EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2022 and 2021 follow:

	December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(355)	$	86
Accumulated other comprehensive income (loss)	$	(355)	$	86

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The components of OCI, net of taxes for the years ended December 31, 2022, 2021 and 2020, follow:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period (1)	$	(495)	$	(90)	$	117
(Gains) losses reclassified into net income (loss) during the period (2)	6		(3)		(3)
Net unrealized gains (losses) on investments	(489)		(93)		114
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	48		43		(26)
Other comprehensive income (loss), net of adjustments (net of deferred income tax expense (benefit) of ($14), $13, and $24)	(441)		(50)		88
Other comprehensive income (loss)	$	(441)	$	(50)	$	88

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(1)For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $81 million established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio. See Note 11 of the Notes to these Financial Statements for details on the valuation allowance.

(2)See “Reclassification adjustment” in Note 3 of the Notes to these Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of ($1) million, $1 million, and $1 million for the years ended December 31, 2022, 2021 and 2020, respectively.