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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Fixed Maturities by Classification
The following tables provide information relating to the Company’s fixed maturities classified as AFS:
AFS Fixed Maturities by Classification
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair Value
(in millions)
December 31, 2023:
Fixed Maturities:
Corporate (1)$5,842 $— $96 $276 $5,662 
U.S. Treasury, government and agency15 — — — 15 
States and political subdivisions50 — — 7 43 
Foreign governments31 — 1 1 31 
Residential mortgage-backed
961 — 15 4 972 
Asset-backed (2)
2,956 — 32 2 2,986 
Commercial mortgage-backed195 — 1 14 182 
Total at December 31, 2023$10,050 $— $145 $304 $9,891 
December 31, 2022:
Fixed Maturities:
Corporate (1)$2,417 $— $— $359 $2,058 
U.S. Treasury, government and agency14 — — — 14 
States and political subdivisions43 — — 9 34 
Residential mortgage-backed8 — — 2 6 
Asset-backed (2)43 — — 2 41 
Commercial mortgage-backed81 — — 16 65 
Total at December 31, 2022$2,606 $— $— $388 $2,218 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities
The contractual maturities of AFS fixed maturities as of December 31, 2023 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Contractual Maturities of AFS Fixed Maturities
Amortized Cost (Less Allowance for Credit Losses)
Fair Value
 (in millions)
December 31, 2023:
Contractual maturities:
Due in one year or less$148 $147 
Due in years two through five1,385 1,387 
Due in years six through ten3,133 3,115 
Due after ten years1,272 1,102 
Subtotal5,938 5,751 
Residential mortgage-backed961 972 
Asset-backed2,956 2,986 
Commercial mortgage-backed195 182 
Total at December 31, 2023$10,050 $9,891 
Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities
 Year Ended December 31,
 202320222021
 (in millions)
Proceeds from sales$280 $184 $302 
Gross gains on sales$— $— $8 
Gross losses on sales$(5)$(8)$(4)
Schedule of AFS Fixed Maturities - Credit Loss Impairments
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments
Year Ended December 31,
202320222021
(in millions)
Balance, beginning of year$— $2 $2 
Previously recognized impairments on securities that matured, paid, prepaid or sold— (2)— 
Balance, end of year$— $— $2 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Year Ended December 31, 2023
Net Unrealized Gains (Losses) on Investments
DAC
Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Balance, beginning of year$(388)$— $8 $161 $(219)
Net investment gains (losses) arising during the period224 — — — 224 
Reclassification adjustment:
Included in net income (loss)5 — — — 5 
Impact of net unrealized investment gains (losses)— — — (48)(48)
Net unrealized investment gains (losses) excluding credit losses(159)— 8 113 (38)
Balance, end of year$(159)$— $8 $113 $(38)
Year Ended December 31, 2023
Net Unrealized Gains (Losses) on Investments
DAC
Policyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) 
(in millions)
Year Ended December 31, 2022
Balance, beginning of year$128 $— $(3)$(26)$99 
Net investment gains (losses) arising during the period(524)— — — (524)
Reclassification adjustment:
Included in net income (loss)8 — — — 8 
Other (1)
— — — 81 81 
Impact of net unrealized investment gains (losses)— — 11 106 117 
Net unrealized investment gains (losses) excluding credit losses(388)— 8 161 (219)
Balance, end of year$(388)$— $8 $161 $(219)
Year Ended December 31, 2021
Balance, beginning of year$248 $(111)$37 $(36)$138 
Transition adjustment (2)— 111 (37)— 74 
Net investment gains (losses) arising during the period(114)— — — (114)
Reclassification adjustment:
Included in net income (loss)(4)— — — (4)
Other
(2)— — — (2)
Impact of net unrealized investment gains (losses)— — (3)10 7 
Net unrealized investment gains (losses) excluding credit losses128 — (3)(26)99 
Balance, end of year$128 $— $(3)$(26)$99 
______________
(1)    Reflects $81 million of a Deferred Tax Asset valuation allowance recorded during the fourth quarter of 2022. See Note 13 of the Notes to these Financial Statements for additional details.
(2)    Reflects the transition adjustment for shadow DAC and policyholder liabilities related to the adoption of ASU 2018-12 effective January 1, 2021.
Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities
The following tables disclose the fair values and gross unrealized losses of the 891 issues as of December 31, 2023 and the 845 issues as of December 31, 2022 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded
 Less Than 12 Months12 Months or LongerTotal
 Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
December 31, 2023:
Fixed Maturities:
Corporate$505 $7 $1,900 $269 $2,405 $276 
 Less Than 12 Months12 Months or LongerTotal
 Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
U.S. Treasury, government and agency— — 8 — 8 — 
States and political subdivisions— — 33 7 33 7 
Foreign governments7 1 4 — 11 1 
Residential mortgage-backed103 — 9 4 112 4 
Asset-backed290 1 23 1 313 2 
Commercial mortgage-backed29 — 61 14 90 14 
Total at December 31, 2023$934 $9 $2,038 $295 $2,972 $304 
December 31, 2022:
Fixed Maturities:
Corporate$1,446 $159 $590 $200 $2,036 $359 
States and political subdivisions19 4 13 5 32 9 
Residential mortgage-backed2 — 4 2 6 2 
Asset-backed35 1 6 1 41 2 
Commercial mortgage-backed5 1 60 15 65 16 
Total at December 31, 2022$1,507 $165 $673 $223 $2,180 $388 
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities
The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:
Unrealized and Realized Gains (Losses) from Equity Securities
Year Ended December 31,
202320222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$— $(3)$2 
Unrealized and realized gains (losses) on equity securities $— $(3)$2 
The breakdown of net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Year Ended December 31,
202320222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(1)$— $— 
Unrealized and realized gains (losses) on trading securities(1)— — 
Net investment income (loss) from trading securities$(1)$— $— 
Schedule of Net Investment Income (Loss)
The following tables provide the components of net investment income by investment type:
Year Ended December 31,
202320222021
(in millions)
Fixed maturities$283 $88 $83 
Mortgage loans on real estate3 1 1 
Policy loans5 4 3 
Other equity investments1 (2)1 
Equity in income (loss) from AB
— — 3 
Trading securities(1)— — 
Other investment income26 1 — 
Gross investment income (loss)317 92 91 
Investment expenses(5)(5)(3)
Net investment income (loss)$312 $87 $88 
Schedule of Investment Gains (Losses) Net Including Changes In Valuation Allowances and Credit Losses
Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
Year Ended December 31,
202320222021
(in millions)
Fixed maturities$(5)$(8)$4 
Mortgage loans on real estate(2)— — 
Investment gains (losses), net$(7)$(8)$4 
_____________
(1)    Investment gains (losses), net of Other equity investments includes Real Estate Held for production.