REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Schedule of Effect of Reinsurance

The following table summarizes the effect of reinsurance:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Direct charges and fee income	$	383	$	266	$	261
Reinsurance assumed - Equitable Financial	1,015		—		—
Reinsurance ceded	(111)		(37)		(57)
Policy charges and fee income	$	1,287	$	229	$	204
Direct premiums	$	353	$	272	$	201
Reinsurance assumed - Equitable Financial	174		—		—
Reinsurance ceded	(59)		(49)		(44)
Premiums	$	468	$	223	$	157
Direct policyholders’ benefits	$	460	$	419	$	415
Reinsurance assumed - Equitable Financial	528		—		—
Reinsurance ceded	(108)		(119)		(160)
Policyholders’ benefits	$	880	$	300	$	255
Direct interest credited to policyholders’ account balances	$	250	$	106	$	139
Reinsurance assumed - Equitable Financial	471		—		—
Reinsurance ceded	(33)		(16)		(57)
Interest credited to policyholders’ account balances	$	688	$	90	$	82

Summary of Composition of Pool of Assets

The following table summarizes the composition of the pool of assets:

	December 31, 2023
	Carrying Value		Fair Value
	(in millions)
Fixed maturities	$	24,725	$	24,725
Mortgage loans on real estate	8,405		7,409
Policy loans	248		250
Other equity investments	238		238
Other invested assets (1)	8,256		8,257
Total assets supporting funds withheld	$	41,872	$	40,879

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(1)Other invested assets includes derivatives and cash and cash equivalents.