Jackson Financial (JXN) 10-Q9 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40274
Entity Registrant Name	Jackson Financial Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0486152
Entity Address, Address Line One	1 Corporate Way
Entity Address, City or Town	Lansing
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48951
City Area Code	517
Local Phone Number	381-5500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,490,622
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001822993
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	JXN
Security Exchange Name	NYSE
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol	JXN PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022	[1]
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $29 and $23 at March 31, 2023 and December 31, 2022, respectively (amortized cost: 2023 $49,026; 2022 $48,798)	$ 43,774,000,000	$ 42,489,000,000
Debt Securities, at fair value under fair value option	2,255,000,000	2,173,000,000
Debt Securities, trading, at fair value	101,000,000	100,000,000
Equity securities, at fair value	225,000,000	393,000,000
Mortgage loans, net of allowance for credit losses of $146 and $95 at March 31, 2023 and December 31, 2022, respectively	10,911,000,000	10,967,000,000
Mortgage loans, at fair value under fair value option	480,000,000	582,000,000
Policy loans (including $3,427 and $3,419 at fair value under the fair value option at March 31, 2023 and December 31, 2022, respectively)	4,377,000,000	4,377,000,000
Freestanding derivative instruments	1,051,000,000	1,270,000,000
Other invested assets	3,711,000,000	3,595,000,000
Total investments	66,885,000,000	65,946,000,000
Cash and cash equivalents	1,779,000,000	4,298,000,000
Accrued investment income	497,000,000	514,000,000
Deferred acquisition costs	12,760,000,000	12,923,000,000
Reinsurance recoverable, net of allowance for credit losses of $15 and $15 at March 31, 2023 and December 31, 2022, respectively	28,078,000,000	29,046,000,000
Reinsurance recoverable on market risk benefits, at fair value	238,000,000	221,000,000
Market risk benefit assets, at fair value	5,204,000,000	4,865,000,000
Deferred income taxes, net	755,000,000	320,000,000
Other assets	902,000,000	944,000,000
Separate account assets	204,366,000,000	195,906,000,000
Total assets	321,464,000,000	314,983,000,000
Liabilities
Reserves for future policy benefits and claims payable	12,369,000,000	12,318,000,000
Other contract holder funds	57,094,000,000	58,190,000,000
Market risk benefit liabilities, at fair value	5,560,000,000	5,662,000,000
Funds withheld payable under reinsurance treaties (including $3,591 and $3,582 at fair value under the fair value option at March 31, 2023 and December 31, 2022, respectively)	22,254,000,000	22,957,000,000
Long-term debt	2,632,000,000	2,635,000,000
Repurchase agreements and securities lending payable	1,124,000,000	1,048,000,000
Collateral payable for derivative instruments	545,000,000	689,000,000
Freestanding derivative instruments	1,510,000,000	2,065,000,000
Notes issued by consolidated variable interest entities, at fair value under fair value option (Note 4)	2,016,000,000	1,732,000,000
Other liabilities	2,527,000,000	2,403,000,000
Separate account liabilities	204,366,000,000	195,906,000,000
Total liabilities	311,997,000,000	305,605,000,000
Commitments, Contingencies and Guarantees
Equity
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; shares issued: 2023 - 22,000; liquidation preference $25,000	533,000,000	0
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 81,044,318 and 82,690,098 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,000,000	1,000,000
Additional paid-in capital	6,070,000,000	6,063,000,000
Treasury stock, at cost; 13,431,514 and 11,784,813 shares at March 31, 2023 and December 31, 2022, respectively	(510,000,000)	(443,000,000)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $52 and $(66) at March 31, 2023 and December 31, 2022, respectively	(2,308,000,000)	(3,378,000,000)
Retained earnings	4,852,000,000	6,403,000,000
Total shareholders' equity	8,638,000,000	8,646,000,000
Noncontrolling interests	829,000,000	732,000,000
Total equity	9,467,000,000	9,378,000,000
Total liabilities and equity	$ 321,464,000,000	$ 314,983,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Debt securities, available for sale, allowance for credit losses	$ 29	$ 23
Debt securities, available for sale, amortized cost	49,026	48,798
Mortgage loans, allowance for credit loss	146	95
Policy loans, fair value under fair value option	3,427	3,419
Reinsurance recoverable, allowance for credit losses	15	15
Funds withheld payable under reinsurance treaties, fair value under fair value option	$ 3,591	$ 3,582
Preferred stock, par value (in usd per share)	$ 1
Preferred stock, shares authorized (in shares)	24,000
Preferred stock, shares issued (in shares)	22,000
Preferred stock, liquidation preference (in usd per share)	$ 25,000
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	81,044,318	82,690,098
Common stock, outstanding (in shares)	81,044,318	82,690,098
Treasury stock (in shares)	13,431,514	11,784,813
Accumulated other comprehensive income, tax expense (benefit)	$ 52	$ (66)

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Fee income	$ 1,888,000	$ 2,012,000	[1]
Premiums	25,000	37,000	[1]
Net investment income:
Net investment income excluding funds withheld assets	415,000	430,000	[1]
Net investment income on funds withheld assets	307,000	260,000	[1]
Net investment income	722,000	690,000	[1]
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments	(2,726,000)	(1,566,000)	[1]
Net gains (losses) on funds withheld reinsurance treaties	(673,000)	1,028,000	[1]
Total net gains (losses) on derivatives and investments	(3,399,000)	(538,000)	[1]
Other income	15,000	20,000	[1]
Total revenues	(749,000)	2,221,000	[1]
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	228,000	300,000	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	14,000	15,000	[1]
Market risk benefits (gains) losses, net	(174,000)	(1,907,000)	[1]
Interest credited on other contract holder funds, net of deferrals and amortization	285,000	197,000	[1]
Interest expense	43,000	20,000	[1]
Operating costs and other expenses, net of deferrals	616,000	666,000	[1]
Amortization of deferred acquisition costs	293,000	317,000	[1]
Total benefits and expenses	1,305,000	(392,000)	[1]
Pretax income (loss)	(2,054,000)	2,613,000	[1]
Income tax expense (benefit)	(558,000)	388,000	[1]
Net income (loss)	(1,496,000)	2,225,000	[2]
Less: Net income (loss) attributable to noncontrolling interests	1,000	31,000	[1]
Net income (loss) attributable to Jackson Financial Inc.	$ (1,497,000)	$ 2,194,000	[1]
Earnings per share
Basic (in usd per share)	$ (18.11)	$ 25.41	[1]
Diluted (in usd per share)	$ (18.11)	$ 24.39	[1]

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	[1]
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,496)	$ 2,225
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment net of tax expense (benefit) of: $92 and $(777), for the three months ended March 31, 2023 and 2022, respectively	968	(2,826)
Change in unrealized gains (losses) on securities with credit impairment, net of tax expense (benefit) of: $(2) and $4 million for the three months ended March 31, 2023 and 2022, respectively	(8)	14
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $(32) and $166 for the three months ended March 31, 2023 and 2022, respectively.	(114)	599
Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $60 and $202 for the three months ended March 31, 2023 and 2022, respectively.	224	734
Total other comprehensive income (loss)	1,070	(1,479)
Comprehensive income (loss)	(426)	746
Less: Comprehensive income (loss) attributable to noncontrolling interests	1	31
Comprehensive income (loss) attributable to Jackson Financial Inc.	$ (427)	$ 715

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on securities not impaired, tax expense (benefit)	$ 92,000,000	$ (777,000,000)
Change in unrealized gains (losses) on securities for which an allowance for credit losses has been recorded, tax expense (benefit)	(2,000,000)	4,000,000
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)	(32,000,000)	166,000,000
Change in instrument-specific credit risk - market risk benefits, net of tax expense (benefit)	$ 60,000,000	$ 202,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions		Total		Common Stock		Preferred Stock		Additional Paid-In Capital		Treasury Stock at Cost		Accumulated Other Comprehensive Income		Retained Earnings		Total Shareholders' Equity		Non-Controlling Interests
Balance beginning of period at Dec. 31, 2021	[1]	$ 8,321		$ 1		$ 0		$ 6,051		$ (211)		$ 1,360		$ 440		$ 7,641		$ 680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,225	[2]											2,194		2,194		31
Change in unrealized investment gains and losses, net of tax		(1,479)	[2]									(1,479)				(1,479)
Change in equity of noncontrolling interests		4																4
Dividends on common stock		(52)												(52)		(52)
Purchase of treasury stock		(140)								(140)						(140)
Share based compensation		30						30								30
Balance end of period at Mar. 31, 2022	[1]	8,909		1		0		6,081		(351)		(119)		2,582		8,194		715
Balance beginning of period at Dec. 31, 2021	[1]	8,321		1		0		6,051		(211)		1,360		440		7,641		680
Balance end of period at Dec. 31, 2022		9,378	[3]	1	[1]	$ 0	[1]	6,063	[1]	(443)	[1]	(3,378)	[1]	6,403	[1]	8,646	[1]	732	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(1,496)												(1,497)		(1,497)		1
Change in unrealized investment gains and losses, net of tax		1,070										1,070				1,070
Change in equity of noncontrolling interests		96																96
Dividends on common stock		(54)												(54)		(54)
Purchase of treasury stock		(70)								(70)						(70)
Issuance of preferred stock (in shares)						533,000,000
Issuance of preferred stock		533														533
Share based compensation		10						7		3						10
Balance end of period at Mar. 31, 2023		$ 9,467		$ 1		$ 533		$ 6,070		$ (510)		$ (2,308)		$ 4,852		$ 8,638		$ 829

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (1,496)	$ 2,225	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses (gains) on investments	68	130
Net losses (gains) on derivatives	2,658	1,436
Net losses (gains) on funds withheld reinsurance treaties	673	(1,028)
Net (gain) loss on market risk benefits	(174)	(1,907)	[2]
(Gain) loss from updating future policy benefits cash flow assumptions, net	14	15	[2]
Interest credited on other contract holder funds, gross	285	197
Mortality, expense and surrender charges	(132)	(135)
Amortization of discount and premium on investments	(6)	8
Deferred income tax expense (benefit)	(553)	411
Share-based compensation	24	71
Change in:
Accrued investment income	17	18
Deferred acquisition costs	163	137
Funds withheld, net of reinsurance	75	55
Other assets and liabilities, net	(155)	(800)
Net cash provided by (used in) operating activities	1,461	833
Sales, maturities and repayments of:
Debt securities	2,931	4,953
Equity securities	157	6
Mortgage loans	469	315
Purchases of:
Debt securities	(3,325)	(4,042)
Equity securities	(2)	(1)
Mortgage loans	(348)	(452)
Settlements related to derivatives and collateral on investments	(3,046)	(950)
Other investing activities	282	(31)
Net cash provided by (used in) investing activities	(2,882)	(202)
Policyholders' account balances:
Deposits	3,874	5,857
Withdrawals	(7,517)	(6,700)
Net transfers from (to) separate accounts	2,060	951
Proceeds from (payments on) repurchase agreements and securities lending	76	(990)
Net proceeds from (payments on) Federal Home Loan Bank notes	0	500
Net proceeds from (payments on) debt	(4)	(8)
Dividends on common stock	(51)	(52)
Purchase of treasury stock	(70)	(140)
Issuance of preferred stock	533	0
Net cash provided by (used in) financing activities	(1,099)	(582)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(2,520)	49
Cash, cash equivalents, and restricted cash at beginning of period	4,301	2,631
Total cash, cash equivalents, and restricted cash at end of period	1,781	2,680
Supplemental cash flow information
Income taxes paid (received)	0	0
Interest paid	21	9
Non-cash investing activities
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	32	112
Other invested assets acquired from stock splits and stock distributions	9	32
Non-cash financing activities
Non-cash dividend equivalents on stock-based awards	(3)	0
Reconciliation to Statement of Financial Position
Cash and cash equivalents	1,779	2,674
Restricted cash (included in Other assets)	2	6
Total cash, cash equivalents, and restricted cash	$ 1,781	$ 2,680

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Jackson Financial Inc. (“Jackson Financial”) along with its subsidiaries (collectively, the “Company,” which also may be referred to as “we,” “our” or “us”), is a financial services company focused on helping Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life. Jackson Financial, domiciled in the state of Delaware in the United States (“U.S.”), was a majority-owned subsidiary of Prudential plc (“Prudential”), London, England, and was the holding company for Prudential’s U.S. operations. As described below under "Other," the Company's demerger from Prudential was completed on September 13, 2021 ("Demerger"), and the Company is a stand-alone United States ("U.S.") public company. Jackson Financial’s primary life insurance subsidiary, Jackson National Life Insurance Company and its insurance subsidiaries (collectively, “Jackson”), is licensed to sell group and individual annuity products (including immediate, registered index-linked, deferred fixed, fixed index and variable annuities), and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”), funding agreements and medium-term note funding agreements. In addition to Jackson, Jackson Financial’s primary operating subsidiaries are as follows: • PPM America, Inc. (“PPM”), is the Company’s investment management operation that manages the life insurance companies’ general account investment funds. PPM also provides investment services to other former affiliated and unaffiliated institutional clients. • Brooke Life Insurance Company (“Brooke Life”), Jackson’s direct parent, is a life insurance company licensed to sell life insurance and annuity products in the state of Michigan. Other wholly-owned subsidiaries of Jackson are as follows: • Life insurers: Jackson National Life Insurance Company of New York (“Jackson NY” or “JNY“); Squire Reassurance Company LLC (“Squire Re”); Squire Reassurance Company II, Inc. (“Squire Re II”); and VFL International Life Company SPC, LTD; • Registered broker-dealer: Jackson National Life Distributors LLC (“JNLD"); • Registered investment adviser: Jackson National Asset Management LLC (“JNAM“), which manages the life insurance companies' separate account funds underlying the variable annuities products, which are sub-advised. JNAM manages and oversees those sub-advisers; • Service provider: PGDS (US One) LLC (“PGDS”), which provides certain services to the Company and certain former affiliates; and • Other insignificant wholly-owned subsidiaries. The Company's Condensed Consolidated Financial Statements also include other insignificant partnerships, limited liability companies (“LLCs”) and other variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. Other On August 6, 2021, the Company's Class A Common Stock was registered on a Form 10 registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective under the Securities Exchange Act of 1934, as amended. We refer to that effective Form 10 registration as the "Form 10." The Demerger transaction described in the Form 10 was consummated on September 13, 2021. As of March 31, 2023, Prudential has a 7.1% remaining equity interest in the Company. We continue to monitor developments related to the COVID-19 pandemic. The COVID-19 pandemic caused significant economic and financial turmoil in the U.S. and around the world. Since the height of the pandemic, t here has been a steady resumption of activity. The extent to which the COVID-19 pandemic impacts our business, results of operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted. The Company implemented business continuity plans that already were in place to ensure the availability of services for our customers, work at home capabilities for our associates, where appropriate, and other ongoing risk management activities. The Company had associates, as needed or voluntarily, in our offices during this time, as permitted by local and state restrictions. The Company rolled out a broader “return to office plan” for all associates, and since September 2022, required some associates to return to the office five days a week. Associates below director level remain on an “office-centric” hybrid schedule between in-office and remote working arrangements. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the "2022 Annual Report"). The condensed consolidated financial information as of December 31, 2022, included herein, has been derived from the audited Consolidated Financial Statements in the 2022 Annual Report, but recast, as described in these notes, to reflect the adoption of the accounting standard discussed in the next paragraph. The Company adopted Accounting Standards Update (“ASU”) 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts,” (“LDTI”) effective January 1, 2023, with a transition date of January 1, 2021. See Note 2 of the Notes to Condensed Consolidated Financial Statements for further description of the adoption of LDTI. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the Company’s 2022 Annual Report. New accounting policies adopted for LDTI are included in the Notes 7, 8, 9, 10, 11, and 12 to the Condensed Consolidated Financial Statements in this Form 10-Q. In the opinion of management, these financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. All material intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are VIEs, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions used in calculating policy reserves and liabilities including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off-balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; • Assumptions used in calculating market risk benefits including policyholder behavior, mortality rates, and capital market assumptions; • Assumptions impacting the expected term used in the calculation of amortization of deferred acquisition costs, including policyholder behavior and mortality rates. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed. Revision of Prior Period Financial Statements In 2022, the Company identified errors related to the classification of certain balances and amounts in the line items of the Condensed Consolidated Balance Sheets and Condensed Consolidated Income Statements. These errors resulted in the revision of balances and amounts related to deferred sales inducement assets, liabilities for certain life-contingent annuities, sub-advisor fee expenses, and other operating expense items that impacted previously issued Condensed Consolidated Financial Statements. The impact of these errors to the prior periods' Condensed Consolidated Financial Statements were not considered to be material and had no impact on shareholders' equity or net income (loss). However, to improve the consistency and comparability of the financial statements, management revised the financial statements and related disclosures in this quarterly report. See Note 22 to the Notes to Condensed Consolidated Financial Statements for details of the revisions.

