LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Balances of and Changes in Additional Liabilities Related to Insurance Guarantees

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the three months ended March 31, 2023 and 2022.

	March 31, 2023		March 31, 2022
	Universal Life		Universal Life
	(Dollars in millions)
Balance, beginning of the period	$	58	$	57
Beginning balance before AOCI adjustments	66		55
Effect of changes in interest rate and cash flow assumptions and model changes	—		—
Effect of actual variances from expected experience	(1)		(1)
Adjusted beginning of period balance	65		54
Interest accrual	1		1
Net assessments collected	2		2
Benefit payments	—		—
Ending balance before shadow reserve adjustments	68		57
Effect of shadow reserve adjustment	(6)		(2)
Balance, end of the period	$	62	$	55
Net liability for additional liability	$	62	$	55
Effect of reserve adjustment recorded in AOCI	—		—
Net liability for additional liability, after reinsurance recoverable	$	62	$	55
			—
Weighted-average duration of additional liability - death benefit (years)	32.3		33.9

The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the three months ended and as of March 31, 2023 and 2022.

	Three Months Ended March 31,
	2023		2022		2023		2022
	Assessments				Interest Accretion
	(in million)
Revenue and Interest Accretion
Universal Life	$	5	$	4	$	—	$	1
Total	$	5	$	4	$	—	$	1

	March 31,
	2023		2022
Weighted Average Interest Rate
Universal Life	5.5	%	5.5	%
Interest accretion rate	5.5	%	5.5	%

Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the balance sheet as of March 31, 2023 and December 31, 2022.

	March 31, 2023		December 31, 2022
	(in millions)
Reconciliation
Universal Life - additional liability for death benefits	$	62	$	58
Other (1)	230		220
Future policyholder benefits total	292		278
Other policyholder liabilities	415		391
Total	$	707	$	669

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(1)Primarily reflects Future policy benefits related to Protective Life and Employee Benefits.