PRUCO LIFE INSURANCE CO, 10-K filed on 3/20/2023
Annual Report
v3.23.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2022
Mar. 20, 2023
Cover [Abstract]    
Document Type 10-K  
Amendment Flag false  
Document Annual Report true  
Document Period End Date Dec. 31, 2022  
Document Fiscal Year Focus 2022  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus FY  
Document Transition Report false  
Entity File Number 033-37587  
Entity Registrant Name PRUCO LIFE INSURANCE CO  
Entity Central Index Key 0000777917  
Entity Incorporation, State or Country Code AZ  
Entity Tax Identification Number 22-1944557  
Entity Address, Address Line One 213 Washington Street  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 802-6000  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   250,000
Entity Public Float $ 0  
v3.23.1
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238
v3.23.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2021 – $4,149; 2020 – $2,339) (amortized cost: 2021 – $12,737,749; 2020 – $6,157,371) $ 19,025,401 $ 13,278,166
Fixed maturities, trading, at fair value (amortized cost: 2022 – $2,682,022; 2021 – $3,319,660) 1,936,159 3,302,392
Equity securities, at fair value (cost: 2021 – $106,174; 2020 – $105,508) 143,072 111,267
Policy loans 505,367 1,327,485
Short-term investments 124,491 182,437
Commercial mortgage and other loans (net of $5,951 and $4,552 allowance for credit losses at December 31, 2021 and December 31, 2020, respectively) 4,928,680 2,832,560
Other invested assets (includes $348,004 and $94,939 measured at fair value at December 31, 2021 and 2020, respectively) 1,088,613 1,209,925
Total investments 27,751,783 22,244,232
Cash and cash equivalents 2,397,627 918,931
Deferred policy acquisition costs 6,616,097 6,830,972
Accrued investment income 219,635 160,027
Reinsurance recoverables 34,561,825 38,598,767
Receivables from parent and affiliates 224,921 278,131
Deferred sales inducements 275,574 374,649
Income taxes receivable 1,873,740 1,316,879
Other assets 1,327,393 1,140,948
Separate account assets 114,051,246 149,797,828
TOTAL ASSETS 189,299,841 221,661,364
LIABILITIES    
Policyholders’ account balances 41,748,241 35,361,795
Future policy benefits 23,204,533 27,927,029
Cash collateral for loaned securities 86,750 3,004
Short-term debt to affiliates 126,250 0
Long-term debt to affiliates 185,563 320,362
Payables to parent and affiliates 2,126,571 31,775
Other Liabilities 3,407,156 2,264,477
Separate account liabilities 114,051,246 149,797,828
Total liabilities 184,936,310 215,706,270
Commitments and Contingent Liabilities
EQUITY    
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding) 2,500 2,500
Additional paid-in capital 6,037,914 6,042,491
Retained earnings / (accumulated deficit) (95,583) (437,332)
Accumulated other comprehensive income (loss) (1,581,300) 347,435
Partners' capital 4,363,531 5,955,094
Total liabilities and partners’ capital $ 189,299,841 $ 221,661,364
v3.23.1
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Fixed Maturities, Available-for-sale, at fair value (AFS), Allowance for Credit Losses $ 4,769 $ 4,149
Fixed maturities, available-for-sale, amortized cost 21,311,087 12,737,749
Fixed maturities, trading, amortized cost 2,682,022 3,319,660
Equity securities, at cost 148,179 106,174
Commercial mtg and other loans, allowance for credit losses 20,263 5,951
Other invested assets, at fair value $ 116,110 $ 348,004
Common stock, par value (in dollars per share) $ 10 $ 10
Common stock, shares authorized 1,000,000 1,000,000
Common stock, shares issued 250,000 250,000
Common stock, shares outstanding 250,000 250,000
v3.23.1
Consolidated Statement of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES      
Premiums $ 274,783 $ 203,676 $ 92,176
Policy charges and fee income 1,731,957 1,529,757 624,320
Net investment income 884,001 550,235 367,350
Asset administration fees 284,182 202,177 19,138
Other income (loss) (661,860) 267,208 83,256
Realized investment gains (losses), net 1,041,435 (5,295,406) (62,976)
TOTAL REVENUES 3,554,498 (2,542,353) 1,123,264
BENEFITS AND EXPENSES      
Policyholders’ benefits 609,392 655,910 298,149
Interest credited to policyholders’ account balances 517,488 (114,585) 233,375
Amortization of deferred policy acquisition costs 857,385 342,118 140,562
General, administrative and other expenses 1,154,229 (523,925) 383,043
TOTAL BENEFITS AND EXPENSES 3,138,494 359,518 1,055,129
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 416,004 (2,901,871) 68,135
Income tax expense (benefit) (882) (691,439) (130,248)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 416,886 (2,210,432) 198,383
Equity in earnings of operating joint venture, net of taxes (75,137) 702 (1,686)
Net income (loss) 341,749 (2,209,730) 196,697
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments (9,337) (3,891) 599
Net unrealized investment gains (losses) (2,430,238) (247,176) 334,893
Total (2,439,575) (251,067) 335,492
Less: Income tax expense (benefit) related to other comprehensive income (loss) (510,840) (52,374) 70,806
Other comprehensive income (loss), net of tax (1,928,735) (198,693) 264,686
Comprehensive income (loss) $ (1,586,986) $ (2,408,423) $ 461,383
v3.23.1
Consolidated Statements of Stockholder's Equity - USD ($)
$ in Thousands
Total
  Common  Stock
  Additional  Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Accumulated Other   Comprehensive  Income (Loss)
Total Equity
Total Equity
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Beginning Balance at Dec. 31, 2019   $ 2,500 $ 1,153,632 $ 1,577,453 $ (1,752) $ 281,442 $ 3,015,027 $ (1,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributed capital     575,000       575,000  
Contributed (distributed) capital-parent/child asset transfers     (1,942)       (1,942)  
Comprehensive income (loss):                
Net income (loss) $ 196,697     196,697     196,697  
Other Comprehensive Income (Loss), Net of Tax 264,686         264,686 264,686  
Total comprehensive income (loss)             461,383  
Ending Balance at Dec. 31, 2020   2,500 1,726,690 1,772,398   546,128 4,047,716  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributed capital     4,342,215       4,342,215  
Contributed (distributed) capital-parent/child asset transfers     (26,414)       (26,414)  
Comprehensive income (loss):                
Net income (loss) (2,209,730)     (2,209,730)     (2,209,730)  
Other Comprehensive Income (Loss), Net of Tax (198,693)         (198,693) (198,693)  
Total comprehensive income (loss)             (2,408,423)  
Ending Balance at Dec. 31, 2021   2,500 6,042,491 (437,332)   347,435 5,955,094  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributed capital     17,861       17,861  
Contributed (distributed) capital-parent/child asset transfers     (22,438)       (22,438)  
Comprehensive income (loss):                
Net income (loss) 341,749     341,749     341,749  
Other Comprehensive Income (Loss), Net of Tax $ (1,928,735)         (1,928,735) (1,928,735)  
Total comprehensive income (loss)             (1,586,986)  
Ending Balance at Dec. 31, 2022   $ 2,500 $ 6,037,914 $ (95,583)   $ (1,581,300) $ 4,363,531  
[1] ncludes the impact from the adoption of Accounting Standards Update ("ASU") 2016-13. See Note 2.
v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 341,749 $ (2,209,730) $ 196,697
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income (78,754) (21,763) (81,850)
Interest credited to policyholders’ account balances 517,488 (114,585) 233,375
Realized investment (gains) losses, net (1,041,435) 5,295,406 62,976
Change in:      
Future policy benefits 2,407,887 2,080,967 2,658,195
Reinsurance recoverables (1,181,692) (1,304,306) (2,440,532)
Accrued investment income (58,762) (66,414) (4,165)
Net payables to/receivables from parent and affiliates 80,370 (16,904) (145,743)
Deferred policy acquisition costs (105,194) (3,926,121) (617,907)
Income taxes (40,095) (1,082,459) (142,196)
Derivatives, net (651,654) (1,193,004) 10,969
Other, net [1] 1,635,056 1,674,972 (108,941)
Cash flows from (used in) operating activities 1,824,964 (883,941) (379,122)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 1,688,079 1,251,269 385,245
Fixed maturities, trading 907,941 914,662 0
Equity securities 242,292 100,151 5,043
Policy loans 169,723 172,932 174,208
Ceded policy loans (112,164) (13,387) (12,863)
Short-term investments 632,069 221,645 371,508
Commercial mortgage and other loans 196,672 280,103 123,124
Other invested assets 60,349 302,692 16,280
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (7,009,578) (2,504,582) (1,269,808)
Fixed maturities, trading (425,267) (117,247) (13,418)
Equity securities (281,684) (98,122) (99,871)
Policy loans (144,764) (122,297) (137,133)
Ceded policy loans 71,402 12,161 20,053
Short-term investments (558,161) (317,593) (421,495)
Commercial mortgage and other loans (1,076,351) (565,222) (165,398)
Other invested assets (166,345) (148,842) (74,231)
Notes receivable from parent and affiliates, net 771   905
Notes receivable from parent and affiliates, net   (54,026)  
Derivatives, net (366,805) (3,234) (4,048)
Other, net 57,687 (10,392) 2,290
Cash flows from (used in) investing activities (6,114,134) (699,329) (1,099,609)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 9,996,128 5,690,619 4,775,163
Ceded policyholders’ account deposits (1,216,195) (1,149,254) (3,479,973)
Policyholders’ account withdrawals (3,727,579) (3,927,948) (3,291,806)
Ceded policyholders’ account withdrawals 638,392 326,680 2,709,182
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 83,762 287 (4,804)
Contributed capital 0 776,657 575,000
Contributed (distributed) capital - parent/child asset transfers (11,478) (6,148) (2,458)
Net change in financing arrangements (maturities 90 days or less) 584 0 (2,845)
Proceeds from the issuance of debt (maturities longer than 90 days) 0 323,839 0
Drafts outstanding 63,579 43,741 40,514
Other, net (59,327) (3,251) 24,538
Cash flows from (used in) financing activities 5,767,866 2,075,222 1,342,511
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,478,696 491,952 (136,220)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 918,931 426,979 563,199
CASH AND CASH EQUIVALENTS, END OF YEAR 2,397,627 918,931 426,979
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 39,201 391,015 11,948
Interest paid $ 7,863 $ 6,341 $ 2,783
[1] Prior periods have been reclassified to conform to the current period presentation.
v3.23.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 01, 2021
Dec. 31, 2022
The Prudential Insurance Company of America | Assets    
Non-cash activity   $ 18
Lotus Re | Reinsurance agreement    
Non-cash activity   525
FLIAC | Reinsurance agreement    
Non-cash activity   $ 4,656
PALAC | Variable and fixed annuities | Investment transfers    
Non-cash activity $ 2,600  
PALAC | Variable and fixed annuities | Dividend payment in securities    
Non-cash activity $ 200  
v3.23.1
Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey, (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Prudential Financial Sale of PALAC

Effective April 1, 2022, Prudential Financial completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”) to Fortitude Group Holdings, LLC (“Fortitude”). As such, PALAC is no longer an affiliate of Prudential Financial or the Company. Fortitude subsequently renamed the company Fortitude Life Insurance & Annuity Company (“FLIAC”).

2021 Variable Annuities Recapture

Effective July 1, 2021, the Company recaptured the risks related to its variable annuity base contracts, along with the living benefit guarantees, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. The recapture does not impact PLNJ, which will continue to reinsure its new and in force business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders are being managed within the Company. This transaction is referred to as the "2021 Variable Annuities Recapture".
The financial statement impacts of this transaction are as follows:

Interim Consolidated Statement of Financial Position
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
ASSETS
Total investments(1)(2)$8,324 
Cash and cash equivalents414 
Deferred policy acquisition costs3,286 
Accrued investment income 42 
Reinsurance recoverables(12,307)
Deferred sales inducements388 
Receivable from parent and affiliates0 
Income taxes receivable765 
Other assets(84)
Separate account assets0 
TOTAL ASSETS$828 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$0 
Policyholders’ account balances0 
Cash collateral for loaned securities0 
Payables to parent and affiliates(106)
Other liabilities0 
Separate account liabilities0 
Total liabilities(106)
EQUITY
Common stock0 
Additional paid-in capital(3)3,786 
Retained earnings(2,797)
Accumulated other comprehensive income(55)
Total equity934 
TOTAL LIABILITIES AND EQUITY$828 
Significant non-cash transactions
(1) The increase in total investments includes non-cash activities of $8.3 billion related to the recapture transaction.
(2) The Company incurred a loss related to ceding commissions of $2 billion.
(3) The increase in Additional paid-in capital includes non-cash activities of $3.4 billion in invested assets related to capital contributions from Prudential Insurance.
Interim Consolidated Statement of Operations and Comprehensive Income (Loss)
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
REVENUES
Other income (loss)$(1)
Realized investment gains (losses), net(4,953)
TOTAL REVENUES(4,954)
BENEFITS AND EXPENSES
Policyholders’ benefits257 
Interest credited to policyholders’ account balances(399)
General, administrative and other expenses(1,272)
TOTAL BENEFITS AND EXPENSES(1,414)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES(3,540)
Income tax expense (benefit)(743)
NET INCOME (LOSS)$(2,797)


Affiliated Asset Transfers

AffiliatePeriodTransactionSecurity TypeFair ValueBook ValueAPIC/ Retained Earnings Increase/(Decrease)Realized Investment Gain/(Loss), NetDerivative Gain/(Loss)
(in millions)
PALACJuly 1, 2021PurchaseDerivatives, Fixed Maturities, Equity Securities, Commercial Mortgages and JV/LP Investments$4,908 $4,908 $0 $0 $0 
Prudential InsuranceJuly 1, 2021Contributed CapitalFixed Maturities$3,420 $3,420 $3,420 $0 $0 

As part of the recapture transaction, the Company received invested assets of $6.8 billion, net of $2 billion ceding commissions as consideration from PALAC, which is equivalent to the amount of statutory reserve credit taken as of June 30, 2021. The Company released a reinsurance recoverable of $12.3 billion.

The Company derecognized its ceded Deferred Acquisition Costs ("DAC") and Deferred Sales Inducements ("DSI") balances as of June 30, 2021. The company also recognized a net deferred reinsurance loss from the original transaction of $0.1 billion. As a result of the recapture transaction, the Company recognized a pre-tax loss of $3.5 billion immediately.

There was a $3.8 billion capital contribution from Prudential Insurance, which includes $3.4 billion in invested assets and $0.4 billion in cash.

Reinsurance Agreement with FLIAC

Effective December 1, 2021, the Company entered into a reinsurance agreement with FLIAC (previously named PALAC) under which the Company assumed all of its variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature from FLIAC. As a result, the Company recognized a deferred reinsurance loss of $238 million. As of December 31, 2021, the reinsurance recoverable from the reinsurance of indexed variable annuities was $7.2 billion, and the Policyholders' account balances resulting from the reinsurance of variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income benefit was $9.8 billion. See Note 9 for additional information regarding this reinsurance arrangement.
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

COVID-19

Since the first quarter of 2020, the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets. The pandemic has adversely impacted, and may continue to adversely impact, the Company's results of operations, financial condition and cash flows. The risks have manifested, and may continue to manifest, in the Company's financial statements in the areas of, among others, (i) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, etc.); and (ii) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value. The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Out of Period Adjustments

During the three and six months ended June 30, 2022, the Company recorded out of period adjustments resulting in an aggregate net benefit of $32 million and $50 million, respectively, to “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” in 2022. These adjustments related to reserves for certain universal and variable life products and certain portions of variable life and annuities reinsurance activity, of which $48 million was recorded in the first quarter of 2022.

During the three months ended September 30, 2022, the Company recorded out of period adjustments resulting in an aggregate net charge of $68 million to “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”. The adjustments were primarily related to the valuation of the embedded derivative associated with the indexed variable annuities reinsurance recoverable that should have been recorded in the second quarter of 2022 to "Realized investment gains (losses), net", with no net impact to the 2022 consolidated financial statements.

During the three months ended December 31, 2022, the Company recorded out of period adjustments resulting in an aggregate net benefit of $73 million to “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”. The adjustments were primarily related to certain portions of fixed indexed annuities reinsurance activity that should have been recorded in the second quarter of 2022 to "Realized investment gains (losses), net", with no net impact to the 2022 consolidated financial statements.
The aggregate impact of out of period adjustments recorded in 2022 was a net benefit of $53 million to "Income (loss) from operations before income taxes and equity in earnings of operating joint venture".

Management has evaluated the impact of all out of period adjustments, both individually and in the aggregate, and concluded that they are not material to any current or previously reported quarterly or annual financial statements.
v3.23.1
Significant Accounting Policies and Pronouncements
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. However, the credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net."

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income.”

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired) the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

The associated unrealized gains and losses, net of tax, and the effect on DAC, deferred sales inducements ("DSI"), future policy benefits and policyholders’ account balances that would result from the realization of unrealized gains and losses, are included in “Accumulated other comprehensive income (loss)” (“AOCI”). Each of these balances is discussed in greater detail below.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 14 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income.”
Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs, using a modified retrospective method for certain financial assets carried at amortized cost and certain off-balance sheet exposures. Adoption of these ASUs requires an entity to estimate lifetime credit losses for certain financial assets carried at amortized cost and certain off-balance sheet exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that may affect the collectability of reported amounts. The most significant impact is from modifications made to the Company’s process for measuring credit losses for its commercial mortgage and other loans classified as held for investment. The impact of the standard resulted in a cumulative effect adjustment to opening retained earnings in the amount of $1.8 million, primarily related to commercial mortgage and other loans. The impact of adoption is not material to the following financial statement line items: deferred policy acquisition costs; reinsurance recoverables; income taxes receivable; future policy benefits; policyholders' account balances; and other liabilities. The prospective adoption of the portions of the standard related to fixed maturities, available-for-sale resulted in no impact to opening retained earnings.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. Prior to the adoption of ASU 2016-13, the allowance was based upon credit losses that were probable of occurring for recognized loans, not an estimate of credit losses that may occur over the remaining life of the asset.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans, other collateralized and uncollateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.
The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized and uncollateralized loans (e.g., corporate loans) carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured in a troubled debt restructuring (“TDR”). These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt as part of a TDR. When restructurings occur, they are evaluated individually to determine whether the restructuring or modification constitutes a TDR as defined by authoritative accounting guidance. If the borrower is experiencing financial difficulty and the Company has granted a concession, the restructuring, including those that involve a partial payoff or the receipt of assets in full satisfaction of the debt is deemed to be a TDR. When there is a reasonable expectation that the Company will execute a TDR, all effects of the potential restructuring are considered for the estimation of the CECL allowance.

When a loan is modified in a TDR, the CECL allowance of the loan is remeasured using the modified terms and the loan’s original effective yield, and the allowance is adjusted accordingly. The loan will be evaluated to determine whether the loan no longer has similar credit risk characteristics of the commercial or agricultural mortgage loan pools and need to be evaluated for an allowance on an individual basis. Subsequent to the modification, income is recognized prospectively based on the modified terms of the loan.

In a TDR where the Company receives assets in full satisfaction of the debt, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the assets received and the recorded investment in the loan. When assets are received in partial settlement, the same process is followed, and the remaining loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.
Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to purchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs represent costs directly related to the successful acquisition of new and renewal insurance and annuity business that have been deferred to the extent such costs are deemed recoverable from future profits. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, capitalized DAC is amortized to “Amortization of DAC," net of the accrual of imputed interest on DAC balances. DAC is subject to periodic recoverability testing. DAC, for applicable products, is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI.

DAC related to universal and variable life products and fixed and variable deferred annuity products are generally deferred and amortized over the expected life of the contracts in proportion to gross profits arising principally from investment margins, mortality and expense margins, and surrender charges, based on historical and anticipated future experience, which is updated periodically. The Company uses a reversion to the mean approach for equities to derive future equity return assumptions; however, if the projected equity return calculated using this approach is greater than the maximum equity return assumption, the maximum equity return is utilized and if the projected equity return is negative, the return is floored at 0%. Gross profits also include impacts from the embedded derivatives associated with certain of the optional living benefit features of variable annuity contracts, and index-linked crediting features of certain universal life and annuity contracts and related hedging activities. In calculating gross profits, profits and losses related to contracts issued by the Company that are reported in affiliated legal entities other than the Company as a result of, for example, reinsurance agreements with those affiliated entities are also included. The Company is an indirect subsidiary of Prudential Financial, a United States Securities and Exchange Commission (the "SEC") registrant, and has extensive transactions and relationships with other subsidiaries of Prudential Financial, including reinsurance agreements, as described in Note 9. Incorporating all product-related profits and losses in gross profits, including those that are reported in affiliated legal entities, produces a DAC amortization pattern representative of the total economics of the products. Total gross profits include both actual gross profits and estimates of gross profits for future periods. The Company regularly evaluates and adjusts DAC balances with a corresponding charge or credit to current period earnings, representing a cumulative adjustment to all prior periods’ amortization, for the impact of actual gross profits and changes in the Company's projections of estimated future gross profits. Adjustments to DAC balances result from: (i) the annual review of assumptions that reflect the comprehensive review of the assumptions used in estimating gross profits for future periods; (ii) quarterly adjustments for current period experience (also referred to as “experience true-up” adjustments) that reflect the impact of differences between actual gross profits for a given period and the previously estimated expected gross profits for that period; and (iii) quarterly adjustments for market performance (also referred to as “experience unlocking”) that reflect the impact of changes to the Company's estimate of total gross profits to reflect actual fund performance and market conditions.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a nonintegrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, and are reported on the Consolidated Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. For additional information about these arrangements see Note 9.

Deferred sales inducements represents various types of sales inducements to contractholders related to fixed and variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology and assumptions used to amortize DAC. Sales inducement balances are subject to periodic recoverability testing. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” DSI for applicable products is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI. See Note 9 for additional information regarding sales inducements.

Income taxes receivable primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Consolidated Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 10 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.
The Company’s liability for income taxes includes a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 10 for additional information regarding income taxes.

Other assets consists primarily of deposit assets related to a reinsurance agreement entered into with a third-party reinsurer during 2021 using deposit accounting under U.S. GAAP, see Note 9 for additional information. Included in these deposit assets are amounts representing fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5. Also included are premiums due, deferred loss on reinsurance with affiliates, receivables resulting from sales of securities that had not yet settled at the balance sheet date, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.

Separate account assets represents segregated funds that are invested for certain contractholders and other customers. The assets consist primarily of equity securities, fixed maturities, and real estate-related investments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the contractholders, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the contractholders and are not included in the Company’s consolidated results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits represents liabilities related to certain long-duration life and annuity contracts, which are discussed more fully in Note 8. These liabilities represent reserves for the guaranteed minimum death and optional living benefit features on our variable annuity products and no-lapse guarantees for our variable and universal life products. The optional living benefits are primarily accounted for as embedded derivatives, with fair values calculated as the present value of future expected benefit payments to customers less the present value of assessed rider fees attributable to the embedded derivative feature. For additional information regarding the valuation of these optional living benefit features, see Note 5.

The Company’s liability for future policy benefits also includes reserves based on the present value of estimated future payments to or on behalf of policyholders related to contracts that have fixed and guaranteed terms, where the timing and amount of payment depends on policyholder mortality and maintenance expenses less the present value of future net premiums. Expected mortality is generally based on Company experience, industry data, and/or other factors. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality and interest rate assumptions are “locked-in” upon the issuance of new insurance or annuity business with fixed and guaranteed terms, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by recognizing a premium deficiency. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and expenses. If a premium deficiency is recognized, the assumptions without a provision for the risk of adverse deviation as of the premium deficiency test date are locked-in and used in subsequent valuations. The net reserves continue to be subject to premium deficiency testing. Any adjustments to future policy benefit reserves related to net unrealized gains on securities classified as available-for-sale are included in AOCI. See Note 7 for additional information regarding future policy benefits.
Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities. See Note 7 for additional information regarding policyholders’ account balances. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income or to facilitate trading activity. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”

Other liabilities consists primarily of reinsurance payables associated with reinsurance arrangements with affiliates that correspond to reinsurance receivables included above in “Reinsurance recoverables”. Also included is a funds withheld liability for assets retained under a reinsurance agreement that corresponds to the deposit assets above in "Other assets". For additional information about these arrangements see Note 9. Additionally other liabilities includes accrued expenses, technical overdrafts, deferred gain on reinsurance, and payables resulting from purchases of securities that had not yet settled at the balance sheet date. Other liabilities may also include derivative instruments for which fair values are determined as described below under “Derivative Financial Instruments”.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 13 for additional information regarding short-term and long-term debt.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium methodology.

Revenues for variable deferred annuity contracts consist of charges against contractholder account values or separate accounts for mortality and expense risks, administration fees, surrender charges and an annual maintenance fee per contract. Revenues for mortality and expense risk charges and administration fees are recognized as assessed against the contractholder. Surrender charge revenue is recognized when the surrender charge is assessed against the contractholder at the time of surrender. Liabilities for the variable investment options on annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable immediate annuity and supplementary contracts with life contingencies consist of certain charges against contractholder account values including mortality and expense risks and administration fees. These charges and fees are recognized as revenue when assessed against the contractholder. Liabilities for variable immediate annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable life insurance contracts consist of charges against contractholder account values or separate accounts for expense charges, administration fees, cost of insurance charges and surrender charges. Certain contracts also include charges against premium to pay state premium taxes. All of these charges are recognized as revenue when assessed against the contractholder. Liabilities for variable life insurance contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are accounted for as insurance contracts. The Company also provides contracts with certain living benefits which are considered embedded derivatives. See Note 5 for information regarding the valuation of these embedded derivatives and Note 8 for additional information regarding these contracts.
Amounts received as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts in proportion to estimated gross profits. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 13). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value,” and “Other invested assets” that are measured at fair value.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, releases of Other Comprehensive Income and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments.

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk ("NPR") used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to interest rate, credit, foreign currency and equity risks associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.
The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets", or as liabilities, within “Payables to parent and affiliates” or "Other liabilities".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. Effective April 1, 2016, the Company reinsured the variable annuity base contracts, along with the living benefit guarantees, to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance, in each case under a coinsurance and modified coinsurance agreement. Effective July 1, 2021, the Company recaptured the risks related to its variable annuity base contracts, along with the living benefit guarantees, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. See Note 9 for additional information. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net".
RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASU issued but not yet adopted as of December 31, 2022 — ASU 2018-12

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018, and was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, issued in October 2019, and ASU 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application, issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements.

The Company has an established governance framework to manage the implementation of the standard. The Company has substantially completed its implementation efforts including, but not limited to, implementing refinements to key accounting policy decisions, modifications to actuarial valuation models, updates to data sourcing capabilities, automation of key financial reporting and analytical processes and updates to internal control over financial reporting and disclosure.

ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. The Company expects the standard to have a significant financial impact on the Consolidated Financial Statements and will significantly increase disclosures. As of the January 1, 2021 transition date, the Company estimates that the implementation of the standard will result in approximately a $700 million decrease to $100 million increase to "Total equity", largely from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of September 30, 2022, the Company estimates that the transition date impacts will significantly reverse, primarily as a result of increases in market interest rates from the January 1, 2021 transition date to September 30, 2022. In addition to the impacts to the balance sheet, the Company also expects an impact to the pattern of earnings emergence following the transition date.
Outlined below are four key areas of change, although there are other less significant policy changes not noted below.

ASU 2018-12 Amended TopicDescriptionMethod of adoptionEffect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance productsRequires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations.An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) ("AOCI") or (2) a full retrospective transition method.
The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance productsRequires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI.As noted above, the Company will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. The Company expects an impact to AOCI as a result of remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the adoption date. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date.
Amortization of DAC and other balancesRequires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances.
The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI.
Market Risk Benefits ("MRB")
Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk ("NPR"), which is recognized in OCI.
An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative-effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.
The Company will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects a decrease to "Retained earnings" and an offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will be an impact to "Retained earnings" for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities).
ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company does not currently intend to apply this accounting policy election.

Other ASU issued but not yet adopted as of December 31, 2022

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure
This ASU eliminates the accounting guidance for TDR for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination.
January 1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption.
The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.23.1
Investments
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Investments
3. INVESTMENTS
Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 December 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$354,348 $300 $72,856 $0 $281,792 
Obligations of U.S. states and their political subdivisions654,884 4,275 30,959 0 628,200 
Foreign government bonds330,967 1,140 58,640 5 273,462 
U.S. public corporate securities7,414,790 21,299 992,145 0 6,443,944 
U.S. private corporate securities4,140,734 13,071 335,205 1,871 3,816,729 
Foreign public corporate securities1,539,172 2,455 163,384 21 1,378,222 
Foreign private corporate securities4,338,585 19,761 589,153 2,863 3,766,330 
Asset-backed securities(1)1,467,955 6,976 32,577 0 1,442,354 
Commercial mortgage-backed securities727,159 94 69,101 0 658,152 
Residential mortgage-backed securities(2)342,493 3,211 9,479 9 336,216 
Total fixed maturities, available-for-sale$21,311,087 $72,582 $2,353,499 $4,769 $19,025,401 
(1)    Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$303,040 $31,011 $111 $0 $333,940 
Obligations of U.S. states and their political subdivisions584,244 46,978 701 0 630,521 
Foreign government bonds324,454 29,299 3,271 11 350,471 
U.S. public corporate securities4,794,878 366,764 29,770 0 5,131,872 
U.S. private corporate securities1,964,767 59,037 16,880 2,049 2,004,875 
Foreign public corporate securities906,031 34,234 10,363 0 929,902 
Foreign private corporate securities2,741,449 62,932 48,381 2,089 2,753,911 
Asset-backed securities(1)547,549 860 1,099 0 547,310 
Commercial mortgage-backed securities552,653 25,928 3,397 0 575,184 
Residential mortgage-backed securities(2)18,684 1,501 5 0 20,180 
Total fixed maturities, available-for-sale$12,737,749 $658,544 $113,978 $4,149 $13,278,166 

(1)    Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and other asset types.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 December 31, 2022
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$212,991 $46,928 $62,630 $25,928 $275,621 $72,856 
Obligations of U.S. states and their political subdivisions307,734 16,851 61,915 14,108 369,649 30,959 
Foreign government bonds139,577 19,435 111,371 39,205 250,948 58,640 
U.S. public corporate securities3,873,275 389,937 1,979,725 602,208 5,853,000 992,145 
U.S. private corporate securities2,506,932 157,853 948,686 177,352 3,455,618 335,205 
Foreign public corporate securities548,083 40,508 596,437 122,856 1,144,520 163,364 
Foreign private corporate securities1,772,413 199,124 1,479,608 390,029 3,252,021 589,153 
Asset-backed securities625,710 15,146 289,581 17,431 915,291 32,577 
Commercial mortgage-backed securities459,186 30,408 176,349 38,693 635,535 69,101 
Residential mortgage-backed securities129,721 9,220 1,294 259 131,015 9,479 
  Total fixed maturities, available-for-sale$10,575,622 $925,410 $5,707,596 $1,428,069 $16,283,218 $2,353,479 

 December 31, 2021
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $2,119 $111 $2,119 $111 
Obligations of U.S. states and their political subdivisions104,621 701 0 0 104,621 701 
Foreign government bonds59,550 2,826 6,473 371 66,023 3,197 
U.S. public corporate securities1,681,201 23,160 180,249 6,610 1,861,450 29,770 
U.S. private corporate securities972,796 14,036 16,409 2,844 989,205 16,880 
Foreign public corporate securities532,445 8,255 29,718 2,108 562,163 10,363 
Foreign private corporate securities1,253,739 42,392 57,637 5,616 1,311,376 48,008 
Asset-backed securities288,971 1,099 0 0 288,971 1,099 
Commercial mortgage-backed securities157,355 1,622 40,689 1,775 198,044 3,397 
Residential mortgage-backed securities1,393 5 0 0 1,393 5 
  Total fixed maturities, available-for-sale$5,052,071 $94,096 $333,294 $19,435 $5,385,365 $113,531 
As of December 31, 2022 and 2021, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $2,164.1 million and $95.1 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $189.4 million and $18.4 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2022, the $1,428.1 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2021, the $19.4 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the utility, finance and consumer non-cyclical sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2022. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of December 31, 2022, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
 December 31, 2022
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$357,166 $347,772 
Due after one year through five years4,981,177 4,654,387 
Due after five years through ten years6,798,927 6,120,970 
Due after ten years6,636,210 5,465,550 
Asset-backed securities1,467,955 1,442,354 
Commercial mortgage-backed securities727,159 658,152 
Residential mortgage-backed securities342,493 336,216 
Total fixed maturities, available-for-sale$21,311,087 $19,025,401 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31,
202220212020
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$1,117,293 $790,331 $81,766 
Proceeds from maturities/prepayments624,640 465,347 305,859 
Gross investment gains from sales and maturities5,647 14,972 1,293 
Gross investment losses from sales and maturities(58,432)(16,674)(1,878)
Write-downs recognized in earnings(2)(20,600)(2)(4,312)
(Addition to) release of allowance for credit losses(620)(1,810)(2,339)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(53.9) million, $(4.4) million and $(2.4) million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale. In addition, for the year ended December 31, 2020, amount also includes write-downs on securities approaching maturities related to foreign exchange movements.
The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:

Year Ended December 31, 2022
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $11 $4,138 $0 $0 $0 $4,149 
Additions to allowance for credit losses not previously recorded0 329 12,700 0 0 7 13,036 
Reductions for securities sold during the period0 (96)(1,702)0 0 0 (1,798)
Reductions for securities with intent to sell0 (324)(16,666)0 0 0 (16,990)
Additions (reductions) on securities with previous allowance0 85 6,285 0 0 2 6,372 
Balance, end of period$0 $5 $4,755 $0 $0 $9 $4,769 

Year Ended December 31, 2021
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,339 $0 $0 $0 $2,339 
Additions to allowance for credit losses not previously recorded0 11 2,664 0 0 0 2,675 
Reductions for securities sold during the period0 0 (28)0 0 0 (28)
Additions (reductions) on securities with previous allowance0 0 (837)0 0 0 (837)
Balance, end of period$0 $11 $4,138 $0 $0 $0 $4,149 
Year Ended December 31, 2020
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $0 $0 
Additions to allowance for credit losses not previously recorded0 0 5,672 0 0 0 5,672 
Reductions for securities sold during the period0 0 (3,147)0 0 0 (3,147)
Additions (reductions) on securities with previous allowance0 0 (186)0 0 0 (186)
Balance, end of period$0 $0 $2,339 $0 $0 $0 $2,339 

See Note 2 for additional information about the Company’s methodology for developing our allowance and expected losses.