New Accounting Standards

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2023
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying U.S. GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and is being applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s Condensed Consolidated Financial Statements. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities as of December 21, 2022. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2024. In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long Duration Contracts,” ("LDTI"), which included changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted LDTI effective January 1, 2023, with a transition date of January 1, 2021, using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, and on a retrospective basis, in relation to market risk benefits ("MRBs"). Under the modified retrospective approach, the Company applied the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminated certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company applied the guidance as of the transition date, using actual historical assumption information as of contract inception, as if the accounting principle had always been applied. Amounts reported as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 within these Condensed Consolidated Financial Statements are accounted for and presented in accordance with U.S. GAAP reflecting the adoption of LDTI. LDTI contains four significant changes: 1. Market risk benefits: market risk benefits, a new term for certain contract features that provide for potential benefits in addition to the account balance that expose the Company to other-than-nominal market risk (for example, guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), are measured at fair value. Changes in fair value are recorded and presented separately within the income statement, with the exception of changes in fair value due to non-performance risk, which are recognized in other comprehensive income (loss) (“OCI”); 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) are amortized on a constant-level basis, independent of profitability of the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts is required. These liabilities are discounted using an upper-medium grade fixed income instrument yield which is updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, are required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The adoption of LDTI resulted in a decrease in total equity of $3.0 billion as of the transition date of January 1, 2021, comprised of a reduction in AOCI of $0.4 billion and a reduction in retained earnings of $2.6 billion. The primary drivers for this impact to total equity included: 1. the classification of certain benefits as market risk benefits (“MRB”) which were remeasured at fair value as of the transition date. The resulting change in the value of these benefits at the transition date, net of the related deferred tax effect, is recognized in retained earnings, with the exception of the cumulative effect of changes in non-performance risk, net of the related deferred tax effect, which is recognized in AOCI; 2. changes to the discount rate used to measure liabilities for future policyholder benefits which, under LDTI, are remeasured each reporting period using current upper-medium grade fixed-income instrument yields, which are generally considered to be those on single-A rated public corporate debt. The cumulative effect of the remeasurement of these liabilities using the transition date discount rate, net of the related deferred tax effect, is recognized in AOCI; and 3. the removal of certain shadow adjustments previously recorded in AOCI related to the impact of unrealized gains (losses) on investments that were included in the estimated gross profit amortization calculation for deferred acquisition costs, which are no longer recognized upon the adoption of LDTI. The following table presents the effect of transition adjustments on shareholders' equity due to the adoption of LDTI (in millions): January 1, 2021 Accumulated other Retained earnings comprehensive income Deferred acquisition costs $ — $ 106 Reinsurance recoverable on market risk benefits — (34) Reserves for future policy benefits and claims payable 97 141 Market risk benefits (2,700) (598) Total $ (2,603) $ (385) The following table presents amounts previously reported as of December 31, 2020, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of January 1, 2021 (in millions): As Previously Effect of As of Reported Changes 1/1/2021 Assets Deferred acquisition costs $ 13,897 $ 146 $ 14,043 Reinsurance recoverable, net of allowance for credit losses 35,270 (154) 35,116 Reinsurance recoverable on market risk benefits, at fair value — 471 471 Market risk benefit assets, at fair value — 690 690 Deferred income taxes, net 1,058 824 1,882 Other assets 1,179 2 1,181 Total assets $ 353,532 $ 1,979 $ 355,511 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 22,512 $ (5,716) $ 16,796 Other contract holder funds 63,592 (7) 63,585 Market risk benefit liabilities, at fair value — 10,690 10,690 Total liabilities 343,609 4,967 348,576 Equity Accumulated other comprehensive income, net of tax expense 3,821 (385) 3,436 Retained earnings (324) (2,603) (2,927) Total equity 9,923 (2,988) 6,935 Total liabilities and equity $ 353,532 $ 1,979 $ 355,511 Liability for future policy benefits For the liability for future policy benefits, the net transition adjustment is related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021. The discount rate used to measure the liability at transition was generally lower than the rates used to measure the liability prior to the adoption of LDTI. Additionally, at transition, where net premiums exceeded gross premiums at the cohort level, the Company set net premiums equal to gross premiums and recognized the resulting increase in the liability for future policy benefits as an adjustment to opening retained earnings. The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rates 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following table presents the impact of the adoption of LDTI, as of the transition date, on Closed Block Life additional liabilities for universal life-type contracts (in millions): Closed Block Life Balance, December 31, 2020 $ 1,157 Adjustment for reversal of AOCI adjustments 28 Adjustment for cumulative effect of adoption of LDTI — Balance, January 1, 2021 $ 1,185 Market risk benefits For MRBs, the net transition adjustment relates to the measurement of certain guaranteed benefit features at fair value that were previously measured using an insurance accrual model. The measurement of these features at fair value includes use of generally lower discount rates and lower assumed future fund performance relative to their previous measurement, as well as inclusion of risk margins, all of which lead to a generally higher fair value balance relative to the carrying value prior to transition to LDTI. The transition adjustment to AOCI for MRBs relates to the effect of changes in the non-performance risk between the contract issuance date and the transition date. The remaining difference between the carrying value of these contract features under the insurance accrual model prior to transition to LDTI and the fair value measured at transition was recorded as an adjustment to retained earnings as of the transition date. The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 Deferred acquisition costs For DAC, at transition to LDTI, the Company removed shadow adjustments previously recorded in AOCI for the impact of unrealized gains and losses that were included in the estimated gross profit amortization calculation prior to the adoption of LDTI. The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 Reinsurance recoverable The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable (in millions) : Total Balance, December 31, 2020 $ 35,270 Reclass of carrying amount of MRBs under prior guidance (407) Adjustment for loss contracts under the modified retrospective approach — Effect of remeasurement of liability at current discount rate 253 Balance, January 1, 2021 $ 35,116 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 The adoption of LDTI resulted in an increase in net income attributable to Jackson Financial Inc. of $169 million for the three months ended March 31, 2022, and also resulted in an increase in total equity of $223 million for the year ended December 31, 2022. The following table presents amounts previously reported in the Consolidated Balance Sheets as of December 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of December 31, 2022 (in millions): As Previously As Adjusted Reported Effect of As of December 31, 2022 Changes December 31, 2022 Assets Deferred acquisition costs $ 13,422 $ (499) $ 12,923 Reinsurance recoverable, net of allowance for credit losses 29,641 (595) 29,046 Reinsurance recoverable on market risk benefits, at fair value — 221 221 Market risk benefit assets, at fair value — 4,865 4,865 Deferred income taxes, net 385 (65) 320 Other assets 946 (2) 944 Total assets $ 311,058 $ 3,925 $ 314,983 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 14,273 $ (1,955) $ 12,318 Other contract holder funds 58,195 (5) 58,190 Market risk benefit liabilities, at fair value — 5,662 5,662 Total liabilities 301,903 3,702 305,605 Equity Accumulated other comprehensive income, net of tax expense (5,481) 2,103 (3,378) Retained earnings 8,283 (1,880) 6,403 Total equity 9,155 223 9,378 Total liabilities and equity $ 311,058 $ 3,925 $ 314,983 The following table present amounts previously reported in Condensed Consolidated Income Statements as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Revenues Total net gains (losses) on derivatives and investments 1,605 (2,143) (538) Total revenues $ 4,364 $ (2,143) $ 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 581 (281) 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Market risk benefits (gains) losses, net — (1,907) (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 196 1 197 Amortization of deferred acquisition costs 515 (198) 317 Total benefits and expenses 1,978 (2,370) (392) Pretax income (loss) 2,386 227 2,613 Income tax expense (benefit) 330 58 388 Net income (loss) 2,056 169 2,225 Net income (loss) attributable to Jackson Financial Inc. $ 2,025 $ 169 $ 2,194 Earnings per share Basic $ 23.45 $ 1.96 $ 25.41 Diluted $ 22.51 $ 1.88 $ 24.39 The following table presents amounts previously reported in Consolidated Statements of Comprehensive Income (Loss) as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Net income (loss) $ 2,056 $ 169 $ 2,225 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (2,697) (129) (2,826) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 599 599 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 734 734 Total other comprehensive income (loss) (2,683) 1,204 (1,479) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (658) $ 1,373 $ 715 The adoption of LDTI did not affect the previously reported as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) totals for net cash flows provided by (used in) operating, investing, or financing activities, but did affect the following components of net cash flows provided by (used in) operating activities: As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Cash flows from operating activities: Net income (loss) $ 2,056 $ 169 $ 2,225 Adjustments to reconcile net income to net cash provided by operating activities: Net losses (gains) on derivatives (707) 2,143 1,436 Net (gain) loss on market risk benefits — (1,907) (1,907) (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Interest credited on other contract holder funds, gross 196 1 197 Deferred income tax expense (benefit) 353 58 411 Change in deferred acquisition costs 336 (199) 137 Change in funds withheld, net of reinsurance (100) 155 55 Change in other assets and liabilities, net (365) (435) (800) Total adjustments (287) (169) (456) Net cash provided by (used in) operating activities $ 833 $ — $ 833 In addition, information regarding periods ended on or before December 31, 2022 presented in the following Notes to the Condensed Consolidated Financial Statements has been recast to reflect the adoption of LDTI: Notes 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 15, 19, 20, 21, and 22.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments consisting of Retail Annuities, Institutional Products, Closed Life and Annuity Block, plus its Corporate and Other segment. These segments reflect how the Company’s chief operating decision maker views and manages the business. The following is a brief description of the Company’s reportable segments. Retail Annuities The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, fixed index annuities, fixed annuities, payout annuities, and registered index-linked annuities ("RILA"). These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions, primarily to high-net worth investors and the mass and affluent markets. The Company’s variable annuities represent an attractive option for retirees and soon-to-be retirees, providing access to equity market appreciation and add-on benefits, including guaranteed lifetime income. A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index. The Company also provides access to guaranteed lifetime income as an add-on benefit. A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered from banks or money market funds. A RILA product offers customers exposure to market returns through market index-linked investment options, subject to a cap, and offers a variety of guarantees designed to modify or limit losses. The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, including the fixed option on variable annuities, RILA and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders. Institutional Products The Company’s Institutional Products consist of traditional Guaranteed Investment Contracts ("GICs"), funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) and medium-term note funding agreements. The Company’s GIC products are marketed to defined contribution pension and profit-sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well as money market funds, and are issued to the FHLB in connection with its program. The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited on GICs and funding agreements. Closed Life and Annuity Blocks The Company's Closed Life and Annuity Blocks segment is primarily composed of blocks of business that have been acquired since 2004. This segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The Closed Life and Annuity Blocks segment also includes a block of group payout annuities that we assumed from John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York through reinsurance transactions in 2018 and 2019, respectively. The Company historically offered traditional and interest-sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life insurance policies was a more efficient means of diversifying our in-force business than selling new life insurance products. The profitability of the Company’s Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriately price its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net gains (losses) on derivatives and investments, and the ability to earn an assumed rate of return on the assets supporting that business. Corporate and Other The Company’s Corporate and Other segment primarily consists of the operations of its investment management subsidiary, PPM, VIE’s, and unallocated corporate income and expenses. The Corporate and Other segment also includes certain eliminations and consolidation adjustments. Segment Performance Measurement Segment operating revenues and pretax adjusted operating earnings are non-GAAP financial measures that management believes are critical to the evaluation of the financial performance of the Company’s segments. The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income. Its primary measure is pretax adjusted operating earnings, which is defined as net income recorded in accordance with U.S. GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses that are not considered to drive underlying performance. Operating revenues and pretax adjusted operating earnings should not be used as a substitute for revenues and net income as calculated in accordance with U.S. GAAP. Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the following items: 1. Net Hedging Results: Comprised of: (i) fees attributed to guaranteed benefits; (ii) changes in the fair value of freestanding derivatives used to manage the risk associated with market risk benefits and other guaranteed benefit features; (iii) the movements in reserves, market risk benefits, guaranteed benefit features accounted for as embedded derivative instruments, and related claims and benefit payments; (iv) amortization of the balance of unamortized deferred acquisition costs at the date of transition to current LDTI accounting guidance on January 1, 2021 associated with items excluded from pretax adjusted operating earnings prior to transition; and (v) the impact on the valuation of Guaranteed Benefits and Net Hedging Results arising from changes in underlying actuarial assumptions. These items are excluded from pretax adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business. We believe this approach appropriately removes the impact to both revenue and related expenses associated with Guaranteed Benefits and Net Hedging Results and provides investors a better picture of the drivers of our underlying performance. 2. Net Realized Investment Gains and Losses: Comprised of: (i) realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio; and (ii) impairments of securities, after adjustment for the non-credit component of the impairment charges. These items are excluded from pretax adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance. 3. Change in Value of Funds Withheld Embedded Derivative and Net investment income on funds withheld assets: Comprised of: (i) the change in fair value of funds withheld embedded derivatives; and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions. These items are excluded from pretax adjusted operating earnings as they are not reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance. 4. Other items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting requirements, such as our investments in collateralized loan obligations ("CLOs"), but for which the consolidation effects are not consistent with our economic interest or exposure to those entities, and (ii) one-time or other non-recurring items. These items are excluded from pretax adjusted operating earnings as they are not reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance. 5. Income taxes. Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 975 $ — $ 117 $ 13 $ 1,105 Premiums 4 — 23 — 27 Net investment income 136 102 177 22 437 Income (loss) on operating derivatives (10) (12) (10) (4) (36) Other income 9 — 4 2 15 Total Operating Revenues 1,114 90 311 33 1,548 Operating Benefits and Expenses Death, other policy benefits and change in policy (15) — 163 — 148 Interest credited on other contract holder funds, net 98 76 111 — 285 (Gain) loss from updating future policy benefits cash flow assumptions, net (2) — 16 — 14 Interest expense 17 4 — 22 43 Operating costs and other expenses, net of deferrals 522 1 39 54 616 Amortization of deferred acquisition costs 138 — 2 — 140 Total Operating Benefits and Expenses 758 81 331 76 1,246 Pretax Adjusted Operating Earnings $ 356 $ 9 $ (20) $ (43) $ 302 Three Months Ended March 31, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,108 $ — $ 121 $ 16 $ 1,245 Premiums 3 — 37 — 40 Net investment income 114 64 189 34 401 Income (loss) on operating derivatives 11 (1) 15 10 35 Other income 11 — 8 1 20 Total Operating Revenues 1,247 63 370 61 1,741 Operating Benefits and Expenses Death, other policy benefits and change in policy 32 — 225 — 257 Interest credited on other contract holder funds, net 57 39 101 — 197 (Gain) loss from updating future policy benefits cash flow assumptions, net (3) — 18 — 15 Interest expense 5 — — 15 20 Operating costs and other expenses, net of deferrals 592 1 32 40 665 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 822 40 379 55 1,296 Pretax Adjusted Operating Earnings $ 425 $ 23 $ (9) $ 6 $ 445 Intersegment eliminations in the above tables are included in the Corporate and Other segment. These include the elimination of investment income, between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson to its affiliate PPM, which were $18 million and $16 million for the three months ended March 31, 2023 and 2022 , respectively . The following table summarizes the reconciling items from the non-GAAP measure of operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Total operating revenues $ 1,548 $ 1,741 Fees attributed to guarantee benefit reserves 780 764 Net gains (losses) on derivatives and investments (3,362) (573) Net investment income (loss) related to noncontrolling interests 1 31 Consolidated investments (23) (2) Net investment income on funds withheld assets 307 260 Total revenues (1) $ (749) $ 2,221 (1) Substantially all the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues. The following table summarizes the reconciling items from the non-GAAP measure of operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Total operating benefits and expenses $ 1,246 $ 1,296 Net (gain) loss on market risk benefits (174) (1,907) Benefits attributed to guaranteed benefit features 80 44 Amortization of DAC related to non-operating revenues and expenses 153 173 Other items — 2 Total benefits and expenses $ 1,305 $ (392) The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Pretax adjusted operating earnings $ 302 $ 445 Non-operating adjustments income (loss): Fees attributable to guarantee benefit reserves 780 764 Net movement in freestanding derivatives (2,512) (1,476) Market risk benefits gains (losses), net 174 1,907 Net reserve and embedded derivative movements (189) (40) Amortization of DAC associated with non-operating items (153) (173) Guaranteed benefits and net hedging results (1,900) 982 Net realized investment gains (losses) (68) (130) Net realized investment gains (losses) on funds withheld assets (673) 1,028 Net investment income on funds withheld assets 307 260 Other items (23) (3) Pretax income (loss) attributable to Jackson Financial Inc. (2,055) 2,582 Income tax expense (benefit) (558) 388 Net income (loss) attributable to Jackson Financial Inc. $ (1,497) $ 2,194

