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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of New Accounting Standards
We recognized a $7,285 million after-tax decrease in Total equity at January 1, 2021 from the effect of transition date adjustments due to adoption of the new guidance, as presented in the following table.

Retained EarningsAOCI
December 31, 2020$92,247 $(9,749)
Liability for future policy benefits, including removal of related balances in AOCI(1,853)(8,806)
Reinsurance recoverables, net of allowance for credit losses48 3,542 
Other contracts, including market risk benefits
(202)(14)
Effect of transition adjustments$(2,007)$(5,278)
Adjusted balance, January 1, 2021
$90,240 $(15,027)

The following table summarizes the balance of and pre-tax changes to total Insurance liabilities and annuity benefits attributable to changes in the liability for future policy benefits and market risk benefits at the transition date, due to adoption of the new guidance.

Long-term careStructured settlement annuitiesLife
Other contracts(a)
Other adjustmentsTotal
December 31, 2020
$21,378 $9,124 $517 $3,012 $8,160 $42,191 
Change in discount rate assumptions
14,654 4,369 283 — — 19,306 
Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves
1,545 39 761 — — 2,345 
Adjustment for removal of related balances in AOCI— — — — (8,160)(8,160)
Market risk benefits and other— — — 269 — 269 
Adjusted balance, January 1, 202137,577 13,532 1,561 3,281 — 55,951 
Less: reinsurance recoverables, net
7,036 — 15 44 — 7,095 
Adjusted balance, January 1, 2021, net of reinsurance recoverables
$30,541 $13,532 $1,546 $3,237 $— $48,856 
(a) As of December 31, 2020, includes investment contracts ($2,049 million), claim reserves related to short-duration contracts at Electric Insurance Company (EIC), net of eliminations ($399 million), and other ($564 million). EIC is a property and casualty insurance company primarily providing insurance to GE and its employees.