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REINSURANCE (Tables)
 6 Months Ended
Jun. 30, 2024
Reinsurance Disclosures [Abstract]  
Schedule of Effect of Reinsurance
The following table summarizes the effect of reinsurance. The impact of the reinsurance transaction described below results in an increase in reinsurance ceded:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Direct charges and fee income$686 $678 $1,376 $1,352 
Reinsurance assumed4 3 4 4 
Reinsurance ceded - Equitable America(352)(345)(679)(345)
Reinsurance ceded - third party(155)(153)(311)(304)
Policy charges and fee income$183 $183 $390 $707 
Direct premiums$191 $203 $393 $408 
Reinsurance assumed18 44 57 96 
Reinsurance ceded - Equitable America(35)(40)(80)(40)
Reinsurance ceded - third party(55)(51)(118)(111)
Premiums$119 $156 $252 $353 
Direct policyholders’ benefits$684 $742 $1,360 $1,449 
Reinsurance assumed25 39 64 77 
Reinsurance ceded - Equitable America(181)(264)(369)(264)
Reinsurance ceded - third party(178)(182)(338)(309)
Policyholders’ benefits$350 $335 $717 $953 
Direct Interest credited to policyholders’ account balances$484 $490 $962 $953 
Reinsurance assumed— — — — 
Reinsurance ceded - Equitable America(152)(151)(306)(151)
Reinsurance ceded - third party(24)(27)(50)(55)
Interest credited to policyholders’ account balances$308 $312 $606 $747 
Schedule of Reinsurance Retention The following table summarizes the composition of the pool of assets:
 June 30, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
(in millions)
Fixed maturities$23,018 $23,018 $24,725 $24,725 
Mortgage loans on real estate8,160 7,197 8,405 7,409 
Policy loans264 265 248 250 
Other equity investments190 190 238 238 
Other invested assets (1)
10,704 10,704 8,256 8,257 
Total assets supporting funds withheld$42,336 $41,374 $41,872 $40,879 
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(1)Other invested assets includes derivatives and cash and cash equivalents.
Schedule of Impact of Funds Withheld Arrangement of Net Investment Income Loss
The impact of the funds withheld and NI modco arrangement with Equitable America was as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(in millions)
Net derivative gains (losses):
Freestanding derivatives$611 $1,364 $1,511 $1,364 
Embedded derivatives(761)(1,331)(1,716)(1,331)
Net derivative gains (losses)(150)33 (205)33 
Net investment income (loss)325 295 665 295 
Investment gains (losses), net(3)(36)(38)(36)
Income (loss) from continuing operations, before income taxes172 292 422 292 
Income tax (expense) benefit(36)(53)(89)(53)
Net income (loss)136 239 333 239 
Change in unrealized gains (losses), net of income taxes
(178)(173)(353)(173)
Comprehensive income (loss)$(42)$66 $(20)$66 
Schedule of Ceded Credit Risk
The following table summarizes the ceded purchased market risk benefits, internal reinsurance recoverable and third-party recoverables including amount due to reinsurance and assumed reserves:
 June 30, 2024December 31, 2023
(in millions)
Ceded Reinsurance:
Estimated net fair values of purchased market risk benefits$14,185 $16,729 
Reinsurance recoverables related to insurance contracts20,383 20,636 
Related party - Equitable America (1)13,402 13,492 
Third parties6,981 7,144 
Top reinsurers:
First Allmerica-GAF3,421 3,605 
Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating)1,210 1,057 
Ceded group health reserves12 14 
Amount due to reinsurers179 216 
Top reinsurers:
First Allmerica-GAF75 73 
Assumed Reinsurance:
Reinsurance assumed reserves621 731 
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(1)Includes ceded PAB on NI Modco portion of the Reinsurance Treaty of $34.3 billion offset by $(31.2) billion of modco payable for the same portion of the Reinsurance Treaty.