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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 LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair Value
(in millions)
December 31, 2022:
Fixed Maturities:
Corporate (1)$2,417 $— $— $359 $2,058 
U.S. Treasury, government and agency14 — — — 14 
States and political subdivisions43 — — 9 34 
Residential mortgage-backed
8 — — 2 6 
Asset-backed (2)
43 — — 2 41 
Commercial mortgage-backed81 — — 16 65 
Total at December 31, 2022$2,606 $— $— $388 $2,218 
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.
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$54 $53 
Due in years two through five525 502 
Due in years six through ten917 803 
Due after ten years978 748 
Subtotal2,474 2,106 
Residential mortgage-backed8 6 
Asset-backed43 41 
Commercial mortgage-backed81 65 
Total at December 31, 2022$2,606 $2,218 
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,
 202220212020
 (in millions)
Proceeds from sales$184 $302 $153 
Gross gains on sales$— $8 $5 
Gross losses on sales$(8)$(4)$(4)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses$— $— $— 
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,
202220212020
(in millions)
Balance, beginning of period $2 $2 $2 
Previously recognized impairments on securities that matured, paid, prepaid or sold(2)— — 
Recognized impairments on securities impaired to fair value this period (1)— — — 
Credit losses recognized this period on securities for which credit losses were not previously recognized— — 
Additional credit losses this period on securities previously impaired— — — 
Increases due to passage of time on previously recorded credit losses— — — 
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)— — — 
Balance at December 31,$— $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.
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 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)$86 
Net investment gains (losses) arising during the period(524)— — — (524)
Reclassification adjustment:
Included in net income (loss)8 — — — 8 
Other (1)— — — (81)(81)
Impact of net unrealized investment gains (losses)— 199 (139)96 156 
Net unrealized investment gains (losses) excluding credit losses(388)153 (111)(9)(355)
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, December 31, 2022$(388)$153 $(111)$(9)$(355)
Balance, January 1, 2021$248 $(111)$37 $(36)$138 
Net investment gains (losses) arising during the period(114)— — — (114)
Net Unrealized Gains (Losses) on InvestmentsDAC Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Reclassification adjustment:
Included in net income (loss)(4)— — — (4)
Other(2)— — — (2)
Impact of net unrealized investment gains (losses)— 65 (9)12 68 
Net unrealized investment gains (losses) excluding credit losses128 (46)28 (24)86 
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, December 31, 2021$128 $(46)$28 $(24)$86 
Balance, January 1, 2020$101 $(53)$12 $(12)$48 
Net investment gains (losses) arising during the period148 — — — 148 
Reclassification adjustment:
Included in net income (loss)(1)— — — (1)
Impact of net unrealized investment gains (losses)— (58)25 (24)(57)
Net unrealized investment gains (losses) excluding credit losses248 (111)37 (36)138 
Net unrealized investment gains (losses) with credit losses— — — — — 
Balance, December 31, 2020$248 $(111)$37 $(36)$138 
_____________
(1) Reflects $81 million of a Deferred Tax Asset valuation allowance recorded during the fourth quarter of 2022. See Note 11 of the Notes to the Financial Statements for additional details.
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 845 issues as of December 31, 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)
December 31, 2022:
Fixed Maturities:
Corporate$1,446 $159 $590 $200 $2,036 $359 
States and political subdivisions19 4 13 5 32 9 
Residential mortgage-backed2 — 4 2 6 2 
Asset-backed35 1 6 1 41 2 
Commercial mortgage-backed5 1 60 15 65 16 
Total at December 31, 2022$1,507 $165 $673 $223 $2,180 $388 
 Less Than 12 Months12 Months or LongerTotal
 Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
December 31, 2021:
Fixed Maturities:
Corporate$243 $4 $111 $6 $354 $10 
U.S. Treasury, government and agency45 1 2 — 47 1 
Total at December 31, 2021$288 $5 $113 $6 $401 $11 
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the years ended December 31, 2022 and 2021. There were no unrealized or realized gains and (losses) on equity securities during the year ended December 31, 2020.
Unrealized and Realized Gains (Losses) from Equity Securities
Year Ended December 31,
20222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(3)$2 
Net investment gains (losses) recognized on securities sold during the period— — 
Unrealized and realized gains (losses) on equity securities $(3)$2 
Schedule of Net Investment Income (Loss)
The following table breaks out net investment income (loss) by asset category:

Year Ended December 31,
202220212020
(in millions)
Fixed maturities$88 $83 $74 
Mortgage loans on real estate1 1 1 
Other equity investments(2)1 3 
Policy loans4 3 3 
Equity in income (loss) from AB— 3 8 
Other investment income1 — — 
Gross investment income (loss)92 91 89 
Investment expenses(5)(3)(3)
Net investment income (loss)$87 $88 $86 
Schedule of Investment Gains (Losses), Net
Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows:
Year Ended December 31,
202220212020
(in millions)
Fixed maturities$(8)$4 $1 
Investment gains (losses), net$(8)$4 $1