For the year ended December 31, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the capital goods and utility sectors within private corporate securities due to adverse projected cash flows, partially offset by a net release on restructured private corporate securities within the communications and transportation sectors.
For the year ended December 31, 2021, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows on securities in the transportation and communications sectors within private corporate securities.
The Company did not have any fixed maturity securities purchased with credit deterioration, as of both December 31, 2022 and 2021.
Fixed Maturities, Trading
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(728.6) million, $156.1 million and $9.1 million during the years ended December 31, 2022, 2021 and 2020, respectively.
Equity Securities
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(10.2) million, $2.1 million and $(1.2) million during the years ended December 31, 2022, 2021 and 2020, respectively.
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 December 31, 2022December 31, 2021
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,289,026 26.0 %$748,414 26.4 %
Hospitality104,177 2.1 48,141 1.7 
Industrial1,766,247 35.8 916,398 32.2 
Office590,897 11.9 445,055 15.7 
Other380,121 7.7 252,590 8.9 
Retail351,457 7.1 255,577 9.0 
Total commercial mortgage loans4,481,925 90.6 2,666,175 93.9 
Agricultural property loans467,018 9.4 172,336 6.1 
Total commercial mortgage and agricultural property loans4,948,943 100.0 %2,838,511 100.0 %
Allowance for credit losses(20,263)(5,951)
Total net commercial mortgage and agricultural property loans$4,928,680 $2,832,560 

As of December 31, 2022, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (28%), Texas (13%) and New York (6%) and included loans secured by properties in Europe (10%), Mexico (2%) and Australia (1%).
The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: 
Commercial Mortgage LoansAgricultural Property LoansTotal
 (in thousands)
Balance at December 31, 2019$1,743 $25 $1,768 
Cumulative effect of adoption of ASU 2016-132,495 (8)2,487 
Addition to (release of) allowance for expected losses308 (11)297 
Balance at December 31, 20204,546 6 4,552 
Addition to (release of) allowance for expected losses1,301 98 1,399 
Balance at December 31, 20215,847 104 5,951 
Addition to (release of) allowance for expected losses13,818 494 14,312 
Balance at December 31, 2022$19,665 $598 $20,263 

See Note 2 for additional information about the Company's methodology for developing our allowance and expected losses.
For the year ended December 31, 2022, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to loan originations and declining market conditions, partially offset by loan repayments and payoffs.

For the year ended December 31, 2021, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to portfolio growth, partially offset by the improving credit environment.
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$266,453 $262,095 $63,558 $222,638 $201,087 $894,646 $1,910,477 
60%-69.99%344,110 681,996 243,800 219,593 61,757 305,175 1,856,431 
70%-79.99%166,629 304,386 47,388 66,148 2,409 53,336 640,296 
80% or greater0 0 0 3,249 0 71,472 74,721 
Total$777,192 $1,248,477 $354,746 $511,628 $265,253 $1,324,629 $4,481,925 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$744,301 $1,248,477 $243,325 $452,626 $258,617 $1,203,807 $4,151,153 
1.0 - 1.2x32,891 0 83,655 26,558 6,636 45,742 195,482 
Less than 1.0x0 0 27,766 32,444 0 75,080 135,290 
Total$777,192 $1,248,477 $354,746 $511,628 $265,253 $1,324,629 $4,481,925 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$208,708 $133,126 $25,894 $16,053 $6,327 $20,700 $410,808 
60%-69.99%56,210 0 0 0 0 0 56,210 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$264,918 $133,126 $25,894 $16,053 $6,327 $20,700 $467,018 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$262,918 $133,126 $25,894 $16,053 $6,327 $20,700 $465,018 
1.0 - 1.2x2,000 0 0 0 0 0 2,000 
Less than 1.0x0 0 0 0 0 0 0 
Total$264,918 $133,126 $25,894 $16,053 $6,327 $20,700 $467,018 
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$47,161 $0 $179,682 $76,656 $126,934 $553,022 $983,455 
60%-69.99%307,999 225,330 289,322 170,444 126,159 116,654 1,235,908 
70%-79.99%163,451 86,083 75,185 13,728 55,032 51,203 444,682 
80% or greater0 0 0 0 958 1,172 2,130 
Total$518,611 $311,413 $544,189 $260,828 $309,083 $722,051 $2,666,175 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$501,456 $195,164 $481,289 $253,938 $289,443 $638,092 $2,359,382 
1.0 - 1.2x17,155 109,862 39,577 6,890 7,100 39,213 219,797 
Less than 1.0x0 6,387 23,323 0 12,540 44,746 86,996 
Total$518,611 $311,413 $544,189 $260,828 $309,083 $722,051 $2,666,175 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 
60%-69.99%0 0 0 0 0 0 0 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$98,579 $26,581 $16,226 $6,463 $8,372 $15,300 $171,521 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 815 815 
Total$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 

See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2022
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$4,481,925 $0 $0 $0 $4,481,925 $0 
Agricultural property loans465,689 0 1,329 0 467,018 0 
Total $4,947,614 $0 $1,329 $0 $4,948,943 $0 

(1)As of December 31, 2022, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2021
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$2,666,175 $0 $0 $0 $2,666,175 $0 
Agricultural property loans172,336 0 0 0 172,336 0 
Total $2,838,511 $0 $0 $0 $2,838,511 $0 

(1)As of December 31, 2021, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
For the years ended December 31, 2022 and 2021, there were $27.6 million and $1,344.3 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For the years ended December 31, 2022 and 2021, there were $24.8 million and $68.8 million of commercial mortgage and other loans sold, respectively.
The Company did not have any commercial mortgage and other loans purchased with credit deterioration, as of both December 31, 2022 and 2021.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
December 31,
20222021
 (in thousands)
Company's investment in separate accounts(1)$510 $53,694 
LPs/LLCs:
Equity method:
Private equity287,969 286,141 
Hedge funds576,595 432,749 
Real estate-related107,429 89,337 
Subtotal equity method971,993 808,227 
Fair value:
Private equity59,146 69,137 
Hedge funds396 481 
Real estate-related9,457 9,861 
Subtotal fair value68,999 79,479 
Total LPs/LLCs1,040,992 887,706 
Derivative instruments47,111 268,525 
Total other invested assets$1,088,613 $1,209,925 

(1)Assets consist of investments in separate account funds. The largest fund was liquidated during 2022.

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities.
 December 31,
 20222021
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$67,721,613 $72,416,906 
Total liabilities(2)$12,174,133 $12,120,390 
Partners’ capital55,547,480 60,296,516 
Total liabilities and partners’ capital$67,721,613 $72,416,906 
Total liabilities and partners’ capital included above$815,783 $746,870 
Equity in LP/LLC interests not included above214,442 201,541 
Carrying value$1,030,225 $948,411 

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202220212020
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$11,062,060 $11,031,051 $565,409 
Total expenses(2)(1,655,673)(2,044,942)(201,644)
Net earnings (losses)$9,406,387 $8,986,109 $363,765 
Equity in net earnings (losses) included above$(36,513)$62,173 $8,644 
Equity in net earnings (losses) of LP/LLC interests not included above7,320 28,765 25,859 
Total equity in net earnings (losses)$(29,193)$90,938 $34,503 

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20222021
(in thousands)
Fixed maturities$187,628 $117,216 
Equity securities349 2 
Commercial mortgage and other loans13,335 7,025 
Policy loans14,525 35,153 
Other invested assets48 254 
Short-term investments and cash equivalents3,750 377 
Total accrued investment income$219,635 $160,027 

There were $0.0 million and $0.1 million of write-downs on accrued investment income for the years ended December 31, 2022 and 2021.
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202220212020
 (in thousands)
Fixed maturities, available-for-sale$589,248 $299,607 $224,262 
Fixed maturities, trading55,790 38,778 1,768 
Equity securities8,226 530 410 
Commercial mortgage and other loans119,358 63,548 50,534 
Policy loans21,189 69,602 70,363 
Other invested assets101,289 104,375 36,684 
Short-term investments and cash equivalents44,182 712 3,219 
Gross investment income939,282 577,152 387,240 
Less: investment expenses(55,281)(26,917)(19,890)
Net investment income$884,001 $550,235 $367,350 

The carrying value of non-income producing assets included $13.2 million in available-for-sale fixed maturities and less than $1 million in fixed maturities trading as of December 31, 2022. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2022.
Realized Investment Gains (Losses), Net 
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202220212020
(in thousands)
Fixed maturities(1)$(74,005)$(3,514)$(7,236)
Commercial mortgage and other loans(18,201)1,535 (226)
Other invested assets(78,671)(2,737)(287)
Derivatives(2)1,212,366 (5,291,043)(55,003)
Short-term investments and cash equivalents(54)353 (224)
Realized investment gains (losses), net$1,041,435 $(5,295,406)$(62,976)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Includes the impact of the 2021 Variable Annuities Recapture. See Note 1 for additional information.
Net Unrealized Gains (Losses) on Investments within AOCI
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202220212020
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$4,371 $3,685 $0 
Fixed maturity securities, available-for-sale without an allowance(2,285,288)540,881 857,599 
Derivatives designated as cash flow hedges(1)138,627 39,896 (8,112)
Affiliated notes(13,189)73 4,024 
Other investments(2)(274)1,854 (4,162)
Net unrealized gains (losses) on investments$(2,155,753)$586,389 $849,349 
(1)For more information on cash flow hedges, see Note 4.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending
In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2022 and 2021, the Company had no repurchase agreements.
The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
December 31, 2022December 31, 2021
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Foreign government bonds$506 $0 $506 $0 $0 $0 
U.S. public corporate securities7,903 0 7,903 3,004 0 3,004 
Foreign public corporate securities12,873 0 12,873 0 0 0 
Equity securities65,468 0 65,468 0 0 0 
Total cash collateral for loaned securities(1)$86,750 $0 $86,750 $3,004 $0 $3,004 

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged, Restricted Assets and Special Deposits
The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20222021
 (in thousands)
Pledged collateral:
Fixed maturity securities, available-for-sale$20,553 $2,871 
Equity securities63,895 0 
Total securities pledged$84,448 $2,871 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$86,750 $3,004 
Total liabilities supported by the pledged collateral$86,750 $3,004 
In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of December 31, 2022 and 2021, there were $290 million and $0 million of collateral that could be sold or repledged.
As of December 31, 2022 and 2021, there were available-for-sale fixed maturities of $3.9 million and $4.1 million, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.
v3.23.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies
Interest Rate Contracts
Interest rate swaps, options, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in their values it owns or anticipates acquiring or selling.
Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount.
The Company also uses interest rate swaptions, caps and floors to manage interest rate risk. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In an interest rate cap, the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. Similarly, in an interest rate floor, the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. Swaptions, caps and floors are included in interest rate options.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Equity Contracts
Equity options, total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.
Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.
Total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and London Inter-Bank Offered Rate ("LIBOR") plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Foreign Exchange Contracts
Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.
Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.
Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.
Credit Contracts
The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.
In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
Embedded Derivatives
The Company offers certain products (for example, variable annuities, indexed annuities, and index-linked universal life) which may include features that are accounted for as embedded derivatives; related to certain of these derivatives, the Company has entered into reinsurance agreements with both affiliated and unaffiliated parties. Effective April 1, 2016, the Company entered into reinsurance agreements with PALAC and Prudential Insurance. The reinsurance agreement with PALAC was recaptured on July 1, 2021. Additionally, the Company has entered into a reinsurance agreement with an external counterparty, Union Hamilton Reinsurance, Ltd. ("Union Hamilton") effective April 1, 2015. See Note 9 for additional information on the reinsurance agreements.
Effective December 1, 2021, the Company entered into a reinsurance arrangement with FLIAC (previously named PALAC), which includes features that are accounted for as embedded derivatives. See Note 9 for additional information on the reinsurance arrangement.
These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 5.
Primary Risks Managed by Derivatives
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account of the netting effects of master netting agreements and cash collateral.
 December 31, 2022December 31, 2021
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$3,225 $0 $(316)$3,344 $55 $0 
Foreign Currency Swaps1,933,343 233,812 (10,462)886,552 37,259 (6,900)
Total Derivatives Designated as Hedge Accounting Instruments$1,936,568 $233,812 $(10,778)$889,896 $37,314 $(6,900)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$138,419,110 $6,757,890 $(17,092,749)$130,358,860 $5,698,740 $(10,348,130)
Interest Rate Futures2,425,500 3,267 (201)4,109,300 2,876 (2,709)
Interest Rate Swaptions8,368,000 123,168 (225,125)9,883,000 280,323 (173,863)
Interest Rate Forwards1,104,000 11,265 (12,359)195,000 3,760 (991)
Foreign Currency
Foreign Currency Forwards364,946 590 (10,423)119,653 842 (1,063)
Credit
Credit Default Swaps47,450 346 0 306,900 24,789 0 
Currency/Interest Rate
Foreign Currency Swaps2,289,170 194,412 (14,624)2,139,523 68,477 (23,251)
Equity
Total Return Swaps15,958,130 120,341 (175,104)15,129,666 66,627 (475,209)
Equity Options25,187,516 239,003 (1,112,196)19,461,881 902,050 (1,535,272)
Futures876,790 956 (513)5,015,002 736 (6,595)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$195,040,612 $7,451,238 $(18,643,294)$186,718,785 $7,049,220 $(12,567,083)
Total Derivatives(1)(2)$196,977,180 $7,685,050 $(18,654,072)$187,608,681 $7,086,534 $(12,573,983)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $4,541 million and $9,048 million as of December 31, 2022 and 2021, respectively included in "Future policy benefits" and $3,502 million and $3,246 million as of December 31, 2022 and 2021, respectively included in "Policyholders' account balances". Other assets included $141 million and $73 million as of December 31, 2022 and 2021, respectively. Other liabilities included $10 million and $13 million as of December 31, 2022 and 2021, respectively. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $431 million and $931 million as of December 31, 2022 and 2021, respectively.
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.
Offsetting Assets and Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,685,050 $(7,637,939)$47,111 $0 $47,111 
Securities purchased under agreements to resell290,000 0 290,000 (290,000)0 
Total Assets$7,975,050 $(7,637,939)$337,111 $(290,000)$47,111 
Offsetting of Financial Liabilities:
Derivatives$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 

 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,086,534 $(6,818,009)$268,525 $0 $268,525 
Securities purchased under agreements to resell185,000 0 185,000 (185,000)0 
Total Assets$7,271,534 $(6,818,009)$453,525 $(185,000)$268,525 
Offsetting of Financial Liabilities:
Derivatives$12,573,983 $(12,568,082)$5,901 $(5,901)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$12,573,983 $(12,568,082)$5,901 $(5,901)$0 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 13. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements.
Cash Flow Hedges
The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
  
Year Ended December 31, 2022
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $(8)$0 $(312)
Currency/Interest Rate7,636 36,734 34,070 99,043 
Total cash flow hedges7,637 36,726 34,070 98,731 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(4,568,107)0 0 0 
Currency18,952 0 0 0 
Currency/Interest Rate107,388 0 557 0 
Credit(15,904)0 0 0 
Equity1,090,215 0 0 0 
Embedded Derivatives4,572,185 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments1,204,729 0 557 0 
Total$1,212,366 $36,726 $34,627 $98,731 

  
Year Ended December 31, 2021
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $47 $0 $(161)
Currency/Interest Rate1,357 15,983 11,119 48,169 
Total cash flow hedges1,359 16,030 11,119 48,008 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(20,596)0 0 0 
Currency2,006 0 0 0 
Currency/Interest Rate44,350 0 79 0 
Credit2,892 0 0 0 
Equity(944,765)0 0 0 
Embedded Derivatives(1)(4,376,289)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,292,402)0 79 0 
Total$(5,291,043)$16,030 $11,198 $48,008 
 Year Ended December 31, 2020
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$(44)$21 $0 $284 
Currency/Interest Rate(314)10,660 (10,161)(34,522)
Total cash flow hedges(358)10,681 (10,161)(34,238)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate17,000 0 0 0 
Currency(2,560)0 0 0 
Currency/Interest Rate(4,130)0 (109)0 
Credit(284)0 0 0 
Equity37,480 0 0 0 
Embedded Derivatives(102,151)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(54,645)0 (109)0 
Total$(55,003)$10,681 $(10,270)$(34,238)

(1)Includes the impact from 2021 Variable Annuities Recapture, see Note 1 for further details.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
(in thousands)
Balance, December 31, 2019$26,126 
Amount recorded in AOCI
Interest Rate261 
Currency/Interest Rate(34,337)
Total amount recorded in AOCI(34,076)
Amount reclassified from AOCI to income
Interest Rate23 
Currency/Interest Rate(185)
Total amount reclassified from AOCI to income(162)
Balance, December 31, 2020$(8,112)
Amount recorded in AOCI
Interest Rate(112)
Currency/Interest Rate76,628 
Total amount recorded in AOCI76,516 
Amount reclassified from AOCI to income
Interest Rate(49)
Currency/Interest Rate(28,459)
Total amount reclassified from AOCI to income(28,508)
Balance, December 31, 2021$39,896 
Amount recorded in AOCI
Interest Rate(319)
Currency/Interest Rate177,483 
Total amount recorded in AOCI177,164 
Amount reclassified from AOCI to income
Interest Rate7 
Currency/Interest Rate(78,440)
Total amount reclassified from AOCI to income(78,433)
Balance, December 31, 2022$138,627 

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2022 values, it is estimated that a pre-tax gain of $20 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2023.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Credit Derivatives
Credit Derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $47 million and $157 million as of December 31, 2022 and December 31, 2021, respectively. These credit derivatives are reported at fair value as an asset of $0 million and $11 million as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022 the notional amount of these credit derivatives had $47 million in NAIC 6.
The Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. The Company has outstanding notional amounts of $0 million and $150 million as of December 31, 2022 and 2021, respectively. These credit derivatives are reported at fair value as an asset of $0 million and $14 million as of December 31, 2022 and 2021, respectively.
Counterparty Credit Risk
The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreement, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.
Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.
v3.23.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include certain cash equivalents and short-term investments, equity securities, derivative contracts that trade on an active exchange market, separate account assets and other liabilities.
Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents, short-term investments and certain OTC derivatives and embedded derivatives resulting from reinsurance.
Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain private fixed maturities and equity securities, certain manually priced public fixed maturities, certain highly structured OTC derivative contracts, and embedded derivatives resulting from reinsurance or certain products with guaranteed benefits.
Assets and Liabilities by Hierarchy Level - The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 December 31, 2022
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $281,792 $0 $$281,792 
Obligations of U.S. states and their political subdivisions0 628,200 0 628,200 
Foreign government bonds0 272,738 724 273,462 
U.S. corporate public securities0 6,443,944 0 6,443,944 
U.S. corporate private securities0 3,573,269 243,460 3,816,729 
Foreign corporate public securities0 1,371,354 6,868 1,378,222 
Foreign corporate private securities0 3,509,162 257,168 3,766,330 
Asset-backed securities(2)0 1,421,852 20,502 1,442,354 
Commercial mortgage-backed securities0 573,930 84,222 658,152 
Residential mortgage-backed securities0 336,216 0 336,216 
Subtotal0 18,412,457 612,944 19,025,401 
Fixed maturities, trading0 1,936,159 0 1,936,159 
Equity securities108,076 6,403 28,593 143,072 
Short-term investments0 81,215 16,945 98,160 
Cash equivalents0 1,432,182 0 1,432,182 
Other invested assets(3)4,223 7,680,827 0 (7,637,939)47,111 
Other assets0 0 141,041 141,041 
Reinsurance recoverables0 0 430,911 430,911 
Receivables from parent and affiliates0 148,075 0 148,075 
Subtotal excluding separate account assets112,299 29,697,318 1,230,434 (7,637,939)23,402,112 
Separate account assets(4)(5)102,243 108,682,425 4,645 108,789,313 
Total assets$214,542 $138,379,743 $1,235,079 $(7,637,939)$132,191,425 
Future policy benefits(6)$0 $0 $4,540,747 $$4,540,747 
Policyholders' account balances0 0 3,502,096 3,502,096 
Payables to parent and affiliates0 18,653,159 0 (16,568,242)2,084,917 
Other liabilities899 (9,496)0 (670)(9,267)
Total liabilities$899 $18,643,663 $8,042,843 $(16,568,912)$10,118,493 
 December 31, 2021
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $333,940 $0 $$333,940 
Obligations of U.S. states and their political subdivisions0 630,521 0 630,521 
Foreign government bonds0 350,321 150 350,471 
U.S. corporate public securities0 5,131,872 0 5,131,872 
U.S. corporate private securities0 1,873,370 131,505 2,004,875 
Foreign corporate public securities0 921,008 8,894 929,902 
Foreign corporate private securities0 2,508,676 245,235 2,753,911 
Asset-backed securities(2)0 484,861 62,449 547,310 
Commercial mortgage-backed securities0 463,689 111,495 575,184 
Residential mortgage-backed securities0 20,180 0 20,180 
Subtotal0 12,718,438 559,728 13,278,166 
Fixed maturities, trading0 3,302,392 0 3,302,392 
Equity securities58,160 40,635 12,472 111,267 
Short-term investments9,997 135,440 0 145,437 
Cash equivalents13,999 422,633 0 436,632 
Other invested assets(3)246,097 6,840,437 0 (6,818,009)268,525 
Other assets0 0 72,937 72,937 
Reinsurance recoverables0 0 931,207 931,207 
Receivables from parent and affiliates0 162,045 0 162,045 
Subtotal excluding separate account assets328,253 23,622,020 1,576,344 (6,818,009)18,708,608 
Separate account assets(4)(5)52,100 144,059,558 0 144,111,658 
Total assets$380,353 $167,681,578 $1,576,344 $(6,818,009)$162,820,266 
Future policy benefits(6)$0 $0 $9,047,956 $$9,047,956 
Policyholders' account balances0 0 3,245,773 3,245,773 
Payables to parent and affiliates0 12,563,253 0 (12,563,253)0 
Other liabilities10,730 12,624 0 (4,829)18,525 
Total liabilities$10,730 $12,575,877 $12,293,729 $(12,568,082)$12,312,254 

(1)“Netting” amounts represent cash collateral of $(8,931) million and $(5,750) million as of December 31, 2022 and 2021, respectively.
(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2022 and 2021, the fair values of such investments were $69 million and $79 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At December 31, 2022 and 2021, the fair value of such investments was $5,262 million and $5,686 million, respectively.
(6)As of December 31, 2022, the net embedded derivative liability position of $4,541 million includes $801 million of embedded derivatives in an asset position and $5,342 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,048 million includes $610 million of embedded derivatives in an asset position and $9,658 million of embedded derivatives in a liability position.
The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.
Fixed Maturity Securities - The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.
Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2022 and 2021, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.
The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends, and back testing.
The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.
Equity Securities - Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted market prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.
Derivative Instruments - Derivatives are recorded at fair value either as assets, within “Other invested assets”, or as liabilities within “Payables to parent and affiliates” or "Other liabilities", except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.
The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.
The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market inputs from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.
The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including the secured overnight financing rate ("SOFR"), obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.
Cash Equivalents and Short-Term Investments - Cash equivalents and short-term investments include money market instruments and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs and these investments have primarily been classified within Level 2.
Separate Account Assets - Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under “Fixed Maturity Securities” and “Equity Securities”.
Receivables from Parent and Affiliates - Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under “Fixed Maturity Securities” managed by affiliated asset managers.
Other assets consists primarily of deposit assets related to reinsurance agreements using deposit accounting under U.S. GAAP, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. The methods and assumptions used to estimate the fair value are consistent with those described below in “Policyholders' account balances”.
Reinsurance Recoverables - Reinsurance recoverables carried at fair value include the reinsurance of the Company’s living benefit guarantees on certain variable annuity contracts. These guarantees are accounted for as embedded derivatives and are recorded in “Reinsurance recoverables” or “Other liabilities” when fair value is in an asset or liability position, respectively. The methods and assumptions used to estimate the fair value are consistent with those described below in “Future policy benefits”. The reinsurance agreements covering these guarantees are derivatives with fair value determined in the same manner as the living benefit guarantee.
Future Policy Benefits - The liability for future policy benefits is related to guarantees primarily associated with the living benefit features of certain variable annuity contracts, including guaranteed minimum accumulation benefits ("GMAB"), guaranteed withdrawal benefits ("GMWB") and guaranteed minimum income and withdrawal benefits ("GMIWB"), accounted for as embedded derivatives. The fair values of these liabilities are calculated as the present value of future expected benefit payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management's judgment.
The significant inputs to the valuation models for these embedded derivatives include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the liability valuation, the liability included in future policy benefits has been reflected within Level 3 in the fair value hierarchy.
Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption was based on the SOFR swap curve, as of December 31, 2022, and the LIBOR swap curve as of December 31, 2021, and adjusted for an additional spread to reflect NPR.
Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon emerging experience, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.
Policyholders' Account Balances - The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and certain annuity products that provide the policyholders with the index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.
As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option budget for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities require the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.
Capital market inputs, including interest rates and equity markets volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.
Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities - The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 December 31, 2022
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$408,494 Discounted cash flowDiscount rate9.77 %20 %16.53 %Decrease
Market ComparablesEBITDA multiples(3)2.2 X23.5 X8.1 XIncrease
Reinsurance recoverables$430,911 Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)$4,540,747 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.50 %2.20 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
  Equity volatility curve18 %26 % Increase
Policyholders' account balances(5)$3,502,096 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.17 %1.93 %Decrease
Mortality rate(10)0 %23 %Decrease
Equity volatility curve6 %30 %Increase
Option Budget(11)(2)%6 %Decrease
 December 31, 2021
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$312,139 Discounted cash flowDiscount rate1.65 %20 %4.57 %Decrease
Market ComparablesEBITDA multiples(3)4.9 X19.2 X9.0 XIncrease
LiquidationLiquidation Value62.58 %62.58 %62.58 %Increase
Reinsurance recoverables$931,207 Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)$9,047,956 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over LIBOR(7)0.03 %1.13 %Decrease
Utilization rate(8)39 %96 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
   Equity volatility curve16 %25 % Increase
Policyholders' account balances(5)$3,245,773 Discounted cash flowLapse rate(6)1 %42 %Decrease
Spread over LIBOR(7)0.03 %1.13 %Decrease
Mortality rate(10)0 %23 %Decrease
Equity volatility curve6 %31 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading.
(3)Represents multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(4)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.
(7)The spread over the SOFR swap curve and the LIBOR swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2022 and 2021, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2022 and 2021, the minimum withdrawal rate assumption is 77% and 76%, respectively. As of December 31, 2022 and 2021, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:
Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.
Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.
Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2022
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Foreign government150 73 501 0 0 0 0 0 0 724 69 
Corporate securities(4)385,634 (47,296)323,603 (62,827)0 (102,377)106,408 10,475 (106,124)507,496 (45,235)
Structured securities(5)173,944 (26,318)81,576 0 0 (1,993)0 0 (122,485)104,724 (28,489)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 0 0 
Equity securities12,472 (3,310)10,000 (230)0 0 9,661 0 0 28,593 (3,872)
Short-term investments0 114 18,046 0 0 (8,560)7,290 55 0 16,945 73 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Other assets72,937 44,096 49,677 0 0 (3,855)(21,814)0 0 141,041 47,951 
Reinsurance recoverables931,207 (635,649)135,353 0 0 0 0 0 0 430,911 (607,225)
Separate account assets0 (70)7,715 (3,000)0 0 0 0 0 4,645 (70)
Liabilities:
Future policy benefits(9,047,956)5,513,374 0 0 (1,006,165)0 0 0 0 (4,540,747)5,256,263 
Policyholders' account balances(6)(3,245,773)(409,912)0 0 (1,094,824)0 1,248,413 0 0 (3,502,096)(289,548)
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets44,096 0 0 0 0 47,951 0 0 0 
Reinsurance recoverables(635,649)0 0 0 0 (607,225)0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Future policy benefits5,513,374 0 0 0 0 5,256,263 0 0 0 
Policyholders' account balances(409,912)0 0 0 0 (289,548)0 0 0 
Year Ended December 31, 2021
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$55,000 $0 $0 $(55,000)$0 $0 $0 $0 $0 $0 $0 
Foreign government163 (13)0 0 0 0 0 0 0 150 (15)
Corporate securities(4)174,776 (10,914)95,294 (5,085)0 (28,690)156,667 9,313 (5,727)385,634 (11,298)
Structured securities(5)2,065 4,165 74,800 (29)0 (1,761)32,859 107,038 (45,193)173,944 4,189 
Other assets:
Fixed maturities, trading755 46 0 0 0 0 0 0 (801)0 46 
Equity securities7,889 709 0 0 0 0 3,874 0 0 12,472 709 
Short-term investments0 181 0 0 0 (1,871)1,690 0 0 0 0 
Cash equivalents0 147 0 0 0 (1,377)1,230 0 0 0 0 
Other assets0 1,258 1,170 0 0 (899)71,408 0 0 72,937 359 
Reinsurance recoverables13,239,539 (12,937,591)629,259 0 0 0 0 0 0 931,207 (545,001)
Separate account assets0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Future policy benefits(13,227,814)5,281,553 0 0 (1,101,695)0 0 0 0 (9,047,956)4,647,753 
Policyholders' account balances(6)(1,155,274)(78,321)0 0 (265,807)0 (1,746,371)0 0 (3,245,773)5,476 
Year Ended December 31, 2021
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(832)$0 $(6,318)$388 $(1,778)$0 $(5,346)
Other assets:
Fixed maturities, trading0 46 0 0 0 46 0 
Equity securities0 709 0 0 0 709 0 
Short-term investments181 0 0 0 0 0 0 
Cash equivalents147 0 0 0 0 0 0 
Other assets1,258 0 0 0 359 0 0 
Reinsurance recoverables(12,937,591)0 0 0 (545,001)0 0 
Separate account assets0 0 0 0 0 0 0 
Liabilities:
Future policy benefits5,281,553 0 0 0 4,647,753 0 0 
Policyholders' account balances(78,321)0 0 0 5,476 0 0 
Year Ended December 31, 2020
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(5,019)$0 $19,106 $145 $(4,773)$0 $18,962 
Other assets:
Fixed maturities, trading0 87 0 0 0 87 0 
Equity securities0 2,821 0 0 0 1,211 0 
Short-term investments0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 
Other assets0 0 0 0 0 0 0 
Reinsurance recoverables3,604,075 0 0 0 3,889,923 0 0 
Receivables from parent and affiliates0 0 0 23 0 0 0 
Liabilities:
Future policy benefits(3,610,281)0 0 0 (3,896,128)0 0 
Policyholders' account balances(30,199)0 0 0 3,853 0 0 
(1)Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement.
(2)For current year "Other" in policyholders' account balances largely represent non-cash moves related to novated indexed variable annuities under the reinsurance agreement with FLIAC. See Note 9 for more details regarding these transactions. In addition, other assets and policyholders' account balances represents an out of period adjustment related to certain portions of reinsurance activity that had been incorrectly recorded on the balance sheet during the fourth quarter of 2021. Prior year represents non-cash transfers related to the 2021 Variable Annuities Recapture. Refer to Note 1 for more details.
(3)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(4)Includes U.S. corporate private, foreign corporate public, foreign corporate private securities and foreign government bonds.
(5)Includes asset-backed and commercial mortgage-backed securities.
(6)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
Nonrecurring Fair Value Measurements - The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
Year Ended December 31,
202220212020
(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture$(75,000)$0 $0 
Gains (Losses):
Other invested assets$(11,125)$0 $0 
December 31, 2022December 31, 2021
(in thousands)
Carrying value after measurement as of period end:
Investment in joint venture(1)$60,456 $0 
Other invested assets0 0 
(1)Reported carrying value includes value as of the measurement period of June 30, 2022 for the Investment in joint venture.