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments are comprised primarily of fixed-income securities and loans, primarily publicly-traded corporate and government bonds, asset-backed securities and mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and institutional products on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments. Debt Securities The following table sets forth the composition of the fair value of debt securities at March 31, 2023 and December 31, 2022, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s investment advisors. The Company uses the second lowest rating by an NRSRO when NRSRO ratings are not equivalent and, for purposes of the table, if not otherwise rated by a NRSRO, the NAIC rating of a security is converted to an equivalent NRSRO-style rating. At March 31, 2023 and December 31, 2022, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $492 million and $32 million, respectively. Percent of Total Debt March 31, 2023 December 31, 2022 Investment Rating AAA 15.4% 17.9% AA 10.5% 8.2% A 30.3% 29.9% BBB 36.6% 36.4% Investment grade 92.8% 92.4% BB 3.6% 3.9% B and below 3.6% 3.7% Below investment grade 7.2% 7.6% Total debt securities 100.0% 100.0% At March 31, 2023, of the total carrying value of debt securities in an unrealized loss position, 78% were investment grade, 2% were below investment grade and 20% were not rated. Unrealized losses on debt securities that were below investment grade or not rated were approximately 21% of the aggregate gross unrealized losses on available-for-sale debt securities. At December 31, 2022, of the total carrying value of debt securities in an unrealized loss position, 78% were investment grade, 2% were below investment grade and 20% were not rated. Unrealized losses on debt securities that were below investment grade or not rated were approximately 21% of the aggregate gross unrealized losses on available for sale debt securities. Corporate securities in an unrealized loss position were diversified across industries. As of March 31, 2023, the industries accounting for the largest percentage of unrealized losses included utility (16% of corporate gross unrealized losses) and healthcare (10%). The largest unrealized loss related to a single corporate obligor was $51 million at March 31, 2023. As of December 31, 2022, the industries accounting for the largest percentage of unrealized losses included utility (16% of corporate gross unrealized losses) and healthcare (10%). The largest unrealized loss related to a single corporate obligor was $57 million at December 31, 2022. At March 31, 2023 and December 31, 2022, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair March 31, 2023 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 5,775 $ — $ 1 $ 883 $ 4,893 Other government securities 1,712 3 2 204 1,507 Public utilities 6,008 — 38 574 5,472 Corporate securities 29,679 21 112 3,086 26,684 Residential mortgage-backed 466 5 14 47 428 Commercial mortgage-backed 1,768 — — 174 1,594 Other asset-backed securities 5,974 — 9 431 5,552 Total debt securities $ 51,382 $ 29 $ 176 $ 5,399 $ 46,130 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 6,192 $ — $ 1 $ 1,008 $ 5,185 Other government securities 1,719 2 1 251 1,467 Public utilities 5,893 — 27 695 5,225 Corporate securities 28,803 15 59 3,701 25,146 Residential mortgage-backed 510 6 19 59 464 Commercial mortgage-backed 1,821 — — 183 1,638 Other asset-backed securities 6,133 — 8 504 5,637 Total debt securities $ 51,071 $ 23 $ 115 $ 6,401 $ 44,762 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at March 31, 2023, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 2,165 $ 1 $ — $ 9 $ 2,155 Due after 1 year through 5 years 10,263 2 19 369 9,911 Due after 5 years through 10 years 14,000 4 60 1,279 12,777 Due after 10 years through 20 years 8,980 3 66 1,335 7,708 Due after 20 years 7,766 14 8 1,755 6,005 Residential mortgage-backed 466 5 14 47 428 Commercial mortgage-backed 1,768 — — 174 1,594 Other asset-backed securities 5,974 — 9 431 5,552 Total $ 51,382 $ 29 $ 176 $ 5,399 $ 46,130 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. As required by law in various states in which business is conducted, securities with a carrying value of $94 million and $90 million at March 31, 2023 and December 31, 2022, respectively, were on deposit with regulatory authorities. Residential mortgage-backed securities (“RMBS”) include certain RMBS that are collateralized by residential mortgage loans and are neither expressly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair March 31, 2023 Cost (1) Credit Loss Gains Losses Value Prime $ 197 $ 3 $ 1 $ 24 $ 171 Alt-A 65 2 7 10 60 Subprime 16 — 6 — 22 Total non-agency RMBS $ 278 $ 5 $ 14 $ 34 $ 253 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 206 $ 4 $ 2 $ 30 $ 174 Alt-A 84 2 7 10 79 Subprime 27 — 10 1 36 Total non-agency RMBS $ 317 $ 6 $ 19 $ 41 $ 289 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities. The Company defines its exposure to non-agency residential mortgage loans as follows: • Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. • Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. • Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower. The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): March 31, 2023 December 31, 2022 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 144 $ 1,913 28 $ 339 $ 2,815 40 Other government securities 60 971 108 174 1,258 143 Public utilities 230 2,851 323 508 4,279 490 Corporate securities 477 9,181 1,282 2,087 17,068 2,323 Residential mortgage-backed 12 126 88 43 279 196 Commercial mortgage-backed 32 621 78 138 1,421 177 Other asset-backed securities 79 1,656 156 282 3,485 417 Total temporarily impaired securities $ 1,034 $ 17,319 2,063 $ 3,571 $ 30,605 3,786 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 739 $ 1,706 9 $ 669 $ 1,386 6 Other government securities 144 482 57 77 177 23 Public utilities 344 1,957 251 187 520 87 Corporate securities 2,609 12,136 1,550 1,614 4,601 644 Residential mortgage-backed 35 195 187 16 81 94 Commercial mortgage-backed 142 947 148 45 192 31 Other asset-backed securities 352 2,977 394 222 1,551 171 Total temporarily impaired securities $ 4,365 $ 20,400 2,596 $ 2,830 $ 8,508 1,056 Total Total Gross Gross Unrealized Fair # of Unrealized Fair # of Losses Value securities (1) Losses Value securities (1) U.S. government securities $ 883 $ 3,619 36 $ 1,008 $ 4,201 42 Other government securities 204 1,453 161 251 1,435 162 Public utilities 574 4,808 551 695 4,799 562 Corporate securities 3,086 21,317 2,656 3,701 21,669 2,806 Residential mortgage-backed 47 321 274 59 360 290 Commercial mortgage-backed 174 1,568 209 183 1,613 206 Other asset-backed securities 431 4,633 530 504 5,036 577 Total temporarily impaired securities $ 5,399 $ 37,719 4,417 $ 6,401 $ 39,113 4,645 (1) Certain securities contain multiple lots and fit the criteria of both aging groups. Debt securities in an unrealized loss position as of March 31, 2023 did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of impaired securities. As of March 31, 2023, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase. The Company performed a detailed analysis of the financial performance of the underlying issues in an unrealized loss position and determined that recovery of the entire amortized cost of each impaired security is expected. In addition, mortgage-backed and asset-backed securities were assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities, and prepayment rates. The Company estimated losses for a security by forecasting performance in the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. The forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts, and other independent market data. Based upon this assessment of the expected credit losses of the security given the performance of the underlying collateral compared to subordination or other credit enhancement, the Company expects to recover the entire amortized cost of each impaired security. Evaluation of Available-for-Sale Debt Securities for Credit Loss For debt securities in an unrealized loss position, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell the security before the amortized cost basis is fully recovered. If either criterion is met, the amortized cost is written down to fair value through net gains (losses) on derivatives and investments as an impairment. Debt securities in an unrealized loss position for which the Company does not have the intent to sell or is not more likely than not to sell the security before recovery to amortized cost are further evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors, which includes estimates about the operations of the issuer and future earnings potential. The credit loss evaluation may consider the following: the extent to which the fair value is below amortized cost; changes in ratings of the security; whether a significant covenant related to the security has been breached; whether an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness; judgments about an obligor’s current and projected financial position; an issuer’s current and projected ability to service and repay its debt obligations; the existence of, and realizable value of, any collateral backing the obligations; and the macro-economic and micro-economic outlooks for specific industries and issuers. In addition to the above, the credit loss review of investments in asset-backed securities includes the review of future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources. For mortgage-backed securities, credit losses are assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment timing, default rates and loss severity. Specifically, for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to net gains (losses) on derivatives and investments, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income. The allowance for credit loss for specific debt securities may be increased or reversed in subsequent periods due to changes in the assessment of the present value of cash flows that are expected to be collected. Any changes to the allowance for credit loss is recorded as a provision for (or reversal of) credit loss expense in net gains (losses) on derivatives and investments. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Accrued interest receivables are presented separate from the amortized cost basis of debt securities. Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income. Accrued interest of nil was written off during the three months ended March 31, 2023 and 2022. The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended March 31, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2023 $ — $ 2 $ — $ 15 $ 6 $ — $ — $ 23 Additions for which credit loss was not previously recorded — — — 32 — — — 32 Changes for securities with previously recorded credit loss — 1 — — — — — 1 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (9) (1) — — (10) Securities intended/required to be sold before recovery of amortized cost basis — — — (17) — — — (17) Balance at March 31, 2023 (2) $ — $ 3 $ — $ 21 $ 5 $ — $ — $ 29 Three Months Ended March 31, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 — 27 — — — 33 Changes for securities with previously recorded credit loss — — — — — — (5) (5) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — (5) — — — (5) Balance at March 31, 2022 (2) $ — $ 6 $ — $ 22 $ 2 $ — $ 2 $ 32 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $413 million and $385 million as of March 31, 2023 and 2022, respectively, and was excluded from the determination of credit losses for the three months ended March 31, 2023 and 2022. Net Investment Income The sources of net investment income were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 382 $ 273 Equity securities (10) 1 Mortgage loans 76 73 Policy loans 17 17 Limited partnerships 37 108 Other investment income 28 1 Total investment income excluding funds withheld assets 530 473 Investment expenses (115) (43) Net investment income excluding funds withheld assets 415 430 Net investment income on funds withheld assets (see Note 8) 307 260 Net investment income $ 722 $ 690 (1) Includes unrealized gains (losses) on trading securities and includes $27 million and $(10) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. Unrealized gains (losses) included in investment income that were recognized on equity securities held were $(14) million and $(18) million, for the three months ended March 31, 2023 and 2022, respectively. Net Gains (Losses) on Derivatives and Investments The following table summarizes net gains (losses) on derivatives and investments (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Available-for-sale securities Realized gains on sale $ 4 $ 24 Realized losses on sale (25) (178) Credit loss income (expense) (11) — Credit loss income (expense) on mortgage loans (47) 12 Other (1) 11 12 Net gains (losses) excluding derivatives and funds withheld assets (68) (130) Net gains (losses) on derivative instruments (see Note 5) (2,658) (1,436) Net gains (losses) on derivatives and investments (2,726) (1,566) Net gains (losses) on funds withheld reinsurance treaties (see Note 8) (673) 1,028 Total net gains (losses) on derivatives and investments $ (3,399) $ (538) (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements. Net gains (losses) on funds withheld reinsurance treaties represents income (loss) from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments. These gains (losses) are increased or decreased by changes in the embedded derivative liability related to the Athene funds withheld coinsurance agreement and also include (i) changes in the related funds withheld payable, as all economic performance of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements with each reinsurer, and (ii) amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements with each reinsurer. The aggregate fair value of securities sold at a loss for the three months ended March 31, 2023 and 2022 was $1,797 million and $2,392 million, which was approximately 97% and 92% of book value, respectively. Proceeds from sales of available-for-sale debt securities were $2.1 billion and $4.0 billion during the three months ended March 31, 2023 and 2022, respectively. There are inherent uncertainties in assessing the fair values assigned to the Company’s investments. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the Consolidated Financial Statements, unrealized losses currently reported in accumulated other comprehensive income (loss) may be recognized in the Consolidated Income Statements in future periods. The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss. Consolidated Variable Interest Entities ("VIEs") The Company funds affiliated limited liability companies to facilitate the issuance of collateralized loan obligations ("CLOs"). The Company concluded that these limited liability companies are VIEs and that the Company is the primary beneficiary as it has the power to direct the most significant activities affecting the performance of the entity as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. In April 2022, the Company reinvested in CLO issuances resulting in an increase of consolidated assets and liabilities. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments. In December 2022, a consolidated VIE issued $276 million par, net of the Company’s holding, of CLOs. The Company’s policy is to record the consolidation of VIEs on a one-month lag due to the timing of when information is available from the VIE. Therefore, the VIE's issuance of this CLO is not reflected in the Company’s Consolidated Balance Sheet as of December 31, 2022 but would not materially impact the financial position of the Company as a result of the offsetting changes to assets and liabilities. Private Equity Funds III – VIII are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures. The Company concluded that the Private Equity Funds are VIEs and that the Company is the primary beneficiary as it has the power to direct the most significant activities affecting the performance of the funds as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the funds. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments. PPM has created and managed institutional share class mutual funds, where Jackson seeds new funds, or new share classes within a fund, when deemed necessary to develop the requisite track record prior to allowing investment by external parties. Jackson may sell its interest in the fund once opened to investment by external parties. The Company concluded that these funds are VIEs and that the Company is the primary beneficiary as it has both the power to direct the most significant activities of the VIE as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s exposure to loss related to these mutual funds is limited to the capital invested. Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): March 31, 2023 December 31, 2022 Assets Debt securities, at fair value under fair value option $ 2,093 $ 2,014 Debt securities, trading 101 100 Equity securities 113 127 Other invested assets 1,558 1,507 Cash and cash equivalents 130 75 Other assets 41 19 Total assets $ 4,036 $ 3,842 Liabilities Notes issued by consolidated VIEs, at fair value under fair value option $ 2,016 $ 1,732 Other liabilities 123 343 Total other liabilities 2,139 2,075 Securities lending payable 4 4 Total liabilities $ 2,143 $ 2,079 Equity Noncontrolling interests $ 829 $ 732 Unconsolidated VIEs The Company invests in certain limited partnerships ("LPs") and limited liability companies ("LLCs") that it has concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs as it does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In addition, the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities. Therefore, the Company does not consolidate these VIEs and the carrying amounts of the Company’s investments in these LPs and LLCs are recognized in other invested assets on the Condensed Consolidated Balance Sheets. Unfunded capital commitments for these investments are detailed in Note 16 of the Notes to Condensed Consolidated Financial Statements. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments related to the LPs/LLCs, which was $3,379 million and $3,285 million as of March 31, 2023 and December 31, 2022, respectively. The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC. LPs and LLCs are carried at fair value. The Company invests in certain mutual funds that it has concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs. Mutual funds for which the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $30 million and $28 million as of March 31, 2023 and December 31, 2022, respectively. The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments. The Company makes investments in structured debt securities issued by VIEs for which it is not the manager. These structured debt securities include RMBS, Commercial Mortgage-Backed Securities ("CMBS"), and asset-backed securities ("ABS"). The Company does not consolidate the securitization trusts utilized in these transactions because it does not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. The Company does not consider its continuing involvement with these VIEs to be significant because it either invests in securities issued by the VIE and was not involved in the design of the VIE or no transfers have occurred between the Company and the VIE. The Company’s maximum exposure to loss on these structured debt securities is limited to the amortized cost of these investments. The Company does not have any further contractual obligations to the VIE. The Company recognizes the variable interest in these VIEs at fair value on the Condensed Consolidated Balance Sheets. Commercial and Residential Mortgage Loans Commercial mortgage loans of $10.2 billion and $10.2 billion at March 31, 2023 and December 31, 2022, respectively, are reported net of an allowance for credit losses of $139 million and $91 million at each date, respectively. At March 31, 2023, commercial mortgage loans were collateralized by properties located in 37 states, the District of Columbia, and Europe. Accrued interest receivable on commercial mortgage loans was $39 million and $39 million at March 31, 2023 and December 31, 2022, respectively. Residential mortgage loans of $1.1 billion and $1.3 billion at March 31, 2023 and December 31, 2022, respectively, are reported net of an allowance for credit losses of $7 million and $4 million at each date, respectively. Loans were collateralized by properties located in 50 states, the District of Columbia, Mexico, and Europe. Accrued interest receivable on residential mortgage loans was $8 million and $9 million at March 31, 2023 and December 31, 2022, respectively. Mortgage Loan Concessions In response to the adverse economic impact of the COVID-19 pandemic, the Company granted concessions to certain of its commercial mortgage loan borrowers, including payment deferrals and other loan modifications. The Company has elected the option under the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act of 2021, and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) not to account for or report qualifying concessions as troubled debt restructurings and does not classify such loans as past due during the payment deferral period. Additionally, in accordance with the FASB’s published response to a COVID-19 Pandemic technical inquiry, the Company continues to accrue interest income on such loans that have deferred payment. For some commercial mortgage loan borrowers (principally in the hotel and retail sectors), the Company granted concessions which were primarily interest and/or principal payment deferrals generally ranging from 6 to 14 months and, to a much lesser extent, maturity date extensions. Repayment periods are generally within one year but may extend until maturity date. Deferred commercial mortgage loan interest and principal payments were $10 million at March 31, 2023. The concessions granted had no impact on the Company’s results of operations or financial position as the Company has not granted concessions that would have been disclosed and accounted for as troubled debt restructurings. Evaluation for Credit Losses on Mortgage Loans The Company reviews mortgage loans that are not carried at fair value under the fair value option on a quarterly basis to estimate the ACL with changes in the ACL recorded in net gains (losses) on derivatives and investments. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level for mortgage loans. The model forecasts net operating income and property values for the economic scenario selected. The debt service coverage ratios (“DSCR”) and loan to values (“LTV”) are calculated over the forecastable period by comparing the projected net operating income and property valuations to the loan payment and principal amounts of each loan. The model utilizes historical mortgage loan performance based on DSCRs and LTV to derive probab

