REINSURANCE (Tables)

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Schedule of Effect of Reinsurance

The following table summarizes the effect of reinsurance:

	Three Months Ended March 31,
	2024		2023
	(in millions)
Direct charges and fee income	$	106	$	85
Reinsurance assumed - Equitable Financial	327		—
Reinsurance ceded	(29)		(24)
Policy charges and fee income	$	404	$	61
Direct premiums	$	101	$	85
Reinsurance assumed - Equitable Financial	45		—
Reinsurance ceded	(14)		(16)
Premiums	$	132	$	69
Direct policyholders’ benefits	$	136	$	100
Reinsurance assumed - Equitable Financial	186		—
Reinsurance ceded	(31)		(21)
Policyholders’ benefits	$	291	$	79
Direct interest credited to policyholders’ account balances	$	116	$	31
Reinsurance assumed - Equitable Financial	154		—
Reinsurance ceded	(8)		(8)
Interest credited to policyholders’ account balances	$	262	$	23

Summary of Composition of Pool of Assets

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

	March 31, 2024
	Carrying Value		Fair Value
	(in millions)
Fixed maturities	$	23,765	$	23,765
Mortgage loans on real estate	8,291		7,270
Policy loans	253		254
Other equity investments	231		231
Other invested assets (1)	9,811		9,811
Total assets supporting funds withheld	$	42,351	$	41,331

______________

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