Fair Value of Financial Instruments
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 December 31, 2022
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $4,602,177 $4,602,177 $4,928,680 
Policy loans0 0 505,367 505,367 505,367 
Short-term investments26,331 0 0 26,331 26,331 
Cash and cash equivalents675,445 290,000 0 965,445 965,445 
Accrued investment income0 219,635 0 219,635 219,635 
Reinsurance recoverables0 0 25,127 25,127 27,183 
Receivables from parent and affiliates0 76,846 0 76,846 76,846 
Other assets0 94,200 730,682 824,882 824,882 
Total assets$701,776 $680,681 $5,863,353 $7,245,810 $7,574,369 
Liabilities:
Policyholders’ account balances - investment contracts$0 $1,192,271 $3,141,000 $4,333,271 $4,351,945 
Cash collateral for loaned securities0 86,750 0 86,750 86,750 
Short-term debt to affiliates0 120,325 0 120,325 126,250 
Long-term debt to affiliates0 173,905 0 173,905 185,563 
Payables to parent and affiliates0 41,654 0 41,654 41,654 
Other liabilities0 1,269,615 33,250 1,302,865 1,302,866 
Total liabilities$0 $2,884,520 $3,174,250 $6,058,770 $6,095,028 
 December 31, 2021
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $2,883,710 $2,883,710 $2,832,560 
Policy loans0 0 1,327,485 1,327,485 1,327,485 
Short-term investments37,000 0 0 37,000 37,000 
Cash and cash equivalents297,299 185,000 0 482,299 482,299 
Accrued investment income0 160,027 0 160,027 160,027 
Reinsurance recoverables0 0 29,931 29,931 28,883 
Receivables from parent and affiliates0 116,086 0 116,086 116,086 
Other assets0 134,598 434,383 568,981 568,981 
Total assets$334,299 $595,711 $4,675,509 $5,605,519 $5,553,321 
Liabilities:
Policyholders’ account balances - investment contracts$0 $1,356,850 $2,590,487 $3,947,337 $3,941,822 
Cash collateral for loaned securities0 3,004 0 3,004 3,004 
Long-term debt to affiliates0 319,225 0 319,225 320,362 
Payables to parent and affiliates0 31,775 0 31,775 31,775 
Other liabilities0 864,788 34,091 898,879 898,879 
Total liabilities$0 $2,575,642 $2,624,578 $5,200,220 $5,195,842 
(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.
Commercial Mortgage and Other Loans
The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the principal exit strategies for the loans, prevailing interest rates and credit risk.
Policy Loans
The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.
Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates
The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost; cash and cash equivalent instruments, accrued investment income.
Reinsurance Recoverables
Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements between the Company and related parties. See Note 9 for additional information about the Company's reinsurance arrangements.
Other Assets
Other assets primarily consists of deposit assets related to the reinsurance agreements with Pruco Life and a third party reinsurer, which uses deposit accounting under U.S. GAAP. Also included are other assets that meet the definition of financial instruments, including receivables such as unsettled trades and accounts receivable.
Policyholders’ Account Balances - Investment Contracts
Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s own NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.
Cash Collateral for Loaned Securities
Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities. Due to the short-term nature of these transactions, the carrying value approximates fair value.
Debt
The fair value of short-term and long-term debt is generally determined by either prices obtained from independent pricing services, which are validated by the Company, or discounted cash flow models. These fair values consider the Company’s own NPR. Discounted cash flow models predominately use market observable inputs such as the borrowing rates currently available to the Company for debt and financial instruments with similar terms and remaining maturities. For debt with a maturity of less than 90 days, the carrying value approximates fair value.
Other Liabilities and Payables to Parent and Affiliates
Other liabilities includes the funds withheld liability for assets retained under the reinsurance agreement that corresponds to the deposit assets above in "Other Assets". Also included are unsettled trades, drafts, and escrow deposits. Payables to parent and affiliates is primarily related to accrued expense payables. Due to the short term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
v3.23.1
Deferred Policy Acquisition Costs
 12 Months Ended
Dec. 31, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs DEFERRED POLICY ACQUISITION COSTS
The balances of and changes in DAC as of and for the years ended December 31, are as follows: 
202220212020
 (in thousands)
Balance, beginning of year$6,830,972 $2,433,936 $1,855,698 
Capitalization of commissions, sales and issue expenses962,579 1,057,030 758,469 
Amortization-Impact of assumption and experience unlocking and true-ups(289,619)40,482 (27,844)
Amortization-All other(567,766)(382,600)(112,718)
Change due to unrealized investment gains and losses251,513 (81,031)(39,861)
Other (1)(2)(3)(571,582)3,763,155 192 
Balance, end of year$6,616,097 $6,830,972 $2,433,936 
(1)    2022 includes the impact of the reinsurance agreement with Lotus Reinsurance Company Ltd. ("Lotus Re"). See Note 9 for additional information.
(2)    2021 includes the impact of the 2021 Variable Annuities Recapture as well as the assuming of DAC upon Affiliated Reinsurance Agreement with FLIAC. See Note 1 and Note 9 for additional information.
(3)    2020 represents the impact of the January 1, 2020 adoption of ASU 2016-13.
v3.23.1
Policyholders' Liabilities
 12 Months Ended
Dec. 31, 2022
Liability for Future Policy Benefit, before Reinsurance [Abstract]  
Policyholders' Liabilities POLICYHOLDERS’ LIABILITIES
Future Policy Benefits
Future policy benefits at December 31 for the years indicated are as follows:
20222021
(in thousands)
Life insurance$17,842,327 $18,095,368 
Individual annuities and supplementary contracts781,605 740,941 
Other contract liabilities4,580,601 9,090,720 
Total future policy benefits$23,204,533 $27,927,029 


Life insurance liabilities include reserves for death benefits. Individual annuities and supplementary contract liabilities include reserves for life contingent immediate annuities and guaranteed minimum death benefits. Other contract liabilities include liabilities for variable annuity living benefit guarantees and certain other reserves for annuities and individual life products.
Future policy benefits for individual non-participating traditional life insurance policies are generally equal to the present value of future benefit payments and related expenses, less the present value of future net premiums. Assumptions as to mortality and persistency are based on the Company’s experience, industry data, and/or other factors, when the basis of the reserve is established. Interest rates used in the determination of the present values range from 1.7% to 7.8%.
Future policy benefits for individual annuities and supplementary contracts with life contingencies are generally equal to the present value of expected future payments. Assumptions as to mortality are based on the Company’s experience, industry data, and/or other factors, when the basis of the reserve is established. The interest rates used in the determination of the present values range from 1.7% to 14.8%; less than 0.3% of the reserves based on an interest rate in excess of 8%.
The Company’s liability for future policy benefits are primarily liabilities for guaranteed benefits related to certain long-duration life and annuity contracts. Liabilities for guaranteed benefits with embedded derivative features are primarily in "Other contract liabilities" in the table above. The interest rates used in the determination of the present values range from 4.9% to 5.5%. The remaining liabilities for guaranteed benefits are primarily reflected with the underlying contract. See Note 8 for additional information regarding liabilities for guaranteed benefits related to certain long-duration life and annuity contracts.
Policyholders’ Account Balances
Policyholders’ account balances at December 31 for the years indicated are as follows: 
20222021
(in thousands)
Interest-sensitive life contracts$20,730,040 $19,729,444 
Individual annuities19,718,745 14,150,233 
Guaranteed interest accounts107,168 125,249 
Other1,192,288 1,356,869 
Total policyholders’ account balances$41,748,241 $35,361,795 
Policyholders’ account balances represent an accumulation of account deposits plus credited interest less withdrawals, expenses and mortality charges, if applicable. These policyholders’ account balances also include provisions for benefits under non-life contingent payout annuities and certain unearned revenues. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. See Note 5 for additional information regarding the fair value of these embedded derivative instruments. Interest crediting rates for interest-sensitive life contracts range from 0.8% to 4.9%. Interest crediting rates for individual annuities range from 0.0% to 6.3%. Interest crediting rates for guaranteed interest accounts range from 1.0% to 4.9%. Interest crediting rates for other range from 0.5% to 5.4%.
v3.23.1
Certain Long-Duration Contracts With Guarantees
 12 Months Ended
Dec. 31, 2022
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Certain Long-Duration Contracts With Guarantees CERTAIN LONG-DURATION CONTRACTS WITH GUARANTEES
The Company issues variable annuity contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. The Company also issued variable annuity contracts with general and separate account options where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals (“return of net deposits”). In certain of these variable annuity contracts, the Company also contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return (“minimum return”), and/or (2) the highest contract value on a specified date adjusted for any withdrawals (“contract value”). These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issued annuity contracts with market value adjusted investment options (“MVAs”), which provide for a return of principal plus a fixed rate of return if held to maturity, or, alternatively, a “market adjusted value” if surrendered prior to maturity or if funds are reallocated to other investment options. The market value adjustment may result in a gain or loss to the Company, depending on crediting rates or an indexed rate at surrender, as applicable. The Company also issues fixed deferred and fixed indexed annuity contracts without MVA that have a guaranteed credited rate, annuity benefit and withdrawal benefit. The Company also issues indexed variable annuity contracts for which the return, when the account value is allocated to the index strategies, is tied to the return of specific indices subject to applicable contractual minimums and maximums and also varying levels of downside protection. The contract also guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.
In addition, the Company issues certain variable life, variable universal life and universal life contracts where the Company contractually guarantees to the contractholder a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no-lapse guarantee”). Variable life and variable universal life contracts are offered with general and separate account options.
The assets supporting the variable portion of all variable annuities are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.”
For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.
The Company’s contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed may not be mutually exclusive. The liabilities related to the net amount at risk are reflected within “Future policy benefits”. As of December 31, 2022 and 2021, the Company had the following guarantees associated with these contracts, by product and guarantee type: 
 December 31, 2022December 31, 2021
In the Event of
Death(1)		At Annuitization/
Accumulation(1)(2)		In the Event of
Death(1)		At Annuitization/
Accumulation(1)(2)
(in thousands)
Annuity Contracts
Return of net deposits
Account value$77,282,989 N/A$103,862,788 N/A
Net amount at risk$976,756 N/A$27,872 N/A
Average attained age of contractholders70 yearsN/A69 yearsN/A
Minimum return or contract value
Account value$14,521,870 $84,579,903 $19,634,387 $113,689,139 
Net amount at risk$4,053,465 $8,644,043 $1,124,519 $1,653,394 
Average attained age of contractholders72 years70 years72 years69 years
Average period remaining until earliest expected annuitizationN/A0 yearsN/A0 years
(1)Balances are gross of reinsurance.
(2)Includes income and withdrawal benefits.
December 31, 2022December 31, 2021
In the Event of Death(1)(2)
 (in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
Separate account value$3,711,310 $4,473,502 
General account value$11,081,838 $10,558,009 
Net amount at risk$155,866,833 $149,872,088 
Average attained age of contractholders 58 years 58 years
(1)Balances are gross of reinsurance.
(2)Excludes assumed reinsurance of GUL business from Prudential Insurance in connection with the acquisition of The Hartford Life Business that is retroceded 100% to PAR U.
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: 
December 31, 2022(1)December 31, 2021(1)
(in thousands)
Equity funds$43,963,573 $69,299,203 
Bond funds42,054,051 47,895,089 
Money market funds2,703,108 3,016,761 
Total$88,720,732 $120,211,053 
(1)Balances are gross of reinsurance.
In addition to the amounts invested in separate account investment options above, $3.1 billion at December 31, 2022 and $3.3 billion at December 31, 2021 of account balances of variable annuity contracts with guarantees, inclusive of contracts with MVA features, were invested in general account investment options. For the years ended December 31, 2022, 2021 and 2020 there were no transfers of assets, other than cash, from the general account to any separate account, and accordingly no gains or losses recorded.
Liabilities for Guarantee Benefits
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders' benefits”. GMAB, GMWB and GMIWB are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits”. Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative, are recorded in “Realized investment gains (losses), net.” See Note 5 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in "Realized investment gains (losses), net." This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 9 for further information regarding the external reinsurance arrangement.
 GMDBGMIBGMWB/GMIWB/
GMAB		Total
 Variable AnnuityVariable Life, Variable Universal Life & Universal LifeVariable Annuity
(in thousands)
Balance at December 31, 2019$460,501 $7,400,233 $17,107 $8,529,566 $16,407,407 
Incurred guarantee benefits(1)114,878 1,368,759 3,490 4,698,248 6,185,375 
Paid guarantee benefits(37,804)(126,148)(1,667)0 (165,619)
Change in unrealized investment gains and losses31,488 720,741 318 0 752,547 
Balance at December 31, 2020569,063 9,363,585 19,248 13,227,814 23,179,710 
Incurred guarantee benefits(1)(10,596)1,089,139 (3,650)(4,179,858)(3,104,965)
Paid guarantee benefits(24,394)(189,453)0 0 (213,847)
Change in unrealized investment gains and losses(46,542)(326,128)(484)0 (373,154)
Balance at December 31, 2021487,531 9,937,143 15,114 9,047,956 19,487,744 
Incurred guarantee benefits(1)100,830 2,260,795 (1,279)(4,507,209)(2,146,863)
Paid guarantee benefits(62,461)(200,877)(1,392)0 (264,730)
Change in unrealized investment gains and losses(9,129)(2,498,668)(76)0 (2,507,873)
Balance at December 31, 2022$516,771 $9,498,393 $12,367 $4,540,747 $14,568,278 
(1)Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.

The GMDB, which includes the liability for no-lapse guarantees, and GMIB liability are established when associated assessments (which include all policy charges including charges for administration, mortality, expense, surrender, and other, regardless of how characterized) are recognized. This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (e.g., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. Similar to as described above for DAC, the reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings.
The GMAB features provide the contractholder with a guaranteed return of initial account value or an enhanced value if applicable. The most significant of the Company’s GMAB features are the guaranteed return option features, which includes an automatic rebalancing element that reduces the Company’s exposure to these guarantees. The GMAB liability is calculated as the present value of future expected payments in excess of the account balance less the present value of future expected rider fees attributable to the embedded derivative feature.
The GMWB features provide the contractholder with access to a guaranteed remaining balance if the account value is reduced to zero through a combination of market declines and withdrawals. The guaranteed remaining balance is generally equal to the protected value under the contract, which is initially established as the greater of the account value or cumulative deposits when withdrawals commence, less cumulative withdrawals. The contractholder also has the option, after a specified time period, to reset the guaranteed remaining balance to the then-current account value, if greater. The contractholder accesses the guaranteed remaining balance through payments over time, subject to maximum annual limits. The GMWB liability is calculated as the present value of future expected payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature.
The GMIWB features, taken collectively, provide a contractholder two optional methods to receive guaranteed minimum payments over time, a “withdrawal” option or an “income” option. The withdrawal option (which was available under only one of the GMIWBs and is no longer offered) guarantees that a contractholder can withdraw an amount each year until the cumulative withdrawals reach a total guaranteed balance. The income option (which varies among the Company’s GMIWBs), in general, guarantees the contractholder the ability to withdraw an amount each year for life (or for joint lives, in the case of any spousal version of the benefit) where such amount is equal to a percentage of a protected value under the benefit. The contractholder also has the potential to increase this annual amount, based on certain subsequent increases in account value that may occur. The GMIWB can be elected by the contractholder upon issuance of an appropriate deferred variable annuity contract or at any time following contract issue prior to annuitization. Certain GMIWB features include an automatic rebalancing element that reduces the Company’s exposure to these guarantees. The GMIWB liability is calculated as the present value of future expected payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature.
Sales Inducements
The Company defers sales inducements and amortizes them over the anticipated life of the policy using the same methodology and assumptions used to amortize DAC. DSI is included in “Deferred sales inducements”. The Company has offered various types of sales inducements, including: (1) a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s initial deposit and (2) additional credits after a certain number of years a contract is held. Changes in DSI, reported as “Interest credited to policyholders’ account balances”, are as follows:

 Sales Inducements
(in thousands)
Balance at December 31, 2020$0 
Capitalization167 
Amortization - Impact of assumption and experience unlocking and true-ups16,286 
Amortization - All other(37,737)
Change in unrealized investment gains and losses7,669 
Other (1)388,264 
Balance at December 31, 2021374,649 
Capitalization675 
Amortization - Impact of assumption and experience unlocking and true-ups(44,422)
Amortization - All other(61,640)
Change in unrealized investment gains and losses6,312 
Balance at December 31, 2022$275,574 
(1) Represents the impact of the 2021 Variable Annuities Recapture.
There were no deferred sales inducements balances at December 31, 2020 because they were fully ceded.
v3.23.1
Reinsurance
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Arizona Reinsurance Universal Company (“PAR U”), Prudential Universal Reinsurance Company ("PURC"), Prudential Term Reinsurance Company (“Term Re”), Gibraltar Universal Life Reinsurance Company ("GUL Re"), Dryden Arizona Reinsurance Term Company (“DART”), Lotus Re, PALAC, a former subsidiary of Prudential Financial that was sold to Fortitude on April 1, 2022, which is discussed in Note 1, and Prudential Life Insurance Company of Taiwan Inc. ("Prudential of Taiwan"), a subsidiary of Prudential Financial that was sold to a third-party on June 30, 2021, as discussed below. As of July 1, 2021, the Company recaptured the risks related to its business that had been previously reinsured to PALAC as a result of the 2021 Variable Annuities Recapture, which is discussed below and in Note 1. The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Other assets” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Other liabilities.” Balances associated with these agreements are included in the tables below.

Realized investment gains and losses include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees and index-linked features of certain annuity products. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities to PALAC which was recaptured as part of the 2021 Variable Annuities Recapture, and the PLNJ business which was reinsured to Prudential Insurance. These reinsurance agreements are derivatives and have been accounted for in the same manner as embedded derivatives and the changes in the fair value of these derivatives are recognized through “Realized investment gains (losses), net”. See Note 4 for additional information related to the accounting for embedded derivatives.

Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20222021
 (in thousands)
Reinsurance recoverables$34,561,825 $38,598,767 
Policy loans(1,011,112)(156,749)
Deferred policy acquisition costs(3,155,419)(2,575,232)
Deferred sales inducements(33,346)(37,905)
Other assets(1)1,142,083 850,681 
Policyholders’ account balances(1)7,137,766 14,386,443 
Future policy benefits5,173,784 5,286,252 
Other liabilities(1)2,701,216 1,642,413 
(1)Prior period has been reclassified to conform to the current period presentation to include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20222021(1)
(in thousands)
Deferred policy acquisition costs$484,730 $0 
Other assets1,034,000 497,050 
Policyholders' account balances2,782,114 0 
Future policy benefits0 9 
Other liabilities820,185 467,203 
(1)Prior period has been reclassified to conform to the current period presentation.

The deposit assets on reinsurance totaled $828 million and $497 million at December 31, 2022 and 2021, respectively. The funds withheld liabilities totaled $705 million and $419 million at December 31, 2022 and 2021, respectively.

Reinsurance recoverables by counterparty as of December 31, were as follows:
20222021
 (in thousands)
PAR U$13,365,780 $13,523,832 
PALAC(1)0 7,198,504 
PURC5,921,664 5,830,441 
PARCC2,211,803 2,371,491 
GUL Re2,709,538 2,710,926 
PAR Term2,043,970 1,972,339 
Prudential Insurance1,263,411 2,082,551 
Term Re2,054,090 1,953,063 
Lotus Re2,015,687 32,039 
DART763,004 644,101 
Unaffiliated(1)2,212,878 279,480 
Total reinsurance recoverables$34,561,825 $38,598,767 
(1)Due to the sale of PALAC on April 1, 2022 the reinsurance recoverable balance has become unaffiliated.
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202220212020
 (in thousands)
Premiums:
Direct$1,871,264 $1,909,878 $1,923,708 
Assumed776 162 184 
Ceded(1,597,257)(1,706,364)(1,831,716)
Net premiums274,783 203,676 92,176 
Policy charges and fee income:
Direct3,436,953 3,647,883 3,491,735 
Assumed608,458 582,003 587,466 
Ceded(2,313,454)(2,700,129)(3,454,881)
Net policy charges and fee income1,731,957 1,529,757 624,320 
Net investment income:
Direct920,674 555,404 372,822 
Assumed1,513 1,049 1,579 
Ceded(38,186)(6,218)(7,051)
Net investment income884,001 550,235 367,350 
Asset administration fees:
Direct351,600 403,359 360,438 
Assumed0 0 0 
Ceded(67,418)(201,182)(341,300)
Net asset administration fees284,182 202,177 19,138 
Other income (loss):
Direct(731,796)227,035 78,445 
Assumed271 (66)(1)
Ceded(3,457)35,790 165 
Amortization of reinsurance income 73,122 4,449 4,647 
Net other income(661,860)267,208 83,256 
Realized investment gains (losses), net:
Direct(1)1,838,136 7,663,351 (3,593,799)
Assumed(1)(244,000)12,593 0 
Ceded(1)(552,701)(12,971,350)3,530,823 
Realized investment gains (losses), net1,041,435 (5,295,406)(62,976)
Policyholders’ benefits (including change in reserves):
Direct3,951,690 3,611,402 3,584,011 
Assumed1,504,204 849,599 1,055,277 
Ceded(4,846,502)(3,805,091)(4,341,139)
Net policyholders’ benefits (including change in reserves)609,392 655,910 298,149 
Interest credited to policyholders’ account balances:
Direct883,398 563,821 536,886 
Assumed74,402 138,202 136,153 
Ceded(440,312)(816,608)(439,664)
Net interest credited to policyholders’ account balances517,488 (114,585)233,375 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(427,208)(2,265,350)(1,589,113)
(1)Prior period has been reclassified to conform to the current period presentation to include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

20222021(1)2020(1)
(in thousands)
Premiums:
Assumed$149 $162 $184 
Ceded(35,867)(19,785)(10,526)
Policy charges and fee income:
Assumed2,113 0 0 
Ceded(81,781)(65,451)(53,871)
Net investment income:
Ceded10,802 687 0 
Other income (loss):
Assumed270 (68)1 
Realized investment gains (losses), net:
Assumed778,620 0 0 
Ceded(38,317)(49,460)73,108 
Policyholders' benefits (including change in reserves):
Assumed2,566 429 949 
Ceded(87,370)(200,973)(69,720)
Interest credited to policyholders' account balances:
Assumed(95,285)0 0 
(1)Prior period has been reclassified to conform to the current period presentation.

The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202220212020
 (in thousands)
Direct gross life insurance face amount in force$1,093,610,227 $1,079,382,740 $1,045,775,819 
Assumed gross life insurance face amount in force36,668,045 37,822,851 38,818,752 
Reinsurance ceded(1,009,571,304)(992,635,327)(986,701,914)
Net life insurance face amount in force$120,706,968 $124,570,264 $97,892,657 

Information regarding significant affiliated reinsurance agreements is described below.
PAR U
Pruco Life reinsures an amount equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates prior to January 1, 2011.
Effective July 1, 2012, PLNJ reinsures an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.
On January 2, 2013, Pruco Life began to assume Guaranteed Universal Life ("GUL") business from Prudential Insurance in connection with the acquisition of The Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.
PALAC
Effective April 1, 2016, the Company entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance. This reinsurance agreement covers new and in-force business and excludes business reinsured externally. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation had no impact on the reinsurance agreement between PALAC, Prudential Insurance, and the Company.
Effective July 1, 2021, the Company recaptured the risks related to its business, as discussed above, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. The recapture does not impact PLNJ, which will continue to reinsure its new and in force business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders are being managed within the Company. See Note 1 for additional information.
On April 1, 2022, PALAC was sold to Fortitude as discussed in Note 1 and is no longer considered an affiliate of the Company.
PURC
Pruco Life reinsures an amount equal to 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates from January 1, 2011 through December 31, 2013 with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates from January 1, 2014 through December 31, 2016.
PARCC
Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.
GUL Re
Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain of its universal policies with effective dates prior to January 1, 2014.
PAR Term
Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.
Prudential of Taiwan
On January 31, 2001, Pruco Life transferred all of its assets and liabilities associated with its Taiwanese branch, including its Taiwanese insurance book of business, to Prudential of Taiwan. The mechanism used to transfer this block of business in Taiwan is referred to as a “full acquisition and assumption” transaction. Under this mechanism, Pruco Life is jointly liable with Prudential of Taiwan for two years from the giving of notice to all obligees for all matured obligations and for two years after the maturity date of not-yet-matured obligations. Prudential of Taiwan is also contractually liable, under indemnification provisions of the transaction, for any liabilities that may be asserted against Pruco Life.
The transfer of the insurance related assets and liabilities was accounted for as a long-duration coinsurance transaction under U.S. GAAP. Under this accounting treatment, the insurance related liabilities remain on the books of Pruco Life and an offsetting reinsurance recoverable is established. These assets and liabilities are denominated in U.S. dollars.
On August 11, 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, entered into a Share Purchase Agreement with Taishin Financial Holding Co., Ltd. (the “Buyer”) pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of Prudential of Taiwan. The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. On June 30, 2021, PIIH completed the sale of Prudential of Taiwan to the Buyer. This resulted in the removal of the insurance related liabilities and offsetting reinsurance recoverables previously on the books of Pruco Life. The Buyer provided Pruco Life a backstop indemnification and Pruco Life provided a guarantee to stand ready to perform in the event of default by both Prudential of Taiwan and the Buyer. Refer to Note 14 for details on the guarantee.
Term Re
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014, through December 31, 2017, through an automatic coinsurance agreement with Term Re.
Prudential Insurance
The Company has a yearly-renewable term ("YRT") reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily Universal Life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through "Policy charges and fee income." Those policies were then reinsured to Lotus Re as mentioned below.
On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.
The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract.
Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in-force business.
Lotus Re
Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million worth of liabilities associated with the risks associated with a portion of its Variable Life policies in the extended term policy status.
Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of Variable Life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,381 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,346 million deferred gain, which will be recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure an amount equal to 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Information regarding significant third-party reinsurance arrangements is described below.

FLIAC
Effective December 1, 2021, the Company entered into a reinsurance agreement with FLIAC under which the Company assumed all of its indexed variable annuities. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to the Company. As a result of the agreement, Reinsurance recoverables includes the assumed modified coinsurance arrangement, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed all of FLIAC’s fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. As of December 31, 2022, the total account value of contracts novated from FLIAC to the Company were $4.8 billion for indexed variable annuities contracts and $1.9 billion for fixed annuities and fixed indexed annuities contracts, which is approximately 74% of the total reinsured block.
Union Hamilton
Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of December 31, 2022, $2.5 billion of HDI v.3.0 account values are reinsured to Union Hamilton.
v3.23.1
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Year Ended December 31,
202220212020
(in thousands)
Current tax expense (benefit):
U.S. federal$(345,263)$440,649 $(358,548)
State and local4,479 5,002 0 
Total(340,784)445,651 (358,548)
Deferred tax expense (benefit):
U.S. federal339,902 (1,137,090)228,300 
Total339,902 (1,137,090)228,300 
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures(882)(691,439)(130,248)
Income tax expense (benefit) on equity in earnings of operating joint ventures(193)(147)(518)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(510,840)(52,374)70,806 
Total income tax expense (benefit)$(511,915)$(743,960)$(59,960)
Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2022, 2021 and 2020, and the reported income tax expense (benefit) are summarized as follows:
Year Ended December 31,
202220212020
(in thousands)
Expected federal income tax expense (benefit)$87,361 $(609,393)$14,308 
Non-taxable investment income(46,426)(48,662)(46,836)
Tax credits(47,544)(36,806)(27,980)
Changes in tax law0 (3,644)(70,121)
Other5,727 7,066 381 
Reported income tax expense (benefit)$(882)$(691,439)$(130,248)
Effective tax rate(0.2)%23.8 %(191.2)%
The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes and equity in earnings of operating joint venture.” The Company’s effective tax rate for fiscal years 2022, 2021 and 2020 was (0.2)%, 23.8% and (191.2)%, respectively. The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2022, 2021 and 2020, and the Company’s effective tax rate during the periods presented:
Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in most of the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $44 million of the total $46 million of 2022 non-taxable investment income, $46 million of the total $49 million of 2021 non-taxable investment income, and $45 million of the total $47 million of 2020 non-taxable investment income. The DRD for the current period was estimated using information from 2021, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.
Tax credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.
Changes in Tax Law. The following is a notable change in tax law that impacted the Company’s effective tax rate for the periods presented:
The CARES Act. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. One provision of the CARES Act amends the Tax Act of 2017 and allows companies with net operating losses (“NOLs”) originating in 2020, 2019 or 2018 to carry back those losses for up to five years. For 2020, the Company recorded an income tax benefit of $70 million from carrying the 2020 NOL back to tax years that have a 35% tax rate.
Other. This line item represents reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
As of December 31,
20222021
 (in thousands)
Deferred tax assets:
Insurance reserves$1,338,174 $2,391,739 
Investments343,012 0 
Net unrealized loss on securities481,763 0 
Other2,800 2,894 
Deferred tax assets2,165,749 2,394,633 
Deferred tax liabilities:
Deferred policy acquisition cost888,944 1,003,301 
Deferred sales inducements57,870 78,676 
Net unrealized gain on securities0 114,705 
Investments0 155,891 
Deferred tax liabilities946,814 1,352,573 
Net deferred tax asset (liability)$1,218,935 $1,042,060 
The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.
Changes in market conditions during 2022, including rising interest rates, resulted in the recording of deferred tax assets related to net unrealized tax capital losses. When assessing recoverability of these deferred tax assets, we consider our ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31 2022, based on all available evidence, including capital loss carryback capacity, we concluded that the deferred tax assets related to the unrealized tax capital losses on the available for sale securities portfolios are, more likely than not, expected to be realized.
The Company had no valuation allowance as of December 31, 2022 and 2021. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.
The Company’s “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” includes income from domestic operations of $416 million, $(2,902) million and $68 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Tax Audit and Unrecognized Tax Benefits
The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.
The Company had no unrecognized tax benefits as of December 31, 2022, 2021, and 2020. The Company does not anticipate any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.
The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The company did not recognize tax related interest and penalties.
At December 31, 2022, the Company remains subject to examination in the U.S. for tax years 2014 through 2022.
The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolutions programs are available to resolve the disagreements in a timely manner.
v3.23.1
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Comprehensive Income. Net unrealized investment gains (losses) are described in further detail in Note 2. The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Total Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2019$(7,917)$289,359 $281,442 
Change in OCI before reclassifications599 327,819 328,418 
Amounts reclassified from AOCI0 7,074 7,074 
Income tax benefit (expense)(479)(70,327)(70,806)
Balance, December 31, 2020(7,797)553,925 546,128 
Change in OCI before reclassifications(3,891)(222,182)(226,073)
Amounts reclassified from AOCI0 (24,994)(24,994)
Income tax benefit (expense)414 51,960 52,374 
Balance, December 31, 2021(11,274)358,709 347,435 
Change in OCI before reclassifications(9,337)(2,425,810)(2,435,147)
Amounts reclassified from AOCI0 (4,428)(4,428)
Income tax benefit (expense)604 510,236 510,840 
Balance, December 31, 2022$(20,007)$(1,561,293)$(1,581,300)
(1)Includes cash flow hedges of $139 million, $40 million, and $(8) million as of December 31, 2022, 2021 and 2020, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Year Ended December 31,
202220212020
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$78,433 $28,508 $162 
Net unrealized investment gains (losses) on available-for-sale securities(4)(74,005)(3,514)(7,236)
Total net unrealized investment gains (losses)4,428 24,994 (7,074)
Total reclassifications for the period$4,428 $24,994 $(7,074)
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information regarding cash flow hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.
Net Unrealized Investment Gains (Losses)
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income” (loss) for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an OTTI had been previously recognized, an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been RecognizedNet Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded(1)Net Unrealized Gains (Losses) on All Other Investments(2)DAC and
Other Costs(3)		Future Policy
Benefits, Policyholders' Account Balances and Other Liabilities(4)
Income Tax
Benefit (Expense)		Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2019$1,568 $0 $423,612 $423,227 $(482,134)$(76,914)$289,359 
Reclassification due to implementation of ASU 2016-13 (6)(1,568)0 1,568 0 0 0 0 
Net unrealized investment gains (losses) on investments arising during the period0 616 416,479 0 0 (87,588)329,507 
Reclassification adjustment for (gains) losses included in net income0 0 7,074 0 0 (1,486)5,588 
Reclassification due to allowance for credit losses recorded during the period0 (616)616 0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 776,821 (866,097)18,747 (70,529)
Balance, December 31, 20200 0 849,349 1,200,048 (1,348,231)(147,241)553,925 
Net unrealized investment gains (losses) on investments arising during the period0 2,951 (240,917)0 0 50,016 (187,950)
Reclassification adjustment for (gains) losses included in net income0 (8)(24,986)0 0 5,277 (19,717)
Reclassification due to allowance for credit losses recorded during the period0 742 (742)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (216,963)232,747 (3,333)12,451 
Balance, December 31, 20210 3,685 582,704 983,085 (1,115,484)(95,281)358,709 
Net unrealized investment gains (losses) on investments arising during the period0 (149)(2,737,565)0 0 574,791 (2,162,923)
Reclassification adjustment for (gains) losses included in net income0 831 (5,259)0 0 930 (3,498)
Reclassification due to allowance for credit losses recorded during the period0 4 (4)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (2,177,588)2,489,492 (65,485)246,419 
Balance, December 31, 2022$0 $4,371 $(2,160,124)$(1,194,503)$1,374,008 $414,955 $(1,561,293)
(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.
(2)Includes cash flow hedges. See Note 4 for information regarding cash flow hedges.
(3)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.
(4)"Other liabilities" primarily includes reinsurance payables.
(5)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.
v3.23.1
Statutory Net Income and Surplus and Dividend Restrictions
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS
The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance ("AZDOI"). It's subsidiary PLNJ is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions and valuing investments, deferred taxes, and certain assets on a different basis.
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Year Ended December 31,
202220212020
(in millions)
Statutory net income (loss)(1)$3,369 $833 $(671)
Statutory capital and surplus(1)4,839 5,955 1,461 
(1) Prior year amounts have been updated to conform to finalized statutory filing where applicable.
The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.
The Company is subject to Arizona law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the AZDOI. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the lesser of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. The Company must obtain approval from AZDOI prior to paying a dividend if the dividend, together with other dividend distributions made within the preceding twelve months, would exceed the lesser of 10% of statutory surplus or net gain from operations. Based on these limitations, there is no capacity to pay a dividend in 2023 without prior approval. The Company did not pay dividends to Prudential Insurance in 2022, 2021 and 2020.
v3.23.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.
Expense Charges and Allocations
The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.
The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $1 million for each of the years ended December 31, 2022, 2021 and 2020. The expense charged to the Company for the deferred compensation program was $5 million, $4 million and $5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $19 million, $14 million and $17 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $15 million, $13 million and $18 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $9 million, $5 million and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement.  Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options.
The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $611 million, $379 million and $529 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $105 million, $86 million and $76 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Corporate-Owned Life Insurance
The Company has sold five Corporate Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $4,512 million at December 31, 2022 and $5,248 million at December 31, 2021. Fees related to these COLI policies were $52 million, $56 million and $50 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.
Affiliated Investment Management Expenses
In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $41 million, $20 million and $15 million for the years ended December 31, 2022, 2021 and 2020, respectively. These expenses are recorded as “Net investment income” in the Consolidated Statements of Operations and Comprehensive Income.
Derivative Trades
In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.
The interest income to the Company from PGF related to affiliated cash collateral was $137 million for the year ended December 31, 2022.
Joint Ventures
The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $606 million and $466 million as of December 31, 2022 and 2021, respectively. "Net investment income" related to these ventures include gains of $21 million, $39 million and $12 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Affiliated Asset Administration Fee Income
The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $306 million, $374 million and $344 million for the years ended December 31, 2022, 2021 and 2020, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income.
The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $36 million, $21 million and $11 million for the years ended December 31, 2022, 2021 and 2020, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income.
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20222021
(in thousands)
U.S. dollar fixed rate notes2022-20270.00%-14.85 %$148,076 $162,045 
Total long-term notes receivable - affiliated(1)$148,076 $162,045 
(1)All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.
Accrued interest receivable related to these loans was $1 million at both December 31, 2022 and 2021, and is included in “Other assets.” Revenues related to these loans was $3 million, $4 million and $4 million for each of the years ended December 31, 2022 , 2021 and 2020, respectively, and are included in “Other income (loss).”
Affiliated Commercial Mortgage Loan
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20222021
(in thousands)
Affiliated Commercial Mortgage Loan20258.67%$72,225 $73,412 
This affiliated commercial mortgage loan was transferred from PALAC as part of the 2021 Variable Annuities Recapture. See Note 1 for details.
The commercial mortgage loan shown above is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.
Accrued interest receivable related to the loan was $0.5 million and $0.3 million for years ended December 31, 2022 and 2021, respectively, and is included in "Accrued investment income". Revenues were $4.6 million and $1.7 million and for the years ended December 31, 2022 and 2021, respectively, and is included in "Net investment income."
Affiliated Asset Transfers
The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net," respectively. The table below shows affiliated asset trades for the years ended December 31, 2022 and 2021, excluding those related to the 2021 Variable Annuities Recapture effective July 1, 2021, as described in Note 1.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net
of Tax
Increase/
(Decrease)		Realized
Investment
Gain/
(Loss)
    (in thousands)
PALACJune 2021PurchaseEquities$40,284 $40,284 $0 $0 
Prudential InsuranceSeptember 2021PurchaseFixed Maturities$64,374 $59,642 $(3,739)$0 
Prudential InsuranceSeptember 2021SaleFixed Maturities$37,887 $35,264 $2,073 $0 
Hirakata LLCSeptember 2021PurchaseFixed Maturities$13,944 $13,944 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseFixed Maturities$120,256 $120,256 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleFixed Maturities$173,590 $166,427 $0 $7,163 
Prudential InsuranceSeptember 2021PurchaseCommercial Mortgage and Other Loans$45,358 $42,127 $(2,553)$0 
Prudential InsuranceSeptember 2021SaleCommercial Mortgage and Other Loans$22,796 $21,780 $802 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseCommercial Mortgage and Other Loans$29,483 $29,483 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleCommercial Mortgage and Other Loans$51,005 $47,020 $0 $3,985 
Prudential InsuranceSeptember 2021PurchaseDerivatives$600 $494 $(84)$0 
Prudential InsuranceSeptember 2021SaleDerivatives$335 $175 $127 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseDerivatives$(1,243)$(1,243)$0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleDerivatives$2,846 $770 $0 $2,076 
PARUNovember 2021PurchaseFixed Maturities$41,021 $41,021 $0 $0 
PALACNovember 2021PurchaseDerivatives$1,112 $1,112 $0 $0 
PALACDecember 2021Transfer inFixed Maturities$2,037,320 $2,037,320 $0 $0 
PURCDecember 2021PurchaseFixed Maturities$48,041 $48,041 $0 $0 
PALACDecember 2021PurchaseFixed Maturities$57,087 $57,087 $0 $0 
PALACDecember 2021Transfer inCommercial Mortgage and Other Loans$517,309 $517,309 $0 $0 
Prudential InsuranceDecember 2021Contributed CapitalFixed Maturities$166,676 $166,676 $0 $0 
Prudential Retirement Insurance & Annuity CoDecember 2021SaleDerivatives$31,567 $0 $0 $31,567 
Prudential Retirement Insurance & Annuity CoDecember 2021PurchaseDerivatives$73,572 $73,572 $0 $0 
PALACDecember 2021PurchaseDerivatives$8,455 $8,455 $0 $0 
PALACJanuary 2022PurchaseFixed Maturities$4,432 $4,432 $0 $0 
PALACJanuary 2022PurchaseDerivatives$404 $404 $0 $0 
PALACFebruary 2022PurchaseFixed Maturities$128,909 $128,909 $0 $0 
PARUApril 2022PurchaseFixed Maturities$48,970 $48,970 $0 $0 
Prudential InsuranceMay 2022PurchaseFixed Maturities$233,426 $241,128 $6,085 $0 
Prudential InsuranceJune 2022PurchaseFixed Maturities$88,754 $81,216 $(5,955)$0 
Prudential InsuranceJune 2022Transfer InFixed Maturities$52,089 $45,031 $(5,577)$0 
Prudential InsuranceJune 2022Transfer OutFixed Maturities$48,786 $58,984 $(8,057)$0 
PARUJune 2022PurchaseCommercial Mortgage and Other Loans$6,492 $6,492 $0 $0 
PARUJune 2022SaleCommercial Mortgage and Other Loans$14,853 $15,725 $0 $(872)
GUL REJune 2022PurchaseCommercial Mortgage and Other Loans$13,551 $13,551 $0 $0 
GUL REJune 2022SaleCommercial Mortgage and Other Loans$8,692 $9,033 $0 $(341)
PURCJune 2022PurchaseCommercial Mortgage and Other Loans$4,403 $4,403 $0 $0 
Prudential InsuranceJuly 2022Transfer InFixed Maturities$6,319 $7,230 $719 $0 
PARUJuly 2022PurchaseFixed Maturities$16,284 $16,284 $0 $0 
Prudential InsuranceAugust 2022PurchaseFixed Maturities$155,823 $139,712 $(12,728)$0 
Vantage Casualty Insurance CompanySeptember 2022PurchaseFixed Maturities$3,497 $3,497 $0 $0 
WH Warehouse LtdOctober 2022SaleFixed Maturities$26,536 $26,388 $0 $148 
PARUNovember 2022PurchaseFixed Maturities$91,051 $91,051 $0 $0 
Prudential InsuranceDecember 2022PurchaseFixed Maturities$67,477 $71,369 $3,075 $0 