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, the Company considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. The Company’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding derivatives are carried at fair value with changes recorded in net gains (losses) on derivatives and investments. A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,854 $ 75 $ 123 $ (48) Equity index call options 17,500 247 — 247 Equity index futures (2) 16,328 — — — Equity index put options 43,500 643 — 643 Interest rate swaps 7,728 7 148 (141) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 22,000 — 1,157 (1,157) Interest rate futures (2) 81,365 — — — Total return swaps 1,318 — 61 (61) Total freestanding derivatives 193,093 972 1,489 (517) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 963 (963) Registered index linked annuity embedded derivatives (3) N/A — 421 (421) Total embedded derivatives N/A — 1,384 (1,384) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,417 56 20 36 Funds withheld embedded derivative (4) N/A 2,788 — 2,788 Total derivatives related to funds withheld under reinsurance treaties 1,575 2,867 21 2,846 Total $ 194,668 $ 3,839 $ 2,894 $ 945 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,825 $ 73 $ 104 $ (31) Equity index call options 17,500 106 — 106 Equity index futures (2) 19,760 — — — Equity index put options 30,500 958 — 958 Interest rate swaps 7,728 5 231 (226) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 25,000 — 1,711 (1,711) Interest rate futures (2) 105,261 — — — Total return swaps 739 31 — 31 Total freestanding derivatives 209,813 1,173 2,046 (873) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 931 (931) Registered index linked annuity embedded derivatives (3) N/A — 205 (205) Total embedded derivatives N/A — 1,136 (1,136) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,490 74 18 56 Funds withheld embedded derivative (4) N/A 3,158 — 3,158 Total derivatives related to funds withheld under reinsurance treaties 1,648 3,255 19 3,236 Total $ 211,461 $ 4,428 $ 3,201 $ 1,227 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (26) $ (32) Equity index call options (164) (589) Equity index futures (1,885) 623 Equity index put options (762) (315) Interest rate swaps 66 (261) Interest rate swaps - cleared 16 (88) Put-swaptions 573 (468) Interest rate futures (306) (310) Total return swaps (61) — Fixed index annuity embedded derivatives (2) 1 Registered index linked annuity embedded derivatives (107) 3 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties (2,658) (1,436) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 1 3 Cross-currency forwards (10) 18 Funds withheld embedded derivative (370) 1,281 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties (379) 1,302 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ (3,037) $ (134) All the Company’s trade agreements for freestanding, over-the-counter derivatives, contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At March 31, 2023 and December 31, 2022, the fair value of the Company’s net non-cleared, over-the-counter derivative assets by counterparty were $749 million and $885 million, respectively, and held collateral was $695 million and $858 million, respectively, related to these agreements. At March 31, 2023 and December 31, 2022, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities by counterparty were $1,208 million and $1,680, respectively, and provided collateral was $1,357 million and $1,650, respectively, related to these agreements. If all the downgrade provisions had been triggered at March 31, 2023 and December 31, 2022, in aggregate, the Company would have had to disburse nil and $30 million, respectively, and would have been allowed to claim $203 million and $27 million, respectively. Offsetting Assets and Liabilities The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company recognizes amounts subject to master netting arrangements on a gross basis within the Condensed Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): March 31, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,051 $ — $ 1,051 $ 301 $ 532 $ 132 $ 86 Financial Liabilities: Freestanding derivative liabilities $ 1,510 $ — $ 1,510 $ 301 $ 2 $ 1,207 $ — Securities loaned 39 — 39 — 39 — — Repurchase agreements 1,085 — 1,085 — — 1,085 — Total financial liabilities $ 2,634 $ — $ 2,634 $ 301 $ 41 $ 2,292 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets Debt securities (1) $ 46,130 $ 46,130 $ 44,762 $ 44,762 Equity securities 225 225 393 393 Mortgage loans (1) 11,391 10,826 11,549 10,841 Limited partnerships 3,330 3,330 3,212 3,212 Policy loans (1) 4,377 4,377 4,377 4,377 Freestanding derivative instruments 1,051 1,051 1,270 1,270 Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock 146 146 146 146 Cash and cash equivalents 1,779 1,779 4,298 4,298 Reinsurance recoverable on market risk benefits 238 238 221 221 Market risk benefit assets 5,204 5,204 4,865 4,865 Separate account assets 204,366 204,366 195,906 195,906 Liabilities Annuity reserves (2) 36,640 32,399 37,357 32,377 Market risk benefit liabilities 5,560 5,560 5,662 5,662 Reserves for guaranteed investment contracts (3) 989 958 1,128 1,099 Trust instruments supported by funding agreements (3) 5,597 5,404 5,887 5,760 FHLB funding agreements (3) 2,105 2,007 2,004 2,104 Funds withheld payable under reinsurance treaties (1) 22,254 22,254 22,957 22,957 Long-term debt 2,632 2,403 2,635 2,344 Securities lending payable 39 39 36 36 Freestanding derivative instruments 1,510 1,510 2,065 2,065 Notes issued by consolidated VIEs 2,016 2,016 1,732 1,732 Repurchase agreements 1,085 1,085 1,012 1,012 Separate account liabilities 204,366 204,366 195,906 195,906 (1) Includes items carried at fair value under the fair value option and trading securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on a recurring basis reported in the following tables. Debt and Equity Securities The fair values for debt and equity securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions. As a result of typical trading volumes and the lack of specific quoted market prices for most debt securities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding. Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates. Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs. The Company performs an analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include initial and ongoing review of third-party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value using internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly. For those securities that were internally valued at March 31, 2023 and December 31, 2022, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs. Limited Partnerships Fair values for limited partnership interests, which are included in other invested assets, is generally determined using the proportion of the Company’s investment in the value of the net assets of each fund (“NAV equivalent”) as a practical expedient for fair value, and generally, are recorded on a three-month lag. No adjustments to these amounts were deemed necessary at March 31, 2023 and December 31, 2022. As a result of using the net asset value per share practical expedient, limited partnership interests are not classified in the fair value hierarchy. The Company’s limited partnership interests are not redeemable, and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. In cases when the Company expects to sell the limited partnership interest, the estimated sales price is used to determine the fair value rather than the practical expedient. These limited partnership interests are classified as Level 2 in the fair value hierarchy. In cases when a limited partnership’s financial statements are unavailable and a NAV equivalent is not available or practical, the fair value may be based on an internally developed model or provided by the general partner as determined using private transactions, information obtained from the primary co-investor or underlying company, or financial metrics provided by the lead sponsor. These investments are classified as Level 3 in the fair value hierarchy. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. The reinsurance related component of policy loans at fair value under the fair value option have been classified as Level 3 within the fair value hierarchy. Freestanding Derivative Instruments Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in net gains (losses) on derivatives and investments. Freestanding derivatives priced using third party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels. Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges. Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, cross-currency forwards, credit default swaps, total return swaps, put-swaptions and certain equity index call and put options. These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Freestanding derivative instruments classified as Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs. Cash and Cash Equivalents Cash and cash equivalents primarily include money market instruments and bank deposits. Cash equivalents also includes all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase. Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1. Funds Withheld Payable Under Reinsurance Treaties The funds withheld payable under reinsurance treaties includes both the funds withheld payable which are held at fair value under the fair value option and the funds withheld embedded derivative. The fair value of the funds withheld payable which are held at fair value under the fair value option is equal to the fair value of the assets held as collateral, which primarily consists of policy loans using industry standard valuation techniques. The funds withheld embedded derivative is determined based upon a total return swap technique referencing the fair value of the investments held under the reinsurance contract and requires certain significant unobservable inputs. The funds withheld payable which are held at fair value under the fair value option and the funds withheld embedded derivative are considered Level 3 in the fair value hierarchy. Separate Account Assets Separate account assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and, are categorized as Level 2 assets. Market Risk Benefits Variable Annuities Variable annuity contracts issued by the Company may include various guaranteed minimum death, withdrawal, income and accumulation benefits which are classified as MRBs and measured at fair value. The Company discontinued offering guaranteed minimum interest benefits (“GMIB”) in 2009 and guaranteed minimum accumulation benefits (“GMAB”) in 2011. Our MRB assets and MRB liabilities are reported separately on our Condensed Consolidated Balance Sheets. Increases to an asset or decreases to a liability are described as favorable changes to fair value. Changes in fair value are reported in Market risk benefits (gains) losses, net on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is recognized as a component of other comprehensive income and is reported in Change in non-performance on market risk benefits, net of tax expense (benefit) on the Condensed Consolidated Statements of Comprehensive Income (Loss). Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder's account value to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. The percentage of guaranteed benefit fees and the percentage of mortality and expense charges may not exceed 100% of the total projected fees as of contract inception. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. The Company has ceded the guaranteed minimum income benefit (“GMIB”) features elected on certain annuity contracts to an unrelated party. The GMIBs ceded under this reinsurance treaty are classified as an MRB in their entirety. The reinsurance contract is measured at fair value and reported in Reinsurance recoverable on market risk benefits. Changes in fair value are recorded in market risk benefits (gains) losses, net. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009. Fair values for MRBs related to variable annuities, including the contract reinsuring GMIB features, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits. The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to fund returns, and discount rates, which includes an adjustment for non-performance risk. The more significant actuarial assumptions include benefit utilization by policyholders, lapse, mortality, and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable. At each valuation date, the fair value calculation reflects expected returns based on constant maturity treasury rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based on spreads indicated by a blend of yields on similarly-rated peer debt and yields on JFI debt (adjusted to operating company levels). Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience. As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for the fair value model. The use of the models and assumptions described above requires a significant amount of judgment. Management believes this results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefit features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding MRBs. Fixed Index Annuities The fair value of the index-linked crediting derivative feature embedded in fixed index annuities, included in Annuity Reserves in the above tables, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. RILA The fair value of the index-linked crediting derivative feature embedded in RILAs, included in Annuity Reserves in the above table, is calculated using the closed form Black-Scholes Option Pricing model, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. Notes Issued by Consolidated VIEs These notes, at fair value under the fair value option, are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interest the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2. Fair Value Option The Company elected the fair value option for debt securities related to certain consolidated investments totaling $2,093 million and $2,014 million at March 31, 2023 and December 31, 2022, respectively. These debt securities are reflected on the Company’s Condensed Consolidated Balance Sheets as debt securities, at fair value under the fair value option. The Company has elected the fair value option for certain funds withheld assets, which are held as collateral for reinsurance, totaling $4,069 million and $4,160 million at March 31, 2023 and December 31, 2022, respectively, as discussed above, and includes mortgage loans as discussed below. The Company elected the fair value option for certain mortgage loans held under the funds withheld reinsurance agreement with Athene. The fair value option was elected for these mortgage loans, purchased or funded after December 31, 2021, to mitigate inconsistency in earnings that would otherwise result between these mortgage loan assets and the funds withheld liability, including the associated embedded derivative, and are valued using third-party pricing services. Changes in fair value are reflected in net investment income on the Condensed Consolidated Income Statements. The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): March 31, December 31, 2023 2022 Fair value $ 480 $ 582 Aggregate contractual principal 491 591 As of March 31, 2023, no loans for which the fair value option was elected were in non-accrual status, and no loans were more than 90 days past due and still accruing interest. The Company elected the fair value option for notes issued by consolidated VIEs totaling $2,016 million and $1,732 million at March 31, 2023 and December 31, 2022, respectively. Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s Condensed Consolidated Financial Statements. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 4,893 $ 4,892 $ 1 $ — Other government securities 1,507 — 1,507 — Public utilities 5,472 — 5,472 — Corporate securities 26,684 — 26,658 26 Residential mortgage-backed 428 — 428 — Commercial mortgage-backed 1,594 — 1,594 — Other asset-backed securities 5,552 — 5,552 — Equity securities 225 16 98 111 Mortgage loans 480 — — 480 Limited partnerships (1) 550 — 102 448 Policy loans 3,427 — — 3,427 Freestanding derivative instruments 1,051 — 1,051 — Cash and cash equivalents 1,779 1,779 — — Reinsurance recoverable on market risk benefits 238 — — 238 Market risk benefit assets 5,204 — — 5,204 Separate account assets 204,366 — 204,366 — Total $ 263,450 $ 6,687 $ 246,829 $ 9,934 Liabilities Embedded derivative liabilities (2) $ 1,384 $ — $ 1,384 $ — Funds withheld payable under reinsurance treaties (3) 803 — — 803 Freestanding derivative instruments 1,510 — 1,510 — Notes issued by consolidated VIEs 2,016 — 2,016 — Market risk benefit liabilities 5,560 — — 5,560 Total $ 11,273 $ — $ 4,910 $ 6,363 (1) Excludes $2,780 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $421 million related to RILA and $963 million liability of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $2,788 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 5,185 $ 5,184 $ 1 $ — Other government securities 1,467 — 1,467 — Public utilities 5,225 — 5,225 — Corporate securities 25,146 — 25,090 56 Residential mortgage-backed 464 — 464 — Commercial mortgage-backed 1,638 — 1,638 — Other asset-backed securities 5,637 — 5,637 — Equity securities 393 165 106 122 Mortgage loans 582 — — 582 Limited partnerships (1) 440 — — 440 Policy loans 3,419 — — 3,419 Freestanding derivative instruments 1,270 — 1,270 — Cash and cash equivalents 4,298 4,298 — — Reinsurance recoverable on market risk benefits 221 — — 221 Market risk benefit assets 4,865 — — 4,865 Separate account assets 195,906 — 195,906 — Total $ 256,156 $ 9,647 $ 236,804 $ 9,705 Liabilities Embedded derivative liabilities (2) $ 1,135 $ — $ 1,135 $ — Funds withheld payable under reinsurance treaties (3) 424 — — 424 Freestanding derivative instruments 2,065 — 2,065 — Notes issued by consolidated VIEs 1,732 — 1,732 — Market risk benefit liabilities 5,662 — — 5,662 Total $ 11,018 $ — $ 4,932 $ 6,086 (1) Excludes $2,772 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $205 million related to RILA and $931 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) Level 3 Assets and Liabilities by Price Source The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Assets Total Internal External Debt securities: Corporate $ 26 $ — $ 26 Equity securities 111 1 110 Mortgage loans 480 — 480 Limited partnerships 448 1 447 Policy loans 3,427 3,427 — Reinsurance recoverable on market risk benefits 238 238 — Market risk benefit assets 5,204 5,204 — Total $ 9,934 $ 8,871 $ 1,063 Liabilities Funds withheld payable under reinsurance treaties (1) 803 803 — Market risk benefit liabilities 5,560 5,560 — Total $ 6,363 $ 6,363 $ — (1) Includes the Athene embedded derivative asset of $2,788 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Assets Total Internal External Debt securities: Corporate $ 56 $ — $ 56 Equity securities 122 1 121 Mortgage loans 582 — 582 Limited partnerships 440 8 432 Policy loans 3,419 3,419 — Reinsurance recoverable on market risk benefits 221 221 — Market risk benefit assets 4,865 4,865 — Total $ 9,705 $ 8,514 $ 1,191 Liabilities Funds withheld payable under reinsurance treaties (1) 424 424 — Market risk benefit liabilities 5,662 5,662 — Total $ 6,086 $ 6,086 $ — (1) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities The table below presents quantitative information on internally-priced Level 3 assets and liabilities that use significant unobservable inputs (in millions, 2022 information recast for the adoption of LDTI): As of March 31, 2023 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 238 Discounted cash Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase Market risk benefit assets $ 5,204 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase Liabilities Market risk benefit liabilities $ 5,560 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 221 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Market risk benefit assets $ 4,865 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Liabilities Market risk benefit liabilities $ 5,662 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range disp

