DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Contract Holder Bonus Interest Credits [Abstract]

Schedule of Reconciliation of Deferred Acquisition Cost

The following table presents a reconciliation of DAC to the consolidated balance sheets:

	December 31, 2023		December 31, 2022
	(in millions)
VUL	$	457	$	410
IUL	293		296
GMxB Core	119		40
Investment Edge	22		1
SCS	289		13
Other	32		—
Total	$	1,212	$	760

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