INSURANCE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of GMDB and GMIB Liabilities and Other Policyholder's Liabilities

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Years Ended December 31, 2022, 2021 and 2020


	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance, January 1, 2020	$	5	$	(5)	$	2	$	(2)
Paid guarantee benefits	—		—		—		—
Other changes in reserve	(1)		1		(1)		1
Balance, December 31, 2020	4		(4)		1		(1)










Paid guarantee benefits	—		—		—		—
Other changes in reserve	1		(1)		—		—
Balance, December 31, 2021	5		(5)		1		(1)
Paid guarantee benefits	(1)		—		—		—
Other changes in reserve	1		—		1		—
Balance, December 31, 2022	$	5	$	(5)	$	2	$	(1)

Schedule of Variable Annuity Contracts with GMDB and GMIB Features

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2022 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of December 31, 2022


	Guarantee Type
	Return of Premium		Ratchet		Roll-Up		Combo		Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	44	$	1	$	—	$	—	$	45
Separate Accounts	560		136		—		—		696
Total Account Values	$	604	$	137	$	—	$	—	$	741

NAR, gross	$	51	$	13	$	—	$	—	$	64
NAR, net of amounts reinsured (1)	$	51	$	13	$	—	$	—	$	64

Average attained age of policyholders (in years)	61.3		62.8		0.0		0.0		61.6
Percentage of policyholders over age 70	14.3%		17.0%		—%		—%		14.8%
Range of contractually specified interest rates	N/A		N/A		N/A		T+ 200bps		T+ 200bps

Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—	$	—	$	—	$	—	$	—
Separate Accounts	—		—		679		—		679
Total Account Values	$	—	$	—	$	679	$	—	$	679

NAR, gross (1)	$	—	$	—	$	—	$	—	$	—
NAR, net of amounts reinsured (1)	$	—	$	—	$	—	$	—	$	—

Average attained age of policyholders (in years)	N/A		N/A		64.6		0.0		64.6
Weighted average years remaining until annuitization	N/A		N/A		9.6		0		9.6
Range of contractually specified interest rates	N/A		N/A		T+200bp		N/A		T+ 200bps

____________

(1) Amounts reported for NAR are $0 million as the values are less than $1 million at December 31, 2022.

Schedule of Investment in Variable Insurance Trust Mutual Funds

The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds



	December 31, 2022				December 31, 2021
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	57	$	8	$	27	$	5
Fixed income	13		2		6		2
Balanced	613		667		238		263
Other	13		2		1		—
Total	$	696	$	679	$	272	$	270

Schedule of No Lapse Guarantee Liabilities

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the balance sheets, is summarized in the table below.



	Direct Liability		Reinsurance Ceded		Net
	(in millions)
Balance, January 1, 2020	$	4	$	(2)	$	2
Paid guarantee benefits	—		—		—
Other changes in reserves	2		(1)		1
Balance, December 31, 2020	6		(3)		3
Paid guarantee benefits	—		—		—
Other changes in reserves	—		—		—
Balance, December 31, 2021	6		(3)		3
Paid guarantee benefits	—		—		—
Other changes in reserves	1		—		1
Balance, December 31, 2022	$	7	$	(3)	$	4