Deferred Acquisition Costs

Deferred Acquisition Costs	3 Months Ended
Deferred Acquisition Costs	Mar. 31, 2023
Insurance [Abstract]
Deferred Acquisition Costs	Deferred Acquisition Costs This note contains the new accounting policy for the adoption of LDTI Certain costs that are directly related to the successful acquisition of new or renewal insurance business are capitalized as deferred acquisition costs in the period they are incurred. These costs primarily pertain to commissions and certain costs associated with policy issuance and underwriting. All other acquisition costs are expensed as incurred. Contracts are grouped into cohorts by contract type and issue year. For traditional and limited-payment insurance contracts, contracts are grouped consistent with the groupings used in estimating the associated liability. Deferred acquisition costs are amortized into expense on a constant level basis over the expected term of the grouped contracts. For traditional and limited-payment insurance contracts, amortization is determined based on projected in force amounts. For non-traditional contracts, amortization is determined based on projected policy counts . The expected term used to amortize deferred acquisition costs is determined using best estimate assumptions, including mortality and persistency, consistent with the best estimate assumptions used to determine the reserve for future policy benefits, market risk benefits, and additional liabilities for applicable contracts. For amortization of deferred acquisition costs related to contracts without these balances, assumptions used to determine expected term are developed in a similar manner. The amortization rate is determined using all information available as of the end of the reporting period, including actual experience and any assumption updates. Annually, or as circumstances warrant, a comprehensive review of assumptions is conducted and assumptions are revised as appropriate. If assumptions are revised, the amortization rate is calculated using revised assumptions such that the effect of revised assumptions is recognized prospectively as of the beginning of that reporting period. Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed. Substantially unchanged contracts are treated as a continuation of the replaced contract, with no change to the unamortized deferred acquisition costs at the time of the replacement. The following table presents the roll-forward of the deferred acquisition costs (in millions, 2022 information recast for the adoption of LDTI). The current period amortization is based on the end of the period estimates of mortality and persistency. The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience. Three Months Ended March 31, Twelve months Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 104 544 Amortization (288) (1,209) Variable Annuities balance, end of period $ 12,515 $ 12,699 Reconciliation of total deferred acquisition costs Variable Annuities balance, end of period $ 12,515 $ 12,699 Other product lines, end of period 245 224 Total balance, end of period $ 12,760 $ 12,923

Reinsurance

Reinsurance	3 Months Ended
Reinsurance	Mar. 31, 2023
Insurance [Abstract]
Reinsurance	Reinsurance This note contains the new accounting policy for the adoption of LDTI. The Company, through its subsidiary insurance companies, assumes and cedes reinsurance from and to other insurance companies to limit losses from large exposures. However, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers under a coinsurance, coinsurance with funds withheld, modified coinsurance, or yearly renewable term basis. The Company regularly monitors the financial strength ratings of its reinsurers. Athene Reinsurance The Company entered into a funds withheld coinsurance agreement with Athene effective June 1, 2020 to reinsure on 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission. The coinsurance with funds withheld agreement required Jackson to establish a segregated account in which the investments supporting the ceded obligations are maintained. While the economic benefits of the investments flow to Athene, Jackson retains physical possession and legal ownership of the investments supporting the reserve. Further, the investments in the segregated account are not available to settle any policyholder obligations other than those specifically covered by the coinsurance agreement and are not available to settle obligations to general creditors of Jackson. The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement. To further support its obligations under the coinsurance agreement, Athene procured $1.2 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $147 million at March 31, 2023. Swiss Re Reinsurance Jackson has three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”). Pursuant to these retro treaties, Jackson ceded to SRZ on a 100% coinsurance with funds withheld basis, subject to pre-existing reinsurance with other parties, certain blocks of business. As a result of the reinsurance agreements with SRZ, Jackson withholds certain assets, primarily in the form of policy loans and debt securities, as collateral for the reinsurance recoverable. The Company has also acquired certain blocks of business that are closed to new business and wholly ceded to non-affiliates. These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities. GMIB Reinsurance The Company’s guaranteed minimum income benefits (GMIBs) are reinsured with an unrelated party. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. The Company discontinued offering the GMIB in 2009. Reinsurance Recoverables and Reinsured Market Risk Benefits Ceded reinsurance agreements are reported on a gross basis on the Company’s Condensed Consolidated Balance Sheets as an asset for amounts recoverable from reinsurers or as a component of other assets or liabilities for amounts, such as premiums, owed to or due from reinsurers. Reinsurance recoverables relating to reinsurance of traditional and limited-payment contracts are required to be recognized and measured in a manner consistent with the liabilities relating to the underlying reinsured contracts, including using consistent assumptions. Reinsurance contracts may be executed subsequent to the direct contract issue dates, and market interest rates may have changed between the date that the underlying insurance contracts were issued and the date the reinsurance contract is recognized in the financial statements, resulting in the underlying discount rate differing between the direct and reinsured business. The Company regularly monitors the financial strength ratings of its reinsurers. At March 31, 2023 and December 31, 2022, the Company had ACL of $15 million and $15 million, respectively, on its reinsurance recoverables, which are reported net of ACL on the Condensed Consolidated Balance Sheets. The ACL considers the credit quality of the reinsurer and is generally determined based on probability of default and loss given default assumptions, after considering any applicable collateral arrangements. For reinsurance recoverables that are collateralized, and the amount of collateral is expected to be adjusted as necessary as a result of fair value changes in the collateral, the Company determines that the expectation of nonpayment of the carrying value of the reinsurance recoverable is zero. If the fair value of the collateral at the reporting date is less than the carrying value of the reinsurance recoverable, the Company recognizes an ACL on the difference between the fair value of the collateral at the reporting date and the carrying value of the reinsurance recoverable. Additions to or releases of the ACL are reported in death, other policyholder benefits, and changes in reserves, net of deferrals in the Condensed Consolidated Income Statements. Reinsurance recoverable on market risk benefits is recognized at fair value. The change in the fair value of reinsurance recoverable on market risk benefits, including the change in fair value due to the change in third-party credit risk (i.e., credit risk of the reinsurer), is recognized in current period earnings within market risk benefit (gains) losses, net. The Company’s reinsurance contract that cedes only the GMIB elected on certain variable annuity products is classified as a reinsurance recoverable on market risk benefits. These reinsured MRBs may have direct MRB balances recorded as either assets or liabilities; however, because the unit of account for the reinsured MRB is the reinsurance contract, the ceded MRB is presented in total within reinsurance recoverable on market risk benefits. The fees used to determine the fair value of the reinsurance recoverable on market risk benefits are those defined in the reinsurance contract. Guaranteed benefits related to the optional lifetime income rider offered on certain fixed index annuities are market risk benefits that are reinsured with Athene. The reinsured market risk benefit is measured using a non-option valuation approach which uses cash flow assumptions and an attributed fee ratio consistent with those used to measure the market risk benefit on the direct contract and a discount rate that considered the reinsurer’s credit risk. The attributed fee is locked-in at inception of the contract. Components of the Company’s reinsurance recoverable excluding market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): March 31, December 31, 2023 2022 Reserves: Life $ 5,255 $ 5,307 Accident and health 494 482 Annuity benefits (1) 21,617 22,470 Claims liability and other 712 787 Total $ 28,078 $ 29,046 (1) Other annuity benefits primarily attributable to fixed and fixed index annuities reinsured with Athene. Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, recast for the adoption of LDTI): March 31, December 31, 2023 2022 Variable annuity $ 192 $ 183 Other product lines 46 38 Total $ 238 $ 221 Reinsurance and Funds Withheld Payable Under Reinsurance Treaties Under the reinsurance agreement with Athene and the retro treaties with SRZ, the Company maintains ownership of the underlying investments instead of transferring them to the reinsurer and, as a result, records a funds withheld liability payable to the reinsurer. Investment returns earned on withheld assets are paid by the Company to the reinsurer, pursuant to the terms of the agreements. Investment income and net gains (losses) on derivatives and investments are reported net of gains or losses on the funds withheld payable under reinsurance treaties. The amounts credited to reinsurers on the funds withheld payable is based on the return earned on those assets which is subject to the credit risk of the original issuer of the instrument rather than Jackson’s own creditworthiness, which results in an embedded derivative (total return swap). Funds withheld under reinsurance agreement with Athene The Company recognizes a liability for the embedded derivative related to the funds withheld under the reinsurance agreement with Athene within funds withheld payable under reinsurance treaties in the Condensed Consolidated Balance Sheets. The embedded derivative is measured at fair value with changes in fair value reported in net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements. At inception of the reinsurance agreement with Athene, the fair value of the withheld investments differed from their book value and, accordingly, while the investments are held, the amortization of this difference is reported in net gains (losses) on derivatives and investments in the Condensed Consolidated income Statements. Funds withheld under reinsurance agreements with SRZ At execution of the retro treaties with SRZ, the Company elected the fair value option for the withheld assets, as well as the related funds withheld payable. Accordingly, the embedded derivative is not bifurcated or separately measured. The funds withheld payable is measured at fair value with changes in fair value reported in net gains (losses) on derivatives and investments. The fair value of the funds withheld payable is equal to the fair value of the assets held as collateral. The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): March 31, December 31, 2023 2022 Assets Debt securities, available-for-sale $ 13,264 $ 13,622 Debt securities, at fair value under the fair value option 162 159 Equity securities 73 77 Mortgage loans 4,004 4,127 Mortgage loans, at fair value under the fair value option 480 582 Policy loans 3,441 3,435 Freestanding derivative instruments, net 58 78 Other invested assets 821 793 Cash and cash equivalents 106 260 Accrued investment income 156 166 Other assets and liabilities, net (57) (73) Total assets (1) $ 22,508 $ 23,226 Liabilities Funds held under reinsurance treaties (2) $ 22,254 $ 22,957 Total liabilities $ 22,254 $ 22,957 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $2,788 million and $3,158 million at March 31, 2023 and December 31, 2022, respectively. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 172 $ 150 Equity securities (1) (16) Mortgage loans (2) 66 52 Policy loans 81 80 Limited partnerships 8 16 Total investment income on funds withheld assets 326 282 Other investment expenses on funds withheld assets (3) (19) (22) Total net investment income on funds withheld reinsurance treaties $ 307 $ 260 (1) Includes $2 million and $(6) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(2) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees. The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended March 31, 2023 2022 Available-for-sale securities Realized gains on sale $ 5 $ 37 Realized losses on sale (38) (27) Credit loss expense (11) (28) Credit loss expense on mortgage loans (3) (2) Other 9 (16) Net gains (losses) on non-derivative investments (38) (36) Net gains (losses) on derivative instruments (9) 21 Net gains (losses) on funds withheld payable under reinsurance treaties (1) (626) 1,043 Total net gains (losses) on derivatives and investments $ (673) $ 1,028 (1) Includes the Athene embedded derivative gain (loss) of $(370) million and $1,281 million for the three months ended March 31, 2023 and 2022, respectively.

