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POLICYHOLDER ACCOUNT BALANCES (Tables)
 12 Months Ended
Dec. 31, 2023
Policyholder Account Balance [Abstract]  
Schedule of Policyholder Account Balance
The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts.
The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums:
Year Ended December 31,
Payout-Legacy
20232022
(Dollars in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$— $— 
Beginning balance of original discount rate— — 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience— — 
Adjusted beginning of period balance— — 
Issuances333 — 
Interest accrual— — 
Benefits payments— — 
Ending balance at original discount rate333 — 
Effect of changes in discount rate assumptions7 — 
Balance, end of period$340 $— 
Net liability for future policy benefits$340 $— 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, after reinsurance recoverable$340 $— 
Weighted-average duration of liability for future policyholder benefits (years)7.7— 
The following tables reconcile the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
UL$1,186 
IUL 2,431 
EI 1,964 
EG6,619 
SCS40,353 
Other (1)(27,590)
Total$24,963 
______________
(1)Includes $(30.3) billion of assumed fair value of the modco reinsurance with Equitable Financial.
December 31, 2022
(in millions)
Policyholders’ account balance reconciliation
IUL$1,962 
VUL 655 
GMxB Core27 
IE7 
SCS242 
Reinsured819 
Other39 
Total$3,751 
The following tables summarize the balances and changes in policyholders’ account balances:
Year Ended December 31, 2023
ULIUL EI EGSCS (1)
(Dollars in millions)
Balance, beginning of year$—$1,962$—$—242
Issuances (2)1,2083492,2136,81831,189
Premiums received36123672621
Policy charges(376)(192)—(3)(6)
Surrenders and withdrawals(11)(69)(251)(720)(1,880)
Benefit payments(23)(8)(20)(17)(172)
Net transfers from (to) separate account——(30)1107,132
Interest credited (3)27153451693,847
Balance, end of year$1,186$2,431$1,964$6,619$40,353
Weighted-average crediting rate3.50%2.43%2.87%2.41%—%
Net amount at risk (4)$16,062$19,148$98$6$1
Cash surrender value$1,036$1,850$1,959$6,573$37,562
    
______________
(1)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate.
(2)Issuances are related to the Reinsurance Treaty with Equitable Financial. See Note 1 of the Notes to these Consolidated Financial Statements.
(3)SCS includes amounts related to the change in embedded derivative.
(4)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.
Year Ended December 31, 2022
IULVUL GMxB CoreReinsured (2)
(Dollars in millions)
Balance, beginning of year$1,973$614$13$866
Issuances————
Premiums received246171752
Policy charges(177)(35)(3)(31)
Surrenders and withdrawals(49)—(1)(132)
Benefit payments(7)(8)—(21)
Net transfers from (to) separate account—49—47
Interest credited (3)(24)18136
Other———2
Balance, end of year$1,962$655$27$819
Weighted-average crediting rate2.20%3.52%1.00%4.39%
Net amount at risk (4)$18,092$30,067$13$4,120
Cash surrender value$1,494$528$29$818
___________
(1)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.
(2)Reinsured primarily reflects Protective Life reinsured business.
(3)SCS includes amounts related to the change in embedded derivative.
(4)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.
Separate Account - Summary
The following tables reconcile the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
December 31,
20232022
(in millions)
Separate Account Reconciliation
VUL$2,128 $1,653 
GMxB Core2,166 756 
IE 226 26 
Reinsured1,022 913 
Other 212 26 
Total $5,754 $3,374 
The following tables present the balances of and changes in Separate Account liabilities:
Year Ended December 31, 2023
VULGMxB CoreIEReinsured (2)
(in millions)
Balance, beginning of year$1,653 $756 $26 $913 
Premiums and deposits407 1,117 511 21 
Policy charges (133)(12)— (32)
Surrenders and withdrawals(47)(37)(6)(70)
Benefit payments(10)(6)— (16)
Investment performance (1)315 188 15 (2)
Net transfers from (to) general account(57)160 (320)208 
Other charges — — — — 
Balance, end of year$2,128 $2,166 $226 $1,022 
Cash surrender value$1,796 $2,011 $216 $— 
_______________
(1)Investment performance is reflected net of mortality and expense fees.
(2)Reinsured primarily reflects Protective Life reinsured ceded business.
VULGMxB CoreIE Reinsured (1)
Balance, beginning of year$1,832 $315 $— $1,244 
Premiums and deposits358 536 — — 
Policy charges(116)(4)33 (35)
Surrenders and withdrawals(28)(12)— — 
Benefit payments(9)(2)— — 
Investment performance (2)(335)(77)— (247)
Net transfers from (to) general account(49)— (7)(49)
Other charges— — — — 
Balance, end of year$1,653 $756 $26 $913 
Cash surrender value$1,338 $693 $25 $— 
______________
(1)Reinsured primarily reflects Protective Life reinsured ceded business.
(2)Investment performance is reflected net of mortality and expense fees.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:

December 31, 2023
Product
(1)		Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum
 1 Basis Point - 50 Basis Points Above
51 Basis Points - 150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
(in millions)
Universal Life
0.00% - 1.50%
$— $— $— $— $— 
1.51% - 2.50%
47 9 339 298 693 
Greater than 2.50%
— 492 — — 492 
Total
$47 $501 $339 $298 $1,185 
Indexed Universal Life
0.00% - 1.50%
— — — — — 
1.51% - 2.50%
1,112 218 1,001 — 2,331 
Greater than 2.50%
— — — — — 
Total
$1,112 $218 $1,001 $— $2,331 
EQUI-VEST Individual
0.00% - 1.50%
$47 $205 $— $— $252 
1.51% - 2.50%
42 — — — 42 
Greater than 2.50%
1,670 — — — 1,670 
Total
$1,759 $205 $— $— $1,964 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
EQUI-VEST Group
0.00% - 1.50%
$488 $2,020 $11 $277 $2,796 
1.51% - 2.50%
269 — — — 269 
Greater than 2.50%
2,642 — — — 2,642 
Total
$3,399 $2,020 $11 $277 $5,707 
December 31, 2022
Product
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
(in millions)
Indexed Universal Life
0.00% - 1.50%
$— $— $— $— $— 
1.51% - 2.50%
1,202 666 73 — 1,941 
Greater than 2.50%
— — — — — 
Total
$1,202 $666 $73 $— $1,941 
Variable Universal Life
0.00% - 1.50%
$18 $30 $2 $— $50 
1.51% - 2.50%
73 12 — — 85 
Greater than 2.50%
460 — 2 — 462 
Total
$551 $42 $4 $— $597 
Investment Edge
0.00% - 1.50%
$7 $— $— $— $7 
1.51% - 2.50%
— — — — — 
Greater than 2.50%
— — — — — 
Total
$7 $— $— $— $7 
GMxB Core
0.00% - 1.50%
$32 $— $— $— $32 
1.51% - 1.51%
— — — — — 
Greater than 2.50%
— — — — — 
Total
$32 $— $— $— $32 
Schedule of Investment in Variable Insurance Trust Mutual Funds
The following tables present the aggregate fair value of Separate Account assets by major asset category:
December 31, 2023
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,642 $3,100 $12 $5,754 
Total$2,642 $3,100 $12 $5,754 
December 31, 2022
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,096 $1,265 $13 $3,374 
Total$2,096 $1,265 $13 $3,374