DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023
	(in millions)
VUL	$	467	$	457
IUL	290		293
GMxB Core	144		119
Investment Edge	31		22
SCS	375		289
Other	41		32
Total	$	1,348	$	1,212

Schedule of Deferred Policy Acquisition Costs

Changes in the DAC asset were as follows:

	Three Months Ended March 31, 2024
	VUL (1)		IUL (2)		GMxB Core		IE (3)		SCS		Total
	(in millions)
Balance, beginning of period	$	457	$	293	$	119	$	22	$	289	$	1,180
Capitalization	16		2		28		10		98		154
Amortization	(6)		(5)		(3)		(1)		(12)		(27)
Balance, end of period	$	467	$	290	$	144	$	31	$	375	$	1,307

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

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

(3)“IE” defined as Investment Edge.

	Three Months Ended March 31, 2023
	VUL		IUL		GMxB Core		IE		SCS		Total
	(in millions)
Balance, beginning of period	$	410	$	296	$	40	$	1	$	13	$	760
Capitalization	17		3		9		5		42		76
Amortization	(6)		(4)		(1)		—		(1)		(12)
Balance, end of period	$	421	$	295	$	48	$	6	$	54	$	824

Changes in the unearned revenue liability were as follows:

	Three Months Ended March 31,
	2024				2023
	VUL		IUL		VUL		IUL
	(in millions)
Balance, beginning of period	$	203	$	210	$	159	$	157
Capitalization	15		14		13		17
Amortization	(3)		(3)		(2)		(3)
Balance, end of period	$	215	$	221	$	170	$	171