Reserves for Future Policy Bene

Reserves for Future Policy Benefits and Claims Payable	3 Months Ended
Reserves for Future Policy Benefits and Claims Payable	Mar. 31, 2023
Insurance [Abstract]
Reserves for Future Policy Benefits and Claims Payable	Reserves for Future Policy Benefits and Claims Payable This note contains the new accounting policy for the adoption of LDTI Reserves for Future Policy Benefits For non-participating traditional and limited-payment insurance contracts, the reserve for future policy benefits represents the present value of estimated future policy benefits to be paid to or on behalf of policyholders in future periods and certain related expenses less the present value of estimated future net premiums. Reserves for future policy benefits for non-participating traditional and limited-payment insurance contracts are measured using the net premium ratio (NPR) measurement model. The NPR measurement model accrues for future policy benefits in proportion to the premium revenue recognized. The reserve for future policy benefits is derived from the Company's best estimate of future net premium and future benefits and expenses, which is based on best estimate assumptions including mortality, persistency, claims expense, and discount rate. On an annual basis, or as circumstances warrant, we conduct a comprehensive review of our current best estimate assumptions based on our experience, industry benchmarking, and other factors, as applicable. Expense assumptions are updated based on estimates of expected non-level costs, such as termination or settlement costs, and costs after the premium-paying period and exclude acquisition costs or any costs that are required to be charged to expenses as incurred. Updates to assumptions are applied on a retrospective basis, and the change in the reserve for future policy benefits resulting from updates to assumptions is reported separately on the Condensed Consolidated Income Statements within the (Gain) loss from updating future policy benefits cash flow assumptions, net. Each reporting period the reserve for future policy benefits is updated to reflect actual experience to date. The Company establishes cohorts, which are groupings used to measure reserves for future policy benefits. In determining cohorts, the Company considered both qualitative and quantitative factors, including the issue year, type of product, product features, and legal entity. The discount rate used to estimate reserves for future policy benefits is consistent with an upper-medium grade (low-credit risk) fixed-income corporate instrument yield, which has been interpreted to represent a single-A corporate instrument yield. This discount rate curve is determined by fitting a parametric function to yields to maturity and related times to maturity of market observable single-A rated corporate instruments. The discount rate used to recognize interest accretion on the reserves for future policy benefits is locked at the initial measurement of the cohort. Each reporting period, the reserve for future policy benefits is remeasured using the current discount rate. The difference between the reserve calculated using the current discount rate and the reserve calculated using the locked-in discount rate is recorded in other comprehensive income. For limited-payment insurance contracts, premiums are paid over a period shorter than the period over which benefits are provided. Gross premiums received in excess of the net premium are deferred and recognized as a deferred profit liability ("DPL"). The DPL is included within the reserve for future policy benefits and profits are recognized in income as a component of benefit expenses on a constant relationship with the amount of expected future benefit payments. Interest is accreted on the balance of the DPL using the discount rate locked in at the initial measurement of the cohort. Measurement of the DPL uses best estimate assumptions for mortality. These assumptions are similarly subject to the annual review process discussed above. Additional Liabilities – Universal Life-type For universal life-type insurance contracts, a liability is recognized for the policyholder’s account value as discussed further in Note 10 of the Notes to Condensed Consolidated Financial Statements. Where these contracts provide additional benefits beyond the account balance or base insurance coverage that are not market risk benefits or embedded derivatives, liabilities in addition to the policyholder’s account value are recognized. These additional liabilities for annuitization, death and other insurance benefits are reported within reserves for future policy benefits and claims payable. The methodology uses a benefit ratio defined as a constant percentage of the assessment base. This ratio is multiplied by current period assessments to determine the reserve accrual for the period. The assumptions used in the measurement of the additional liabilities for annuitization, death and other insurance benefits are based on best estimate assumptions including mortality, persistency, investment returns, and discount rates. These assumptions are similarly subject to the annual review process discussed above. As available-for-sale debt securities are carried at fair value, an adjustment is made to these additional liabilities equal to the change in liability that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on available-for-sale debt securities, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income. See Note 10 of the Notes to Condensed Consolidated Financial Statements for more information regarding other contract holder funds. Other Future Policy Benefits and Claims Payable In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest-sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition. This adjustment is included in other future policy benefits and claims payable as disclosed in the table below. This liability is remeasured at the end of each period, taking into account changes in the in-force block. Any resulting change in the liability is recorded as a Gain (loss) from updating future policy benefits cash flow assumptions, net through the Condensed Consolidated Income Statements. In addition, annuity and life claims liabilities in course of settlement are included in other future policy benefits and claims payable as disclosed in the table below. The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions, 2022 information recast for the adoption of LDTI): March 31, December 31, 2023 2022 Reserves for future policy benefits Payout Annuities $ 1,067 $ 1,042 Closed Block Life 4,183 4,161 Closed Block Annuity 4,437 4,434 Reserves for future policy benefits 9,687 9,637 Additional liabilities Closed Block Life 1,117 1,131 Other future policy benefits and claims payable 1,565 1,550 Reserves for future policy benefits and claims payable $ 12,369 $ 12,318 The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (78) — — 1 — Balance adjusted for variances from expectation — 1,370 — — 1,550 — Issuances — 2 — — 6 — Interest accrual — 9 — — 39 — Net premiums collected — (44) — — (147) — Ending balance at original discount rate — 1,337 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (123) — — (161) — Balance, end of period $ — $ 1,214 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in March 31, 2023, and, $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (5) (71) (1) (37) 38 (34) Balance adjusted for variances from expectation 1,169 6,335 4,708 1,132 6,933 5,001 Issuances 29 4 — 126 14 4 Interest accrual 10 51 50 40 209 210 Benefits payments (33) (167) (124) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $658 in March 31, 2023, and, $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,175 6,223 4,634 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (108) (826) (197) (132) (958) (275) Balance, end of period $ 1,067 $ 5,397 $ 4,437 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,067 4,183 4,437 1,042 4,161 4,434 Less: Reinsurance recoverable 81 2,260 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 986 $ 1,923 $ 4,435 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI).. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity March 31, 2023 Weighted average duration (years) 7.0 7.9 7.1 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 The significant assumptions used in the future policy benefits calculation consist of mortality, persistency, and discount rate. We have undertaken a comprehensive review of the significant assumptions used in the future policy benefits calculation. No significant changes were made to the mortality, persistency or claim expense assumptions during first quarter of 2023. During 2022, increase in benefits from active life reserves for certain Closed Block Life policies resulted in an increase in the liability for future policy benefits. However, this business is fully reinsured, resulting in no impact to the Company. No other significant changes were made during 2022. The discount rate assumption was updated based on current market data. Discount rates decreased in the first quarter of 2023 since the fourth quarter of 2022 primarily due to the decrease in risk-free rates resulting in an increase in liability for future policy benefits. Discount rates increased substantially throughout 2022 primarily due to increases in risk-free rates which resulted in a decrease in the liability for future policy benefits. Refer to the roll-forward above for further details. The following table presents the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for future policy benefits for non-participating traditional and limited-payment insurance contracts (in millions, 2022 information recast for the adoption of LDTI). The discounted premiums are calculated using the current discount rate, while the undiscounted cash flows represent the gross cash flows before any discounting is applied: March 31, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,555 $ 1,027 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,512 5,526 8,751 5,578 Expected future gross premiums 5,729 3,392 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,733 3,746 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Payout Annuities $ 4 $ 10 $ 10 $ 40 Closed Block Life 64 390 42 170 Closed Block Annuity — — 50 210 Total $ 68 $ 400 $ 102 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.74 % 3.71 % Current discount rate 5.11 % 5.40 % Closed Block Life Interest accretion rate 3.02 % 3.01 % Current discount rate 5.08 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 5.12 % 5.41 % The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 12 58 Interest accrual 14 56 Net assessments collected (57) (107) Ending balance excluding shadow 1,141 1,172 End of period cumulative effect of changes in shadow adjustments (24) (41) Balance, end of period $ 1,117 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average duration (years) 7.7 8.1 The significant assumptions used in the additional liability for annuitization, death and other insurance benefits calculation consists of mortality, persistency, investment returns, and crediting rate. We have undertaken a comprehensive review of the significant assumptions used in the additional liability for annuitization, death and other insurance benefits calculation, and did not make any significant changes to the mortality, persistency, investment returns, or crediting rates in 2022 and will review these assumptions later in 2023. The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (57) $ (107) $ 14 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average current discount rate 4.96 % 4.96 %

Other Contract Holder Funds

Other Contract Holder Funds	3 Months Ended
Other Contract Holder Funds	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Other Contract Holder Funds	This note contains the new accounting policy for the adoption of LDTI Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and registered index-linked annuities. Universal life type contracts have an account balance as a principal component in which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration. The account balance is recognized as a liability within other contract holder funds, and the liability is updated each period for fee and assessment deductions and increased for interest or returns credited to the account balance. Certain of our universal life type contracts contain features that are not classified as market risk benefits or embedded derivatives but provide additional benefits beyond the account balance or base insurance coverage for which a liability in addition to the account balance is necessary. These additional liabilities for death or other insurance benefits are reported as a component of reserves for future policy benefits and claims payable in the Condensed Consolidated Balance Sheets. See Note 9 of the Notes to the Condensed Consolidated Financial Statements for more information regarding these additional liabilities. Certain contracts without significant mortality or morbidity risk and certain annuities that lack insurance risk are treated as investment contracts. As investment contracts, payments received are reported as liabilities and accounted for in a manner that is consistent with the accounting for interest-bearing or other financial instruments, within other contract holder funds. The Company issues a variety of annuity products including fixed annuities, fixed index annuities, registered index linked annuities, variable annuities and payout annuities. For annuity contracts that are classified as investment contracts, the liability is the account balance as of the reporting date, reported within the other contract holder funds. For the variable annuity products only the allocations to fixed fund options are reported in other contract holder funds. For our fixed index annuities and registered index linked annuities, the equity-linked option issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments. The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates. Favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company also establishes a host contract reserve to support the underlying guaranteed account value growth. This host contract liability is included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. Interest is accreted to the host contract liability using an effective yield method. Our annuity products may contain certain features or guarantees that are classified as market risk benefits. These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheet. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The Company’s institutional products business is comprised of the guaranteed investment contracts, medium-term funding agreement-backed notes and funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) described below. The Company has established a $27 billion aggregate Global Medium-Term Note ("MTN") program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium-Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements. The carrying values at March 31, 2023 and December 31, 2022 totaled $5.6 billion and $5.9 billion, respectively. Those Medium-Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium-Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements. Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments. Jackson is a member of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with long-term funding facilities. Advances are in the form of long-term notes or funding agreements issued to FHLBI. At both March 31, 2023 and December 31, 2022, the Company held $146 million of FHLBI capital stock, respectively, supporting $2.2 billion and $2.1 billion in funding agreements and long-term borrowings at March 31, 2023 and December 31, 2022, respectively. The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuity $ 847 $ 837 Variable Annuity 9,927 10,259 Fixed Annuity 11,082 11,696 Fixed Indexed Annuities 11,375 11,787 RILA 2,501 1,875 Closed Block Life 11,179 11,215 Closed Block Annuity 1,316 1,319 Institutional Products 8,691 9,019 Other Product Lines 176 183 Total other contract holder funds $ 57,094 $ 58,190 The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 45 316 82 71 533 80 1 1,128 Surrenders, withdrawals and benefits (64) (457) (748) (556) (17) (198) (16) (2,056) Net transfers from (to) separate accounts — (242) — — — — — (242) Investment performance / change in value of equity option — — — 67 108 — — 175 Interest credited 6 73 91 54 2 161 11 398 Policy charges and other 23 (22) (39) (48) — (79) 1 (164) Balance as of March 31, 2023 $ 847 $ 9,927 $ 11,082 $ 11,375 $ 2,501 $ 11,179 $ 1,316 $ 48,227 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity March 31, 2023 Weighted-average crediting rate (1) 2.83 % 2.94 % 3.28 % 1.90 % 0.32 % 5.76 % 3.34 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,154 $ — Cash surrender value (3) $ — $ 9,792 $ 10,981 $ 10,979 $ 2,314 $ 11,098 $ 1,316 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements. (3) Cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less the applicable surrender charges. At both March 31, 2023 and December 31, 2022, excluding reinsurance business, approximately 92% of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. At March 31, 2023 and December 31, 2022, excluding reinsurance business, approximately 64% and 65% of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 14 $ 1 $ — $ 15 1.51%-2.50% 193 — — — 193 Greater than 2.50% 9,594 — — 125 9,719 Total $ 9,787 $ 14 $ 1 $ 125 $ 9,927 Fixed Annuities 0.00%-1.50% $ 18 $ 68 $ 82 $ 1 $ 169 1.51%-2.50% 31 2 2 — 35 Greater than 2.50% 629 58 315 — 1,002 Total $ 678 $ 128 $ 399 $ 1 $ 1,206 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 14 $ 5 $ 43 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 23 — 22 — 45 Total $ 29 $ 14 $ 27 $ 43 $ 113 RILA 0.00%-1.50% $ 9 $ — $ 4 $ 1 $ 14 1.51%-2.50% $ — $ — $ — $ — — Greater than 2.50% 11 — — — 11 Total $ 20 $ — $ 4 $ 1 $ 25 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,532 1,886 626 14 7,058 Total $ 4,532 $ 1,886 $ 626 $ 14 $ 7,058 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 903 218 24 — 1,145 Total $ 903 $ 218 $ 25 $ 12 $ 1,158 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171 This note contains the new accounting policy for the adoption of LDTI Contracts or contract features that provide protection to the contract holder from capital market risk and expose the Company to other-than-nominal capital market risk are classified as MRBs. All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. MRBs are measured at fair value at the contract level and can be in either an asset or liability position. For contracts that contain multiple MRB features, the MRBs are valued together as a single compound MRB. Market risk benefit assets and Market risk benefit liabilities are reported separately on the Condensed Consolidated Balance Sheets. Changes in fair value are reported in Net (gains) losses on market risk benefits on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is reported as a component of other comprehensive income in Change in non-performance risk on market risk benefits on the Condensed Consolidated Statements of Comprehensive Income (Loss). A description of the items effecting the change in fair value by category is as follows: • Changes in interest rates — movement in risk free rates (impacts both assumed future separate account returns and discounting of cash flows) • Fund performance — separate account returns gross of fees • Change in equity index volatility — movement in implied volatility • Expected policyholder behavior — policyholder behavior as assumed in reserving • Actual policyholder behavior different than expected — difference between actual behavior during the period versus assumed behavior • Time — effect of passage of time including reduction to separate account balances from fees, the change in proximity of future cash flows, and impacts to policy features such as bonus credits • Change in assumptions — changes in assumptions resulting from our periodic review • Change in non-performance risk — changes in Jackson’s own credit spread See Note 6 of the Notes to Condensed Consolidated Financial Statements for more information regarding fair value measurements. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits), the balance related to the MRB is derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) is used in the calculation of the liability for future policy benefits for the resulting payout annuity. Variable Annuities Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. These guaranteed benefit features, as well as the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are classified as MRBs and measured at fair value. The Company discontinued offering the GMIB in 2009 and GMAB in 2011. Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefits features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value. The significant assumptions used in the MRB fair value calculations are discussed in Note 6 of the Notes to Condensed Consolidated Financial Statements. The use of models and assumptions used to determine fair value of MRBs requires a significant amount of judgement. As such, we have undertaken a comprehensive review of the significant assumptions used. During the three months ended March 31, 2023, the following notable changes were made to the inputs to the fair value estimates of the MRB calculations: • There were no changes made to assumed mortality rates. • There were no changes made to assumed lapse rates. • There were no changes made to assumed GMWB or GMIB utilization rates. • There were no changes made to assumed GMWB or non-GMWB withdrawal rates. • The non-performance risk adjustment increased as a result of increasing credit spreads, which resulted in a decrease in the MRB reserve that was recorded within OCI. • There were no changes made to assumed long-term equity volatility. • Decreases in interest rates led to lower assumed separate account and lower discount rates, which resulted in an increase in the MRB reserve. • Increases in equity markets led to higher separate account fund performance and a decrease in future projected benefits, which resulted in a decrease in the MRB reserve. • Decreases in equity index volatility led to higher assumed separate account returns, which resulted in an increase in the MRB reserve. During the year ended December 31, 2022, the following notable changes were made to the inputs to the fair value estimates of the MRB calculations: • Assumed mortality rates for certain policies were increased as a result of trends in actual mortality experience within those blocks of business, which resulted in an increase in the MRB reserve. • Assumed lapse rates were reduced to capture recent trends in actual lapse experience and to reflect a strengthening of the risk margin, which resulted in an increase in the MRB reserve. • An update was made in the GMWB utilization modeling framework to allow for more direct modeling of certain product features and risk margins were strengthened to reflect the credibility associated with the increased granularity of the parameterization, which resulted in a net increase in the MRB reserve. No adjustments were made to the GMIB utilization rates. • Assumed GMWB withdrawal rates were increased as a result of trends in actual experience, which resulted in an increase in the MRB reserve. Minor adjustments were made to the free partial withdrawal rates on policies without a GMWB with no material impact on the resulting MRB reserve. • The non-performance risk adjustment increased as a result of increasing credit spreads, which resulted in a decrease in the MRB reserve that was recorded within OCI. • There were no changes made to assumed long-term equity volatility. • Increases in interest rates led to higher assumed separate account returns and higher discount rates, which resulted in a decrease in the MRB reserve. • Decreases in equity markets led to lower separate account fund performance and an increase in future projected benefits, which resulted in an increase in the MRB reserve. • Increases in equity index volatility led to lower assumed separate account returns, which resulted in an increase in the MRB reserve.