Debt Agreements
The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. The following table provides the breakout of the Company's short and long-term debt to affiliates as of December 31, 2022:
AffiliateDate IssuedAmount of Notes - December 31, 2022Amount of Notes - December 31, 2021Interest 
Rate		Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$96,666 $99,770 4.39 %12/15/2023
Prudential Insurance8/13/202129,000 29,931 4.39 %12/15/2023
Prudential Insurance8/13/202197,665 100,348 3.95 %6/20/2024
Prudential Insurance8/13/202139,066 40,139 3.95 %6/20/2024
Prudential Insurance8/13/202148,832 50,174 3.95 %6/20/2024
Prudential Funding, LLC12/28/2022138 0 4.73 %1/31/2023
Prudential Funding, LLC12/29/202262 0 4.73 %1/31/2023
Prudential Funding, LLC12/30/2022384 0 4.73 %1/31/2023
Total Loans Payable to Affiliates$311,813 $320,362 
Effective August 2021, the affiliated long-term debt was transferred to the Company from PALAC based on the market value of $324 million. The Company recorded a premium of $24 million which is amortized into earnings over the life of the loans.
The total interest expense to the Company related to affiliated loans was $3.2 million, $0.4 million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Contributed Capital and Dividends
In February 2023, the Company received a capital contribution in the amount of $405 million from Prudential Insurance. In March, June and September of 2022, the Company received capital contributions in the amount of $8 million, $3 million and $7 million, respectively, from Prudential Insurance. In January, July and December of 2021, the Company received capital contributions in the amounts of $106 million, $3,813 million and $457 million, respectively, from Prudential Insurance. The December 2021 capital contribution includes$167 million of invested assets related to the affiliated reinsurance agreement with PALAC. In June, September and December of 2020, the Company received capital contributions in the amounts of $325 million, $75 million and $175 million, respectively, from Prudential Insurance.
In June 2021, there was a $34 million return of capital to Prudential Insurance associated with the financial guarantee related to the sale of Prudential of Taiwan. There was no return of capital in 2022 or 2020.
In 2022, 2021 and 2020, the Company did not pay any dividends to Prudential Insurance.
Reinsurance with Affiliates
As discussed in Note 9, the Company participates in reinsurance transactions with certain affiliates.
v3.23.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
The Company has made commitments to fund commercial mortgage loans. As of December 31, 2022 and 2021, the outstanding balances on these commitments were $333 million and $121 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.1 million and $0.0 million as of December 31, 2022 and 2021, respectively, which is a change of $0.1 million and $0.0 million for the years ended December 31, 2022 and 2021, respectively. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of December 31, 2022 and 2021, $582 million and $753 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2022 and 2021.
Guarantees
In July 2017, the Company formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. The Company owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates the Company and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. The Company does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.
Since 2001, the Company entered into an arrangement with Prudential of Taiwan as discussed in Note 9. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, the Company has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. The Company has a liability of $33 million and $34 million as of December 31, 2022 and 2021, respectively, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.
Contingent Liabilities
On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.
Litigation and Regulatory Matters
The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.
The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2022, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.
Moreland, Socorro v. PICA, et al.
In June 2020, a putative class action complaint entitled Socorro Moreland v. The Prudential Insurance Company of America; Pruco Life Insurance Company, was filed in the United States District Court for the Northern District of California, alleging that the Company failed to comply with California laws requiring that life insurance policies issued and delivered in California: (i) provide for a 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide a 30-day written notice of pending lapse; and (iii) notify policyowners of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California law, breach of contract, unfair competition, and bad faith violation of the implied covenant of good faith and fair dealing, and seeks unspecified damages, declaratory and injunctive relief. In August 2020, defendants filed an answer to the complaint and a motion to stay the action pending the California Supreme Court’s decision, in McHugh v. Protective Life Insurance, on the question of whether the California lapse statutes apply to policies that were in force when the statutes went into effect on January 1, 2013, or solely to policies issued after that date. The Moreland court granted defendants’ motion to stay in October 2020. Subsequently, in August 2021, the California Supreme Court in McHugh determined that the California lapse statutes apply to policies that were in force as of January 1, 2013. In October 2021, the Moreland court lifted the stay order. In December 2022, plaintiff filed a motion for class certification.

Regulatory
Variable Products
The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission, concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter.
Summary
The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
v3.23.1
Schedule I - Summary of Investments Other Than investments in Related Parties
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I - Summary of Investments Other Than investments in Related Parties
Type of InvestmentAmortized Cost or CostFair
Value		Amount
Shown in the
Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$354,348 $281,792 $281,792 
Obligations of U.S. states and their political subdivisions654,884 628,200 628,200 
Foreign governments330,967 273,462 273,462 
Asset-backed securities1,467,955 1,442,354 1,442,354 
Commercial mortgage-backed securities727,159 658,152 658,152 
Residential mortgage-backed securities342,493 336,216 336,216 
Public utilities1,895,412 1,642,060 1,642,060 
All other corporate bonds15,535,223 13,760,732 13,760,732 
Redeemable preferred stock2,646 2,433 2,433 
Total fixed maturities, available-for-sale$21,311,087 $19,025,401 $19,025,401 
Equity securities:
Common stocks:
Other common stocks $111,987 $109,609 $109,609 
Mutual funds 7,681 6,297 6,297 
Perpetual preferred stocks 28,511 27,166 27,166 
Total equity securities, at fair value$148,179 $143,072 $143,072 
Fixed maturities, trading$2,682,022 $1,936,159 $1,936,159 
Commercial mortgage and other loans4,928,680 4,928,680 
Policy loans505,367 505,367 
Short-term investments124,491 124,491 
Other invested assets 1,088,613 1,088,613 
Total investments$30,788,439 $27,751,783 
v3.23.1
Significant Accounting Policies and Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Investments and Investment-Related Liabilities
Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. However, the credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net."

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income.”

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired) the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

The associated unrealized gains and losses, net of tax, and the effect on DAC, deferred sales inducements ("DSI"), future policy benefits and policyholders’ account balances that would result from the realization of unrealized gains and losses, are included in “Accumulated other comprehensive income (loss)” (“AOCI”). Each of these balances is discussed in greater detail below.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 14 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income.”
Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs, using a modified retrospective method for certain financial assets carried at amortized cost and certain off-balance sheet exposures. Adoption of these ASUs requires an entity to estimate lifetime credit losses for certain financial assets carried at amortized cost and certain off-balance sheet exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that may affect the collectability of reported amounts. The most significant impact is from modifications made to the Company’s process for measuring credit losses for its commercial mortgage and other loans classified as held for investment. The impact of the standard resulted in a cumulative effect adjustment to opening retained earnings in the amount of $1.8 million, primarily related to commercial mortgage and other loans. The impact of adoption is not material to the following financial statement line items: deferred policy acquisition costs; reinsurance recoverables; income taxes receivable; future policy benefits; policyholders' account balances; and other liabilities. The prospective adoption of the portions of the standard related to fixed maturities, available-for-sale resulted in no impact to opening retained earnings.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. Prior to the adoption of ASU 2016-13, the allowance was based upon credit losses that were probable of occurring for recognized loans, not an estimate of credit losses that may occur over the remaining life of the asset.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans, other collateralized and uncollateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.
The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized and uncollateralized loans (e.g., corporate loans) carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured in a troubled debt restructuring (“TDR”). These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt as part of a TDR. When restructurings occur, they are evaluated individually to determine whether the restructuring or modification constitutes a TDR as defined by authoritative accounting guidance. If the borrower is experiencing financial difficulty and the Company has granted a concession, the restructuring, including those that involve a partial payoff or the receipt of assets in full satisfaction of the debt is deemed to be a TDR. When there is a reasonable expectation that the Company will execute a TDR, all effects of the potential restructuring are considered for the estimation of the CECL allowance.

When a loan is modified in a TDR, the CECL allowance of the loan is remeasured using the modified terms and the loan’s original effective yield, and the allowance is adjusted accordingly. The loan will be evaluated to determine whether the loan no longer has similar credit risk characteristics of the commercial or agricultural mortgage loan pools and need to be evaluated for an allowance on an individual basis. Subsequent to the modification, income is recognized prospectively based on the modified terms of the loan.

In a TDR where the Company receives assets in full satisfaction of the debt, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the assets received and the recorded investment in the loan. When assets are received in partial settlement, the same process is followed, and the remaining loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.
Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.
Cash and cash equivalents Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to purchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.
Deferred policy acquisition costs
Deferred policy acquisition costs represent costs directly related to the successful acquisition of new and renewal insurance and annuity business that have been deferred to the extent such costs are deemed recoverable from future profits. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, capitalized DAC is amortized to “Amortization of DAC," net of the accrual of imputed interest on DAC balances. DAC is subject to periodic recoverability testing. DAC, for applicable products, is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI.

DAC related to universal and variable life products and fixed and variable deferred annuity products are generally deferred and amortized over the expected life of the contracts in proportion to gross profits arising principally from investment margins, mortality and expense margins, and surrender charges, based on historical and anticipated future experience, which is updated periodically. The Company uses a reversion to the mean approach for equities to derive future equity return assumptions; however, if the projected equity return calculated using this approach is greater than the maximum equity return assumption, the maximum equity return is utilized and if the projected equity return is negative, the return is floored at 0%. Gross profits also include impacts from the embedded derivatives associated with certain of the optional living benefit features of variable annuity contracts, and index-linked crediting features of certain universal life and annuity contracts and related hedging activities. In calculating gross profits, profits and losses related to contracts issued by the Company that are reported in affiliated legal entities other than the Company as a result of, for example, reinsurance agreements with those affiliated entities are also included. The Company is an indirect subsidiary of Prudential Financial, a United States Securities and Exchange Commission (the "SEC") registrant, and has extensive transactions and relationships with other subsidiaries of Prudential Financial, including reinsurance agreements, as described in Note 9. Incorporating all product-related profits and losses in gross profits, including those that are reported in affiliated legal entities, produces a DAC amortization pattern representative of the total economics of the products. Total gross profits include both actual gross profits and estimates of gross profits for future periods. The Company regularly evaluates and adjusts DAC balances with a corresponding charge or credit to current period earnings, representing a cumulative adjustment to all prior periods’ amortization, for the impact of actual gross profits and changes in the Company's projections of estimated future gross profits. Adjustments to DAC balances result from: (i) the annual review of assumptions that reflect the comprehensive review of the assumptions used in estimating gross profits for future periods; (ii) quarterly adjustments for current period experience (also referred to as “experience true-up” adjustments) that reflect the impact of differences between actual gross profits for a given period and the previously estimated expected gross profits for that period; and (iii) quarterly adjustments for market performance (also referred to as “experience unlocking”) that reflect the impact of changes to the Company's estimate of total gross profits to reflect actual fund performance and market conditions.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a nonintegrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.
Accrued investment income Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Reinsurance recoverables Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, and are reported on the Consolidated Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. For additional information about these arrangements see Note 9.
Deferred sales inducements Deferred sales inducements represents various types of sales inducements to contractholders related to fixed and variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology and assumptions used to amortize DAC. Sales inducement balances are subject to periodic recoverability testing. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” DSI for applicable products is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI. See Note 9 for additional information regarding sales inducements.
Income taxes receivable
Income taxes receivable primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Consolidated Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 10 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.
The Company’s liability for income taxes includes a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 10 for additional information regarding income taxes.
Other assets and Other liabilities Other assets consists primarily of deposit assets related to a reinsurance agreement entered into with a third-party reinsurer during 2021 using deposit accounting under U.S. GAAP, see Note 9 for additional information. Included in these deposit assets are amounts representing fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5. Also included are premiums due, deferred loss on reinsurance with affiliates, receivables resulting from sales of securities that had not yet settled at the balance sheet date, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.Other liabilities consists primarily of reinsurance payables associated with reinsurance arrangements with affiliates that correspond to reinsurance receivables included above in “Reinsurance recoverables”. Also included is a funds withheld liability for assets retained under a reinsurance agreement that corresponds to the deposit assets above in "Other assets". For additional information about these arrangements see Note 9. Additionally other liabilities includes accrued expenses, technical overdrafts, deferred gain on reinsurance, and payables resulting from purchases of securities that had not yet settled at the balance sheet date. Other liabilities may also include derivative instruments for which fair values are determined as described below under “Derivative Financial Instruments”.
Separate account assets and Separate account liabilities Separate account assets represents segregated funds that are invested for certain contractholders and other customers. The assets consist primarily of equity securities, fixed maturities, and real estate-related investments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the contractholders, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the contractholders and are not included in the Company’s consolidated results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Future policy benefits
Future policy benefits represents liabilities related to certain long-duration life and annuity contracts, which are discussed more fully in Note 8. These liabilities represent reserves for the guaranteed minimum death and optional living benefit features on our variable annuity products and no-lapse guarantees for our variable and universal life products. The optional living benefits are primarily accounted for as embedded derivatives, with fair values calculated as the present value of future expected benefit payments to customers less the present value of assessed rider fees attributable to the embedded derivative feature. For additional information regarding the valuation of these optional living benefit features, see Note 5.

The Company’s liability for future policy benefits also includes reserves based on the present value of estimated future payments to or on behalf of policyholders related to contracts that have fixed and guaranteed terms, where the timing and amount of payment depends on policyholder mortality and maintenance expenses less the present value of future net premiums. Expected mortality is generally based on Company experience, industry data, and/or other factors. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality and interest rate assumptions are “locked-in” upon the issuance of new insurance or annuity business with fixed and guaranteed terms, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by recognizing a premium deficiency. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and expenses. If a premium deficiency is recognized, the assumptions without a provision for the risk of adverse deviation as of the premium deficiency test date are locked-in and used in subsequent valuations. The net reserves continue to be subject to premium deficiency testing. Any adjustments to future policy benefit reserves related to net unrealized gains on securities classified as available-for-sale are included in AOCI. See Note 7 for additional information regarding future policy benefits.
Policyholders' account balances Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities. See Note 7 for additional information regarding policyholders’ account balances. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.
Cash collateral for loaned securities Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income or to facilitate trading activity. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".
Securities sold under agreements to repurchase
Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”
Short-term and long-term debt Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 13 for additional information regarding short-term and long-term debt.
Commitments and contingent liabilities Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium methodology.

Revenues for variable deferred annuity contracts consist of charges against contractholder account values or separate accounts for mortality and expense risks, administration fees, surrender charges and an annual maintenance fee per contract. Revenues for mortality and expense risk charges and administration fees are recognized as assessed against the contractholder. Surrender charge revenue is recognized when the surrender charge is assessed against the contractholder at the time of surrender. Liabilities for the variable investment options on annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable immediate annuity and supplementary contracts with life contingencies consist of certain charges against contractholder account values including mortality and expense risks and administration fees. These charges and fees are recognized as revenue when assessed against the contractholder. Liabilities for variable immediate annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable life insurance contracts consist of charges against contractholder account values or separate accounts for expense charges, administration fees, cost of insurance charges and surrender charges. Certain contracts also include charges against premium to pay state premium taxes. All of these charges are recognized as revenue when assessed against the contractholder. Liabilities for variable life insurance contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are accounted for as insurance contracts. The Company also provides contracts with certain living benefits which are considered embedded derivatives. See Note 5 for information regarding the valuation of these embedded derivatives and Note 8 for additional information regarding these contracts.
Amounts received as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts in proportion to estimated gross profits. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.
Asset administration fees Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 13). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.
Other income
Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value,” and “Other invested assets” that are measured at fair value.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, releases of Other Comprehensive Income and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments.
Derivative Financial Instruments
Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk ("NPR") used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to interest rate, credit, foreign currency and equity risks associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.
The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets", or as liabilities, within “Payables to parent and affiliates” or "Other liabilities".
The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. Effective April 1, 2016, the Company reinsured the variable annuity base contracts, along with the living benefit guarantees, to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance, in each case under a coinsurance and modified coinsurance agreement. Effective July 1, 2021, the Company recaptured the risks related to its variable annuity base contracts, along with the living benefit guarantees, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. See Note 9 for additional information. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net".
Future Adoption Of New Accounting Pronouncements
ASU issued but not yet adopted as of December 31, 2022 — ASU 2018-12

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018, and was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, issued in October 2019, and ASU 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application, issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements.

The Company has an established governance framework to manage the implementation of the standard. The Company has substantially completed its implementation efforts including, but not limited to, implementing refinements to key accounting policy decisions, modifications to actuarial valuation models, updates to data sourcing capabilities, automation of key financial reporting and analytical processes and updates to internal control over financial reporting and disclosure.

ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. The Company expects the standard to have a significant financial impact on the Consolidated Financial Statements and will significantly increase disclosures. As of the January 1, 2021 transition date, the Company estimates that the implementation of the standard will result in approximately a $700 million decrease to $100 million increase to "Total equity", largely from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of September 30, 2022, the Company estimates that the transition date impacts will significantly reverse, primarily as a result of increases in market interest rates from the January 1, 2021 transition date to September 30, 2022. In addition to the impacts to the balance sheet, the Company also expects an impact to the pattern of earnings emergence following the transition date.
Outlined below are four key areas of change, although there are other less significant policy changes not noted below.

ASU 2018-12 Amended TopicDescriptionMethod of adoptionEffect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance productsRequires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations.An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) ("AOCI") or (2) a full retrospective transition method.
The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance productsRequires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI.As noted above, the Company will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. The Company expects an impact to AOCI as a result of remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the adoption date. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date.
Amortization of DAC and other balancesRequires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances.
The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI.
Market Risk Benefits ("MRB")
Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk ("NPR"), which is recognized in OCI.
An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative-effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.
The Company will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects a decrease to "Retained earnings" and an offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will be an impact to "Retained earnings" for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities).
ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company does not currently intend to apply this accounting policy election.

Other ASU issued but not yet adopted as of December 31, 2022

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure
This ASU eliminates the accounting guidance for TDR for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination.
January 1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption.
The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.23.1
Business and Basis of Presentation (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Effects of Reinsurance
The financial statement impacts of this transaction are as follows:

Interim Consolidated Statement of Financial Position
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
ASSETS
Total investments(1)(2)$8,324 
Cash and cash equivalents414 
Deferred policy acquisition costs3,286 
Accrued investment income 42 
Reinsurance recoverables(12,307)
Deferred sales inducements388 
Receivable from parent and affiliates0 
Income taxes receivable765 
Other assets(84)
Separate account assets0 
TOTAL ASSETS$828 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$0 
Policyholders’ account balances0 
Cash collateral for loaned securities0 
Payables to parent and affiliates(106)
Other liabilities0 
Separate account liabilities0 
Total liabilities(106)
EQUITY
Common stock0 
Additional paid-in capital(3)3,786 
Retained earnings(2,797)
Accumulated other comprehensive income(55)
Total equity934 
TOTAL LIABILITIES AND EQUITY$828 
Significant non-cash transactions
(1) The increase in total investments includes non-cash activities of $8.3 billion related to the recapture transaction.
(2) The Company incurred a loss related to ceding commissions of $2 billion.
(3) The increase in Additional paid-in capital includes non-cash activities of $3.4 billion in invested assets related to capital contributions from Prudential Insurance.
Interim Consolidated Statement of Operations and Comprehensive Income (Loss)
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
REVENUES
Other income (loss)$(1)
Realized investment gains (losses), net(4,953)
TOTAL REVENUES(4,954)
BENEFITS AND EXPENSES
Policyholders’ benefits257 
Interest credited to policyholders’ account balances(399)
General, administrative and other expenses(1,272)
TOTAL BENEFITS AND EXPENSES(1,414)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES(3,540)
Income tax expense (benefit)(743)
NET INCOME (LOSS)$(2,797)


Affiliated Asset Transfers

AffiliatePeriodTransactionSecurity TypeFair ValueBook ValueAPIC/ Retained Earnings Increase/(Decrease)Realized Investment Gain/(Loss), NetDerivative Gain/(Loss)
(in millions)
PALACJuly 1, 2021PurchaseDerivatives, Fixed Maturities, Equity Securities, Commercial Mortgages and JV/LP Investments$4,908 $4,908 $0 $0 $0 
Prudential InsuranceJuly 1, 2021Contributed CapitalFixed Maturities$3,420 $3,420 $3,420 $0 $0 
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202220212020
 (in thousands)
Premiums:
Direct$1,871,264 $1,909,878 $1,923,708 
Assumed776 162 184 
Ceded(1,597,257)(1,706,364)(1,831,716)
Net premiums274,783 203,676 92,176 
Policy charges and fee income:
Direct3,436,953 3,647,883 3,491,735 
Assumed608,458 582,003 587,466 
Ceded(2,313,454)(2,700,129)(3,454,881)
Net policy charges and fee income1,731,957 1,529,757 624,320 
Net investment income:
Direct920,674 555,404 372,822 
Assumed1,513 1,049 1,579 
Ceded(38,186)(6,218)(7,051)
Net investment income884,001 550,235 367,350 
Asset administration fees:
Direct351,600 403,359 360,438 
Assumed0 0 0 
Ceded(67,418)(201,182)(341,300)
Net asset administration fees284,182 202,177 19,138 
Other income (loss):
Direct(731,796)227,035 78,445 
Assumed271 (66)(1)
Ceded(3,457)35,790 165 
Amortization of reinsurance income 73,122 4,449 4,647 
Net other income(661,860)267,208 83,256 
Realized investment gains (losses), net:
Direct(1)1,838,136 7,663,351 (3,593,799)
Assumed(1)(244,000)12,593 0 
Ceded(1)(552,701)(12,971,350)3,530,823 
Realized investment gains (losses), net1,041,435 (5,295,406)(62,976)
Policyholders’ benefits (including change in reserves):
Direct3,951,690 3,611,402 3,584,011 
Assumed1,504,204 849,599 1,055,277 
Ceded(4,846,502)(3,805,091)(4,341,139)
Net policyholders’ benefits (including change in reserves)609,392 655,910 298,149 
Interest credited to policyholders’ account balances:
Direct883,398 563,821 536,886 
Assumed74,402 138,202 136,153 
Ceded(440,312)(816,608)(439,664)
Net interest credited to policyholders’ account balances517,488 (114,585)233,375 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(427,208)(2,265,350)(1,589,113)
(1)Prior period has been reclassified to conform to the current period presentation to include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

20222021(1)2020(1)
(in thousands)
Premiums:
Assumed$149 $162 $184 
Ceded(35,867)(19,785)(10,526)
Policy charges and fee income:
Assumed2,113 0 0 
Ceded(81,781)(65,451)(53,871)
Net investment income:
Ceded10,802 687 0 
Other income (loss):
Assumed270 (68)1 
Realized investment gains (losses), net:
Assumed778,620 0 0 
Ceded(38,317)(49,460)73,108 
Policyholders' benefits (including change in reserves):
Assumed2,566 429 949 
Ceded(87,370)(200,973)(69,720)
Interest credited to policyholders' account balances:
Assumed(95,285)0 0 
(1)Prior period has been reclassified to conform to the current period presentation.
v3.23.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 December 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$354,348 $300 $72,856 $0 $281,792 
Obligations of U.S. states and their political subdivisions654,884 4,275 30,959 0 628,200 
Foreign government bonds330,967 1,140 58,640 5 273,462 
U.S. public corporate securities7,414,790 21,299 992,145 0 6,443,944 
U.S. private corporate securities4,140,734 13,071 335,205 1,871 3,816,729 
Foreign public corporate securities1,539,172 2,455 163,384 21 1,378,222 
Foreign private corporate securities4,338,585 19,761 589,153 2,863 3,766,330 
Asset-backed securities(1)1,467,955 6,976 32,577 0 1,442,354 
Commercial mortgage-backed securities727,159 94 69,101 0 658,152 
Residential mortgage-backed securities(2)342,493 3,211 9,479 9 336,216 
Total fixed maturities, available-for-sale$21,311,087 $72,582 $2,353,499 $4,769 $19,025,401 
(1)    Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$303,040 $31,011 $111 $0 $333,940 
Obligations of U.S. states and their political subdivisions584,244 46,978 701 0 630,521 
Foreign government bonds324,454 29,299 3,271 11 350,471 
U.S. public corporate securities4,794,878 366,764 29,770 0 5,131,872 
U.S. private corporate securities1,964,767 59,037 16,880 2,049 2,004,875 
Foreign public corporate securities906,031 34,234 10,363 0 929,902 
Foreign private corporate securities2,741,449 62,932 48,381 2,089 2,753,911 
Asset-backed securities(1)547,549 860 1,099 0 547,310 
Commercial mortgage-backed securities552,653 25,928 3,397 0 575,184 
Residential mortgage-backed securities(2)18,684 1,501 5 0 20,180 
Total fixed maturities, available-for-sale$12,737,749 $658,544 $113,978 $4,149 $13,278,166 

(1)    Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and other asset types.
(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 December 31, 2022
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$212,991 $46,928 $62,630 $25,928 $275,621 $72,856 
Obligations of U.S. states and their political subdivisions307,734 16,851 61,915 14,108 369,649 30,959 
Foreign government bonds139,577 19,435 111,371 39,205 250,948 58,640 
U.S. public corporate securities3,873,275 389,937 1,979,725 602,208 5,853,000 992,145 
U.S. private corporate securities2,506,932 157,853 948,686 177,352 3,455,618 335,205 
Foreign public corporate securities548,083 40,508 596,437 122,856 1,144,520 163,364 
Foreign private corporate securities1,772,413 199,124 1,479,608 390,029 3,252,021 589,153 
Asset-backed securities625,710 15,146 289,581 17,431 915,291 32,577 
Commercial mortgage-backed securities459,186 30,408 176,349 38,693 635,535 69,101 
Residential mortgage-backed securities129,721 9,220 1,294 259 131,015 9,479 
  Total fixed maturities, available-for-sale$10,575,622 $925,410 $5,707,596 $1,428,069 $16,283,218 $2,353,479 

 December 31, 2021
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $2,119 $111 $2,119 $111 
Obligations of U.S. states and their political subdivisions104,621 701 0 0 104,621 701 
Foreign government bonds59,550 2,826 6,473 371 66,023 3,197 
U.S. public corporate securities1,681,201 23,160 180,249 6,610 1,861,450 29,770 
U.S. private corporate securities972,796 14,036 16,409 2,844 989,205 16,880 
Foreign public corporate securities532,445 8,255 29,718 2,108 562,163 10,363 
Foreign private corporate securities1,253,739 42,392 57,637 5,616 1,311,376 48,008 
Asset-backed securities288,971 1,099 0 0 288,971 1,099 
Commercial mortgage-backed securities157,355 1,622 40,689 1,775 198,044 3,397 
Residential mortgage-backed securities1,393 5 0 0 1,393 5 
  Total fixed maturities, available-for-sale$5,052,071 $94,096 $333,294 $19,435 $5,385,365 $113,531 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
 December 31, 2022
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$357,166 $347,772 
Due after one year through five years4,981,177 4,654,387 
Due after five years through ten years6,798,927 6,120,970 
Due after ten years6,636,210 5,465,550 
Asset-backed securities1,467,955 1,442,354 
Commercial mortgage-backed securities727,159 658,152 
Residential mortgage-backed securities342,493 336,216 
Total fixed maturities, available-for-sale$21,311,087 $19,025,401 
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses), and Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31,
202220212020
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$1,117,293 $790,331 $81,766 
Proceeds from maturities/prepayments624,640 465,347 305,859 
Gross investment gains from sales and maturities5,647 14,972 1,293 
Gross investment losses from sales and maturities(58,432)(16,674)(1,878)
Write-downs recognized in earnings(2)(20,600)(2)(4,312)
(Addition to) release of allowance for credit losses(620)(1,810)(2,339)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(53.9) million, $(4.4) million and $(2.4) million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale. In addition, for the year ended December 31, 2020, amount also includes write-downs on securities approaching maturities related to foreign exchange movements.
Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI
The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:

Year Ended December 31, 2022
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $11 $4,138 $0 $0 $0 $4,149 
Additions to allowance for credit losses not previously recorded0 329 12,700 0 0 7 13,036 
Reductions for securities sold during the period0 (96)(1,702)0 0 0 (1,798)
Reductions for securities with intent to sell0 (324)(16,666)0 0 0 (16,990)
Additions (reductions) on securities with previous allowance0 85 6,285 0 0 2 6,372 
Balance, end of period$0 $5 $4,755 $0 $0 $9 $4,769 

Year Ended December 31, 2021
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,339 $0 $0 $0 $2,339 
Additions to allowance for credit losses not previously recorded0 11 2,664 0 0 0 2,675 
Reductions for securities sold during the period0 0 (28)0 0 0 (28)
Additions (reductions) on securities with previous allowance0 0 (837)0 0 0 (837)
Balance, end of period$0 $11 $4,138 $0 $0 $0 $4,149 
Year Ended December 31, 2020
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $0 $0 
Additions to allowance for credit losses not previously recorded0 0 5,672 0 0 0 5,672 
Reductions for securities sold during the period0 0 (3,147)0 0 0 (3,147)
Additions (reductions) on securities with previous allowance0 0 (186)0 0 0 (186)
Balance, end of period$0 $0 $2,339 $0 $0 $0 $2,339 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 December 31, 2022December 31, 2021
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,289,026 26.0 %$748,414 26.4 %
Hospitality104,177 2.1 48,141 1.7 
Industrial1,766,247 35.8 916,398 32.2 
Office590,897 11.9 445,055 15.7 
Other380,121 7.7 252,590 8.9 
Retail351,457 7.1 255,577 9.0 
Total commercial mortgage loans4,481,925 90.6 2,666,175 93.9 
Agricultural property loans467,018 9.4 172,336 6.1 
Total commercial mortgage and agricultural property loans4,948,943 100.0 %2,838,511 100.0 %
Allowance for credit losses(20,263)(5,951)
Total net commercial mortgage and agricultural property loans$4,928,680 $2,832,560 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20222021
(in thousands)
Affiliated Commercial Mortgage Loan20258.67%$72,225 $73,412 
Allowance for Credit Losses
The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: 
Commercial Mortgage LoansAgricultural Property LoansTotal
 (in thousands)
Balance at December 31, 2019$1,743 $25 $1,768 
Cumulative effect of adoption of ASU 2016-132,495 (8)2,487 
Addition to (release of) allowance for expected losses308 (11)297 
Balance at December 31, 20204,546 6 4,552 
Addition to (release of) allowance for expected losses1,301 98 1,399 
Balance at December 31, 20215,847 104 5,951 
Addition to (release of) allowance for expected losses13,818 494 14,312 
Balance at December 31, 2022$19,665 $598 $20,263 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$266,453 $262,095 $63,558 $222,638 $201,087 $894,646 $1,910,477 
60%-69.99%344,110 681,996 243,800 219,593 61,757 305,175 1,856,431 
70%-79.99%166,629 304,386 47,388 66,148 2,409 53,336 640,296 
80% or greater0 0 0 3,249 0 71,472 74,721 
Total$777,192 $1,248,477 $354,746 $511,628 $265,253 $1,324,629 $4,481,925 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$744,301 $1,248,477 $243,325 $452,626 $258,617 $1,203,807 $4,151,153 
1.0 - 1.2x32,891 0 83,655 26,558 6,636 45,742 195,482 
Less than 1.0x0 0 27,766 32,444 0 75,080 135,290 
Total$777,192 $1,248,477 $354,746 $511,628 $265,253 $1,324,629 $4,481,925 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$208,708 $133,126 $25,894 $16,053 $6,327 $20,700 $410,808 
60%-69.99%56,210 0 0 0 0 0 56,210 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$264,918 $133,126 $25,894 $16,053 $6,327 $20,700 $467,018 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$262,918 $133,126 $25,894 $16,053 $6,327 $20,700 $465,018 
1.0 - 1.2x2,000 0 0 0 0 0 2,000 
Less than 1.0x0 0 0 0 0 0 0 
Total$264,918 $133,126 $25,894 $16,053 $6,327 $20,700 $467,018 
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$47,161 $0 $179,682 $76,656 $126,934 $553,022 $983,455 
60%-69.99%307,999 225,330 289,322 170,444 126,159 116,654 1,235,908 
70%-79.99%163,451 86,083 75,185 13,728 55,032 51,203 444,682 
80% or greater0 0 0 0 958 1,172 2,130 
Total$518,611 $311,413 $544,189 $260,828 $309,083 $722,051 $2,666,175 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$501,456 $195,164 $481,289 $253,938 $289,443 $638,092 $2,359,382 
1.0 - 1.2x17,155 109,862 39,577 6,890 7,100 39,213 219,797 
Less than 1.0x0 6,387 23,323 0 12,540 44,746 86,996 
Total$518,611 $311,413 $544,189 $260,828 $309,083 $722,051 $2,666,175 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 
60%-69.99%0 0 0 0 0 0 0 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$98,579 $26,581 $16,226 $6,463 $8,372 $15,300 $171,521 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 815 815 
Total$98,579 $26,581 $16,226 $6,463 $8,372 $16,115 $172,336 
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2022
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$4,481,925 $0 $0 $0 $4,481,925 $0 
Agricultural property loans465,689 0 1,329 0 467,018 0 
Total $4,947,614 $0 $1,329 $0 $4,948,943 $0 

(1)As of December 31, 2022, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2021
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$2,666,175 $0 $0 $0 $2,666,175 $0 
Agricultural property loans172,336 0 0 0 172,336 0 
Total $2,838,511 $0 $0 $0 $2,838,511 $0 

(1)As of December 31, 2021, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
December 31,
20222021
 (in thousands)
Company's investment in separate accounts(1)$510 $53,694 
LPs/LLCs:
Equity method:
Private equity287,969 286,141 
Hedge funds576,595 432,749 
Real estate-related107,429 89,337 
Subtotal equity method971,993 808,227 
Fair value:
Private equity59,146 69,137 
Hedge funds396 481 
Real estate-related9,457 9,861 
Subtotal fair value68,999 79,479 
Total LPs/LLCs1,040,992 887,706 
Derivative instruments47,111 268,525 
Total other invested assets$1,088,613 $1,209,925 
Equity Method Investments The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities.
 December 31,
 20222021
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$67,721,613 $72,416,906 
Total liabilities(2)$12,174,133 $12,120,390 
Partners’ capital55,547,480 60,296,516 
Total liabilities and partners’ capital$67,721,613 $72,416,906 
Total liabilities and partners’ capital included above$815,783 $746,870 
Equity in LP/LLC interests not included above214,442 201,541 
Carrying value$1,030,225 $948,411 

