)		—		—		—		(835)
Other (2)	(31)		—		—		—		(31)
Impact of net unrealized investment gains (losses)	—		182		837		577		1,596
Net unrealized investment gains (losses) excluding credit losses	4,462		(284)		(977)		(673)		2,528
Net unrealized investment gains (losses) with credit losses	—		—		—		—		—
Balance, December 31, 2021	$	4,462	$	(284)	$	(977)	$	(673)	$	2,528
Balance, January 1, 2020	$	3,084	$	(826)	$	(192)	$	(433)	$	1,633
Net investment gains (losses) arising during the period	5,953		—		—		—		5,953
Reclassification adjustment:
Included in Net income (loss)	(802)		—		—		—		(802)
Impact of net unrealized investment gains (losses)	—		360		(1,623)		(818)		(2,081)
Net unrealized investment gains (losses) excluding credit losses	8,235		(466)		(1,815)		(1,251)		4,703
Net unrealized investment gains (losses) with credit losses	(5)		—		1		1		(3)
Balance, December 31, 2020	$	8,230	$	(466)	$	(1,814)	$	(1,250)	$	4,700

_____________

(1) Reflects a Deferred Tax Asset valuation allowance of $1.5 billion recorded during the fourth quarter of 2022. See Note 14 of the Notes to these Consolidated Financial Statements for additional details.

(2) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 4,798 issues as of December 31, 2022 and the 1,896 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
December 31, 2022
Fixed Maturities:
Corporate	$	22,034	$	2,431	$	15,014	$	4,222	$	37,048	$	6,653
U.S. Treasury, government and agency	5,465		1,294		204		18		5,669		1,312
States and political subdivisions	91		18		158		58		249		76
Foreign governments	349		42		418		109		767		151
Residential mortgage-backed	665		49		79		35		744		84
Asset-backed	6,262		228		1,759		143		8,021		371
Commercial mortgage-backed	1,572		200		1,580		372		3,152		572
Total at December 31, 2022	$	36,438	$	4,262	$	19,212	$	4,957	$	55,650	$	9,219
December 31, 2021:
Fixed Maturities:
Corporate	$	9,497	$	150	$	1,301	$	62	$	10,798	$	212
U.S. Treasury, government and agency	947		10		103		4		1,050		14
States and political subdivisions	112		2		11		1		123		3
Foreign governments	349		6		92		8		441		14
Asset-backed	3,843		19		38		—		3,881		19
Commercial mortgage-backed	1,515		22		96		4		1,611		26
Total at December 31, 2021	$	16,263	$	209	$	1,641	$	79	$	17,904	$	288

Schedule of Financing Receivable, Allowance for Credit Loss on Mortgage Loans

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the years ended December 31, 2022, 2021 and 2020 were as follows:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period	$	57	$	77	$	33
Current-period provision for expected credit losses	66		(20)		44
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off			—		—
Net change in allowance	66		(20)		44
Balance, end of period	$	123	$	57	$	77
Agricultural mortgages:
Balance, beginning of period	$	5	$	4	$	3
Current-period provision for expected credit losses	1		1		1
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off			—		—
Net change in allowance	1		1		1
Balance, end of period	$	6	$	5	$	4
Total allowance for credit losses	$	129	$	62	$	81

Schedule of Financing Receivable Credit Quality Indicators

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2022 and 2021.

Loan to Value (“LTV”) Ratios (1)

	December 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	624	$	130	$	—	$	—	$	119	$	1,242	$	—	$	—	$	2,115
50% - 70%	2,285		1,569		906		313		623		2,254		328		—		8,278
70% - 90%	363		415		463		329		424		1,314		—		34		3,342
90% plus	—		—		—		—		35		233		—		—		268
Total commercial	$	3,272	$	2,114	$	1,369	$	642	$	1,201	$	5,043	$	328	$	34	$	14,003
Agricultural:
0% - 50%	$	163	$	182	$	228	$	129	$	132	$	725	$	—	$	—	$	1,559
50% - 70%	190		185		222		68		83		267		—		—		1,015
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	353	$	367	$	450	$	197	$	215	$	1,008	$	—	$	—	$	2,590
Total mortgage loans:
0% - 50%	$	787	$	312	$	228	$	129	$	251	$	1,967	$	—	$	—	$	3,674
50% - 70%	2,475		1,754		1,128		381		706		2,521		328		—		9,293
70% - 90%	363		415		463		329		424		1,330		—		34		3,358
90% plus	—		—		—		—		35		233		—		—		268
Total mortgage loans	$	3,625	$	2,481	$	1,819	$	839	$	1,416	$	6,051	$	328	$	34	$	16,593

