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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
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 LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair Value
(in millions)
September 30, 2022:
Fixed Maturities:
Corporate (1)$2,492 $— $— $409 $2,083 
U.S. Treasury, government and agency15 — — 1 14 
States and political subdivisions41 — — 9 32 
Foreign governments— — — — — 
Asset-backed (2)
54 — — 4 50 
Commercial mortgage-backed81 — — 16 65 
Total at September 30, 2022$2,683 $— $— $439 $2,244 
December 31, 2021:
Fixed Maturities:
Corporate (1)$2,237 $— $135 $10 $2,362 
U.S. Treasury, government and agency66 — 1 1 66 
States and political subdivisions31 — 3 — 34 
Asset-backed (2)30 — — — 30 
Commercial mortgage-backed80 — — — 80 
Total at December 31, 2021$2,444 $— $139 $11 $2,572 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities. and other asset types.
Contractual Maturities of Available-for-Sale Fixed Maturities
The contractual maturities of AFS fixed maturities as of September 30, 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)
September 30, 2022:
Contractual maturities:
Due in one year or less$34 $34 
Due in years two through five627 598 
Due in years six through ten908 772 
Due after ten years979 725 
Subtotal2,548 2,129 
Asset-backed54 50 
Commercial mortgage-backed81 65 
Total at September 30, 2022$2,683 $2,244 
Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the three and nine months ended September 30, 2022 and 2021:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in millions)
Proceeds from sales$— $71 $62 $100 
Gross gains on sales$— $— $— $— 
Gross losses on sales$— $(1)$4 $(1)
Net change in Allowance for Credit and Intent to Sell losses$— $— $— $— 
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
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Balance, beginning of period $— $2 $2 $2 
Previously recognized impairments on securities that matured, paid, prepaid or sold— — (2)— 
Recognized impairments on securities impaired to fair value this period (1)— — — — 
Credit losses recognized this period on securities for which credit losses were not previously recognized— — — 
Additional credit losses this period on securities previously impaired— — — — 
Increases due to passage of time on previously recorded credit losses— — — — 
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)— — — — 
Balance at September 30,$— $2 $— $2 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Net Unrealized Gains (Losses) on InvestmentsDAC  Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Balance, July 1, 2022$(293)$119 $(80)$53 $(201)
Net investment gains (losses) arising during the period(146)— — — (146)
Reclassification adjustment:
Included in net income (loss)— — — — — 
Other — — — — — 
Impact of net unrealized investment gains (losses)— 56 (45)29 40 
Net unrealized investment gains (losses) excluding credit losses(439)175 (125)82 (307)
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, September 30, 2022$(439)$175 $(125)$82 $(307)
Balance, July 1, 2021$171 $(82)$39 $(27)$101 
Net investment gains (losses) arising during the period(19)— — — (19)
Reclassification adjustment:— — — — — 
Included in net income (loss)1 — — — 1 
Other (1)— — — — — 
Impact of net unrealized investment gains (losses)— 21 (10)3 14 
Net unrealized investment gains (losses) excluding credit losses153 (61)29 (24)97 
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, September 30, 2021$153 $(61)$29 $(24)$97 
Net Unrealized Gains (Losses) on InvestmentsDAC  Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Balance, January 1, 2022$128 $(46)$28 $(24)$86 
Net investment gains (losses) arising during the period(570)— — — (570)
Reclassification adjustment:
Included in net income (loss)3 — — — 3 
Other — — — — — 
Impact of net unrealized investment gains (losses)— 221 (153)106 174 
Net unrealized investment gains (losses) excluding credit losses(439)175 (125)82 (307)
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, September 30, 2022$(439)$175 $(125)$82 $(307)
Net Unrealized Gains (Losses) on InvestmentsDAC  Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Balance, January 1, 2021$246 $(111)$37 $(37)$135 
Net investment gains (losses) arising during the period(93)— — — (93)
Reclassification adjustment:
Included in net income (loss)3 — — — 3 
Other(3)— — — (3)
Impact of net unrealized investment gains (losses)— 50 (8)13 55 
Net unrealized investment gains (losses) excluding credit losses153 (61)29 (24)97 
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, September 30, 2021$153 $(61)$29 $(24)$97 
Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities
The following tables disclose the fair values and gross unrealized losses of the 861 issues as of September 30, 2022 and the 119 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 Months12 Months or LongerTotal
 Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
September 30, 2022:
Fixed Maturities:
Corporate$1,854 $320 $212 $89 $2,066 $409 
U.S. Treasury, government and agency14 1 — — 14 1 
States and political subdivisions30 8 1 1 31 9 
Asset-backed49 4 1 — 50 4 
Commercial mortgage-backed61 15 4 1 65 16 
Total at September 30, 2022$2,008 $348 $218 $91 $2,226 $439 
December 31, 2021:
Fixed Maturities:
Corporate$243 $4 $111 $6 $354 $10 
U.S. Treasury, government and agency45 1 2 — 47 1 
States and political subdivisions— — — — — — 
Asset-backed— — — — — — 
Commercial mortgage-backed— — — — — — 
Total at December 31, 2021$288 $5 $113 $6 $401 $11 
Unrealized and Realized Gains (Losses) from Equity Securities
The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and nine months ended September 30, 2022 and 2021.
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(1)$1 $(4)$3 
Net investment gains (losses) recognized on securities sold during the period— — — — 
Unrealized and realized gains (losses) on equity securities $(1)$1 $(4)$3