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202220212020
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$11,062,060 $11,031,051 $565,409 
Total expenses(2)(1,655,673)(2,044,942)(201,644)
Net earnings (losses)$9,406,387 $8,986,109 $363,765 
Equity in net earnings (losses) included above$(36,513)$62,173 $8,644 
Equity in net earnings (losses) of LP/LLC interests not included above7,320 28,765 25,859 
Total equity in net earnings (losses)$(29,193)$90,938 $34,503 

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20222021
(in thousands)
Fixed maturities$187,628 $117,216 
Equity securities349 2 
Commercial mortgage and other loans13,335 7,025 
Policy loans14,525 35,153 
Other invested assets48 254 
Short-term investments and cash equivalents3,750 377 
Total accrued investment income$219,635 $160,027 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202220212020
 (in thousands)
Fixed maturities, available-for-sale$589,248 $299,607 $224,262 
Fixed maturities, trading55,790 38,778 1,768 
Equity securities8,226 530 410 
Commercial mortgage and other loans119,358 63,548 50,534 
Policy loans21,189 69,602 70,363 
Other invested assets101,289 104,375 36,684 
Short-term investments and cash equivalents44,182 712 3,219 
Gross investment income939,282 577,152 387,240 
Less: investment expenses(55,281)(26,917)(19,890)
Net investment income$884,001 $550,235 $367,350 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202220212020
(in thousands)
Fixed maturities(1)$(74,005)$(3,514)$(7,236)
Commercial mortgage and other loans(18,201)1,535 (226)
Other invested assets(78,671)(2,737)(287)
Derivatives(2)1,212,366 (5,291,043)(55,003)
Short-term investments and cash equivalents(54)353 (224)
Realized investment gains (losses), net$1,041,435 $(5,295,406)$(62,976)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Includes the impact of the 2021 Variable Annuities Recapture. See Note 1 for additional information.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202220212020
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$4,371 $3,685 $0 
Fixed maturity securities, available-for-sale without an allowance(2,285,288)540,881 857,599 
Derivatives designated as cash flow hedges(1)138,627 39,896 (8,112)
Affiliated notes(13,189)73 4,024 
Other investments(2)(274)1,854 (4,162)
Net unrealized gains (losses) on investments$(2,155,753)$586,389 $849,349 
(1)For more information on cash flow hedges, see Note 4.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending
The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
December 31, 2022December 31, 2021
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Foreign government bonds$506 $0 $506 $0 $0 $0 
U.S. public corporate securities7,903 0 7,903 3,004 0 3,004 
Foreign public corporate securities12,873 0 12,873 0 0 0 
Equity securities65,468 0 65,468 0 0 0 
Total cash collateral for loaned securities(1)$86,750 $0 $86,750 $3,004 $0 $3,004 

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged The following table sets forth the carrying value of investments pledged to third parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20222021
 (in thousands)
Pledged collateral:
Fixed maturity securities, available-for-sale$20,553 $2,871 
Equity securities63,895 0 
Total securities pledged$84,448 $2,871 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$86,750 $3,004 
Total liabilities supported by the pledged collateral$86,750 $3,004 
v3.23.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account of the netting effects of master netting agreements and cash collateral.
 December 31, 2022December 31, 2021
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$3,225 $0 $(316)$3,344 $55 $0 
Foreign Currency Swaps1,933,343 233,812 (10,462)886,552 37,259 (6,900)
Total Derivatives Designated as Hedge Accounting Instruments$1,936,568 $233,812 $(10,778)$889,896 $37,314 $(6,900)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$138,419,110 $6,757,890 $(17,092,749)$130,358,860 $5,698,740 $(10,348,130)
Interest Rate Futures2,425,500 3,267 (201)4,109,300 2,876 (2,709)
Interest Rate Swaptions8,368,000 123,168 (225,125)9,883,000 280,323 (173,863)
Interest Rate Forwards1,104,000 11,265 (12,359)195,000 3,760 (991)
Foreign Currency
Foreign Currency Forwards364,946 590 (10,423)119,653 842 (1,063)
Credit
Credit Default Swaps47,450 346 0 306,900 24,789 0 
Currency/Interest Rate
Foreign Currency Swaps2,289,170 194,412 (14,624)2,139,523 68,477 (23,251)
Equity
Total Return Swaps15,958,130 120,341 (175,104)15,129,666 66,627 (475,209)
Equity Options25,187,516 239,003 (1,112,196)19,461,881 902,050 (1,535,272)
Futures876,790 956 (513)5,015,002 736 (6,595)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$195,040,612 $7,451,238 $(18,643,294)$186,718,785 $7,049,220 $(12,567,083)
Total Derivatives(1)(2)$196,977,180 $7,685,050 $(18,654,072)$187,608,681 $7,086,534 $(12,573,983)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $4,541 million and $9,048 million as of December 31, 2022 and 2021, respectively included in "Future policy benefits" and $3,502 million and $3,246 million as of December 31, 2022 and 2021, respectively included in "Policyholders' account balances". Other assets included $141 million and $73 million as of December 31, 2022 and 2021, respectively. Other liabilities included $10 million and $13 million as of December 31, 2022 and 2021, respectively. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $431 million and $931 million as of December 31, 2022 and 2021, respectively.
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.
Offsetting of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,685,050 $(7,637,939)$47,111 $0 $47,111 
Securities purchased under agreements to resell290,000 0 290,000 (290,000)0 
Total Assets$7,975,050 $(7,637,939)$337,111 $(290,000)$47,111 
Offsetting of Financial Liabilities:
Derivatives$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 

 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,086,534 $(6,818,009)$268,525 $0 $268,525 
Securities purchased under agreements to resell185,000 0 185,000 (185,000)0 
Total Assets$7,271,534 $(6,818,009)$453,525 $(185,000)$268,525 
Offsetting of Financial Liabilities:
Derivatives$12,573,983 $(12,568,082)$5,901 $(5,901)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$12,573,983 $(12,568,082)$5,901 $(5,901)$0 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,685,050 $(7,637,939)$47,111 $0 $47,111 
Securities purchased under agreements to resell290,000 0 290,000 (290,000)0 
Total Assets$7,975,050 $(7,637,939)$337,111 $(290,000)$47,111 
Offsetting of Financial Liabilities:
Derivatives$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$18,654,072 $(16,568,912)$2,085,160 $(2,085,160)$0 

 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net
Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$7,086,534 $(6,818,009)$268,525 $0 $268,525 
Securities purchased under agreements to resell185,000 0 185,000 (185,000)0 
Total Assets$7,271,534 $(6,818,009)$453,525 $(185,000)$268,525 
Offsetting of Financial Liabilities:
Derivatives$12,573,983 $(12,568,082)$5,901 $(5,901)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$12,573,983 $(12,568,082)$5,901 $(5,901)$0 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
  
Year Ended December 31, 2022
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $(8)$0 $(312)
Currency/Interest Rate7,636 36,734 34,070 99,043 
Total cash flow hedges7,637 36,726 34,070 98,731 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(4,568,107)0 0 0 
Currency18,952 0 0 0 
Currency/Interest Rate107,388 0 557 0 
Credit(15,904)0 0 0 
Equity1,090,215 0 0 0 
Embedded Derivatives4,572,185 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments1,204,729 0 557 0 
Total$1,212,366 $36,726 $34,627 $98,731 

  
Year Ended December 31, 2021
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $47 $0 $(161)
Currency/Interest Rate1,357 15,983 11,119 48,169 
Total cash flow hedges1,359 16,030 11,119 48,008 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(20,596)0 0 0 
Currency2,006 0 0 0 
Currency/Interest Rate44,350 0 79 0 
Credit2,892 0 0 0 
Equity(944,765)0 0 0 
Embedded Derivatives(1)(4,376,289)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,292,402)0 79 0 
Total$(5,291,043)$16,030 $11,198 $48,008 
 Year Ended December 31, 2020
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$(44)$21 $0 $284 
Currency/Interest Rate(314)10,660 (10,161)(34,522)
Total cash flow hedges(358)10,681 (10,161)(34,238)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate17,000 0 0 0 
Currency(2,560)0 0 0 
Currency/Interest Rate(4,130)0 (109)0 
Credit(284)0 0 0 
Equity37,480 0 0 0 
Embedded Derivatives(102,151)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(54,645)0 (109)0 
Total$(55,003)$10,681 $(10,270)$(34,238)

(1)Includes the impact from 2021 Variable Annuities Recapture, see Note 1 for further details.
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
(in thousands)
Balance, December 31, 2019$26,126 
Amount recorded in AOCI
Interest Rate261 
Currency/Interest Rate(34,337)
Total amount recorded in AOCI(34,076)
Amount reclassified from AOCI to income
Interest Rate23 
Currency/Interest Rate(185)
Total amount reclassified from AOCI to income(162)
Balance, December 31, 2020$(8,112)
Amount recorded in AOCI
Interest Rate(112)
Currency/Interest Rate76,628 
Total amount recorded in AOCI76,516 
Amount reclassified from AOCI to income
Interest Rate(49)
Currency/Interest Rate(28,459)
Total amount reclassified from AOCI to income(28,508)
Balance, December 31, 2021$39,896 
Amount recorded in AOCI
Interest Rate(319)
Currency/Interest Rate177,483 
Total amount recorded in AOCI177,164 
Amount reclassified from AOCI to income
Interest Rate7 
Currency/Interest Rate(78,440)
Total amount reclassified from AOCI to income(78,433)
Balance, December 31, 2022$138,627 
v3.23.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 December 31, 2022
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $281,792 $0 $$281,792 
Obligations of U.S. states and their political subdivisions0 628,200 0 628,200 
Foreign government bonds0 272,738 724 273,462 
U.S. corporate public securities0 6,443,944 0 6,443,944 
U.S. corporate private securities0 3,573,269 243,460 3,816,729 
Foreign corporate public securities0 1,371,354 6,868 1,378,222 
Foreign corporate private securities0 3,509,162 257,168 3,766,330 
Asset-backed securities(2)0 1,421,852 20,502 1,442,354 
Commercial mortgage-backed securities0 573,930 84,222 658,152 
Residential mortgage-backed securities0 336,216 0 336,216 
Subtotal0 18,412,457 612,944 19,025,401 
Fixed maturities, trading0 1,936,159 0 1,936,159 
Equity securities108,076 6,403 28,593 143,072 
Short-term investments0 81,215 16,945 98,160 
Cash equivalents0 1,432,182 0 1,432,182 
Other invested assets(3)4,223 7,680,827 0 (7,637,939)47,111 
Other assets0 0 141,041 141,041 
Reinsurance recoverables0 0 430,911 430,911 
Receivables from parent and affiliates0 148,075 0 148,075 
Subtotal excluding separate account assets112,299 29,697,318 1,230,434 (7,637,939)23,402,112 
Separate account assets(4)(5)102,243 108,682,425 4,645 108,789,313 
Total assets$214,542 $138,379,743 $1,235,079 $(7,637,939)$132,191,425 
Future policy benefits(6)$0 $0 $4,540,747 $$4,540,747 
Policyholders' account balances0 0 3,502,096 3,502,096 
Payables to parent and affiliates0 18,653,159 0 (16,568,242)2,084,917 
Other liabilities899 (9,496)0 (670)(9,267)
Total liabilities$899 $18,643,663 $8,042,843 $(16,568,912)$10,118,493 
 December 31, 2021
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $333,940 $0 $$333,940 
Obligations of U.S. states and their political subdivisions0 630,521 0 630,521 
Foreign government bonds0 350,321 150 350,471 
U.S. corporate public securities0 5,131,872 0 5,131,872 
U.S. corporate private securities0 1,873,370 131,505 2,004,875 
Foreign corporate public securities0 921,008 8,894 929,902 
Foreign corporate private securities0 2,508,676 245,235 2,753,911 
Asset-backed securities(2)0 484,861 62,449 547,310 
Commercial mortgage-backed securities0 463,689 111,495 575,184 
Residential mortgage-backed securities0 20,180 0 20,180 
Subtotal0 12,718,438 559,728 13,278,166 
Fixed maturities, trading0 3,302,392 0 3,302,392 
Equity securities58,160 40,635 12,472 111,267 
Short-term investments9,997 135,440 0 145,437 
Cash equivalents13,999 422,633 0 436,632 
Other invested assets(3)246,097 6,840,437 0 (6,818,009)268,525 
Other assets0 0 72,937 72,937 
Reinsurance recoverables0 0 931,207 931,207 
Receivables from parent and affiliates0 162,045 0 162,045 
Subtotal excluding separate account assets328,253 23,622,020 1,576,344 (6,818,009)18,708,608 
Separate account assets(4)(5)52,100 144,059,558 0 144,111,658 
Total assets$380,353 $167,681,578 $1,576,344 $(6,818,009)$162,820,266 
Future policy benefits(6)$0 $0 $9,047,956 $$9,047,956 
Policyholders' account balances0 0 3,245,773 3,245,773 
Payables to parent and affiliates0 12,563,253 0 (12,563,253)0 
Other liabilities10,730 12,624 0 (4,829)18,525 
Total liabilities$10,730 $12,575,877 $12,293,729 $(12,568,082)$12,312,254 

(1)“Netting” amounts represent cash collateral of $(8,931) million and $(5,750) million as of December 31, 2022 and 2021, respectively.
(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2022 and 2021, the fair values of such investments were $69 million and $79 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At December 31, 2022 and 2021, the fair value of such investments was $5,262 million and $5,686 million, respectively.
(6)As of December 31, 2022, the net embedded derivative liability position of $4,541 million includes $801 million of embedded derivatives in an asset position and $5,342 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,048 million includes $610 million of embedded derivatives in an asset position and $9,658 million of embedded derivatives in a liability position.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 December 31, 2022
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$408,494 Discounted cash flowDiscount rate9.77 %20 %16.53 %Decrease
Market ComparablesEBITDA multiples(3)2.2 X23.5 X8.1 XIncrease
Reinsurance recoverables$430,911 Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)$4,540,747 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.50 %2.20 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
  Equity volatility curve18 %26 % Increase
Policyholders' account balances(5)$3,502,096 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.17 %1.93 %Decrease
Mortality rate(10)0 %23 %Decrease
Equity volatility curve6 %30 %Increase
Option Budget(11)(2)%6 %Decrease
 December 31, 2021
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$312,139 Discounted cash flowDiscount rate1.65 %20 %4.57 %Decrease
Market ComparablesEBITDA multiples(3)4.9 X19.2 X9.0 XIncrease
LiquidationLiquidation Value62.58 %62.58 %62.58 %Increase
Reinsurance recoverables$931,207 Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)$9,047,956 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over LIBOR(7)0.03 %1.13 %Decrease
Utilization rate(8)39 %96 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
   Equity volatility curve16 %25 % Increase
Policyholders' account balances(5)$3,245,773 Discounted cash flowLapse rate(6)1 %42 %Decrease
Spread over LIBOR(7)0.03 %1.13 %Decrease
Mortality rate(10)0 %23 %Decrease
Equity volatility curve6 %31 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading.
(3)Represents multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(4)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.
(7)The spread over the SOFR swap curve and the LIBOR swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2022 and 2021, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2022 and 2021, the minimum withdrawal rate assumption is 77% and 76%, respectively. As of December 31, 2022 and 2021, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2022
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Foreign government150 73 501 0 0 0 0 0 0 724 69 
Corporate securities(4)385,634 (47,296)323,603 (62,827)0 (102,377)106,408 10,475 (106,124)507,496 (45,235)
Structured securities(5)173,944 (26,318)81,576 0 0 (1,993)0 0 (122,485)104,724 (28,489)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 0 0 
Equity securities12,472 (3,310)10,000 (230)0 0 9,661 0 0 28,593 (3,872)
Short-term investments0 114 18,046 0 0 (8,560)7,290 55 0 16,945 73 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Other assets72,937 44,096 49,677 0 0 (3,855)(21,814)0 0 141,041 47,951 
Reinsurance recoverables931,207 (635,649)135,353 0 0 0 0 0 0 430,911 (607,225)
Separate account assets0 (70)7,715 (3,000)0 0 0 0 0 4,645 (70)
Liabilities:
Future policy benefits(9,047,956)5,513,374 0 0 (1,006,165)0 0 0 0 (4,540,747)5,256,263 
Policyholders' account balances(6)(3,245,773)(409,912)0 0 (1,094,824)0 1,248,413 0 0 (3,502,096)(289,548)
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets44,096 0 0 0 0 47,951 0 0 0 
Reinsurance recoverables(635,649)0 0 0 0 (607,225)0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Future policy benefits5,513,374 0 0 0 0 5,256,263 0 0 0 
Policyholders' account balances(409,912)0 0 0 0 (289,548)0 0 0 
Year Ended December 31, 2021
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$55,000 $0 $0 $(55,000)$0 $0 $0 $0 $0 $0 $0 
Foreign government163 (13)0 0 0 0 0 0 0 150 (15)
Corporate securities(4)174,776 (10,914)95,294 (5,085)0 (28,690)156,667 9,313 (5,727)385,634 (11,298)
Structured securities(5)2,065 4,165 74,800 (29)0 (1,761)32,859 107,038 (45,193)173,944 4,189 
Other assets:
Fixed maturities, trading755 46 0 0 0 0 0 0 (801)0 46 
Equity securities7,889 709 0 0 0 0 3,874 0 0 12,472 709 
Short-term investments0 181 0 0 0 (1,871)1,690 0 0 0 0 
Cash equivalents0 147 0 0 0 (1,377)1,230 0 0 0 0 
Other assets0 1,258 1,170 0 0 (899)71,408 0 0 72,937 359 
Reinsurance recoverables13,239,539 (12,937,591)629,259 0 0 0 0 0 0 931,207 (545,001)
Separate account assets0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Future policy benefits(13,227,814)5,281,553 0 0 (1,101,695)0 0 0 0 (9,047,956)4,647,753 
Policyholders' account balances(6)(1,155,274)(78,321)0 0 (265,807)0 (1,746,371)0 0 (3,245,773)5,476 
Year Ended December 31, 2021
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(832)$0 $(6,318)$388 $(1,778)$0 $(5,346)
Other assets:
Fixed maturities, trading0 46 0 0 0 46 0 
Equity securities0 709 0 0 0 709 0 
Short-term investments181 0 0 0 0 0 0 
Cash equivalents147 0 0 0 0 0 0 
Other assets1,258 0 0 0 359 0 0 
Reinsurance recoverables(12,937,591)0 0 0 (545,001)0 0 
Separate account assets0 0 0 0 0 0 0 
Liabilities:
Future policy benefits5,281,553 0 0 0 4,647,753 0 0 
Policyholders' account balances(78,321)0 0 0 5,476 0 0 
Year Ended December 31, 2020
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(5,019)$0 $19,106 $145 $(4,773)$0 $18,962 
Other assets:
Fixed maturities, trading0 87 0 0 0 87 0 
Equity securities0 2,821 0 0 0 1,211 0 
Short-term investments0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 
Other assets0 0 0 0 0 0 0 
Reinsurance recoverables3,604,075 0 0 0 3,889,923 0 0 
Receivables from parent and affiliates0 0 0 23 0 0 0 
Liabilities:
Future policy benefits(3,610,281)0 0 0 (3,896,128)0 0 
Policyholders' account balances(30,199)0 0 0 3,853 0 0 
(1)Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement.
(2)For current year "Other" in policyholders' account balances largely represent non-cash moves related to novated indexed variable annuities under the reinsurance agreement with FLIAC. See Note 9 for more details regarding these transactions. In addition, other assets and policyholders' account balances represents an out of period adjustment related to certain portions of reinsurance activity that had been incorrectly recorded on the balance sheet during the fourth quarter of 2021. Prior year represents non-cash transfers related to the 2021 Variable Annuities Recapture. Refer to Note 1 for more details.
(3)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(4)Includes U.S. corporate private, foreign corporate public, foreign corporate private securities and foreign government bonds.
(5)Includes asset-backed and commercial mortgage-backed securities.
(6)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2022
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Foreign government150 73 501 0 0 0 0 0 0 724 69 
Corporate securities(4)385,634 (47,296)323,603 (62,827)0 (102,377)106,408 10,475 (106,124)507,496 (45,235)
Structured securities(5)173,944 (26,318)81,576 0 0 (1,993)0 0 (122,485)104,724 (28,489)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 0 0 
Equity securities12,472 (3,310)10,000 (230)0 0 9,661 0 0 28,593 (3,872)
Short-term investments0 114 18,046 0 0 (8,560)7,290 55 0 16,945 73 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Other assets72,937 44,096 49,677 0 0 (3,855)(21,814)0 0 141,041 47,951 
Reinsurance recoverables931,207 (635,649)135,353 0 0 0 0 0 0 430,911 (607,225)
Separate account assets0 (70)7,715 (3,000)0 0 0 0 0 4,645 (70)
Liabilities:
Future policy benefits(9,047,956)5,513,374 0 0 (1,006,165)0 0 0 0 (4,540,747)5,256,263 
Policyholders' account balances(6)(3,245,773)(409,912)0 0 (1,094,824)0 1,248,413 0 0 (3,502,096)(289,548)
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets44,096 0 0 0 0 47,951 0 0 0 
Reinsurance recoverables(635,649)0 0 0 0 (607,225)0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Future policy benefits5,513,374 0 0 0 0 5,256,263 0 0 0 
Policyholders' account balances(409,912)0 0 0 0 (289,548)0 0 0 
Year Ended December 31, 2021
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOther(2)Transfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(3)
(in thousands)
Fixed maturities, available-for-sale:
U.S. government$55,000 $0 $0 $(55,000)$0 $0 $0 $0 $0 $0 $0 
Foreign government163 (13)0 0 0 0 0 0 0 150 (15)
Corporate securities(4)174,776 (10,914)95,294 (5,085)0 (28,690)156,667 9,313 (5,727)385,634 (11,298)
Structured securities(5)2,065 4,165 74,800 (29)0 (1,761)32,859 107,038 (45,193)173,944 4,189 
Other assets:
Fixed maturities, trading755 46 0 0 0 0 0 0 (801)0 46 
Equity securities7,889 709 0 0 0 0 3,874 0 0 12,472 709 
Short-term investments0 181 0 0 0 (1,871)1,690 0 0 0 0 
Cash equivalents0 147 0 0 0 (1,377)1,230 0 0 0 0 
Other assets0 1,258 1,170 0 0 (899)71,408 0 0 72,937 359 
Reinsurance recoverables13,239,539 (12,937,591)629,259 0 0 0 0 0 0 931,207 (545,001)
Separate account assets0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Future policy benefits(13,227,814)5,281,553 0 0 (1,101,695)0 0 0 0 (9,047,956)4,647,753 
Policyholders' account balances(6)(1,155,274)(78,321)0 0 (265,807)0 (1,746,371)0 0 (3,245,773)5,476 
Year Ended December 31, 2021
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(832)$0 $(6,318)$388 $(1,778)$0 $(5,346)
Other assets:
Fixed maturities, trading0 46 0 0 0 46 0 
Equity securities0 709 0 0 0 709 0 
Short-term investments181 0 0 0 0 0 0 
Cash equivalents147 0 0 0 0 0 0 
Other assets1,258 0 0 0 359 0 0 
Reinsurance recoverables(12,937,591)0 0 0 (545,001)0 0 
Separate account assets0 0 0 0 0 0 0 
Liabilities:
Future policy benefits5,281,553 0 0 0 4,647,753 0 0 
Policyholders' account balances(78,321)0 0 0 5,476 0 0 
Year Ended December 31, 2020
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(3)
Realized investment gains (losses), net(1)Other income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(5,019)$0 $19,106 $145 $(4,773)$0 $18,962 
Other assets:
Fixed maturities, trading0 87 0 0 0 87 0 
Equity securities0 2,821 0 0 0 1,211 0 
Short-term investments0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 
Other assets0 0 0 0 0 0 0 
Reinsurance recoverables3,604,075 0 0 0 3,889,923 0 0 
Receivables from parent and affiliates0 0 0 23 0 0 0 
Liabilities:
Future policy benefits(3,610,281)0 0 0 (3,896,128)0 0 
Policyholders' account balances(30,199)0 0 0 3,853 0 0 
(1)Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement.
(2)For current year "Other" in policyholders' account balances largely represent non-cash moves related to novated indexed variable annuities under the reinsurance agreement with FLIAC. See Note 9 for more details regarding these transactions. In addition, other assets and policyholders' account balances represents an out of period adjustment related to certain portions of reinsurance activity that had been incorrectly recorded on the balance sheet during the fourth quarter of 2021. Prior year represents non-cash transfers related to the 2021 Variable Annuities Recapture. Refer to Note 1 for more details.
(3)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(4)Includes U.S. corporate private, foreign corporate public, foreign corporate private securities and foreign government bonds.
(5)Includes asset-backed and commercial mortgage-backed securities.
(6)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
Fair Value Measurements, Nonrecurring The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
Year Ended December 31,
202220212020
(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture$(75,000)$0 $0 
Gains (Losses):
Other invested assets$(11,125)$0 $0 
December 31, 2022December 31, 2021
(in thousands)
Carrying value after measurement as of period end:
Investment in joint venture(1)$60,456 $0 
Other invested assets0 0 
(1)Reported carrying value includes value as of the measurement period of June 30, 2022 for the Investment in joint venture.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 December 31, 2022
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $4,602,177 $4,602,177 $4,928,680 
Policy loans0 0 505,367 505,367 505,367 
Short-term investments26,331 0 0 26,331 26,331 
Cash and cash equivalents675,445 290,000 0 965,445 965,445 
Accrued investment income0 219,635 0 219,635 219,635 
Reinsurance recoverables0 0 25,127 25,127 27,183 
Receivables from parent and affiliates0 76,846 0 76,846 76,846 
Other assets0 94,200 730,682 824,882 824,882 
Total assets$701,776 $680,681 $5,863,353 $7,245,810 $7,574,369 
Liabilities:
Policyholders’ account balances - investment contracts$0 $1,192,271 $3,141,000 $4,333,271 $4,351,945 
Cash collateral for loaned securities0 86,750 0 86,750 86,750 
Short-term debt to affiliates0 120,325 0 120,325 126,250 
Long-term debt to affiliates0 173,905 0 173,905 185,563 
Payables to parent and affiliates0 41,654 0 41,654 41,654 
Other liabilities0 1,269,615 33,250 1,302,865 1,302,866 
Total liabilities$0 $2,884,520 $3,174,250 $6,058,770 $6,095,028 
 December 31, 2021
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $2,883,710 $2,883,710 $2,832,560 
Policy loans0 0 1,327,485 1,327,485 1,327,485 
Short-term investments37,000 0 0 37,000 37,000 
Cash and cash equivalents297,299 185,000 0 482,299 482,299 
Accrued investment income0 160,027 0 160,027 160,027 
Reinsurance recoverables0 0 29,931 29,931 28,883 
Receivables from parent and affiliates0 116,086 0 116,086 116,086 
Other assets0 134,598 434,383 568,981 568,981 
Total assets$334,299 $595,711 $4,675,509 $5,605,519 $5,553,321 
Liabilities:
Policyholders’ account balances - investment contracts$0 $1,356,850 $2,590,487 $3,947,337 $3,941,822 
Cash collateral for loaned securities0 3,004 0 3,004 3,004 
Long-term debt to affiliates0 319,225 0 319,225 320,362 
Payables to parent and affiliates0 31,775 0 31,775 31,775 
Other liabilities0 864,788 34,091 898,879 898,879 
Total liabilities$0 $2,575,642 $2,624,578 $5,200,220 $5,195,842 
(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.23.1
Deferred Policy Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Schedule Of Deferred Policy Acquisition Costs
The balances of and changes in DAC as of and for the years ended December 31, are as follows: 
202220212020
 (in thousands)
Balance, beginning of year$6,830,972 $2,433,936 $1,855,698 
Capitalization of commissions, sales and issue expenses962,579 1,057,030 758,469 
Amortization-Impact of assumption and experience unlocking and true-ups(289,619)40,482 (27,844)
Amortization-All other(567,766)(382,600)(112,718)
Change due to unrealized investment gains and losses251,513 (81,031)(39,861)
Other (1)(2)(3)(571,582)3,763,155 192 
Balance, end of year$6,616,097 $6,830,972 $2,433,936 
(1)    2022 includes the impact of the reinsurance agreement with Lotus Reinsurance Company Ltd. ("Lotus Re"). See Note 9 for additional information.
(2)    2021 includes the impact of the 2021 Variable Annuities Recapture as well as the assuming of DAC upon Affiliated Reinsurance Agreement with FLIAC. See Note 1 and Note 9 for additional information.
(3)    2020 represents the impact of the January 1, 2020 adoption of ASU 2016-13.
v3.23.1
Policyholders' Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Liability for Future Policy Benefit, before Reinsurance [Abstract]  
Schedule of Liability for Future Policy Benefits and Policyholders' Account Balances
Future policy benefits at December 31 for the years indicated are as follows:
20222021
(in thousands)
Life insurance$17,842,327 $18,095,368 
Individual annuities and supplementary contracts781,605 740,941 
Other contract liabilities4,580,601 9,090,720 
Total future policy benefits$23,204,533 $27,927,029 
Policyholders’ account balances at December 31 for the years indicated are as follows: 
20222021
(in thousands)
Interest-sensitive life contracts$20,730,040 $19,729,444 
Individual annuities19,718,745 14,150,233 
Guaranteed interest accounts107,168 125,249 
Other1,192,288 1,356,869 
Total policyholders’ account balances$41,748,241 $35,361,795 
v3.23.1
Certain Long-Duration Contracts With Guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee As of December 31, 2022 and 2021, the Company had the following guarantees associated with these contracts, by product and guarantee type: 
 December 31, 2022December 31, 2021
In the Event of
Death(1)		At Annuitization/
Accumulation(1)(2)		In the Event of
Death(1)		At Annuitization/
Accumulation(1)(2)
(in thousands)
Annuity Contracts
Return of net deposits
Account value$77,282,989 N/A$103,862,788 N/A
Net amount at risk$976,756 N/A$27,872 N/A
Average attained age of contractholders70 yearsN/A69 yearsN/A
Minimum return or contract value
Account value$14,521,870 $84,579,903 $19,634,387 $113,689,139 
Net amount at risk$4,053,465 $8,644,043 $1,124,519 $1,653,394 
Average attained age of contractholders72 years70 years72 years69 years
Average period remaining until earliest expected annuitizationN/A0 yearsN/A0 years
(1)Balances are gross of reinsurance.
(2)Includes income and withdrawal benefits.
December 31, 2022December 31, 2021
In the Event of Death(1)(2)
 (in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
Separate account value$3,711,310 $4,473,502 
General account value$11,081,838 $10,558,009 
Net amount at risk$155,866,833 $149,872,088 
Average attained age of contractholders 58 years 58 years
(1)Balances are gross of reinsurance.
(2)Excludes assumed reinsurance of GUL business from Prudential Insurance in connection with the acquisition of The Hartford Life Business that is retroceded 100% to PAR U.
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: 
December 31, 2022(1)December 31, 2021(1)
(in thousands)
Equity funds$43,963,573 $69,299,203 
Bond funds42,054,051 47,895,089 
Money market funds2,703,108 3,016,761 
Total$88,720,732 $120,211,053 
(1)Balances are gross of reinsurance.
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders' benefits”. GMAB, GMWB and GMIWB are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits”. Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative, are recorded in “Realized investment gains (losses), net.” See Note 5 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in "Realized investment gains (losses), net." This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 9 for further information regarding the external reinsurance arrangement.
 GMDBGMIBGMWB/GMIWB/
GMAB		Total
 Variable AnnuityVariable Life, Variable Universal Life & Universal LifeVariable Annuity
(in thousands)
Balance at December 31, 2019$460,501 $7,400,233 $17,107 $8,529,566 $16,407,407 
Incurred guarantee benefits(1)114,878 1,368,759 3,490 4,698,248 6,185,375 
Paid guarantee benefits(37,804)(126,148)(1,667)0 (165,619)
Change in unrealized investment gains and losses31,488 720,741 318 0 752,547 
Balance at December 31, 2020569,063 9,363,585 19,248 13,227,814 23,179,710 
Incurred guarantee benefits(1)(10,596)1,089,139 (3,650)(4,179,858)(3,104,965)
Paid guarantee benefits(24,394)(189,453)0 0 (213,847)
Change in unrealized investment gains and losses(46,542)(326,128)(484)0 (373,154)
Balance at December 31, 2021487,531 9,937,143 15,114 9,047,956 19,487,744 
Incurred guarantee benefits(1)100,830 2,260,795 (1,279)(4,507,209)(2,146,863)
Paid guarantee benefits(62,461)(200,877)(1,392)0 (264,730)
Change in unrealized investment gains and losses(9,129)(2,498,668)(76)0 (2,507,873)
Balance at December 31, 2022$516,771 $9,498,393 $12,367 $4,540,747 $14,568,278 
(1)Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.
Deferred Sales Inducements Changes in DSI, reported as “Interest credited to policyholders’ account balances”, are as follows:
 Sales Inducements
(in thousands)
Balance at December 31, 2020$0 
Capitalization167 
Amortization - Impact of assumption and experience unlocking and true-ups16,286 
Amortization - All other(37,737)
Change in unrealized investment gains and losses7,669 
Other (1)388,264 
Balance at December 31, 2021374,649 
Capitalization675 
Amortization - Impact of assumption and experience unlocking and true-ups(44,422)
Amortization - All other(61,640)
Change in unrealized investment gains and losses6,312 
Balance at December 31, 2022$275,574 
(1) Represents the impact of the 2021 Variable Annuities Recapture.
v3.23.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance Impact On Balance Sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20222021
 (in thousands)
Reinsurance recoverables$34,561,825 $38,598,767 
Policy loans(1,011,112)(156,749)
Deferred policy acquisition costs(3,155,419)(2,575,232)
Deferred sales inducements(33,346)(37,905)
Other assets(1)1,142,083 850,681 
Policyholders’ account balances(1)7,137,766 14,386,443 
Future policy benefits5,173,784 5,286,252 
Other liabilities(1)2,701,216 1,642,413 
(1)Prior period has been reclassified to conform to the current period presentation to include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20222021(1)
(in thousands)
Deferred policy acquisition costs$484,730 $0 
Other assets1,034,000 497,050 
Policyholders' account balances2,782,114 0 
Future policy benefits0 9 
Other liabilities820,185 467,203 
(1)Prior period has been reclassified to conform to the current period presentation.
Reinsurance Recoverables By Counterparty
Reinsurance recoverables by counterparty as of December 31, were as follows:
20222021
 (in thousands)
PAR U$13,365,780 $13,523,832 
PALAC(1)0 7,198,504 
PURC5,921,664 5,830,441 
PARCC2,211,803 2,371,491 
GUL Re2,709,538 2,710,926 
PAR Term2,043,970 1,972,339 
Prudential Insurance1,263,411 2,082,551 
Term Re2,054,090 1,953,063 
Lotus Re2,015,687 32,039 
DART763,004 644,101 
Unaffiliated(1)2,212,878 279,480 
Total reinsurance recoverables$34,561,825 $38,598,767 
(1)Due to the sale of PALAC on April 1, 2022 the reinsurance recoverable balance has become unaffiliated.
Reinsurance Impact On Income Statement
The financial statement impacts of this transaction are as follows:

Interim Consolidated Statement of Financial Position
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
ASSETS
Total investments(1)(2)$8,324 
Cash and cash equivalents414 
Deferred policy acquisition costs3,286 
Accrued investment income 42 
Reinsurance recoverables(12,307)
Deferred sales inducements388 
Receivable from parent and affiliates0 
Income taxes receivable765 
Other assets(84)
Separate account assets0 
TOTAL ASSETS$828 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$0 
Policyholders’ account balances0 
Cash collateral for loaned securities0 
Payables to parent and affiliates(106)
Other liabilities0 
Separate account liabilities0 
Total liabilities(106)
EQUITY
Common stock0 
Additional paid-in capital(3)3,786 
Retained earnings(2,797)
Accumulated other comprehensive income(55)
Total equity934 
TOTAL LIABILITIES AND EQUITY$828 
Significant non-cash transactions
(1) The increase in total investments includes non-cash activities of $8.3 billion related to the recapture transaction.
(2) The Company incurred a loss related to ceding commissions of $2 billion.
(3) The increase in Additional paid-in capital includes non-cash activities of $3.4 billion in invested assets related to capital contributions from Prudential Insurance.
Interim Consolidated Statement of Operations and Comprehensive Income (Loss)
Day 1 Impact of 2021 Variable Annuities RecaptureImpacts of Recapture
(in millions)
REVENUES
Other income (loss)$(1)
Realized investment gains (losses), net(4,953)
TOTAL REVENUES(4,954)
BENEFITS AND EXPENSES
Policyholders’ benefits257 
Interest credited to policyholders’ account balances(399)
General, administrative and other expenses(1,272)
TOTAL BENEFITS AND EXPENSES(1,414)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES(3,540)
Income tax expense (benefit)(743)
NET INCOME (LOSS)$(2,797)


Affiliated Asset Transfers

AffiliatePeriodTransactionSecurity TypeFair ValueBook ValueAPIC/ Retained Earnings Increase/(Decrease)Realized Investment Gain/(Loss), NetDerivative Gain/(Loss)
(in millions)
PALACJuly 1, 2021PurchaseDerivatives, Fixed Maturities, Equity Securities, Commercial Mortgages and JV/LP Investments$4,908 $4,908 $0 $0 $0 
Prudential InsuranceJuly 1, 2021Contributed CapitalFixed Maturities$3,420 $3,420 $3,420 $0 $0 
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202220212020
 (in thousands)
Premiums:
Direct$1,871,264 $1,909,878 $1,923,708 
Assumed776 162 184 
Ceded(1,597,257)(1,706,364)(1,831,716)
Net premiums274,783 203,676 92,176 
Policy charges and fee income:
Direct3,436,953 3,647,883 3,491,735 
Assumed608,458 582,003 587,466 
Ceded(2,313,454)(2,700,129)(3,454,881)
Net policy charges and fee income1,731,957 1,529,757 624,320 
Net investment income:
Direct920,674 555,404 372,822 
Assumed1,513 1,049 1,579 
Ceded(38,186)(6,218)(7,051)
Net investment income884,001 550,235 367,350 
Asset administration fees:
Direct351,600 403,359 360,438 
Assumed0 0 0 
Ceded(67,418)(201,182)(341,300)
Net asset administration fees284,182 202,177 19,138 
Other income (loss):
Direct(731,796)227,035 78,445 
Assumed271 (66)(1)
Ceded(3,457)35,790 165 
Amortization of reinsurance income 73,122 4,449 4,647 
Net other income(661,860)267,208 83,256 
Realized investment gains (losses), net:
Direct(1)1,838,136 7,663,351 (3,593,799)
Assumed(1)(244,000)12,593 0 
Ceded(1)(552,701)(12,971,350)3,530,823 
Realized investment gains (losses), net1,041,435 (5,295,406)(62,976)
Policyholders’ benefits (including change in reserves):
Direct3,951,690 3,611,402 3,584,011 
Assumed1,504,204 849,599 1,055,277 
Ceded(4,846,502)(3,805,091)(4,341,139)
Net policyholders’ benefits (including change in reserves)609,392 655,910 298,149 
Interest credited to policyholders’ account balances:
Direct883,398 563,821 536,886 
Assumed74,402 138,202 136,153 
Ceded(440,312)(816,608)(439,664)
Net interest credited to policyholders’ account balances517,488 (114,585)233,375 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(427,208)(2,265,350)(1,589,113)
(1)Prior period has been reclassified to conform to the current period presentation to include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