Debt Service Coverage (“DSC”) Ratios (2)

	December 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	771	$	1,159	$	1,113	$	102	$	571	$	1,911	$	—	$	—	$	5,627
1.8x to 2.0x	158		215		164		197		186		477		279		—		1,676
1.5x to 1.8x	337		390		32		153		176		1,175		4		—		2,267
1.2x to 1.5x	1,041		259		—		92		73		917		—		—		2,382
1.0x to 1.2x	507		43		60		98		160		492		45		34		1,439
Less than 1.0x	458		48		—		—		35		71		—		—		612

	December 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Total commercial	$	3,272	$	2,114	$	1,369	$	642	$	1,201	$	5,043	$	328	$	34	$	14,003
Agricultural:
Greater than 2.0x	$	51	$	40	$	62	$	21	$	12	$	193	$	—	$	—	$	379
1.8x to 2.0x	16		58		35		24		14		51		—		—		198
1.5x to 1.8x	69		42		111		18		19		196		—		—		455
1.2x to 1.5x	107		147		177		98		99		298		—		—		926
1.0x to 1.2x	91		80		61		30		60		257		—		—		579
Less than 1.0x	19		—		4		6		11		13		—		—		53
Total agricultural	$	353	$	367	$	450	$	197	$	215	$	1,008	$	—	$	—	$	2,590
Total mortgage loans:
Greater than 2.0x	$	822	$	1,199	$	1,175	$	123	$	583	$	2,104	$	—	$	—	$	6,006
1.8x to 2.0x	174		273		199		221		200		528		279		—		1,874
1.5x to 1.8x	406		432		143		171		195		1,371		4		—		2,722
1.2x to 1.5x	1,148		406		177		190		172		1,215		—		—		3,308
1.0x to 1.2x	598		123		121		128		220		749		45		34		2,018
Less than 1.0x	477		48		4		6		46		84		—		—		665
Total mortgage loans	$	3,625	$	2,481	$	1,819	$	839	$	1,416	$	6,051	$	328	$	34	$	16,593

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

LTV Ratios (1)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	184	$	293	$	992	$	—	$	—	$	1,469
50% - 70%	1,944		1,286		339		619		491		2,533		139		—		7,351
70% - 90%	190		236		412		415		276		972		—		—		2,501
90% plus	—		—		—		35		5		73		—		—		113
Total commercial	$	2,134	$	1,522	$	751	$	1,253	$	1,065	$	4,570	$	139	$	—	$	11,434
Agricultural:
0% - 50%	$	180	$	212	$	128	$	129	$	119	$	738	$	—	$	—	$	1,506
50% - 70%	200		268		102		126		87		338		—		—		1,121
70% - 90%	—		—		—		—		—		17		—		—		17
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	—	$	—	$	2,644
Total mortgage loans:
0% - 50%	$	180	$	212	$	128	$	313	$	412	$	1,730	$	—	$	—	$	2,975
50% - 70%	2,144		1,554		441		745		578		2,871		139		—		8,472
70% - 90%	190		236		412		415		276		989		—		—		2,518
90% plus	—		—		—		35		5		73		—		—		113
Total mortgage loans	$	2,514	$	2,002	$	981	$	1,508	$	1,271	$	5,663	$	139	$	—	$	14,078

