SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Adoption of New Accounting Pronouncements Future Adoption of New Accounting Pronouncements

Adoption of New Accounting Pronouncements

Description	Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944)
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of Market Risk Benefits (“ MRBs”). MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.	On January 1, 2023, the Company adopted the new accounting standard ASU 2018-12 using the modified retrospective approach, except for MRBs which will use the full retrospective approach. Refer to “Transition impact of ASU 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” section within this note for further details.

Future Adoption of New Accounting Pronouncements

Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This ASU provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements.	The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. A calendar year public entity will adopt the ASU for its 2024 Form 10-K. The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so.	The Company is currently assessing the additional required disclosures under the ASU including providing new segment disclosure requirements for entities with a single reportable segment. Management is evaluating the impact the adoption of this guidance will have on the Company’s consolidated financial statements.
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The ASU enhanced existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by(2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.	The ASU will be effective for annual periods beginning after December 15, 2024. Entities are required to apply the ASU on a prospective basis.	The adoption of ASU 2023-09 is not expected to materially impact the Company’s financial position, results of operation, or cash flows.
SEC Release Nos. 33-11275; 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors
The SEC adopted rules requiring registrants to disclose climate-related information in registration statements and annual reports. The new rules include disclosure of material climate-related risks, including descriptions of board oversight and risk management activities. the material impacts of these risks on a registrant’s strategy, business model and outlook and any material climate-related targets or goals. In addition, registrants will need to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements.	Financial statement and all other disclosures are required at the beginning of the fiscal year 2027 with disclosures about material expenditure and impact required at the beginning of the fiscal year 2028. Disclosures are provided prospectively upon adoption.	The Company is currently assessing the additional required disclosures under the SEC Release. Management is evaluating the impact of the adoption of this guidance will have on the Company’s consolidated financial statements.

The following table presents the effect of transition adjustment to total equity resulting from the adoption of ASU 2018-12 as of January 1, 2021:

	Retained Earnings		Accumulated Other Comprehensive Income		Total
	(in millions)
Liability for future policy benefits (1)	$	—	$	—	$	—
Market risk benefits	2		(1)		1
DAC	—		110		110
Unearned revenue liability and sales inducement assets (1)	—		(37)		(37)
Total transition adjustment before taxes	2		72		74
Income taxes	(1)		(15)		(16)
Total transition adjustment (net of taxes)	$	1	$	57	$	58

_____________

(1)Unearned revenue liability included within liability for future policy benefits financial statement line item in the consolidated balance sheets. Sales inducement assets are included in other assets in the consolidated balance sheets.

Schedule of Deferred Policy Acquisition Costs

The following table summarizes the balance of and changes in DAC on January 1, 2021 resulting from the adoption of ASU 2018-12:

	Variable Universal Life		Indexed Universal Life		Total
	(in millions)
Balance, December 31, 2020	$	230	$	247	$	477
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income	70		40		110
Balance, January 1, 2021	$	300	$	287	$	587

Changes in the DAC asset were as follows:

	Year Ended December 31, 2023
	VUL (1)		IUL (2)		GMxB Core		IE (3)		SCS		Total
	(in millions)
Balance, beginning of year	$	410	$	296	$	40	$	1	$	13	$	760
Capitalization	71		14		86		22		297		490
Amortization (4)	(24)		(17)		(7)		(1)		(21)		(70)
Balance, end of year	$	457	$	293	$	119	$	22	$	289	$	1,180

______________

(1)“VUL” defined as Variable Universal Life.

(2)“IUL” defined as Indexed Universal Life.

(3)“IE” defined as Investment Edge.

(4)DAC amortization of $1 million related to Other not reflected in table above.

	Year Ended December 31, 2022
	VUL		IUL		GMxB Core		IE		SCS		Total
	(in millions)
Balance, beginning of year	$	361	$	297	$	14	$	—	$	—	$	672
Capitalization	70		16		28		1		13		128
Amortization (1)	(21)		(17)		(2)		—		—		(40)
Balance, end of year	$	410	$	296	$	40	$	1	$	13	$	760

______________

(1)     DAC amortization of $1 million related to Other not reflected in table above.

Changes in the unearned revenue liability were as follows:

	Year Ended December 31,
	2023				2022
	VUL		IUL		VUL		IUL
	(in millions)
Balance, beginning of year	$	159	$	157	$	118	$	94
Capitalization	55		64		49		71
Amortization	(11)		(11)		(8)		(8)
Balance, end of year	$	203	$	210	$	159	$	157

Schedule of Deferred Income

The following table summarizes the balance of and changes in sales inducement assets and unearned revenue liability on January 1, 2021 resulting from the adoption of ASU 2018-12:

	Variable Universal Life		Indexed Universal Life		Total
	(in millions)
Balance, December 31, 2020	$	55	$	14	$	69
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income	28		9		37
Balance, January 1, 2021	$	83	$	23	$	106