20222021(1)2020(1)
(in thousands)
Premiums:
Assumed$149 $162 $184 
Ceded(35,867)(19,785)(10,526)
Policy charges and fee income:
Assumed2,113 0 0 
Ceded(81,781)(65,451)(53,871)
Net investment income:
Ceded10,802 687 0 
Other income (loss):
Assumed270 (68)1 
Realized investment gains (losses), net:
Assumed778,620 0 0 
Ceded(38,317)(49,460)73,108 
Policyholders' benefits (including change in reserves):
Assumed2,566 429 949 
Ceded(87,370)(200,973)(69,720)
Interest credited to policyholders' account balances:
Assumed(95,285)0 0 
(1)Prior period has been reclassified to conform to the current period presentation.
Gross And Net Life Insurance In Force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202220212020
 (in thousands)
Direct gross life insurance face amount in force$1,093,610,227 $1,079,382,740 $1,045,775,819 
Assumed gross life insurance face amount in force36,668,045 37,822,851 38,818,752 
Reinsurance ceded(1,009,571,304)(992,635,327)(986,701,914)
Net life insurance face amount in force$120,706,968 $124,570,264 $97,892,657 
v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Year Ended December 31,
202220212020
(in thousands)
Current tax expense (benefit):
U.S. federal$(345,263)$440,649 $(358,548)
State and local4,479 5,002 0 
Total(340,784)445,651 (358,548)
Deferred tax expense (benefit):
U.S. federal339,902 (1,137,090)228,300 
Total339,902 (1,137,090)228,300 
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures(882)(691,439)(130,248)
Income tax expense (benefit) on equity in earnings of operating joint ventures(193)(147)(518)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(510,840)(52,374)70,806 
Total income tax expense (benefit)$(511,915)$(743,960)$(59,960)
Schedule of Effective Income Tax Rate Reconciliation
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2022, 2021 and 2020, and the reported income tax expense (benefit) are summarized as follows:
Year Ended December 31,
202220212020
(in thousands)
Expected federal income tax expense (benefit)$87,361 $(609,393)$14,308 
Non-taxable investment income(46,426)(48,662)(46,836)
Tax credits(47,544)(36,806)(27,980)
Changes in tax law0 (3,644)(70,121)
Other5,727 7,066 381 
Reported income tax expense (benefit)$(882)$(691,439)$(130,248)
Effective tax rate(0.2)%23.8 %(191.2)%
Schedule of Deferred Tax Assets and Liabilities
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
As of December 31,
20222021
 (in thousands)
Deferred tax assets:
Insurance reserves$1,338,174 $2,391,739 
Investments343,012 0 
Net unrealized loss on securities481,763 0 
Other2,800 2,894 
Deferred tax assets2,165,749 2,394,633 
Deferred tax liabilities:
Deferred policy acquisition cost888,944 1,003,301 
Deferred sales inducements57,870 78,676 
Net unrealized gain on securities0 114,705 
Investments0 155,891 
Deferred tax liabilities946,814 1,352,573 
Net deferred tax asset (liability)$1,218,935 $1,042,060 
v3.23.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Total Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2019$(7,917)$289,359 $281,442 
Change in OCI before reclassifications599 327,819 328,418 
Amounts reclassified from AOCI0 7,074 7,074 
Income tax benefit (expense)(479)(70,327)(70,806)
Balance, December 31, 2020(7,797)553,925 546,128 
Change in OCI before reclassifications(3,891)(222,182)(226,073)
Amounts reclassified from AOCI0 (24,994)(24,994)
Income tax benefit (expense)414 51,960 52,374 
Balance, December 31, 2021(11,274)358,709 347,435 
Change in OCI before reclassifications(9,337)(2,425,810)(2,435,147)
Amounts reclassified from AOCI0 (4,428)(4,428)
Income tax benefit (expense)604 510,236 510,840 
Balance, December 31, 2022$(20,007)$(1,561,293)$(1,581,300)
(1)Includes cash flow hedges of $139 million, $40 million, and $(8) million as of December 31, 2022, 2021 and 2020, respectively.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Year Ended December 31,
202220212020
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$78,433 $28,508 $162 
Net unrealized investment gains (losses) on available-for-sale securities(4)(74,005)(3,514)(7,236)
Total net unrealized investment gains (losses)4,428 24,994 (7,074)
Total reclassifications for the period$4,428 $24,994 $(7,074)
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information regarding cash flow hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.
OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an OTTI had been previously recognized, an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been RecognizedNet Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded(1)Net Unrealized Gains (Losses) on All Other Investments(2)DAC and
Other Costs(3)		Future Policy
Benefits, Policyholders' Account Balances and Other Liabilities(4)
Income Tax
Benefit (Expense)		Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2019$1,568 $0 $423,612 $423,227 $(482,134)$(76,914)$289,359 
Reclassification due to implementation of ASU 2016-13 (6)(1,568)0 1,568 0 0 0 0 
Net unrealized investment gains (losses) on investments arising during the period0 616 416,479 0 0 (87,588)329,507 
Reclassification adjustment for (gains) losses included in net income0 0 7,074 0 0 (1,486)5,588 
Reclassification due to allowance for credit losses recorded during the period0 (616)616 0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 776,821 (866,097)18,747 (70,529)
Balance, December 31, 20200 0 849,349 1,200,048 (1,348,231)(147,241)553,925 
Net unrealized investment gains (losses) on investments arising during the period0 2,951 (240,917)0 0 50,016 (187,950)
Reclassification adjustment for (gains) losses included in net income0 (8)(24,986)0 0 5,277 (19,717)
Reclassification due to allowance for credit losses recorded during the period0 742 (742)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (216,963)232,747 (3,333)12,451 
Balance, December 31, 20210 3,685 582,704 983,085 (1,115,484)(95,281)358,709 
Net unrealized investment gains (losses) on investments arising during the period0 (149)(2,737,565)0 0 574,791 (2,162,923)
Reclassification adjustment for (gains) losses included in net income0 831 (5,259)0 0 930 (3,498)
Reclassification due to allowance for credit losses recorded during the period0 4 (4)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (2,177,588)2,489,492 (65,485)246,419 
Balance, December 31, 2022$0 $4,371 $(2,160,124)$(1,194,503)$1,374,008 $414,955 $(1,561,293)
(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.
(2)Includes cash flow hedges. See Note 4 for information regarding cash flow hedges.
(3)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.
(4)"Other liabilities" primarily includes reinsurance payables.
(5)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.
v3.23.1
Statutory Net Income and Surplus and Dividend Restrictions (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Year Ended December 31,
202220212020
(in millions)
Statutory net income (loss)(1)$3,369 $833 $(671)
Statutory capital and surplus(1)4,839 5,955 1,461 
(1) Prior year amounts have been updated to conform to finalized statutory filing where applicable.
v3.23.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20222021
(in thousands)
U.S. dollar fixed rate notes2022-20270.00%-14.85 %$148,076 $162,045 
Total long-term notes receivable - affiliated(1)$148,076 $162,045 
(1)All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Commercial Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 December 31, 2022December 31, 2021
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,289,026 26.0 %$748,414 26.4 %
Hospitality104,177 2.1 48,141 1.7 
Industrial1,766,247 35.8 916,398 32.2 
Office590,897 11.9 445,055 15.7 
Other380,121 7.7 252,590 8.9 
Retail351,457 7.1 255,577 9.0 
Total commercial mortgage loans4,481,925 90.6 2,666,175 93.9 
Agricultural property loans467,018 9.4 172,336 6.1 
Total commercial mortgage and agricultural property loans4,948,943 100.0 %2,838,511 100.0 %
Allowance for credit losses(20,263)(5,951)
Total net commercial mortgage and agricultural property loans$4,928,680 $2,832,560 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20222021
(in thousands)
Affiliated Commercial Mortgage Loan20258.67%$72,225 $73,412 
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2022 and 2021, excluding those related to the 2021 Variable Annuities Recapture effective July 1, 2021, as described in Note 1.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net
of Tax
Increase/
(Decrease)		Realized
Investment
Gain/
(Loss)
    (in thousands)
PALACJune 2021PurchaseEquities$40,284 $40,284 $0 $0 
Prudential InsuranceSeptember 2021PurchaseFixed Maturities$64,374 $59,642 $(3,739)$0 
Prudential InsuranceSeptember 2021SaleFixed Maturities$37,887 $35,264 $2,073 $0 
Hirakata LLCSeptember 2021PurchaseFixed Maturities$13,944 $13,944 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseFixed Maturities$120,256 $120,256 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleFixed Maturities$173,590 $166,427 $0 $7,163 
Prudential InsuranceSeptember 2021PurchaseCommercial Mortgage and Other Loans$45,358 $42,127 $(2,553)$0 
Prudential InsuranceSeptember 2021SaleCommercial Mortgage and Other Loans$22,796 $21,780 $802 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseCommercial Mortgage and Other Loans$29,483 $29,483 $0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleCommercial Mortgage and Other Loans$51,005 $47,020 $0 $3,985 
Prudential InsuranceSeptember 2021PurchaseDerivatives$600 $494 $(84)$0 
Prudential InsuranceSeptember 2021SaleDerivatives$335 $175 $127 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseDerivatives$(1,243)$(1,243)$0 $0 
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleDerivatives$2,846 $770 $0 $2,076 
PARUNovember 2021PurchaseFixed Maturities$41,021 $41,021 $0 $0 
PALACNovember 2021PurchaseDerivatives$1,112 $1,112 $0 $0 
PALACDecember 2021Transfer inFixed Maturities$2,037,320 $2,037,320 $0 $0 
PURCDecember 2021PurchaseFixed Maturities$48,041 $48,041 $0 $0 
PALACDecember 2021PurchaseFixed Maturities$57,087 $57,087 $0 $0 
PALACDecember 2021Transfer inCommercial Mortgage and Other Loans$517,309 $517,309 $0 $0 
Prudential InsuranceDecember 2021Contributed CapitalFixed Maturities$166,676 $166,676 $0 $0 
Prudential Retirement Insurance & Annuity CoDecember 2021SaleDerivatives$31,567 $0 $0 $31,567 
Prudential Retirement Insurance & Annuity CoDecember 2021PurchaseDerivatives$73,572 $73,572 $0 $0 
PALACDecember 2021PurchaseDerivatives$8,455 $8,455 $0 $0 
PALACJanuary 2022PurchaseFixed Maturities$4,432 $4,432 $0 $0 
PALACJanuary 2022PurchaseDerivatives$404 $404 $0 $0 
PALACFebruary 2022PurchaseFixed Maturities$128,909 $128,909 $0 $0 
PARUApril 2022PurchaseFixed Maturities$48,970 $48,970 $0 $0 
Prudential InsuranceMay 2022PurchaseFixed Maturities$233,426 $241,128 $6,085 $0 
Prudential InsuranceJune 2022PurchaseFixed Maturities$88,754 $81,216 $(5,955)$0 
Prudential InsuranceJune 2022Transfer InFixed Maturities$52,089 $45,031 $(5,577)$0 
Prudential InsuranceJune 2022Transfer OutFixed Maturities$48,786 $58,984 $(8,057)$0 
PARUJune 2022PurchaseCommercial Mortgage and Other Loans$6,492 $6,492 $0 $0 
PARUJune 2022SaleCommercial Mortgage and Other Loans$14,853 $15,725 $0 $(872)
GUL REJune 2022PurchaseCommercial Mortgage and Other Loans$13,551 $13,551 $0 $0 
GUL REJune 2022SaleCommercial Mortgage and Other Loans$8,692 $9,033 $0 $(341)
PURCJune 2022PurchaseCommercial Mortgage and Other Loans$4,403 $4,403 $0 $0 
Prudential InsuranceJuly 2022Transfer InFixed Maturities$6,319 $7,230 $719 $0 
PARUJuly 2022PurchaseFixed Maturities$16,284 $16,284 $0 $0 
Prudential InsuranceAugust 2022PurchaseFixed Maturities$155,823 $139,712 $(12,728)$0 
Vantage Casualty Insurance CompanySeptember 2022PurchaseFixed Maturities$3,497 $3,497 $0 $0 
WH Warehouse LtdOctober 2022SaleFixed Maturities$26,536 $26,388 $0 $148 
PARUNovember 2022PurchaseFixed Maturities$91,051 $91,051 $0 $0 
Prudential InsuranceDecember 2022PurchaseFixed Maturities$67,477 $71,369 $3,075 $0 
Debt Agreements The following table provides the breakout of the Company's short and long-term debt to affiliates as of December 31, 2022:
AffiliateDate IssuedAmount of Notes - December 31, 2022Amount of Notes - December 31, 2021Interest 
Rate		Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$96,666 $99,770 4.39 %12/15/2023
Prudential Insurance8/13/202129,000 29,931 4.39 %12/15/2023
Prudential Insurance8/13/202197,665 100,348 3.95 %6/20/2024
Prudential Insurance8/13/202139,066 40,139 3.95 %6/20/2024
Prudential Insurance8/13/202148,832 50,174 3.95 %6/20/2024
Prudential Funding, LLC12/28/2022138 0 4.73 %1/31/2023
Prudential Funding, LLC12/29/202262 0 4.73 %1/31/2023
Prudential Funding, LLC12/30/2022384 0 4.73 %1/31/2023
Total Loans Payable to Affiliates$311,813 $320,362 
v3.23.1
Business and Basis of Presentation (Interim Consolidated Statement of Financial Position) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
ASSETS          
Total investments   $ 27,751,783 $ 22,244,232    
Cash and cash equivalents   2,397,627 918,931    
Deferred policy acquisition costs   6,616,097 6,830,972 $ 2,433,936 $ 1,855,698
Accrued investment income   219,635 160,027    
Reinsurance recoverables   34,561,825 38,598,767    
Deferred sales inducements   275,574 374,649 0  
Receivables from parent and affiliates   224,921 278,131    
Income taxes receivable   1,873,740 1,316,879    
Other assets   1,327,393 1,140,948    
Separate account assets   114,051,246 149,797,828    
TOTAL ASSETS   189,299,841 221,661,364    
LIABILITIES          
Policyholders’ account balances   41,748,241 35,361,795    
Cash collateral for loaned securities   86,750 3,004    
Payables to parent and affiliates   2,126,571 31,775    
Other Liabilities   3,407,156 2,264,477    
Separate account liabilities   114,051,246 149,797,828    
Total liabilities   184,936,310 215,706,270    
Equity          
Common stock   2,500 2,500    
Additional paid-in capital   6,037,914 6,042,491    
Retained earnings / (accumulated deficit)   (95,583) (437,332)    
Accumulated other comprehensive income   (1,581,300) 347,435    
Total equity   4,363,531 5,955,094    
TOTAL LIABILITIES AND EQUITY   189,299,841 221,661,364    
Loss related to ceding commissions   1,731,957 1,529,757 624,320  
Non-cash activities       $ 0  
PALAC          
ASSETS          
Reinsurance recoverables   $ 0 $ 7,198,504    
Variable annuity | Impacts of Recapture          
ASSETS          
Total investments $ 8,324,000        
Cash and cash equivalents 414,000        
Deferred policy acquisition costs 3,286,000        
Accrued investment income 42,000        
Reinsurance recoverables (12,307,000)        
Deferred sales inducements 388,000        
Receivables from parent and affiliates 0        
Income taxes receivable 765,000        
Other assets (84,000)        
Separate account assets 0        
TOTAL ASSETS 828,000        
LIABILITIES          
Future policy benefits 0        
Policyholders’ account balances 0        
Cash collateral for loaned securities 0        
Payables to parent and affiliates (106,000)        
Other Liabilities 0        
Separate account liabilities 0        
Total liabilities (106,000)        
Equity          
Common stock 0        
Additional paid-in capital 3,786,000        
Retained earnings / (accumulated deficit) (2,797,000)        
Accumulated other comprehensive income (55,000)        
Total equity 934,000        
TOTAL LIABILITIES AND EQUITY 828,000        
Variable annuity | Total investments | Impacts of Recapture          
Equity          
Non-cash activities 8,300,000        
Variable annuity | Prudential Insurance | Additional paid-in capital | Impacts of Recapture          
Equity          
Non-cash activities 3,400,000        
Variable annuity | PALAC | Total investments | Impacts of Recapture          
ASSETS          
TOTAL ASSETS 6,800,000        
Equity          
Loss related to ceding commissions $ (2,000,000)        
v3.23.1
Business and Basis of Presentation (Interim Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES        
Other Income (loss)   $ (661,860) $ 267,208 $ 83,256
Realized investment gains (losses), net   1,041,435 (5,295,406) (62,976)
TOTAL REVENUES   3,554,498 (2,542,353) 1,123,264
BENEFITS AND EXPENSES        
Policyholders’ benefits   609,392 655,910 298,149
Interest credited to policyholders’ account balances   517,488 (114,585) 233,375
General, administrative and other expenses   1,154,229 (523,925) 383,043
TOTAL BENEFITS AND EXPENSES   3,138,494 359,518 1,055,129
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES   416,004 (2,901,871) 68,135
Income tax expense (benefit)   (882) (691,439) (130,248)
NET INCOME (LOSS)   $ 341,749 $ (2,209,730) $ 196,697
Variable annuity | Impacts of Recapture        
REVENUES        
Other Income (loss) $ (1,000)      
Realized investment gains (losses), net (4,953,000)      
TOTAL REVENUES (4,954,000)      
BENEFITS AND EXPENSES        
Policyholders’ benefits 257,000      
Interest credited to policyholders’ account balances (399,000)      
General, administrative and other expenses (1,272,000)      
TOTAL BENEFITS AND EXPENSES (1,414,000)      
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (3,540,000)      
Income tax expense (benefit) (743,000)      
NET INCOME (LOSS) $ (2,797,000)      
v3.23.1
Business and Basis of Presentation (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Effects of Reinsurance [Line Items]        
Realized investment gains (losses), net   $ 1,041,435 $ (5,295,406) $ (62,976)
Variable annuity | Impacts of Recapture        
Effects of Reinsurance [Line Items]        
Realized investment gains (losses), net $ (4,953,000)      
Variable annuity | Impacts of Recapture | PALAC July 2021 Purchase | Affiliated Entity        
Effects of Reinsurance [Line Items]        
Fair Value 4,908,000      
Book Value 4,908,000      
APIC/Retained Earnings Increase/(Decrease) 0      
Realized investment gains (losses), net 0      
Derivative Gain/(Loss) 0      
Variable annuity | Impacts of Recapture | Prudential Insurance July 2021 Contributed Capital | Affiliated Entity        
Effects of Reinsurance [Line Items]        
Fair Value 3,420,000      
Book Value 3,420,000      
APIC/Retained Earnings Increase/(Decrease) 3,420,000      
Realized investment gains (losses), net 0      
Derivative Gain/(Loss) $ 0      
v3.23.1
Business and Basis of Presentation (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 01, 2021
USD ($)
Jul. 01, 2021
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
subsidiary
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2022
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]                    
Number Of Subsidiaries | subsidiary             1      
Effects of Reinsurance [Line Items]                    
Invested assets     $ 189,299,841       $ 189,299,841 $ 221,661,364    
Loss related to ceding commissions             1,731,957 1,529,757 $ 624,320  
Reinsurance recoverable             1,181,692 1,304,306 2,440,532  
Capital contributions received             0 776,657 575,000  
Non-cash activities                 0  
Reinsurance recoverables     34,561,825       34,561,825 38,598,767    
Policyholders’ account balances     41,748,241       41,748,241 35,361,795    
Income (loss) from operations before income taxes and equity in earnings of operating joint venture             416,004 (2,901,871) $ 68,135  
Out of period adjustment                    
Effects of Reinsurance [Line Items]                    
Income (loss) from operations before income taxes and equity in earnings of operating joint venture     73,000 $ (68,000) $ 32,000 $ 50,000 53,000      
Variable annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Invested assets   $ 828,000                
Reinsurance recoverable   (12,300,000)                
Net deferred reinsurance loss   (100,000)                
Pre-tax loss   (3,500,000)                
Reinsurance recoverables   (12,307,000)                
Policyholders’ account balances   0                
Income (loss) from operations before income taxes and equity in earnings of operating joint venture   (3,540,000)                
Universal and variable life products | Variable life and annuities | Out of period adjustment                    
Effects of Reinsurance [Line Items]                    
Adjustments related to reserves                   $ 48,000
Investments | Variable annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Non-cash activities   8,300,000                
PALAC                    
Effects of Reinsurance [Line Items]                    
Reinsurance recoverables     0       0 7,198,504    
PALAC | Investments | Variable annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Invested assets   6,800,000                
Loss related to ceding commissions   (2,000,000)                
Prudential Insurance | Additional paid-in capital | Variable annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Capital contributions received   3,800,000                
Non-cash activities   3,400,000                
Cash   $ 400,000                
FLIAC | Variable annuity                    
Effects of Reinsurance [Line Items]                    
Adjustments related to reserves     4,800,000       4,800,000      
FLIAC | Fixed Annuity                    
Effects of Reinsurance [Line Items]                    
Adjustments related to reserves     $ 1,900,000       $ 1,900,000      
Affiliated Entity | FLIAC | Variable annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Net deferred reinsurance loss $ (238,000)                  
Reinsurance recoverables               7,200,000    
Affiliated Entity | FLIAC | Fixed Annuity | Impacts of Recapture                    
Effects of Reinsurance [Line Items]                    
Policyholders’ account balances               $ 9,800,000    
v3.23.1
Significant Accounting Policies and Pronouncements (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Jan. 01, 2020
Accounting Policies [Abstract]        
Commercial mortgage and other loans, Loan-to-value ratios (greater than) 100.00%      
Commercial mortgage and other loans, Loan-to-value ratios (less than) 100.00%      
Commercial mortgage and other loans, Debt service coverage ratios (less than) 1.0      
Commercial mortgage and agricultural mortgage loans, Debt service coverage ratios (greater than) 1.0      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained earnings / (accumulated deficit) $ (95,583) $ (437,332)    
Deposit assets related to reinsurance agreement 828,000 497,000    
Ceded Reserve Liabilities under Reinsurance Agreement $ 705,000 $ 419,000    
Uncertain tax positions measurement percentage (greater than) 50.00%      
Securities Loaned Transactions Collateral Fair Value of Domestic Securities 102.00%      
Securities Loaned Transactions Collateral Fair Value of Foreign Securities 105.00%      
Minimum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Repurchase and Resale Agreements, Collateral, Percentage 95.00%      
Accounting Standards Update 2018-12 | Minimum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity     $ (700,000)  
Accounting Standards Update 2018-12 | Maximum        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity     $ 100,000  
Cumulative effect adjustment to opening balance | ASU 2016-13        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained earnings / (accumulated deficit)       $ 1,800
v3.23.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 21,311,087 $ 12,737,749
Allowance for Credit Losses 4,769 4,149
Fair Value 19,025,401 13,278,166
Fixed maturities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 21,311,087 12,737,749
Gross Unrealized Gains 72,582 658,544
Gross Unrealized Losses 2,353,499 113,978
Allowance for Credit Losses 4,769 4,149
Fair Value 19,025,401 13,278,166
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 354,348 303,040
Gross Unrealized Gains 300 31,011
Gross Unrealized Losses 72,856 111
Allowance for Credit Losses 0 0
Fair Value 281,792 333,940
Fixed maturities | Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 654,884 584,244
Gross Unrealized Gains 4,275 46,978
Gross Unrealized Losses 30,959 701
Allowance for Credit Losses 0 0
Fair Value 628,200 630,521
Fixed maturities | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 330,967 324,454
Gross Unrealized Gains 1,140 29,299
Gross Unrealized Losses 58,640 3,271
Allowance for Credit Losses 5 11
Fair Value 273,462 350,471
Fixed maturities | U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,414,790 4,794,878
Gross Unrealized Gains 21,299 366,764
Gross Unrealized Losses 992,145 29,770
Allowance for Credit Losses 0 0
Fair Value 6,443,944 5,131,872
Fixed maturities | U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,140,734 1,964,767
Gross Unrealized Gains 13,071 59,037
Gross Unrealized Losses 335,205 16,880
Allowance for Credit Losses 1,871 2,049
Fair Value 3,816,729 2,004,875
Fixed maturities | Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,539,172 906,031
Gross Unrealized Gains 2,455 34,234
Gross Unrealized Losses 163,384 10,363
Allowance for Credit Losses 21 0
Fair Value 1,378,222 929,902
Fixed maturities | Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,338,585 2,741,449
Gross Unrealized Gains 19,761 62,932
Gross Unrealized Losses 589,153 48,381
Allowance for Credit Losses 2,863 2,089
Fair Value 3,766,330 2,753,911
Fixed maturities | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,467,955 547,549
Gross Unrealized Gains 6,976 860
Gross Unrealized Losses 32,577 1,099
Allowance for Credit Losses 0 0
Fair Value 1,442,354 547,310
Fixed maturities | Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 727,159 552,653
Gross Unrealized Gains 94 25,928
Gross Unrealized Losses 69,101 3,397
Allowance for Credit Losses 0 0
Fair Value 658,152 575,184
Fixed maturities | Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 342,493 18,684
Gross Unrealized Gains 3,211 1,501
Gross Unrealized Losses 9,479 5
Allowance for Credit Losses 9 0
Fair Value $ 336,216 $ 20,180
v3.23.1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturities - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 10,575,622 $ 5,052,071
Less than Twelve Months, Gross Unrealized Losses 925,410 94,096
Twelve Months or More Fair Value 5,707,596 333,294
Twelve Months or More, Gross Unrealized Losses 1,428,069 19,435
Total, Fair Value 16,283,218 5,385,365
Total, Gross Unrealized Losses 2,353,479 113,531
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 212,991 0
Less than Twelve Months, Gross Unrealized Losses 46,928 0
Twelve Months or More Fair Value 62,630 2,119
Twelve Months or More, Gross Unrealized Losses 25,928 111
Total, Fair Value 275,621 2,119
Total, Gross Unrealized Losses 72,856 111
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 307,734 104,621
Less than Twelve Months, Gross Unrealized Losses 16,851 701
Twelve Months or More Fair Value 61,915 0
Twelve Months or More, Gross Unrealized Losses 14,108 0
Total, Fair Value 369,649 104,621
Total, Gross Unrealized Losses 30,959 701
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 139,577 59,550
Less than Twelve Months, Gross Unrealized Losses 19,435 2,826
Twelve Months or More Fair Value 111,371 6,473
Twelve Months or More, Gross Unrealized Losses 39,205 371
Total, Fair Value 250,948 66,023
Total, Gross Unrealized Losses 58,640 3,197
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 3,873,275 1,681,201
Less than Twelve Months, Gross Unrealized Losses 389,937 23,160
Twelve Months or More Fair Value 1,979,725 180,249
Twelve Months or More, Gross Unrealized Losses 602,208 6,610
Total, Fair Value 5,853,000 1,861,450
Total, Gross Unrealized Losses 992,145 29,770
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 2,506,932 972,796
Less than Twelve Months, Gross Unrealized Losses 157,853 14,036
Twelve Months or More Fair Value 948,686 16,409
Twelve Months or More, Gross Unrealized Losses 177,352 2,844
Total, Fair Value 3,455,618 989,205
Total, Gross Unrealized Losses 335,205 16,880
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 548,083 532,445
Less than Twelve Months, Gross Unrealized Losses 40,508 8,255
Twelve Months or More Fair Value 596,437 29,718
Twelve Months or More, Gross Unrealized Losses 122,856 2,108
Total, Fair Value 1,144,520 562,163
Total, Gross Unrealized Losses 163,364 10,363
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,772,413 1,253,739
Less than Twelve Months, Gross Unrealized Losses 199,124 42,392
Twelve Months or More Fair Value 1,479,608 57,637
Twelve Months or More, Gross Unrealized Losses 390,029 5,616
Total, Fair Value 3,252,021 1,311,376
Total, Gross Unrealized Losses 589,153 48,008
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 625,710 288,971
Less than Twelve Months, Gross Unrealized Losses 15,146 1,099
Twelve Months or More Fair Value 289,581 0
Twelve Months or More, Gross Unrealized Losses 17,431 0
Total, Fair Value 915,291 288,971
Total, Gross Unrealized Losses 32,577 1,099
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 459,186 157,355
Less than Twelve Months, Gross Unrealized Losses 30,408 1,622
Twelve Months or More Fair Value 176,349 40,689
Twelve Months or More, Gross Unrealized Losses 38,693 1,775
Total, Fair Value 635,535 198,044
Total, Gross Unrealized Losses 69,101 3,397
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 129,721 1,393
Less than Twelve Months, Gross Unrealized Losses 9,220 5
Twelve Months or More Fair Value 1,294 0
Twelve Months or More, Gross Unrealized Losses 259 0
Total, Fair Value 131,015 1,393
Total, Gross Unrealized Losses $ 9,479 $ 5
v3.23.1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Investments [Line Items]      
Loans acquired $ 27,600 $ 1,344,300  
Loans sold 24,800 68,800  
Fixed Maturity Purchased with Credit Deterioration 0 0  
Accrued Investment Income Write Down 0 100  
Securities sold under agreements to repurchase $ 0 $ 0  
Commercial mortgage loans, Percentage 100.00% 100.00%  
Commercial mortgage and other loans purchased with credit deterioration $ 0 $ 0  
Fixed maturities, available-for-sale 19,025,401 13,278,166  
Fixed maturities, trading 1,936,159 3,302,392  
Fair value of collateral that could be sold or repledged 290,000 0  
Assets Deposited With Governmental Authorities 3,900 4,100  
Carrying value of non-income producing assets      
Schedule of Investments [Line Items]      
Fixed maturities, available-for-sale 13,200    
Fixed maturities, trading 1,000    
Fixed maturities      
Schedule of Investments [Line Items]      
Fixed maturities, available-for-sale 19,025,401 13,278,166  
Gross Unrealized Losses 2,353,479 113,531  
Twelve Months or More, Gross Unrealized Losses 1,428,069 19,435  
Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Fixed maturities, trading 1,936,159    
NAIC high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses 2,164,100 95,100  
NAIC other than high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses $ 189,400 18,400  
California      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 28.00%    
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 13.00%    
New York      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 6.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 10.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 2.00%    
Australia      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 1.00%    
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments $ (728,600) 156,100 $ 9,100
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (10,200) 2,100 $ (1,200)
Fixed maturities      
Schedule of Investments [Line Items]      
Twelve Months or More, Gross Unrealized Losses $ 1,428,100 $ 19,400  
v3.23.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Amortized Cost    
Due in one year or less $ 357,166  
Due after one year through five years 4,981,177  
Due after five years through ten years 6,798,927  
Due after ten years 6,636,210  
Amortized Cost 21,311,087 $ 12,737,749
Fair Value    
Due in one year or less 347,772  
Due after one year through five years 4,654,387  
Due after five years through ten years 6,120,970  
Due after ten years 5,465,550  
Fair Value 19,025,401 13,278,166
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 1,467,955  
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 1,442,354  
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 727,159  
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 658,152  
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 342,493  
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 336,216  
Fixed maturities    
Amortized Cost    
Amortized Cost 21,311,087 12,737,749
Fair Value    
Fair Value 19,025,401 13,278,166
Fixed maturities | Asset-backed securities    
Amortized Cost    
Amortized Cost 1,467,955 547,549
Fair Value    
Fair Value 1,442,354 547,310
Fixed maturities | Commercial mortgage-backed securities    
Amortized Cost    
Amortized Cost 727,159 552,653
Fair Value    
Fair Value 658,152 575,184
Fixed maturities | Residential mortgage-backed securities    
Amortized Cost    
Amortized Cost 342,493 18,684
Fair Value    
Fair Value $ 336,216 $ 20,180
v3.23.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]      
Proceeds from maturities/prepayments $ 1,688,079 $ 1,251,269 $ 385,245
Fixed maturities | Available-for-sale      
Debt Securities, Available-for-sale [Line Items]      
Proceeds from sales 1,117,293 790,331 81,766
Proceeds from maturities/prepayments 624,640 465,347 305,859
Gross investment gains from sales and maturities 5,647 14,972 1,293
Gross investment losses from sales and maturities (58,432) (16,674) (1,878)
Write-downs recognized in earnings (20,600) (2) (4,312)
(Addition to) release of allowance for credit losses (620) (1,810) (2,339)
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ (53,900) $ (4,400) $ (2,400)
v3.23.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - Fixed maturities - Available-for-sale - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period $ 4,149 $ 2,339 $ 0
Additions to allowance for credit losses not previously recorded 13,036 2,675 5,672
Reductions for securities sold during the period (1,798) (28) (3,147)
Reductions for securities with intent to sell (16,990)    
Addition (reductions) on securities with previous allowance 6,372 (837) (186)
Balance, end of period 4,769 4,149 2,339
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 0 0 0
Additions to allowance for credit losses not previously recorded 0 0 0
Reductions for securities sold during the period 0 0 0
Reductions for securities with intent to sell 0    
Addition (reductions) on securities with previous allowance 0 0 0
Balance, end of period 0 0 0
Foreign government bonds      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 11 0 0
Additions to allowance for credit losses not previously recorded 329 11 0
Reductions for securities sold during the period (96) 0 0
Reductions for securities with intent to sell (324)    
Addition (reductions) on securities with previous allowance 85 0 0
Balance, end of period 5 11 0
U.S. and Foreign Corporate Securities      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 4,138 2,339 0
Additions to allowance for credit losses not previously recorded 12,700 2,664 5,672
Reductions for securities sold during the period (1,702) (28) (3,147)
Reductions for securities with intent to sell (16,666)    
Addition (reductions) on securities with previous allowance 6,285 (837) (186)
Balance, end of period 4,755 4,138 2,339
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 0 0 0
Additions to allowance for credit losses not previously recorded 0 0 0
Reductions for securities sold during the period 0 0 0
Reductions for securities with intent to sell 0    
Addition (reductions) on securities with previous allowance 0 0 0
Balance, end of period 0 0 0
Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 0 0 0
Additions to allowance for credit losses not previously recorded 0 0 0
Reductions for securities sold during the period 0 0 0
Reductions for securities with intent to sell 0    
Addition (reductions) on securities with previous allowance 0 0 0
Balance, end of period 0 0 0
Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Balance, beginning of period 0 0 0
Additions to allowance for credit losses not previously recorded 7 0 0
Reductions for securities sold during the period 0 0 0
Reductions for securities with intent to sell 0    
Addition (reductions) on securities with previous allowance 2 0 0
Balance, end of period $ 9 $ 0 $ 0
v3.23.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 4,948,943 $ 2,838,511
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (20,263) $ (5,951)
Commercial Mortgage Loans 4,928,680 2,832,560
Commercial Mortgage and Agricultural Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 4,928,680 2,832,560
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 1,289,026 $ 748,414
Commercial mortgage loans, Percentage 26.00% 26.40%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 104,177 $ 48,141
Commercial mortgage loans, Percentage 2.10% 1.70%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 1,766,247 $ 916,398
Commercial mortgage loans, Percentage 35.80% 32.20%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 590,897 $ 445,055
Commercial mortgage loans, Percentage 11.90% 15.70%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 380,121 $ 252,590
Commercial mortgage loans, Percentage 7.70% 8.90%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 351,457 $ 255,577
Commercial mortgage loans, Percentage 7.10% 9.00%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 4,481,925 $ 2,666,175
Commercial mortgage loans, Percentage 90.60% 93.90%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 467,018 $ 172,336
Commercial mortgage loans, Percentage 9.40% 6.10%
v3.23.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year $ 5,951 $ 4,552 $ 1,768
Cumulative effect of adoption of ASU 2016-13     2,487
Addition to (release of) allowance for expected losses 14,312 1,399 297
Total ending balance 20,263 5,951 4,552
Commercial mortgage loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 5,847 4,546 1,743
Cumulative effect of adoption of ASU 2016-13     2,495
Addition to (release of) allowance for expected losses 13,818 1,301 308
Total ending balance 19,665 5,847 4,546
Agricultural Property Loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 104 6 25
Cumulative effect of adoption of ASU 2016-13     (8)
Addition to (release of) allowance for expected losses 494 98 (11)
Total ending balance $ 598 $ 104 $ 6
v3.23.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 4,948,943 $ 2,838,511
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 777,192 518,611
One Year Prior 1,248,477 311,413
Two Year Prior 354,746 544,189
Three Year Prior 511,628 260,828
Four Year Prior 265,253 309,083
Prior 1,324,629 722,051
Recording investment gross of allowance for credit losses 4,481,925 2,666,175
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 744,301 501,456
One Year Prior 1,248,477 195,164
Two Year Prior 243,325 481,289
Three Year Prior 452,626 253,938
Four Year Prior 258,617 289,443
Prior 1,203,807 638,092
Recording investment gross of allowance for credit losses 4,151,153 2,359,382
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 32,891 17,155
One Year Prior 0 109,862
Two Year Prior 83,655 39,577
Three Year Prior 26,558 6,890
Four Year Prior 6,636 7,100
Prior 45,742 39,213
Recording investment gross of allowance for credit losses 195,482 219,797
Commercial mortgage loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 6,387
Two Year Prior 27,766 23,323
Three Year Prior 32,444 0
Four Year Prior 0 12,540
Prior 75,080 44,746
Recording investment gross of allowance for credit losses 135,290 86,996
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 264,918 98,579
One Year Prior 133,126 26,581
Two Year Prior 25,894 16,226
Three Year Prior 16,053 6,463
Four Year Prior 6,327 8,372
Prior 20,700 16,115
Recording investment gross of allowance for credit losses 467,018 172,336
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 262,918 98,579
One Year Prior 133,126 26,581
Two Year Prior 25,894 16,226
Three Year Prior 16,053 6,463
Four Year Prior 6,327 8,372
Prior 20,700 15,300
Recording investment gross of allowance for credit losses 465,018 171,521
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,000 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses 2,000 0
Agricultural Property Loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 815
Recording investment gross of allowance for credit losses 0 815
0%-59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 266,453 47,161
One Year Prior 262,095 0
Two Year Prior 63,558 179,682
Three Year Prior 222,638 76,656
Four Year Prior 201,087 126,934
Prior 894,646 553,022
Recording investment gross of allowance for credit losses 1,910,477 983,455
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 208,708 98,579
One Year Prior 133,126 26,581
Two Year Prior 25,894 16,226
Three Year Prior 16,053 6,463
Four Year Prior 6,327 8,372
Prior 20,700 16,115
Recording investment gross of allowance for credit losses 410,808 172,336
60%-69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 344,110 307,999
One Year Prior 681,996 225,330
Two Year Prior 243,800 289,322
Three Year Prior 219,593 170,444
Four Year Prior 61,757 126,159
Prior 305,175 116,654
Recording investment gross of allowance for credit losses 1,856,431 1,235,908
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 56,210 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses 56,210 0
70%-79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 166,629 163,451
One Year Prior 304,386 86,083
Two Year Prior 47,388 75,185
Three Year Prior 66,148 13,728
Four Year Prior 2,409 55,032
Prior 53,336 51,203
Recording investment gross of allowance for credit losses 640,296 444,682
70%-79.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses 0 0
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 3,249 0
Four Year Prior 0 958
Prior 71,472 1,172
Recording investment gross of allowance for credit losses 74,721 2,130
80% or greater | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses $ 0 $ 0
v3.23.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural, and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 4,948,943 $ 2,838,511
Non-Accrual Status 0 0
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 4,947,614 2,838,511
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,329 0
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 4,481,925 2,666,175
Non-Accrual Status 0 0
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 4,481,925 2,666,175
Commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 467,018 172,336
Non-Accrual Status 0 0
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 465,689 172,336
Agricultural Loan | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,329 0
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Accruing Interest $ 0 $ 0
v3.23.1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Other Invested Assets [Line Items]    
Other invested assets $ 1,088,613 $ 1,209,925
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,040,992 887,706
Company’s investment in separate accounts    
Other Invested Assets [Line Items]    
Other invested assets 510 53,694
Derivative Instruments    
Other Invested Assets [Line Items]    
Other invested assets 47,111 268,525
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 971,993 808,227
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 287,969 286,141
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 576,595 432,749
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 107,429 89,337
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 68,999 79,479
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 59,146 69,137
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 396 481
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 9,457 $ 9,861
v3.23.1
Investments (Equity Method Investments, Statement of Financial Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]    
Invested assets $ 189,299,841 $ 221,661,364
Total liabilities 184,936,310 215,706,270
Partners' capital 4,363,531 5,955,094
Total liabilities and partners’ capital 189,299,841 221,661,364
LP/LLC Interests    
Schedule of Equity Method Investments [Line Items]    
Total liabilities and partners’ capital included above 815,783 746,870
Equity in LP/LLC interests not included above 214,442 201,541
Carrying value 1,030,225 948,411
Equity Method Investment    
Schedule of Equity Method Investments [Line Items]    
Invested assets 67,721,613 72,416,906
Total liabilities 12,174,133 12,120,390
Partners' capital 55,547,480 60,296,516
Total liabilities and partners’ capital $ 67,721,613 $ 72,416,906
v3.23.1
Investments (Equity Method Investments, Statement of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investments [Abstract]      
Total Revenue $ 11,062,060 $ 11,031,051 $ 565,409
Total Expenses (1,655,673) (2,044,942) (201,644)
Net earnings (losses) 9,406,387 8,986,109 363,765
Earnings in net earnings (losses) included above (36,513) 62,173 8,644
Equity in net earnings (losses) of LP/LLC interests not included above 7,320 28,765 25,859
Net income (loss) $ (29,193) $ 90,938 $ 34,503
v3.23.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Net Investment Income    
Accrued investment income $ 219,635 $ 160,027
Fixed maturities    
Net Investment Income    
Accrued investment income 187,628 117,216
Equity securities    
Net Investment Income    
Accrued investment income 349 2
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 13,335 7,025
Policy loans    
Net Investment Income    
Accrued investment income 14,525 35,153
Other invested assets    
Net Investment Income    
Accrued investment income 48 254
Short-term investments and cash equivalents    
Net Investment Income    
Accrued investment income $ 3,750 $ 377
v3.23.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 939,282 $ 577,152 $ 387,240
Less: investment expenses (55,281) (26,917) (19,890)
Net investment income 884,001 550,235 367,350
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 8,226 530 410
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 119,358 63,548 50,534
Policy loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 21,189 69,602 70,363
Other invested assets      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 101,289 104,375 36,684
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 44,182 712 3,219
Available-for-sale | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 589,248 299,607 224,262
Trading | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 55,790 $ 38,778 $ 1,768
v3.23.1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ 1,041,435 $ (5,295,406) $ (62,976)
Fixed maturities      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (74,005) (3,514) (7,236)
Commercial mortgage and other loans      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (18,201) 1,535 (226)
Other invested assets      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (78,671) (2,737) (287)
Derivatives      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net 1,212,366 (5,291,043) (55,003)
Short-term investments and cash equivalents      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ (54) $ 353 $ (224)
v3.23.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ (2,155,753) $ 586,389 $ 849,349
Fixed maturities | Available-for-sale | With an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments 4,371 3,685 0
Fixed maturities | Available-for-sale | Without an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (2,285,288) 540,881 857,599
Derivatives designated as cash flow hedges      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments 138,627 39,896 (8,112)
Affiliated notes      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (13,189) 73 4,024
Other investments      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ (274) $ 1,854 $ (4,162)
v3.23.1
Investments (Repurchase Agreements and Securities Lending) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 86,750 $ 3,004
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 86,750 3,004
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
30 days or greater    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign government bonds    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 506 0
Foreign government bonds | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 506 0
Foreign government bonds | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 7,903 3,004
U.S. public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 7,903 3,004
U.S. public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 12,873 0
Foreign public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 12,873 0
Foreign public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 65,468 0
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 65,468 0
Equity securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.23.1
Investments (Securities Pledged) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 84,448 $ 2,871
Total liabilities supported by pledged collateral 86,750 3,004
Fixed Maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 20,553 2,871
Cash collateral for loaned securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by pledged collateral 86,750 3,004
Equity securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 63,895 $ 0
v3.23.1
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Gross Notional $ 196,977,180 $ 187,608,681
Fair Value Assets 7,685,050 7,086,534
Fair Value Liabilities (18,654,072) (12,573,983)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 1,936,568 889,896
Fair Value Assets 233,812 37,314
Fair Value Liabilities (10,778) (6,900)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 3,225 3,344
Fair Value Assets 0 55
Fair Value Liabilities (316) 0
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 1,933,343 886,552
Fair Value Assets 233,812 37,259
Fair Value Liabilities (10,462) (6,900)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 195,040,612 186,718,785
Fair Value Assets 7,451,238 7,049,220
Fair Value Liabilities (18,643,294) (12,567,083)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 138,419,110 130,358,860
Fair Value Assets 6,757,890 5,698,740
Fair Value Liabilities (17,092,749) (10,348,130)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Gross Notional 2,425,500 4,109,300
Fair Value Assets 3,267 2,876
Fair Value Liabilities (201) (2,709)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 364,946 119,653
Fair Value Assets 590 842
Fair Value Liabilities (10,423) (1,063)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 47,450 306,900
Fair Value Assets 346 24,789
Fair Value Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 2,289,170 2,139,523
Fair Value Assets 194,412 68,477
Fair Value Liabilities (14,624) (23,251)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 25,187,516 19,461,881
Fair Value Assets 239,003 902,050
Fair Value Liabilities (1,112,196) (1,535,272)
Derivatives Not Qualifying as Hedge Accounting Instruments: | interest rate forward    
Derivative [Line Items]    
Gross Notional 1,104,000 195,000
Fair Value Assets 11,265 3,760
Fair Value Liabilities (12,359) (991)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Gross Notional 8,368,000 9,883,000
Fair Value Assets 123,168 280,323
Fair Value Liabilities (225,125) (173,863)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap    
Derivative [Line Items]    
Gross Notional 15,958,130 15,129,666
Fair Value Assets 120,341 66,627
Fair Value Liabilities (175,104) (475,209)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 876,790 5,015,002
Fair Value Assets 956 736
Fair Value Liabilities $ (513) $ (6,595)
v3.23.1
Derivative Instruments (Offsetting Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Offsetting of Financial Assets, Derivatives    
Gross Amounts of Recognized Financial Instruments $ 7,685,050 $ 7,086,534
Gross Amounts Offset in the Consolidated Statement of Financial Position (7,637,939) (6,818,009)
Net Amounts Presented in the Consolidated Statement of Financial Position 47,111 268,525
Financial Instruments/Collateral 0 0
Net Amount 47,111 268,525
Securities purchased under agreements to resell    
Gross Amounts of Recognized Financial Instruments 290,000 185,000
Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Net Amounts Presented in the Consolidated Statement of Financial Position 290,000 185,000
Financial Instruments/Collateral (290,000) (185,000)
Net Amount 0 0
Total Assets    
Gross Amounts of Recognized Financial Instruments 7,975,050 7,271,534
Gross Amounts Offset in the Consolidated Statement of Financial Position (7,637,939) (6,818,009)
Net Amounts Presented in the Consolidated Statement of Financial Position 337,111 453,525
Financial Instruments/Collateral (290,000) (185,000)
Net Amount 47,111 268,525
Offsetting of Financial Liabilities, Derivatives    
Gross Amounts of Recognized Financial Instruments 18,654,072 12,573,983
Gross Amounts Offset in the Consolidated Statement of Financial Position (16,568,912) (12,568,082)
Net Amounts Presented in the Consolidated Statement of Financial Position 2,085,160 5,901
Financial Instruments/Collateral (2,085,160) (5,901)
Net Amount 0 0
Securities sold under agreements to repurchase    
Gross Amounts of Recognized Financial Instruments 0 0
Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Net Amounts Presented in the Consolidated Statement of Financial Position 0 0
Financial Instruments/Collateral 0 0
Net Amount 0 0
Total Liabilities    
Gross Amounts of Recognized Financial Instruments 18,654,072 12,573,983
Gross Amounts Offset in the Consolidated Statement of Financial Position (16,568,912) (12,568,082)
Net Amounts Presented in the Consolidated Statement of Financial Position 2,085,160 5,901
Financial Instruments/Collateral (2,085,160) (5,901)
Net Amount $ 0 $ 0
v3.23.1
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 1,212,366 $ (5,291,043) $ (55,003)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized investment gains (losses), net Realized investment gains (losses), net Realized investment gains (losses), net
Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 36,726 $ 16,030 $ 10,681
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized investment gains (losses), net Realized investment gains (losses), net Realized investment gains (losses), net
Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 34,627 $ 11,198 $ (10,270)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized investment gains (losses), net Realized investment gains (losses), net Realized investment gains (losses), net
AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 98,731 $ 48,008 $ (34,238)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized investment gains (losses), net Realized investment gains (losses), net Realized investment gains (losses), net
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 7,637 $ 1,359 $ (358)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 36,726 16,030 10,681
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 34,070 11,119 (10,161)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 98,731 48,008 (34,238)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Swaps | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 1 2 (44)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Swaps | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (8) 47 21
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Swaps | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Swaps | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (312) (161) 284
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 7,636 1,357 (314)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 36,734 15,983 10,660
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 34,070 11,119 (10,161)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 99,043 48,169 (34,522)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 1,204,729 (5,292,402) (54,645)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 557 79 (109)
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (4,568,107) (20,596) 17,000
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 18,952 2,006 (2,560)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 107,388 44,350 (4,130)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 557 79 (109)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (15,904) 2,892 (284)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 1,090,215 (944,765) 37,480
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Realized Investment Gains (Losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 4,572,185 (4,376,289) (102,151)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 0 $ 0 $ 0
v3.23.1
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Net unrealized investment gains (losses) Net unrealized investment gains (losses) Net unrealized investment gains (losses)
Cash flow hedges in AOCI      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Balance, beginning $ 39,896 $ (8,112) $ 26,126
Amount recorded in AOCI 177,164 76,516 (34,076)
Amount reclassified into current period earnings (78,433) (28,508) (162)
Balance, ending 138,627 39,896 (8,112)
Interest Rate Contract | Accumulated Gain (Loss), Net, Cash Flow Hedge      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amount recorded in AOCI (319) (112) 261
Amount reclassified into current period earnings 7 (49) 23
Currency/Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amount recorded in AOCI 177,483 76,628 (34,337)
Amount reclassified into current period earnings $ (78,440) $ (28,459) $ (185)
v3.23.1
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Credit Derivative, Purchased Credit Protection $ 0 $ 150
Credit Risk Derivatives, at Fair Value, Net Asset (Liability) (less than) 0 14
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 20  
Credit Default Swap, Selling Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 47 157
Credit Risk Derivatives, at Fair Value, Net Asset (Liability) (less than) 0 11
Credit Default Swap, Selling Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 47  
Future policy benefits    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability (4,541) (9,048)
Reinsurance recoverables    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability 431 931
Policyholders' account balances    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability (3,502) (3,246)
Other assets    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability 141 73
Other Liabilities [Member]    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability $ (10) $ (13)
v3.23.1
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale $ 19,025,401 $ 13,278,166
Fixed maturities, trading 1,936,159 3,302,392
Equity securities 143,072 111,267
Other invested assets 1,088,613 1,209,925
Other assets 1,327,393 1,140,948
Reinsurance recoverables 34,561,825 38,598,767
Receivables from parent and affiliates 224,921 278,131
Separate account assets 114,051,246 149,797,828
TOTAL ASSETS 189,299,841 221,661,364
Payables to parent and affiliates 2,126,571 31,775
Other liabilities 3,407,156 2,264,477
Total liabilities 184,936,310 215,706,270
Future policy benefits    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability 4,541,000 9,048,000
Embedded Derivative, Fair Value of Embedded Derivative Gross Asset 801,000 610,000
Embedded Derivative, Fair Value of Embedded Derivative Gross Liability 5,342,000 9,658,000
Other liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability 10,000 13,000
Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 19,025,401 13,278,166
Fixed maturities, trading 1,936,159 3,302,392
Equity securities 143,072 111,267
Short-term investments 98,160 145,437
Cash equivalents 1,432,182 436,632
Other invested assets 47,111 268,525
Other assets 141,041 72,937
Reinsurance recoverables 430,911 931,207
Receivables from parent and affiliates 148,075 162,045
Subtotal excluding separate account assets 23,402,112 18,708,608
Separate account assets 108,789,313 144,111,658
TOTAL ASSETS 132,191,425 162,820,266
Future policy benefits 4,540,747 9,047,956
Policyholders’ account balances 3,502,096 3,245,773
Payables to parent and affiliates 2,084,917 0
Other liabilities (9,267) 18,525
Total liabilities 10,118,493 12,312,254
Asset Netting (7,637,939) (6,818,009)
Liability Netting (16,568,912) (12,568,082)
Netting (8,931,000) (5,750,000)
Fair Value, Measurements, Recurring | Other invested assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Asset Netting (7,637,939) (6,818,009)
Fair Value, Measurements, Recurring | Payables to parent and affiliates    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liability Netting (16,568,242) (12,563,253)
Fair Value, Measurements, Recurring | Other liabilities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liability Netting (670) (4,829)
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 281,792 333,940
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 628,200 630,521
Fair Value, Measurements, Recurring | Foreign government bonds    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 273,462 350,471
Fair Value, Measurements, Recurring | U.S. corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 6,443,944 5,131,872
Fair Value, Measurements, Recurring | U.S. corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 3,816,729 2,004,875
Fair Value, Measurements, Recurring | Foreign corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 1,378,222 929,902
Fair Value, Measurements, Recurring | Foreign corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 3,766,330 2,753,911
Fair Value, Measurements, Recurring | Asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 1,442,354 547,310
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 658,152 575,184
Fair Value, Measurements, Recurring | Residential mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 336,216 20,180
Fair Value, Measurements, Recurring | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fixed maturities, trading 0 0
Equity securities 108,076 58,160
Short-term investments 0 9,997
Cash equivalents 0 13,999
Other invested assets 4,223 246,097
Other assets 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Subtotal excluding separate account assets 112,299 328,253
Separate account assets 102,243 52,100
TOTAL ASSETS 214,542 380,353
Future policy benefits 0 0
Policyholders’ account balances 0 0
Payables to parent and affiliates 0 0
Other liabilities 899 10,730
Total liabilities 899 10,730
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 18,412,457 12,718,438
Fixed maturities, trading 1,936,159 3,302,392
Equity securities 6,403 40,635
Short-term investments 81,215 135,440
Cash equivalents 1,432,182 422,633
Other invested assets 7,680,827 6,840,437
Other assets 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 148,075 162,045
