DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments by Category

The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments:

The following table presents the gross notional amount and estimated fair value of the Company’s derivatives:

Derivative Instruments by Category

	December 31, 2022						December 31, 2021
			Fair Value						Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
	(in millions)
Derivatives: (1)
Equity contracts:
Futures	$	394	$	—	$	—	$	295	$	—	$	—
Options	209		34		16		59		8		5
Interest rate contracts:
Futures	282		—		—		120		—		—
Other contracts:
Margin	—		29		—		—		18		—
Collateral	—		—		3		—		—		3
Total:	885		63		19		474		26		8
Embedded derivatives:
MSO, SCS and IUL indexed features (2)	—		—		87		—		—		132
Total embedded derivatives	—		—		87		—		—		132
Total derivative instruments	$	885	$	63	$	106	$	474	$	26	$	140

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(1)Reported in other invested assets in the balance sheets.

(2)Reported in policyholders’ account balances in the balance sheets.

The following table presents the effects of derivative instruments on the statements of income and comprehensive income (loss).

	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
	Net Derivatives Gain(Losses)		Net Derivatives Gain(Losses)		Net Derivatives Gain(Losses)
	(in millions)
Derivatives:
Equity contracts:
Futures	$	(84)	$	68	$	25
Options	(3)		3		3
Interest rate contracts:
Futures	(43)		1		—
Total:	(130)		72		28
MSO, SCS and IUL indexed features (2)	99		(73)		(44)
Total Embedded Derivatives	99		(73)		(44)
Total Derivatives instruments (1)	$	(31)	$	(1)	$	(16)

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(1)Reported in net derivative gains (losses) in the statements of income (loss).

Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of December 31, 2022 and 2021:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of December 31, 2022

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (1)		Net Amount
	(in millions)
Assets:
Derivative assets	$	63	$	18	$	45	$	—	$	45
Other financial assets	2		—		2		—		2
Other invested assets	$	65	$	18	$	47	$	—	$	47
Liabilities:
Derivative liabilities	$	19	$	18	$	1	$	—	$	1
Other financial liabilities	72		—		72		—		72
Other liabilities	$	91	$	18	$	73	$	—	$	73

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(1)Financial instruments sent (held).

As of December 31, 2021

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (1)		Net Amount
	(in millions)
Assets:
Derivative assets	$	26	$	8	$	18	$	—	$	18
Other financial assets	1		—		1		—		1
Other invested assets	$	27	$	8	$	19	$	—	$	19
Liabilities:
Derivative liabilities	$	8	$	8	$	—	$	—	$	—
Other financial liabilities	42		—		42		—		42
Other liabilities	$	50	$	8	$	42	$	—	$	42

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(1)Financial instruments sent (held).