Separate Account Assets and Lia

Separate Account Assets and Liabilities	3 Months Ended
Separate Account Assets and Liabilities	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Separate Account Assets and Liabilities	Separate Account Assets and Liabilities This note contains the new accounting policy for the adoption of LDTI The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefits, or "GMDB"), at annuitization ("GMIB"), upon the depletion of funds ("GMWB") or at the end of a specified period ("GMAB"). These guarantees are classified as market risk benefits. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The separate account assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. At March 31, 2023 and December 31, 2022, the assets and liabilities associated with variable life and annuity contracts were $204 billion and $196 billion, respectively. Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the Condensed Consolidated Income Statements. Amounts assessed against the contract holders for mortality, variable annuity benefit guarantees, administrative, and other services are reported in revenue as fee income. Included in the separate account assets and liabilities described above is a Jackson issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the Jackson National Separate Account - II, which had balances of $304 million and $285 million at March 31, 2023 and December 31, 2022, respectively. The Company receives administrative fees for managing the funds. These fees are recorded as earned and included in fee income in the Condensed Consolidated Income Statements. The following table presents the roll-forward of the separate account balance for variable annuities (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Balance as of beginning of period $ 195,550 $ 248,469 Deposits 2,158 12,288 Surrenders, withdrawals and benefits (3,791) (14,554) Net transfer from (to) general account 242 (870) Investment performance 10,528 (47,150) Policy charges and other (697) (2,633) Balance as of end of period, gross $ 203,990 $ 195,550 Cash surrender value (1) $ 198,782 $ 190,243 (1) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges. The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Annuities $ 203,990 $ 195,550 Other 376 356 Total $ 204,366 $ 195,906 The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Annuities By Fund Type Equity $ 139,455 $ 132,547 Bond 19,553 19,155 Balanced 42,033 40,797 Money Market 2,949 3,051 Total Variable Annuities 203,990 195,550 Other Product Lines 376 356 Total Separate Accounts $ 204,366 $ 195,906

Market Risk Benefits

Market Risk Benefits	3 Months Ended
Market Risk Benefits	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Market Risk Benefits	This note contains the new accounting policy for the adoption of LDTI Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and registered index-linked annuities. Universal life type contracts have an account balance as a principal component in which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration. The account balance is recognized as a liability within other contract holder funds, and the liability is updated each period for fee and assessment deductions and increased for interest or returns credited to the account balance. Certain of our universal life type contracts contain features that are not classified as market risk benefits or embedded derivatives but provide additional benefits beyond the account balance or base insurance coverage for which a liability in addition to the account balance is necessary. These additional liabilities for death or other insurance benefits are reported as a component of reserves for future policy benefits and claims payable in the Condensed Consolidated Balance Sheets. See Note 9 of the Notes to the Condensed Consolidated Financial Statements for more information regarding these additional liabilities. Certain contracts without significant mortality or morbidity risk and certain annuities that lack insurance risk are treated as investment contracts. As investment contracts, payments received are reported as liabilities and accounted for in a manner that is consistent with the accounting for interest-bearing or other financial instruments, within other contract holder funds. The Company issues a variety of annuity products including fixed annuities, fixed index annuities, registered index linked annuities, variable annuities and payout annuities. For annuity contracts that are classified as investment contracts, the liability is the account balance as of the reporting date, reported within the other contract holder funds. For the variable annuity products only the allocations to fixed fund options are reported in other contract holder funds. For our fixed index annuities and registered index linked annuities, the equity-linked option issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments. The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates. Favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company also establishes a host contract reserve to support the underlying guaranteed account value growth. This host contract liability is included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. Interest is accreted to the host contract liability using an effective yield method. Our annuity products may contain certain features or guarantees that are classified as market risk benefits. These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheet. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The Company’s institutional products business is comprised of the guaranteed investment contracts, medium-term funding agreement-backed notes and funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) described below. The Company has established a $27 billion aggregate Global Medium-Term Note ("MTN") program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium-Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements. The carrying values at March 31, 2023 and December 31, 2022 totaled $5.6 billion and $5.9 billion, respectively. Those Medium-Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium-Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements. Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments. Jackson is a member of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with long-term funding facilities. Advances are in the form of long-term notes or funding agreements issued to FHLBI. At both March 31, 2023 and December 31, 2022, the Company held $146 million of FHLBI capital stock, respectively, supporting $2.2 billion and $2.1 billion in funding agreements and long-term borrowings at March 31, 2023 and December 31, 2022, respectively. The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuity $ 847 $ 837 Variable Annuity 9,927 10,259 Fixed Annuity 11,082 11,696 Fixed Indexed Annuities 11,375 11,787 RILA 2,501 1,875 Closed Block Life 11,179 11,215 Closed Block Annuity 1,316 1,319 Institutional Products 8,691 9,019 Other Product Lines 176 183 Total other contract holder funds $ 57,094 $ 58,190 The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 45 316 82 71 533 80 1 1,128 Surrenders, withdrawals and benefits (64) (457) (748) (556) (17) (198) (16) (2,056) Net transfers from (to) separate accounts — (242) — — — — — (242) Investment performance / change in value of equity option — — — 67 108 — — 175 Interest credited 6 73 91 54 2 161 11 398 Policy charges and other 23 (22) (39) (48) — (79) 1 (164) Balance as of March 31, 2023 $ 847 $ 9,927 $ 11,082 $ 11,375 $ 2,501 $ 11,179 $ 1,316 $ 48,227 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity March 31, 2023 Weighted-average crediting rate (1) 2.83 % 2.94 % 3.28 % 1.90 % 0.32 % 5.76 % 3.34 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,154 $ — Cash surrender value (3) $ — $ 9,792 $ 10,981 $ 10,979 $ 2,314 $ 11,098 $ 1,316 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements. (3) Cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less the applicable surrender charges. At both March 31, 2023 and December 31, 2022, excluding reinsurance business, approximately 92% of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. At March 31, 2023 and December 31, 2022, excluding reinsurance business, approximately 64% and 65% of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 14 $ 1 $ — $ 15 1.51%-2.50% 193 — — — 193 Greater than 2.50% 9,594 — — 125 9,719 Total $ 9,787 $ 14 $ 1 $ 125 $ 9,927 Fixed Annuities 0.00%-1.50% $ 18 $ 68 $ 82 $ 1 $ 169 1.51%-2.50% 31 2 2 — 35 Greater than 2.50% 629 58 315 — 1,002 Total $ 678 $ 128 $ 399 $ 1 $ 1,206 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 14 $ 5 $ 43 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 23 — 22 — 45 Total $ 29 $ 14 $ 27 $ 43 $ 113 RILA 0.00%-1.50% $ 9 $ — $ 4 $ 1 $ 14 1.51%-2.50% $ — $ — $ — $ — — Greater than 2.50% 11 — — — 11 Total $ 20 $ — $ 4 $ 1 $ 25 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,532 1,886 626 14 7,058 Total $ 4,532 $ 1,886 $ 626 $ 14 $ 7,058 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 903 218 24 — 1,145 Total $ 903 $ 218 $ 25 $ 12 $ 1,158 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171 This note contains the new accounting policy for the adoption of LDTI Contracts or contract features that provide protection to the contract holder from capital market risk and expose the Company to other-than-nominal capital market risk are classified as MRBs. All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. MRBs are measured at fair value at the contract level and can be in either an asset or liability position. For contracts that contain multiple MRB features, the MRBs are valued together as a single compound MRB. Market risk benefit assets and Market risk benefit liabilities are reported separately on the Condensed Consolidated Balance Sheets. Changes in fair value are reported in Net (gains) losses on market risk benefits on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is reported as a component of other comprehensive income in Change in non-performance risk on market risk benefits on the Condensed Consolidated Statements of Comprehensive Income (Loss). A description of the items effecting the change in fair value by category is as follows: • Changes in interest rates — movement in risk free rates (impacts both assumed future separate account returns and discounting of cash flows) • Fund performance — separate account returns gross of fees • Change in equity index volatility — movement in implied volatility • Expected policyholder behavior — policyholder behavior as assumed in reserving • Actual policyholder behavior different than expected — difference between actual behavior during the period versus assumed behavior • Time — effect of passage of time including reduction to separate account balances from fees, the change in proximity of future cash flows, and impacts to policy features such as bonus credits • Change in assumptions — changes in assumptions resulting from our periodic review • Change in non-performance risk — changes in Jackson’s own credit spread See Note 6 of the Notes to Condensed Consolidated Financial Statements for more information regarding fair value measurements. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits), the balance related to the MRB is derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) is used in the calculation of the liability for future policy benefits for the resulting payout annuity. Variable Annuities Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. These guaranteed benefit features, as well as the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are classified as MRBs and measured at fair value. The Company discontinued offering the GMIB in 2009 and GMAB in 2011. Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefits features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value. The significant assumptions used in the MRB fair value calculations are discussed in Note 6 of the Notes to Condensed Consolidated Financial Statements. The use of models and assumptions used to determine fair value of MRBs requires a significant amount of judgement. As such, we have undertaken a comprehensive review of the significant assumptions used. During the three months ended March 31, 2023, the following notable changes were made to the inputs to the fair value estimates of the MRB calculations: • There were no changes made to assumed mortality rates. • There were no changes made to assumed lapse rates. • There were no changes made to assumed GMWB or GMIB utilization rates. • There were no changes made to assumed GMWB or non-GMWB withdrawal rates. • The non-performance risk adjustment increased as a result of increasing credit spreads, which resulted in a decrease in the MRB reserve that was recorded within OCI. • There were no changes made to assumed long-term equity volatility. • Decreases in interest rates led to lower assumed separate account and lower discount rates, which resulted in an increase in the MRB reserve. • Increases in equity markets led to higher separate account fund performance and a decrease in future projected benefits, which resulted in a decrease in the MRB reserve. • Decreases in equity index volatility led to higher assumed separate account returns, which resulted in an increase in the MRB reserve. During the year ended December 31, 2022, the following notable changes were made to the inputs to the fair value estimates of the MRB calculations: • Assumed mortality rates for certain policies were increased as a result of trends in actual mortality experience within those blocks of business, which resulted in an increase in the MRB reserve. • Assumed lapse rates were reduced to capture recent trends in actual lapse experience and to reflect a strengthening of the risk margin, which resulted in an increase in the MRB reserve. • An update was made in the GMWB utilization modeling framework to allow for more direct modeling of certain product features and risk margins were strengthened to reflect the credibility associated with the increased granularity of the parameterization, which resulted in a net increase in the MRB reserve. No adjustments were made to the GMIB utilization rates. • Assumed GMWB withdrawal rates were increased as a result of trends in actual experience, which resulted in an increase in the MRB reserve. Minor adjustments were made to the free partial withdrawal rates on policies without a GMWB with no material impact on the resulting MRB reserve. • The non-performance risk adjustment increased as a result of increasing credit spreads, which resulted in a decrease in the MRB reserve that was recorded within OCI. • There were no changes made to assumed long-term equity volatility. • Increases in interest rates led to higher assumed separate account returns and higher discount rates, which resulted in a decrease in the MRB reserve. • Decreases in equity markets led to lower separate account fund performance and an increase in future projected benefits, which resulted in an increase in the MRB reserve. • Increases in equity index volatility led to lower assumed separate account returns, which resulted in an increase in the MRB reserve.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Liabilities for the Company’s debt are primarily carried at an amount equal to the principal balance net of any unamortized original issuance discount or premium. Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding. The aggregate carrying value of long-term debt was as follows (in millions): March 31, December 31, 2023 2022 Long-Term Debt Senior Notes due 2023 $ 598 $ 598 Senior Notes due 2027 397 397 Senior Notes due 2031 493 493 Senior Notes due 2032 347 347 Senior Notes due 2051 489 488 Surplus notes 250 250 FHLBI bank loans 58 62 Total long-term debt $ 2,632 $ 2,635 The following table presents the contractual maturities of the Company's long-term debt as of March 31, 2023 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 598 $ — $ — $ — $ 2,034 $ 2,632 Senior Notes On June 8, 2022, the Company issued $750 million aggregate principal amount of its senior unsecured notes, consisting of $400 million aggregate principal amount of 5.170% Senior Notes due June 8, 2027 and $350 million aggregate principal amount of 5.670% Senior Notes due June 8, 2032. The net proceeds of these notes were used, together with cash on hand, to repay the Company’s $750 million aggregate principal senior unsecured amount term loan due February 2023. Revolving Credit Facility On February 24, 2023, the Company replaced the 2021 Revolving Credit Facility that was due to expire in February 2024 and entered into a revolving credit facility (the "2023 Revolving Credit Facility") with a syndicate of banks and Bank of America, N.A., as Administrative Agent. The 2023 Revolving Credit Facility provides for borrowings for working capital and other general corporate purposes under aggregate commitments of $1.0 billion, with a sub-limit of $500 million available for letters of credit. The 2023 Revolving Credit Facility further provides for the ability to request, subject to customary terms and conditions, an increase in commitments thereunder by up to an additional $500 million. The credit agreement for the 2023 Revolving Credit Facility contains financial maintenance covenants, including a minimum adjusted consolidated net worth test of no less than 70% of our adjusted consolidated net worth as of September 30, 2022 (plus (to the extent positive) or minus (to the extent negative) 70% of the impact on such adjusted consolidated net worth resulting from the application of a one-time transition adjustment for the LDTI accounting change for insurance contracts, and plus 50% of the aggregate amount of any increase in adjusted consolidated net worth resulting from equity issuances by the Company and its consolidated subsidiaries after September 30, 2022), and a maximum consolidated indebtedness to total capitalization ratio test not to exceed 35%. Commitments under the 2023 Revolving Credit Facility terminate on February 24, 2028.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	3 Months Ended
Federal Home Loan Bank Advances	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank Advances	Federal Home Loan Bank AdvancesThe Company, through its subsidiary, Jackson, entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances of nil were outstanding at both March 31, 2023 and December 31, 2022 and were recorded in other liabilities.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOn August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA includes a new Federal alternative minimum tax (“AMT”), effective in 2023, that is based on 15% of an applicable corporation’s adjusted financial statement income (“AFSI”). A corporation will be subject to the AMT if its average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1 billion (an “applicable corporation”). Upon becoming an applicable corporation, an entity will remain so for all future years, except under limited circumstances. The corporation’s AMT liability is payable to the extent the AMT liability exceeds regular corporate income tax. However, any AMT paid would be indefinitely available as a credit carryover that could reduce future regular corporate income tax in excess of AMT. Starting in 2023, the Company became an applicable corporation. That determination is based on interpretations and assumptions we have made regarding the AMT provisions of the IRA, which may change once regulatory guidance is issued. As of March 31, 2023, we have not recorded any provision for the AMT. The U.S. Department of the Treasury is expected to issue regulatory guidance throughout 2023. The Company uses the estimated annual effective tax rate (“ETR”) method in computing the interim tax provision. Certain items, including those deemed unusual, infrequent, or that cannot be reliably estimated, are treated as discrete items and excluded from the estimated annual ETR. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual ETR, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions and are recorded in the period in which the change occurs. The estimated annual ETR is revised, as necessary, at the end of successive interim reporting periods. The Company’s effective income tax rate was 27.2% for the three months ended March 31, 2023, compared with 15.0% for the same period in 2022. The ETR differs from the statutory rate of 21% primarily due to the dividends received deduction and utilization of foreign tax credits. The change in the ETR for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 was due to the relationship of taxable income to consolidated pre-tax income. The ETR differs for the three months ended March 31, 2023 from the full year-ended December 31, 2022 ETR of 19.6% due to the relationship of taxable income to consolidated pre-tax income. The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable. Considerable judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. For the three months ended March 31, 2023, recent changes in market conditions and interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolio resulting in deferred tax assets related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2023, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses that are not more-likely-than-not to be realized. For the three months ended March 31, 2023, the Company recorded a decrease of $136 million to the valuation allowance associated with the unrealized tax losses in the companies’ available for sale securities portfolio. The $136 million decrease to the valuation allowance consists of $141 million tax benefit recorded to other comprehensive income offset by a $5 million tax expense recorded in the income tax (benefit). At March 31, 2023 and December 31, 2022, the Company has recorded a total valuation allowance for $770 million and $906 million, respectively, associated with the unrealized tax losses in the companies' available for sale securities portfolio. At March 31, 2023 and December 31, 2022, the Company has recorded a total valuation allowance for $4 million and $4 million, respectively, against the deferred tax assets associated with both realized and unrealized losses on capital assets in the Non-life Companies’ where it is not more-likely-than-not that the full tax benefit of the losses will be realized.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.At March 31, 2023, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $1,283 million. At March 31, 2023, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $1,342 million.