Subtotal excluding separate account assets 29,697,318 23,622,020
Separate account assets 108,682,425 144,059,558
TOTAL ASSETS 138,379,743 167,681,578
Future policy benefits 0 0
Policyholders’ account balances 0 0
Payables to parent and affiliates 18,653,159 12,563,253
Other liabilities (9,496) 12,624
Total liabilities 18,643,663 12,575,877
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 281,792 333,940
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 628,200 630,521
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 272,738 350,321
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 6,443,944 5,131,872
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 3,573,269 1,873,370
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 1,371,354 921,008
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 3,509,162 2,508,676
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 1,421,852 484,861
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 573,930 463,689
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 336,216 20,180
Fair Value, Measurements, Recurring | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 612,944 559,728
Fixed maturities, trading 0 0
Equity securities 28,593 12,472
Short-term investments 16,945 0
Cash equivalents 0 0
Other invested assets 0 0
Other assets 141,041 72,937
Reinsurance recoverables 430,911 931,207
Receivables from parent and affiliates 0 0
Subtotal excluding separate account assets 1,230,434 1,576,344
Separate account assets 4,645 0
TOTAL ASSETS 1,235,079 1,576,344
Future policy benefits 4,540,747 9,047,956
Policyholders’ account balances 3,502,096 3,245,773
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 8,042,843 12,293,729
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 724 150
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 243,460 131,505
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 6,868 8,894
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 257,168 245,235
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 20,502 62,449
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 84,222 111,495
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale 0 0
Other invested assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share 69,000 79,000
Separate account assets    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share $ 5,262,000 $ 5,686,000
v3.23.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities $ 148,179 $ 106,174
Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Future policy benefits 4,540,747 9,047,956
Policyholders’ account balances $ 3,502,096 3,245,773
Level 3 | Minimum      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Fair Value Inputs, Policyholder Age 50 years  
Level 3 | Minimum   | Future policy benefits    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Mortality rate 0.00%  
Level 3 | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Fair Value Inputs, Policyholder Age 90 years  
Level 3 | Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Future policy benefits $ 4,540,747 9,047,956
Policyholders’ account balances $ 3,502,096 $ 3,245,773
Level 3 | Internal | Minimum   | Discounted cash flow | Future policy benefits    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 1.00% 1.00%
Spread over LIBOR 0.50% 0.03%
Utilization rate 38.00% 39.00%
Withdrawal rate (greater than maximum range) 77.00% 76.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 18.00% 16.00%
Level 3 | Internal | Minimum   | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 1.00% 1.00%
Spread over LIBOR 0.17% 0.03%
Mortality rate 0.00% 0.00%
Equity volatility curve 6.00% 6.00%
Fair Value Inputs Option Budget (2.00%)  
Level 3 | Internal | Minimum   | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 9.77% 1.65%
Level 3 | Internal | Minimum   | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 2.2 4.9
Level 3 | Internal | Minimum   | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value   62.58%
Level 3 | Internal | Maximum | Discounted cash flow | Future policy benefits    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 20.00% 20.00%
Spread over LIBOR 2.20% 1.13%
Utilization rate 95.00% 96.00%
Withdrawal rate (greater than maximum range) 100.00% 100.00%
Mortality rate 15.00% 15.00%
Equity volatility curve 26.00% 25.00%
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 80.00% 42.00%
Spread over LIBOR 1.93% 1.13%
Mortality rate 23.00% 23.00%
Equity volatility curve 30.00% 31.00%
Fair Value Inputs Option Budget 6.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 20.00% 20.00%
Level 3 | Internal | Maximum | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 23.5 19.2
Level 3 | Internal | Maximum | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value   62.58%
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 16.53% 4.57%
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 8.1 9.0
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value   62.58%
Level 3 | Internal | Fair Value, Measurements, Recurring | Future policy benefits    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Future policy benefits $ 4,540,747 $ 9,047,956
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Policyholders’ account balances 3,502,096 3,245,773
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities 408,494 312,139
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Reinsurance recoverables $ 430,911 $ 931,207
v3.23.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period $ 12,472 $ 7,889  
Purchases 10,000 0  
Sales (230) 0  
Issuances 0 0  
Settlements 0 0  
Other 9,661 3,874  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 28,593 12,472 $ 7,889
Total gains (losses) (realized/unrealized):      
Included in earnings (3,310) 709  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (3,872) 709  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (3,310) 709 2,821
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (3,872) 709 1,211
Equity securities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 0  
Purchases 18,046 0  
Sales 0 0  
Issuances 0 0  
Settlements (8,560) (1,871)  
Other 7,290 1,690  
Transfers into Level 3 55 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 16,945 0 0
Total gains (losses) (realized/unrealized):      
Included in earnings 114 181  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 73 0  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 77 181 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 73 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 73 0 0
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (36) 0 0
Cash equivalents      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 (1,377)  
Other 0 1,230  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 0 0
Total gains (losses) (realized/unrealized):      
Included in earnings 0 147  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 147 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Cash equivalents | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 72,937 0  
Purchases 49,677 1,170  
Sales 0 0  
Issuances 0 0  
Settlements (3,855) (899)  
Other (21,814) 71,408  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 141,041 72,937 0
Total gains (losses) (realized/unrealized):      
Included in earnings 44,096 1,258  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 47,951 359  
Other assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 44,096 1,258 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 47,951 359 0
Other assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Other assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Reinsurance recoverables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 931,207 13,239,539  
Purchases 135,353 629,259  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 430,911 931,207 13,239,539
Total gains (losses) (realized/unrealized):      
Included in earnings (635,649) (12,937,591)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (607,225) (545,001)  
Reinsurance recoverables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (635,649) (12,937,591) 3,604,075
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (607,225) (545,001) 3,889,923
Reinsurance recoverables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Reinsurance recoverables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate account assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 0  
Purchases 7,715 0  
Sales (3,000) 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 4,645 0 0
Total gains (losses) (realized/unrealized):      
Included in earnings (70) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (70) 0  
Separate account assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings (70)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (70)    
Separate account assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Receivables from parent and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings     0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings     0
Receivables from parent and affiliates | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings     0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings     0
Receivables from parent and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings     0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings     0
Receivables from parent and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings     23
Future policy benefits      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (9,047,956) (13,227,814)  
Purchases 0 0  
Sales 0 0  
Issuances (1,006,165) (1,101,695)  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (4,540,747) (9,047,956) (13,227,814)
Total gains (losses) (realized/unrealized):      
Included in earnings 5,513,374 5,281,553  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 5,256,263 4,647,753  
Future policy benefits | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 5,513,374 5,281,553 (3,610,281)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 5,256,263 4,647,753 (3,896,128)
Future policy benefits | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Future policy benefits | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Future policy benefits | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Future policy benefits | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (3,245,773) (1,155,274)  
Purchases 0 0  
Sales 0 0  
Issuances (1,094,824) (265,807)  
Settlements 0 0  
Other 1,248,413 (1,746,371)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (3,502,096) (3,245,773) (1,155,274)
Total gains (losses) (realized/unrealized):      
Included in earnings (409,912) (78,321)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (289,548) 5,476  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (409,912) (78,321) (30,199)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (289,548) 5,476 3,853
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (16,829) (832) (5,019)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (14,416) (1,778) (4,773)
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (56,470) (6,318) 19,106
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (59,239) (5,346) 18,962
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (242) 388 145
Available-for-sale | Fixed maturities | US government      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 55,000  
Purchases 0 0  
Sales 0 (55,000)  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 0 55,000
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Available-for-sale | Fixed maturities | Foreign government      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 150 163  
Purchases 501 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 724 150 163
Total gains (losses) (realized/unrealized):      
Included in earnings 73 (13)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 69 (15)  
Available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 385,634 174,776  
Purchases 323,603 95,294  
Sales (62,827) (5,085)  
Issuances 0 0  
Settlements (102,377) (28,690)  
Other 106,408 156,667  
Transfers into Level 3 10,475 9,313  
Transfers out of Level 3 (106,124) (5,727)  
Fair Value, end of period 507,496 385,634 174,776
Total gains (losses) (realized/unrealized):      
Included in earnings (47,296) (10,914)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (45,235) (11,298)  
Available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 173,944 2,065  
Purchases 81,576 74,800  
Sales 0 (29)  
Issuances 0 0  
Settlements (1,993) (1,761)  
Other 0 32,859  
Transfers into Level 3 0 107,038  
Transfers out of Level 3 (122,485) (45,193)  
Fair Value, end of period 104,724 173,944 2,065
Total gains (losses) (realized/unrealized):      
Included in earnings (26,318) 4,165  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (28,489) 4,189  
Trading | Fixed maturities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 755  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 (801)  
Fair Value, end of period 0 0 755
Total gains (losses) (realized/unrealized):      
Included in earnings 0 46  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 46  
Trading | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 46 87
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 46 87
Trading | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Trading | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ 0 $ 0 $ 0
v3.23.1
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Level 3 - Fair Value, Nonrecurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment in joint venture      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Equity in earnings of operating joint venture, net of taxes $ (75,000) $ 0 $ 0
Carrying value after measurement as of period end 60,456 0  
Other invested assets      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Gains (losses) (11,125) 0 $ 0
Carrying value after measurement as of period end $ 0 $ 0  
v3.23.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Policy loans $ 505,367 $ 1,327,485
Short-term investments 124,491  
Cash and cash equivalents 2,397,627 918,931
Accrued investment income 219,635 160,027
Reinsurance recoverables 34,561,825 38,598,767
Receivables from parent and affiliates 224,921 278,131
Liabilities:    
Cash collateral for loaned securities 86,750 3,004
Short-term debt to affiliates 126,250 0
Fair Value    
Assets:    
Commercial mortgage and other loans 4,602,177 2,883,710
Policy loans 505,367 1,327,485
Short-term investments 26,331 37,000
Cash and cash equivalents 965,445 482,299
Accrued investment income 219,635 160,027
Reinsurance recoverables 25,127 29,931
Receivables from parent and affiliates 76,846 116,086
Other assets 824,882 568,981
Total assets 7,245,810 5,605,519
Liabilities:    
Policyholders’ account balances - investment contracts 4,333,271 3,947,337
Cash collateral for loaned securities 86,750 3,004
Short-term debt to affiliates 120,325  
Long-term debt to affiliates 173,905 319,225
Payables to parent and affiliates 41,654 31,775
Other liabilities 1,302,865 898,879
Total liabilities 6,058,770 5,200,220
Carrying Amount    
Assets:    
Commercial mortgage and other loans 4,928,680 2,832,560
Policy loans 505,367 1,327,485
Short-term investments 26,331 37,000
Cash and cash equivalents 965,445 482,299
Accrued investment income 219,635 160,027
Reinsurance recoverables 27,183 28,883
Receivables from parent and affiliates 76,846 116,086
Other assets 824,882 568,981
Total assets 7,574,369 5,553,321
Liabilities:    
Policyholders’ account balances - investment contracts 4,351,945 3,941,822
Cash collateral for loaned securities 86,750 3,004
Short-term debt to affiliates 126,250  
Long-term debt to affiliates 185,563 320,362
Payables to parent and affiliates 41,654 31,775
Other liabilities 1,302,866 898,879
Total liabilities 6,095,028 5,195,842
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 26,331 37,000
Cash and cash equivalents 675,445 297,299
Accrued investment income 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 701,776 334,299
Liabilities:    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 0
Short-term debt to affiliates 0  
Long-term debt to affiliates 0 0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 0 0
Cash and cash equivalents 290,000 185,000
Accrued investment income 219,635 160,027
Reinsurance recoverables 0 0
Receivables from parent and affiliates 76,846 116,086
Other assets 94,200 134,598
Total assets 680,681 595,711
Liabilities:    
Policyholders’ account balances - investment contracts 1,192,271 1,356,850
Cash collateral for loaned securities 86,750 3,004
Short-term debt to affiliates 120,325  
Long-term debt to affiliates 173,905 319,225
Payables to parent and affiliates 41,654 31,775
Other liabilities 1,269,615 864,788
Total liabilities 2,884,520 2,575,642
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 4,602,177 2,883,710
Policy loans 505,367 1,327,485
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables 25,127 29,931
Receivables from parent and affiliates 0 0
Other assets 730,682 434,383
Total assets 5,863,353 4,675,509
Liabilities:    
Policyholders’ account balances - investment contracts 3,141,000 2,590,487
Cash collateral for loaned securities 0 0
Short-term debt to affiliates 0  
Long-term debt to affiliates 0 0
Payables to parent and affiliates 0 0
Other liabilities 33,250 34,091
Total liabilities $ 3,174,250 $ 2,624,578
v3.23.1
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, beginning of year $ 6,830,972 $ 2,433,936 $ 1,855,698
Capitalization of commissions, sales and issue expenses 962,579 1,057,030 758,469
Amortization-Impact of assumption and experience unlocking and true-ups (289,619) 40,482 (27,844)
Amortization-All other (567,766) (382,600) (112,718)
Change due to unrealized investment gains and losses 251,513 (81,031) (39,861)
Other (571,582) 3,763,155 192
Balance, end of year $ 6,616,097 $ 6,830,972 $ 2,433,936
v3.23.1
Policyholders' Liabilities (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, before Reinsurance [Abstract]    
Life insurance $ 17,842,327 $ 18,095,368
Individual annuities and supplementary contracts 781,605 740,941
Other contract liabilities 4,580,601 9,090,720
Total future policy benefits $ 23,204,533 $ 27,927,029
v3.23.1
Policyholders' Liabilities (Narrative) (Details)
Dec. 31, 2022
Individual nonparticipating Life Insurance | Domestic | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 1.70%
Individual nonparticipating Life Insurance | Domestic | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 7.80%
Individual and Group Annuities and Supplementary Contracts  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Percentage of reserves based on interest rates in excess of 8% 0.30%
Individual and Group Annuities and Supplementary Contracts | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 1.70%
Individual and Group Annuities and Supplementary Contracts | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 14.80%
Liability for Future Policy Benefits, Reserves, Interest Rate 0.08
Other | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 4.90%
Liability for Policyholders' Account Balances, interest rate 0.50%
Other | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Future Policy Benefits, interest rate 5.50%
Liability for Policyholders' Account Balances, interest rate 5.40%
Interest-sensitive life contracts | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 0.80%
Interest-sensitive life contracts | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 4.90%
Individual annuities | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 0.00%
Individual annuities | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 6.30%
Guaranteed interest accounts | Minimum    
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 1.00%
Guaranteed interest accounts | Maximum  
Liability for Future Policy Benefits and Policyholders' Account Balances, by Product Segment [Line Items]  
Liability for Policyholders' Account Balances, interest rate 4.90%
v3.23.1
Policyholders' Liabilities (Policyholders' Account Balances) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Liability for Policyholders' Account Balances, by Product Segment [Line Items]    
Total policyholders’ account balances $ 41,748,241 $ 35,361,795
Interest-sensitive life contracts    
Liability for Policyholders' Account Balances, by Product Segment [Line Items]    
Total policyholders’ account balances 20,730,040 19,729,444
Individual annuities    
Liability for Policyholders' Account Balances, by Product Segment [Line Items]    
Total policyholders’ account balances 19,718,745 14,150,233
Guaranteed interest accounts    
Liability for Policyholders' Account Balances, by Product Segment [Line Items]    
Total policyholders’ account balances 107,168 125,249
Other    
Liability for Policyholders' Account Balances, by Product Segment [Line Items]    
Total policyholders’ account balances $ 1,192,288 $ 1,356,869
v3.23.1
Certain Long-Duration Contracts with Guarantees (Variable Annuity, Variable Life, Variable Universal Life and Universal Life Contracts) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Annuity Contracts | Return of net deposits | In the Event of Death    
Net Amount at Risk by Product and Guarantee [Line Items]    
Account value $ 77,282,989 $ 103,862,788
Net amount at risk $ 976,756 $ 27,872
Average attained age of contractholders 70 years 69 years
Annuity Contracts | Minimum return or contract value | In the Event of Death    
Net Amount at Risk by Product and Guarantee [Line Items]    
Account value $ 14,521,870 $ 19,634,387
Net amount at risk $ 4,053,465 $ 1,124,519
Average attained age of contractholders 72 years 72 years
Annuity Contracts | Minimum return or contract value | At Annuitization / Accumulation    
Net Amount at Risk by Product and Guarantee [Line Items]    
Account value $ 84,579,903 $ 113,689,139
Net amount at risk $ 8,644,043 $ 1,653,394
Average attained age of contractholders 70 years 69 years
Average period remaining until earliest expected annuitization 0 years 0 years
Variable Life, Variable Universal Life and Universal Life Contracts | In the Event of Death    
Net Amount at Risk by Product and Guarantee [Line Items]    
Separate account value $ 3,711,310 $ 4,473,502
General account value 11,081,838 10,558,009
Net amount at risk $ 155,866,833 $ 149,872,088
Average attained age of contractholders 58 years 58 years
v3.23.1
Certain Long-Duration Contracts With Guarantees (Separate Account Investment Options) (Details) - Annuity Contracts - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Separate Account Investment [Line Items]    
Separate Account Investment Options $ 88,720,732 $ 120,211,053
Equity funds    
Fair Value, Separate Account Investment [Line Items]    
Separate Account Investment Options 43,963,573 69,299,203
Bond funds    
Fair Value, Separate Account Investment [Line Items]    
Separate Account Investment Options 42,054,051 47,895,089
Money market funds    
Fair Value, Separate Account Investment [Line Items]    
Separate Account Investment Options $ 2,703,108 $ 3,016,761
v3.23.1
Certain Long-Duration Contracts with Guarantees (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]      
Deferred sales inducements $ 275,574 $ 374,649 $ 0
Annuity Contracts | Market Value Adjusted      
Net Amount at Risk by Product and Guarantee [Line Items]      
General Account Investment Option $ 3,100,000 $ 3,300,000  
v3.23.1
Certain Long-Duration Contracts with Guarantees (Liabilities for Guarantee Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Beginning balance $ 19,487,744 $ 23,179,710 $ 16,407,407
Incurred guarantee benefits (2,146,863) (3,104,965) 6,185,375
Paid guarantee benefits (264,730) (213,847) (165,619)
Change in unrealized investment gains and losses (2,507,873) (373,154) 752,547
Ending balance 14,568,278 19,487,744 23,179,710
GMDB | Annuity Contracts      
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Beginning balance 487,531 569,063 460,501
Incurred guarantee benefits 100,830 (10,596) 114,878
Paid guarantee benefits (62,461) (24,394) (37,804)
Change in unrealized investment gains and losses (9,129) (46,542) 31,488
Ending balance 516,771 487,531 569,063
GMDB | Variable Life, Variable Universal Life & Universal Life      
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Beginning balance 9,937,143 9,363,585 7,400,233
Incurred guarantee benefits 2,260,795 1,089,139 1,368,759
Paid guarantee benefits (200,877) (189,453) (126,148)
Change in unrealized investment gains and losses (2,498,668) (326,128) 720,741
Ending balance 9,498,393 9,937,143 9,363,585
GMIB | Annuity Contracts      
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Beginning balance 15,114 19,248 17,107
Incurred guarantee benefits (1,279) (3,650) 3,490
Paid guarantee benefits (1,392) 0 (1,667)
Change in unrealized investment gains and losses (76) (484) 318
Ending balance 12,367 15,114 19,248
GMWB/GMIWB/ GMAB | Annuity Contracts      
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Beginning balance 9,047,956 13,227,814 8,529,566
Incurred guarantee benefits (4,507,209) (4,179,858) 4,698,248
Paid guarantee benefits 0 0 0
Change in unrealized investment gains and losses 0 0 0
Ending balance $ 4,540,747 $ 9,047,956 $ 13,227,814
v3.23.1
Certain Long-Duration Contracts with Guarantees (Sales Inducements) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Movement in Deferred Sales Inducements [Roll Forward]    
Beginning Balance $ 374,649 $ 0
Capitalization 675 167
Amortization - Impact of assumption and experience unlocking and true-ups (44,422) 16,286
Amortization - All Other (61,640) (37,737)
Change in unrealized investment gains and losses 6,312 7,669
Ending Balance $ 275,574 374,649
Other   $ 388,264
v3.23.1
Reinsurance (Balance Sheet Reinsurance Results) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Effects of Reinsurance [Line Items]        
Reinsurance recoverables $ 34,561,825 $ 38,598,767    
Policy loans (505,367) (1,327,485)    
Deferred policy acquisition costs (6,616,097) (6,830,972) $ (2,433,936) $ (1,855,698)
Deferred sales inducements (275,574) (374,649) $ 0  
Other assets 1,327,393 1,140,948    
Other Liabilities 3,407,156 2,264,477    
Impacts of Reinsurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables 34,561,825 38,598,767    
Policy loans (1,011,112) (156,749)    
Deferred policy acquisition costs (3,155,419) (2,575,232)    
Deferred sales inducements (33,346) (37,905)    
Other assets 1,142,083 850,681    
Policyholders’ account balances 7,137,766 14,386,443    
Future policy benefits 5,173,784 5,286,252    
Other Liabilities 2,701,216 1,642,413    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Deferred policy acquisition costs (484,730) 0    
Other assets 1,034,000 497,050    
Policyholders’ account balances 2,782,114 0    
Future policy benefits 0 9    
Other Liabilities $ 820,185 $ 467,203    
v3.23.1
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 34,561,825 $ 38,598,767
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 13,365,780 13,523,832
PALAC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 0 7,198,504
PURC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 5,921,664 5,830,441
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,211,803 2,371,491
GUL Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,709,538 2,710,926
PAR Term    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,043,970 1,972,339
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 1,263,411 2,082,551
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,054,090 1,953,063
Lotus Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,015,687 32,039
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 763,004 644,101
Unaffiliated activity    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 2,212,878 $ 279,480
v3.23.1
Reinsurance (Income Statement Reinsurance Results) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Premiums:      
Direct $ 1,871,264 $ 1,909,878 $ 1,923,708
Assumed 776 162 184
Ceded (1,597,257) (1,706,364) (1,831,716)
Net premiums 274,783 203,676 92,176
Policy charges and fee income:      
Direct 3,436,953 3,647,883 3,491,735
Assumed 608,458 582,003 587,466
Ceded (2,313,454) (2,700,129) (3,454,881)
Net policy charges and fee income 1,731,957 1,529,757 624,320
Net investment income:      
Direct 920,674 555,404 372,822
Assumed 1,513 1,049 1,579
Ceded (38,186) (6,218) (7,051)
Net investment income 884,001 550,235 367,350
Asset administration fees:      
Direct 351,600 403,359 360,438
Assumed 0 0 0
Ceded (67,418) (201,182) (341,300)
Net asset administration fees 284,182 202,177 19,138
Other income (loss):      
Direct (731,796) 227,035 78,445
Assumed 271 (66) (1)
Ceded (3,457) 35,790 165
Amortization of reinsurance income 73,122 4,449 4,647
Net other income (661,860) 267,208 83,256
Realized investment gains (losses), net:      
Direct 1,838,136 7,663,351 (3,593,799)
Assumed (244,000) 12,593 0
Ceded (552,701) (12,971,350) 3,530,823
Realized investment gains (losses), net 1,041,435 (5,295,406) (62,976)
Policyholders’ benefits (including change in reserves):      
Direct 3,951,690 3,611,402 3,584,011
Assumed 1,504,204 849,599 1,055,277
Ceded (4,846,502) (3,805,091) (4,341,139)
Net policyholders’ benefits (including change in reserves) 609,392 655,910 298,149
Interest credited to policyholders’ account balances:      
Direct 883,398 563,821 536,886
Assumed 74,402 138,202 136,153
Ceded (440,312) (816,608) (439,664)
Net interest credited to policyholders’ account balances 517,488 (114,585) 233,375
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (427,208) (2,265,350) (1,589,113)
Unaffiliated activity      
Premiums:      
Assumed 149 162 184
Ceded (35,867) (19,785) (10,526)
Policy charges and fee income:      
Assumed 2,113 0 0
Ceded (81,781) (65,451) (53,871)
Net investment income:      
Ceded 10,802 687 0
Other income (loss):      
Assumed 270 (68) 1
Realized investment gains (losses), net:      
Assumed 778,620 0 0
Ceded (38,317) (49,460) 73,108
Policyholders’ benefits (including change in reserves):      
Assumed 2,566 429 949
Ceded (87,370) (200,973) (69,720)
Interest credited to policyholders’ account balances:      
Assumed $ (95,285) $ 0 $ 0
v3.23.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reinsurance Disclosures [Abstract]      
Direct gross life insurance face amount in force $ 1,093,610,227 $ 1,079,382,740 $ 1,045,775,819
Assumed gross life insurance face amount in force 36,668,045 37,822,851 38,818,752
Reinsurance ceded (1,009,571,304) (992,635,327) (986,701,914)
Net life insurance face amount in force $ 120,706,968 $ 124,570,264 $ 97,892,657
v3.23.1
Reinsurance (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended 21 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended
Jan. 01, 2022
USD ($)
Jul. 01, 2019
Jul. 01, 2017
Jul. 01, 2012
Dec. 31, 2010
Dec. 31, 2009
Jan. 31, 2001
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2013
Oct. 01, 2021
USD ($)
Effects of Reinsurance [Line Items]                                      
Deposit assets on reinsurance               $ 497,000 $ 828,000 $ 497,000                  
Funds withheld liabilities               419,000 705,000 419,000                  
Policy charges and fee income                 1,731,957 1,529,757 $ 624,320                
Policy loan assets               1,327,485 505,367 1,327,485                  
Reinsurance recoverables               38,598,767 34,561,825 38,598,767                  
Impacts of Reinsurance                                      
Effects of Reinsurance [Line Items]                                      
Policy loan assets               156,749 1,011,112 156,749                  
Reinsurance recoverables               38,598,767 34,561,825 38,598,767                  
PAR U                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               13,523,832 13,365,780 13,523,832                  
PURC                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               5,830,441 5,921,664 5,830,441                  
PARCC                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               2,371,491 2,211,803 2,371,491                  
GUL Re                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               2,710,926 2,709,538 2,710,926                  
PAR Term                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               1,972,339 2,043,970 1,972,339                  
Term Re                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               1,953,063 2,054,090 1,953,063                  
Prudential Insurance                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               2,082,551 1,263,411 2,082,551                  
Lotus Re                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               32,039 2,015,687 32,039                  
DART                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables               $ 644,101 763,004 644,101                  
FLIAC | Variable annuity                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance contracts                 4,800,000                    
FLIAC | Fixed Annuity                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance contracts                 $ 1,900,000                    
Percent of total reinsured block                 0.74                    
Union Hamilton                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance recoverables                 $ 2,500,000                    
Union Hamilton | Quote Share Reinsurance                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                       50.00%              
Affiliated Entity | PAR U                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage       95.00% 70.00%                            
Affiliated Entity | PURC                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                             95.00% 70.00%      
Affiliated Entity | PARCC                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage   100.00%       90.00%                          
Affiliated Entity | GUL Re                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage     30.00%                     95.00%          
Affiliated Entity | PAR Term                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage   100.00%                               95.00%  
Affiliated Entity | Prudential of Taiwan                                      
Effects of Reinsurance [Line Items]                                      
Related Party Transaction, Term             2 years                        
Affiliated Entity | Term Re                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                                 95.00%    
Affiliated Entity | Prudential Insurance                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                 100.00%                    
Affiliated Entity | Prudential Insurance | Impacts of Reinsurance                                      
Effects of Reinsurance [Line Items]                                      
Policy charges and fee income $ (305,000)                                    
Affiliated Entity | Lotus Re | Impacts of Reinsurance                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance liabilities associated with the risks of the coinsurance agreement                                     $ 32,000
Reinsurance agreement ceded risk               100.00%                      
Net liabilities associated with the transaction for coinsurance               $ 1,381,000   1,381,000                  
Net liabilities associated with the transaction for modified coinsurance               14,037,000   14,037,000                  
Policy loan assets               855,000   855,000                  
Cash received               820,000   $ 820,000                  
Recognized gains               $ 1,346,000                      
Affiliated Entity | DART                                      
Effects of Reinsurance [Line Items]                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                         95.00%            
v3.23.1
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current tax expense (benefit):      
U.S. federal $ (345,263) $ 440,649 $ (358,548)
State and local 4,479 5,002 0
Total (340,784) 445,651 (358,548)
Deferred tax expense (benefit):      
U.S. federal 339,902 (1,137,090) 228,300
Total 339,902 (1,137,090) 228,300
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures (882) (691,439) (130,248)
Income tax expense (benefit) on equity in earnings of operating joint ventures (193) (147) (518)
Income tax expense (benefit) reported in equity related to:      
Other comprehensive income (loss) (510,840) (52,374) 70,806
Total income tax expense (benefit) $ (511,915) $ (743,960) $ (59,960)
v3.23.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Statutory federal income tax rate 21.00% 21.00% 21.00% 35.00%
Effective tax rate (0.20%) 23.80% (191.20%)  
Percent of income tax expense (benefit) 5.00%      
Income (loss) from domestic operations $ 416 $ (2,902) $ 68  
DRD constituting non-taxable investment income 44 46 45  
Non-taxable investment income $ 46 $ 49 47  
Net Operating Loss Carryback     $ 70  
v3.23.1
Income Taxes (Reconciliation To Effective Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00% 35.00%
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Expected federal income tax expense (benefit) $ 87,361 $ (609,393) $ 14,308  
Non-taxable investment income (46,426) (48,662) (46,836)  
Tax credits (47,544) (36,806) (27,980)  
Changes in tax law 0 (3,644) (70,121)  
Other 5,727 7,066 381  
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures $ (882) $ (691,439) $ (130,248)  
Effective tax rate (0.20%) 23.80% (191.20%)  
v3.23.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Insurance reserves $ 1,338,174 $ 2,391,739
Deferred Tax Assets, Investments 343,012 0
Net unrealized loss on securities 481,763 0
Other 2,800 2,894
Deferred tax assets 2,165,749 2,394,633
Deferred tax liabilities:    
Deferred policy acquisition cost 888,944 1,003,301
Deferred sales inducements 57,870 78,676
Net unrealized gain on securities 0 114,705
Investments 0 155,891
Deferred tax liabilities 946,814 1,352,573
Net deferred tax asset $ 1,218,935 $ 1,042,060
v3.23.1
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance $ 347,435    
Income tax benefit (expense) 510,840 $ 52,374 $ (70,806)
Ending balance (1,581,300) 347,435  
Foreign Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (11,274) (7,797) (7,917)
Change in OCI before reclassifications (9,337) (3,891) 599
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 604 414 (479)
Ending balance (20,007) (11,274) (7,797)
Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 358,709 553,925 289,359
Change in OCI before reclassifications (2,425,810) (222,182) 327,819
Amounts reclassified from AOCI (4,428) (24,994) 7,074
Income tax benefit (expense) 510,236 51,960 (70,327)
Ending balance (1,561,293) 358,709 553,925
Total Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 347,435 546,128 281,442
Change in OCI before reclassifications (2,435,147) (226,073) 328,418
Amounts reclassified from AOCI (4,428) (24,994) 7,074
Income tax benefit (expense) 510,840 52,374 (70,806)
Ending balance (1,581,300) 347,435 546,128
Cash flow hedges | Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 40,000 (8,000)  
Ending balance $ 139,000 $ 40,000 $ (8,000)
v3.23.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ (4,428) $ (24,994) $ 7,074
Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (4,428) (24,994) 7,074
Amounts reclassified from AOCI | Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 4,428 24,994 (7,074)
Amounts reclassified from AOCI | Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 4,428 24,994 (7,074)
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments (74,005) (3,514) (7,236)
Amounts reclassified from AOCI | Currency/Interest Rate | Cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments $ 78,433 $ 28,508 $ 162
v3.23.1
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with OTTI, Allowance for Credit Losses and All Other Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance $ 347,435    
Ending balance (1,581,300) $ 347,435  
Accumulated Net Unrealized Investment Gains (Losses) Pre-Tax with Allowance      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 3,685 0 $ 0
Net unrealized investment gains (losses) on investments arising during period (149) 2,951 616
Reclassification adjustment for (gains) losses included in net income 831 (8) 0
Reclassification due to implementation of ASU 2016-13     0
Reclassification due to allowance for credit losses recorded during the period 4 742 (616)
Impact of net unrealized investment (gains) losses 0 0 0
Ending balance 4,371 3,685 0
Accumulated Net Unrealized Investment Gains (Losses) Pre Tax All Other      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 582,704 849,349 423,612
Net unrealized investment gains (losses) on investments arising during period (2,737,565) (240,917) 416,479
Reclassification adjustment for (gains) losses included in net income (5,259) (24,986) 7,074
Reclassification due to implementation of ASU 2016-13     1,568
Reclassification due to allowance for credit losses recorded during the period (4) (742) 616
Impact of net unrealized investment (gains) losses 0 0 0
Ending balance (2,160,124) 582,704 849,349
Deferred Policy Acquisition Costs and Other Costs      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 983,085 1,200,048 423,227
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to implementation of ASU 2016-13     0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (2,177,588) (216,963) 776,821
Ending balance (1,194,503) 983,085 1,200,048
Future Policy Benefits and Policyholders' Account Balances and Other Liabilities      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (1,115,484) (1,348,231) (482,134)
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to implementation of ASU 2016-13     0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 2,489,492 232,747 (866,097)
Ending balance 1,374,008 (1,115,484) (1,348,231)
Income Tax Benefit (Expense)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (95,281) (147,241) (76,914)
Net unrealized investment gains (losses) on investments arising during period 574,791 50,016 (87,588)
Reclassification adjustment for (gains) losses included in net income 930 5,277 (1,486)
Reclassification due to implementation of ASU 2016-13     0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (65,485) (3,333) 18,747
Ending balance 414,955 (95,281) (147,241)
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 358,709 553,925 289,359
Net unrealized investment gains (losses) on investments arising during period (2,162,923) (187,950) 329,507
Reclassification adjustment for (gains) losses included in net income (3,498) (19,717) 5,588
Reclassification due to implementation of ASU 2016-13     0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 246,419 12,451 (70,529)
Ending balance (1,561,293) 358,709 553,925
Net Unrealized Gains (Losses) on AFS Fixed Maturity Securities with OTTI Pre-Tax      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 0 0 1,568
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to implementation of ASU 2016-13     (1,568)
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 0 0 0
Ending balance $ 0 $ 0 $ 0
v3.23.1
Statutory Net Income and Surplus and Dividend Restrictions (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ 3,369 $ 833 [1] $ (671) [1]
Statutory capital and surplus 4,839 5,955 [1] 1,461 [1]
Statutory surplus capacity to pay divided without prior approval in 2023 0    
Statutory dividend paid to Prudential Insurance $ 0 $ 0 $ 0
Pruco Life Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Dividends And Distributions Surplus Restriction 10.00%    
[1] Prior year amounts have been updated to conform to finalized statutory filing where applicable
v3.23.1
Related Party Transactions (Narrative) (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
policy
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Related Party Transaction [Line Items]                              
Policy charges and fee income                         $ 1,731,957,000 $ 1,529,757,000 $ 624,320,000
Company's share of corporate expenses                         (1,655,673,000) (2,044,942,000) (201,644,000)
Net investment income                         884,001,000 550,235,000 367,350,000
Accrued investment income         $ 160,027,000               219,635,000 160,027,000  
Contributed capital                         0 776,657,000 575,000,000
Prudential Insurance                              
Related Party Transaction [Line Items]                              
Contributed capital   $ 7,000,000 $ 3,000,000 $ 8,000,000 457,000,000 $ 3,813,000,000   $ 106,000,000 $ 175,000,000 $ 75,000,000 $ 325,000,000        
Return of Capital             $ 34,000,000           0   0
Dividend                         0 0 0
Prudential Insurance | Subsequent Event                              
Related Party Transaction [Line Items]                              
Contributed capital $ 405,000,000                            
PALAC                              
Related Party Transaction [Line Items]                              
Contributed capital         167,000,000                    
PALAC                              
Related Party Transaction [Line Items]                              
Market value of loan   $ 324,000,000                   $ 324,000,000      
Premium                       $ 24,000,000      
Prudential Insurance and Prudential FInancial                              
Related Party Transaction [Line Items]                              
Life Insurance, Corporate or Bank Owned, amount         5,248,000,000               4,512,000,000 5,248,000,000  
Fees related to Life Insurance, Corporate or Bank Owned, amount                         52,000,000 56,000,000 50,000,000
Prudential Insurance                              
Related Party Transaction [Line Items]                              
Stock option program plan expense                         1,000,000 1,000,000 1,000,000
Deferred compensation program expense                         5,000,000 4,000,000 5,000,000
Pension plan expense                         19,000,000 14,000,000 17,000,000
Welfare plan expense                         $ 15,000,000 13,000,000 18,000,000
Defined contribution plan, employer matching contribution, percent (up to)                         4.00%    
Defined contribution plan, cost recognized                         $ 9,000,000 5,000,000 7,000,000
Number of Corporate Owned Life Insurance policies sold | policy                         5    
Prudential Financial                              
Related Party Transaction [Line Items]                              
Company's share of corporate expenses                         $ 105,000,000 86,000,000 76,000,000
Number of Corporate Owned Life Insurance policies sold | policy                         1    
Affiliated Entity                              
Related Party Transaction [Line Items]                              
Net investment income                         $ 4,600,000 1,700,000  
Accrued interested receivable related to long-tern notes receivable         1,000,000               1,000,000 1,000,000  
Revenues related to long-term notes receivable                         3,000,000 4,000,000 4,000,000
Accrued investment income         300,000               500,000 300,000  
Line of credit facility, maximum borrowing capacity                         7,000,000,000    
Interest expense related to loans payable                         3,200,000 400,000 700,000
Affiliated Entity | PAD                              
Related Party Transaction [Line Items]                              
Policy charges and fee income                         611,000,000 379,000,000 529,000,000
Affiliated Entity | ASTISI and Prudential Investments                              
Related Party Transaction [Line Items]                              
Revenue administrative sharing agreement                         306,000,000 374,000,000 344,000,000
Affiliated Entity | PGIM Investments                              
Related Party Transaction [Line Items]                              
Revenue administrative sharing agreement                         36,000,000 21,000,000 11,000,000
Affiliated Entity | PGIM                              
Related Party Transaction [Line Items]                              
Net investment income                         41,000,000 20,000,000 15,000,000
Prudential Financial Joint Venture                              
Related Party Transaction [Line Items]                              
Other invested assets         $ 466,000,000               606,000,000 466,000,000  
Net investment income                         21,000,000 $ 39,000,000 $ 12,000,000
PGF                              
Related Party Transaction [Line Items]                              
Investment Income, Interest                         $ 137,000,000    
v3.23.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 148,076 $ 162,045
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 148,076 $ 162,045
U.S. Dollar fixed rate notes | Minimum      
Related Party Transaction [Line Items]    
Interest Rates 0.00%  
U.S. Dollar fixed rate notes | Maximum    
Related Party Transaction [Line Items]    
Interest Rates 14.85%  
v3.23.1
Related Party Transactions (Affiliate Commercial Mortgage Loan) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]    
Commercial Mortgage Loans $ 4,928,680 $ 2,832,560
Affiliated Entity | Commercial mortgage Loans    
Related Party Transaction [Line Items]    
Interest Rates 8.67%  
Commercial Mortgage Loans $ 72,225 $ 73,412
v3.23.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]      
Realized investment gains (losses), net $ 1,041,435 $ (5,295,406) $ (62,976)
Affiliated Entity | PALAC June 2021 Purchase Equities      
Related Party Transaction [Line Items]      
Fair Value 40,284    
Book Value 40,284    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance September 2021 Purchase Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 64,374    
Book Value 59,642    
APIC, Net of Tax Increase/ (Decrease) (3,739)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance September 2021 Sale Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 37,887    
Book Value 35,264    
APIC, Net of Tax Increase/ (Decrease) 2,073    
Realized investment gains (losses), net 0    
Affiliated Entity | Hirakata LLC September 2021 Purchase Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 13,944    
Book Value 13,944    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Purchase Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 120,256    
Book Value 120,256    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Sale Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 173,590    
Book Value 166,427    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 7,163    
Affiliated Entity | Prudential Insurance September 2021 Purchase Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 45,358    
Book Value 42,127    
APIC, Net of Tax Increase/ (Decrease) (2,553)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance September 2021 Sale Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 22,796    
Book Value 21,780    
APIC, Net of Tax Increase/ (Decrease) 802    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Purchase Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 29,483    
Book Value 29,483    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Sale Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 51,005    
Book Value 47,020    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 3,985    
Affiliated Entity | Prudential Insurance September 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value 600    
Book Value 494    
APIC, Net of Tax Increase/ (Decrease) (84)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance September 2021 Sale Derivatives      
Related Party Transaction [Line Items]      
Fair Value 335    
Book Value 175    
APIC, Net of Tax Increase/ (Decrease) 127    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value (1,243)    
Book Value (1,243)    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co September 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value 2,846    
Book Value 770    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 2,076    
Affiliated Entity | Prudential Arizona Reinsurance Universal Co November 2021 Purchase      
Related Party Transaction [Line Items]      
Fair Value 41,021    
Book Value 41,021    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC November 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value 1,112    
Book Value 1,112    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC December 2021 Transfer In Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,037,320    
Book Value 2,037,320    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Universal Reinsurance Co December 2021 Purchase Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 48,041    
Book Value 48,041    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC December 2021 Purchase Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 57,087    
Book Value 57,087    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC December 2021 Transfer In Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 517,309    
Book Value 517,309    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance December 2021 Contributed Capital Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 166,676    
Book Value 166,676    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co December 2021 Sale Derivatives      
Related Party Transaction [Line Items]      
Fair Value 31,567    
Book Value 0    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 31,567    
Affiliated Entity | Prudential Retirement Insurance & Annuity Co December 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value 73,572    
Book Value 73,572    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC December 2021 Purchase Derivatives      
Related Party Transaction [Line Items]      
Fair Value 8,455    
Book Value 8,455    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC - January 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 4,432    
Book Value 4,432    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC - January 2022 - Purchase - Derivatives      
Related Party Transaction [Line Items]      
Fair Value 404    
Book Value 404    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PALAC - February 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 128,909    
Book Value 128,909    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Arizona Reinsurance Universal Co - April 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 48,970    
Book Value 48,970    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - May 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 233,426    
Book Value 241,128    
APIC, Net of Tax Increase/ (Decrease) 6,085    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - June 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 88,754    
Book Value 81,216    
APIC, Net of Tax Increase/ (Decrease) (5,955)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - June 2022 - Transfer In - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 52,089    
Book Value 45,031    
APIC, Net of Tax Increase/ (Decrease) (5,577)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - June 2022 - Transfer Out - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 48,786    
Book Value 58,984    
APIC, Net of Tax Increase/ (Decrease) (8,057)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Arizona Reinsurance Universal Co - June 2022 - Purchase - Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 6,492    
Book Value 6,492    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Arizona Reinsurance Universal Co - June 2022 - Sale - Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 14,853    
Book Value 15,725    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (872)    
Affiliated Entity | Gibraltar Universal Life Reinsurance Co - June 2022 - Purchase - Commercial and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 13,551    
Book Value 13,551    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Gibraltar Universal Life Reinsurance Co - June 2022 - Sale - Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 8,692    
Book Value 9,033    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (341)    
Affiliated Entity | Prudential Universal Reinsurance Co - June 2022 - Purchase - Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 4,403    
Book Value 4,403    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - July 2022 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 6,319    
Book Value 7,230    
APIC, Net of Tax Increase/ (Decrease) 719    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Arizona Reinsurance Captive Co - July 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 16,284    
Book Value 16,284    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - August 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 155,823    
Book Value 139,712    
APIC, Net of Tax Increase/ (Decrease) (12,728)    
Realized investment gains (losses), net 0    
Affiliated Entity | Vantage Casualty Insurance Co - September 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 3,497    
Book Value 3,497    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | WH Warehouse Ltd - October 2022 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 26,536    
Book Value 26,388    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 148    
Affiliated Entity | Prudential Arizona Reinsurance Universal Co - November 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 91,051    
Book Value 91,051    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - December 2022 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 67,477    
Book Value 71,369    
APIC, Net of Tax Increase/ (Decrease) 3,075    
Realized investment gains (losses), net $ 0    
v3.23.1
Related Party Transactions (Debt Agreements) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 311,813 $ 320,362
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 96,666 99,770
Interest Rates 4.39%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 29,000 29,931
Interest Rates 4.39%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 97,665 100,348
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 39,066 40,139
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 48,832 50,174
Interest Rates 3.95%  
Prudential Funding LLC Loan Issued 12282022    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 138 0
Interest Rates 4.73%  
Prudential Funding LLC Loan Issued 12292022    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 62 0
Interest Rates 4.73%  
Prudential Funding LLC Loan Issued 12302022    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 384 $ 0
Interest Rates 4.73%  
v3.23.1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Jul. 31, 2017
Commitments and Contingent Liabilities [Line Items]      
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 100.0    
Commitments | Commercial mortgage loans      
Commitments and Contingent Liabilities [Line Items]      
Total outstanding commercial mortgage loan commitments 333.0 $ 121.0  
Allowance for credit losses 0.1 0.0  
Change in allowance for credit loss expense (reversal) 0.1 0.0  
Commitments | Investments      
Commitments and Contingent Liabilities [Line Items]      
Commitments to purchase investment (excluding commercial mortgage loans) 582.0 753.0  
Purchase Commitment      
Commitments and Contingent Liabilities [Line Items]      
Change in allowance for credit loss expense (reversal) 0.0 0.0  
Other Guarantees      
Commitments and Contingent Liabilities [Line Items]      
Accrued Liabilities $ 33.0 $ 34.0  
Indonesia | Joint Venture With CT Corp      
Commitments and Contingent Liabilities [Line Items]      
Joint Venture with CT Corp, Ownership Percentage     49.00%
v3.23.1
Schedule I - Summary of Investments Other Than investments in Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Amortized Cost $ 21,311,087 $ 12,737,749
Fair Value 19,025,401 13,278,166
Equity securities, at cost 148,179 106,174
Equity securities, at fair value 143,072 111,267
Fixed maturities, trading, amortized cost 2,682,022 3,319,660
Fixed maturities, trading 1,936,159 3,302,392
Commercial Mortgage Loans 4,928,680 2,832,560
Policy loans 505,367 1,327,485
Short-term Investments 124,491  
Other invested assets 1,088,613 1,209,925
Total Investment at Cost 30,788,439  
Total investment per Balance Sheet 27,751,783 22,244,232
Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 21,311,087 12,737,749
Fair Value 19,025,401 13,278,166
Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 148,179  
Equity securities, at fair value 143,072  
Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 21,311,087  
Fair Value 19,025,401  
Trading | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, trading, amortized cost 2,682,022  
Fixed maturities, trading 1,936,159  
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 354,348 303,040
Fair Value 281,792 333,940
Obligations of U.S. states and their political subdivisions | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 654,884 584,244
Fair Value 628,200 630,521
Foreign government bonds | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 330,967 324,454
Fair Value 273,462 350,471
Asset-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 1,467,955 547,549
Fair Value 1,442,354 547,310
Commercial mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 727,159 552,653
Fair Value 658,152 575,184
Residential mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 342,493 18,684
Fair Value 336,216 20,180
Public utilities | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 1,895,412  
Fair Value 1,642,060  
All other corporate bonds | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 15,535,223  
Fair Value 13,760,732  
Redeemable preferred stock | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 2,646  
Fair Value 2,433  
Other common stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 111,987  
Equity securities, at fair value 109,609  
Mutual funds | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 7,681  
Equity securities, at fair value 6,297  
Perpetual preferred stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 28,511  
Equity securities, at fair value 27,166  
Commercial Mortgage and Agricultural Loans    
Schedule of Investments [Line Items]    
Commercial Mortgage Loans $ 4,928,680 $ 2,832,560