DSC Ratios (2)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	1,143	$	1,243	$	210	$	772	$	485	$	2,218	$	—	$	—	$	6,071
1.8x to 2.0x	185		135		182		46		161		372		68		—		1,149
1.5x to 1.8x	275		49		284		211		166		919		48		—		1,952
1.2x to 1.5x	264		95		75		101		253		701		—		—		1,489
1.0x to 1.2x	267		—		—		88		—		287		23		—		665
Less than 1.0x	—		—		—		35		—		73		—		—		108
Total commercial	$	2,134	$	1,522	$	751	$	1,253	$	1,065	$	4,570	$	139	$	—	$	11,434
Agricultural:
Greater than 2.0x	$	49	$	64	$	25	$	22	$	24	$	210	$	—	$	—	$	394
1.8x to 2.0x	52		37		25		14		14		70		—		—		212
1.5x to 1.8x	43		113		28		22		41		193		—		—		440
1.2x to 1.5x	161		179		112		116		72		355		—		—		995
1.0x to 1.2x	75		83		31		77		54		226		—		—		546
Less than 1.0x	—		4		9		4		1		39		—		—		57
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	—	$	—	$	2,644
Total mortgage loans:
Greater than 2.0x	$	1,192	$	1,307	$	235	$	794	$	509	$	2,428	$	—	$	—	$	6,465
1.8x to 2.0x	237		172		207		60		175		442		68		—		1,361
1.5x to 1.8x	318		162		312		233		207		1,112		48		—		2,392
1.2x to 1.5x	425		274		187		217		325		1,056		—		—		2,484
1.0x to 1.2x	342		83		31		165		54		513		23		—		1,211
Less than 1.0x	—		4		9		39		1		112		—		—		165
Total mortgage loans	$	2,514	$	2,002	$	981	$	1,508	$	1,271	$	5,663	$	139	$	—	$	14,078

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Schedule of Age Analysis Of Past Due Mortgage Loans

The following table provides information relating to the aging analysis of past-due mortgage loans as of December 31, 2022 and 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
December 31, 2022:
Mortgage loans:
Commercial	$	56	$	—	$	—	$	56	$	13,947	$	14,003	$	—	$	14,003	$	—	$	—
Agricultural	3		5		13		21		2,553		2,574		16		2,590		—		—
Total	$	59	$	5	$	13	$	77	$	16,500	$	16,577	$	16	$	16,593	$	—	$	—
December 31, 2021:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,434	$	11,434	$	—	$	11,434	$	—	$	—
Agricultural	1		1		25		27		2,601		2,628		16		2,644		—		—
Total	$	1	$	1	$	25	$	27	$	14,035	$	14,062	$	16	$	14,078	$	—	$	—

_______________

(1)Amounts presented at amortized cost basis.

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the years ended December 31, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

		Year Ended December 31,
		2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	(109)	$	9
Net investment gains (losses) recognized on securities sold during the period		(36)		(2)
Unrealized and realized gains (losses) on equity securities		$	(145)	$	7

The table below shows a breakdown of net investment income (loss) from trading securities during the years ended December 31, 2022, 2021 and 2020:

Net Investment Income (Loss) from Trading Securities

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(35)	$	(264)	$	96
Net investment gains (losses) recognized on securities sold during the period	(6)		206		10
Unrealized and realized gains (losses) on trading securities	(41)		(58)		106
Interest and dividend income from trading securities	13		92		206
Net investment income (loss) from trading securities	$	(28)	$	34	$	312

Schedule of Net Investment Income (Loss)

The following table breaks out net investment income (loss) by asset category:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Fixed maturities	$	2,478	$	2,293	$	2,193
Mortgage loans on real estate	586		547		516
Other equity investments	74		525		79
Policy loans	203		209		198
Trading securities	(28)		34		312
Other investment income	57		47		49
Gross investment income (loss)	3,370		3,655		3,347
Investment expenses	(293)		(172)		(139)
Net investment income (loss)	$	3,077	$	3,483	$	3,208

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Fixed maturities	$	(885)	$	834	$	801
Mortgage loans on real estate	(66)		20		(45)
Other equity investments (1)	—		—		30
Other	(11)		(1)		1
Investment gains (losses), net	$	(962)	$	853	$	787

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(1) Investment gains (losses), net of Other equity investments includes Real Estate Held for production during the years ended December 31, 2021 and December 31, 2020.