Other Related Party Transaction

Other Related Party Transactions	3 Months Ended
Other Related Party Transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party TransactionsThe Company's investment management operation, PPM, provides investment services to certain Prudential affiliated entities. The Company recognized $8 million and $9 million of revenue during the three months ended March 31, 2023 and 2022, associated with these investment services. This revenue was included in fee income in the accompanying Condensed Consolidated Income Statements.

Operating Costs and Other Expen

Operating Costs and Other Expenses	3 Months Ended
Operating Costs and Other Expenses	Mar. 31, 2023
Operating Costs And Other Expenses [Abstract]
Operating Costs and Other Expenses	Operating Costs and Other Expenses The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended March 31, 2023 2022 Asset-based commission expenses $ 250 $ 275 Other commission expenses 174 240 Sub-advisor expenses 77 90 General and administrative expenses 236 241 Deferral of acquisition costs (121) (180) Total operating costs and other expenses $ 616 $ 666

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Balance, beginning of period (1) $ (3,378) $ 1,360 Change in unrealized gains (losses) of investments 1,027 (3,581) Change in current discount rate - reserve for future policy benefits (2) (146) 765 Change in non-performance risk on market risk benefits 284 936 Change in unrealized gains (losses) - other (14) 9 Change in deferred tax asset (110) 402 Other comprehensive income (loss) before reclassifications 1,041 (1,469) Reclassifications from AOCI, net of tax 29 (10) Other comprehensive income (loss) 1,070 (1,479) Balance, end of period (1) $ (2,308) $ (119) (1) Includes $(1,832) million and $(2,106) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of March 31, 2023 and December 31, 2022, respectively. (2) Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable. The following table represents amounts reclassified out of AOCI (in millions, 2022 information recast for the adoption of LDTI): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended March 31, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 60 $ (31) Net gains (losses) on derivatives and investments Other impaired securities (23) 18 Net gains (losses) on derivatives and investments Net unrealized gain (loss) 37 (13) Amortization of deferred acquisition costs — — Reclassifications, before income taxes 37 (13) Income tax expense (benefit) 8 (3) Reclassifications, net of income taxes $ 29 $ (10)

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Preferred Stock On March 13, 2023, the Company issued and sold 22,000,000 depositary shares (the “Depositary Shares”), each representing a 1/1,000th fractional interest in a share of the Company’s Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A, $25,000 liquidation preference per share (equivalent to $25 per Depositary Share), with a 5-year dividend rate reset period and noncumulative dividends (the “Series A Preferred Stock”). After underwriting discounts and expenses, we received net proceeds of approximately $533 million. The Series A Preferred Stock carries i) an initial dividend rate of 8.000% per annum to but excluding, March 30, 2028; ii) from, and including, March 30, 2028, during each reset period, at a rate per annum equal to the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus 3.728% and be payable in arrears on March 30, June 30, September 30 and December 30, commencing on June 30, 2023. Dividends on the Series A Preferred Stock are not cumulative. Under the terms of the Series A Preferred Stock, if the Company has not declared and paid, or declared and set aside a sum sufficient for the payment of, dividends on the Series A Preferred Stock for the immediately preceding dividend period (for the avoidance of doubt, there is no preceding dividend period for the initial dividend period), then the Company’s ability to pay dividends or make distributions with respect to its common stock, or to repurchase or otherwise acquire its common stock, is subject to certain restrictions. Similar restrictions would apply in respect of any preferred stock ranking on parity with, or junior to, the Series A Preferred Stock, if any such preferred stock were to be issued by the Company. We may, at our option, redeem the shares of Series A Preferred Stock (a) in whole but not in part at any time prior to March 30, 2028, (i) within 90 days after the occurrence of a “rating agency event” at a redemption price equal to $25,500 per share (equivalent to $25.50 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date, or (ii) within 90 days after the occurrence of a “regulatory capital event,” at a redemption price equal to $25,000 per share (equivalent to $25 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date, or (b) in whole or in part, from time to time, on or after March 30, 2028, at a redemption price equal to $25,000 per share (equivalent to $25 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date. If we redeem any shares of Series A Preferred Stock, a proportionate number of Depositary Shares will be redeemed. Holders of Depositary Shares have no right to require the redemption or repurchase of the Series A Preferred Stock or the Depositary Shares. We will use the net proceeds from the sale for general corporate purposes, including future repayments of debt. Common Stock At the time of the Demerger, the Company had two classes of common stock: Class A Common Stock and Class B Common Stock. Both classes had a par value of $0.01 per share. Each share of Class A Common Stock was entitled to one vote per share. Each share of Class B Common Stock was entitled to one-tenth of one vote per share. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock had the same dividend rights, were equal in all other respects, and were otherwise treated as if they were one class of shares. On June 9, 2022, our shareholders approved the Third Amended and Restated Certificate of Incorporation, which amended and restated the Second Amended and Restated Certificate of Incorporation to eliminate the Class B Common Stock. At March 31, 2023 and December 31, 2022, the Company was authorized to issue up to 1 billion shares of common stock (formerly known as the Class A Common Stock at December 31, 2021). Share Repurchase Program On February 27, 2023, our Board of Directors authorized an increase of $450 million in our existing authorization to repurchase shares of our outstanding Class A Common Stock as part of the Company's share repurchase program. As of May 3, 2023, the Company had remaining authorization to purchase $457 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date. There can be no assurance that we will continue share repurchases or approve any increase to, or approve any new, stock repurchase program, or as to the amount of any repurchases made pursuant to such programs. The Inflation Reduction Act of 2022 creates a 1% excise tax on net stock buybacks of publicly-traded U.S. corporations. Starting in 2023, such excise tax generally applies if a company repurchases in excess of $1 million worth of its stock in any given calendar year. The impact of this provision is dependent on the extent of net share repurchases made. Any excise tax incurred on corporate stock repurchases will generally be recognized as part of the cost basis of the treasury stock acquired and not reported as income tax expense. Through March 31, 2023, we have not incurred any excise tax as stock issuances were greater than stock repurchases. The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2022 (January 1- March 31) 3,433,610 $ 140 $ 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 2022 (July 1- September 30) 1,200,000 39 32.75 2022 (October 1 - December 31) 1,142,105 38 33.33 Total 2022 7,646,569 $ 283 $ 37.05 2023 (January 1- March 31) 1,721,737 70 40.42 2023 (April 1- May 3) 804,797 29 35.87 Total 2023 2,526,534 $ 99 $ 38.97 The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2022 94,474,911 (11,784,813) 82,690,098 Share-based compensation programs 921 75,036 (1) 75,957 Shares repurchased under repurchase program — (1,721,737) (1,721,737) Shares at March 31, 2023 94,475,832 (13,431,514) 81,044,318 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs. Dividends to Shareholders Any declaration of cash dividends will be at the discretion of JFI’s Board of Directors and will depend on our financial condition, earnings, liquidity and capital requirements, regulatory constraints, level of indebtedness, contractual restrictions with respect to paying cash dividends, restrictions imposed by Delaware law, general business conditions and any other factors that JFI’s Board of Directors deems relevant in making any such determination. Therefore, there can be no assurance that we will pay any cash dividends to holders of our stock or as to the amount of any such cash dividend. The following table presents declaration date, record date, payment date and dividends paid per share of JFI’s common stock: Declaration Date Record Date Payment Date Dividends Paid Per Share Quarter Ended 03/31/2023 February 27, 2023 March 14, 2023 March 23, 2023 $0.62 Quarter Ended 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) attributable to Jackson Financial Inc. shareholders by the weighted-average number of Class A and Class B common shares outstanding during the period. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock had the same dividend rights, were equal in all respects, and were otherwise treated as if they were one class of shares, including the treatment for the earnings per share calculations. Diluted earnings per share is calculated by dividing the net income (loss) attributable to Jackson Financial Inc. shareholders, by the weighted-average number of shares of common stock outstanding for the period, plus shares representing the dilutive effect of share-based awards. Beginning in 2021, the Company granted its first share-based awards subject to vesting provisions of the Incentive Plan, which have a dilutive effect. See Note 18 to Consolidated Financial Statements for further description of share-based awards in the Company's 2022 Annual Report. The following table sets forth the calculation of earnings per common share (2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ (1,497) $ 2,194 Weighted average shares of common stock outstanding - basic 82,646,113 86,352,586 Dilutive common shares — 3,607,276 Weighted average shares of common stock outstanding - diluted (1) 82,646,113 89,959,862 Earnings per share—common stock Basic $ (18.11) $ 25.41 Diluted $ (18.11) $ 24.39 (1) If we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The shares excluded from the diluted EPS calculation were 3,436,857 shares for the three months ended March 31, 2023.

Revision and Reclassifications

Revision and Reclassifications of Prior Period Financial Statements	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Revision and Reclassifications of Prior Period Financial Statements	Revision and Reclassifications of Prior Period Financial Statements At September 30, 2022, the Company identified errors related to the classification of certain balances and amounts in line items of Condensed Consolidated Income Statements, and Condensed Consolidated Statements of Cash Flows of its previously issued Condensed Consolidated Financial Statements. These errors consist of balances and amounts related to deferred sales inducement assets, liabilities for certain life-contingent annuities, sub-advisor fee expenses, and other operating expenses and do not impact previously reported net income, total equity, or net cash flows. Management evaluated these errors and the impact to previously issued financial statements based upon SEC Staff Accounting Bulletin No. 99, Materiality, which has since been codified in Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections. Based on this evaluation, management has concluded that the adjustments and impact of these errors were not material to any previously issued quarterly or annual financial statements. However, to improve the consistency and comparability of the financial statements, management has revised previously reported financial statement line items and related disclosures in this report. In addition, certain other immaterial amounts in prior period financial statements have been reclassified to conform to the current period presentation. The following tables, recast for the adoption of LDTI, present condensed statement of income line items affected by the revisions and reclassifications of previously reported financial statements, detailing amounts previously reported, the impact upon those line items due to revisions and reclassifications and amounts as currently revised within the financial statements. For the three months ended March 31, 2022, the reclassification also impacted the Condensed Consolidated Statement of Cash Flows in the amount of $27 million, which increased financing cash flows offset by a decrease in operating cash flows. Condensed Consolidated Income Statements As Previously Reported Impact for the Adoption of LDTI Impact of Revisions As Revised Three Months Ended Three Months Ended Three Months Ended Three Months Ended 3/31/22 3/31/22 3/31/22 3/31/22 Revenues Fee income $ 1,922 $ — $ 90 $ 2,012 Premium 34 — 3 37 Net investment income 720 — (30) 690 Total net gains (losses) on derivatives and investments 1,605 (2,143) — (538) Total revenues 4,301 (2,143) 63 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 567 (281) 14 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 — 15 Market risk benefits (gains) losses, net — (1,907) — (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 206 1 (10) 197 Operating costs and other expenses, net of deferrals 607 — 59 666 Amortization of deferred acquisition costs 515 (198) — 317 Total benefits and expenses 1,915 (2,370) 63 (392) Pretax income (loss) 2,386 227 — 2,613 Income tax (benefit) expense 330 58 — 388 Net income (loss) $ 2,056 $ 169 $ — $ 2,225

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date these Condensed Consolidated Financial Statements were issued. Line of Credit Agreement Jackson is a party to an Uncommitted Money Market Line Credit Agreement dated April 6, 2023 among Jackson, Jackson Financial, and Société Générale. This agreement is an uncommitted short-term cash advance facility that provides an additional form of liquidity to Jackson and to Jackson Financial. The aggregate borrowing capacity under the agreement is $500 million and each cash advance request must be at least $100 thousand. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. Jackson and Jackson Financial are jointly and severally liable to repay any advance under the agreement, which must be repaid prior to the last day of the quarter in which the advance was drawn. As of May 9, the Company has not borrowed on this line of credit. Dividends Declared to Shareholders On May 8, 2023, our Board of Directors approved a second quarter cash dividend on JFI's common stock, $0.62 per share, payable on June 15, 2023, to shareholders of record on June 1, 2023. The Company also announced the declaration of a cash dividend of $0.59444 per depositary share, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A. The dividend will be payable on June 30, 2023, to shareholders of record at the close of business on June 1, 2023.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
New Accounting Standards (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the "2022 Annual Report"). The condensed consolidated financial information as of December 31, 2022, included herein, has been derived from the audited Consolidated Financial Statements in the 2022 Annual Report, but recast, as described in these notes, to reflect the adoption of the accounting standard discussed in the next paragraph. The Company adopted Accounting Standards Update (“ASU”) 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts,” (“LDTI”) effective January 1, 2023, with a transition date of January 1, 2021. See Note 2 of the Notes to Condensed Consolidated Financial Statements for further description of the adoption of LDTI. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the Company’s 2022 Annual Report. New accounting policies adopted for LDTI are included in the Notes 7, 8, 9, 10, 11, and 12 to the Condensed Consolidated Financial Statements in this Form 10-Q.
Consolidation	All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are VIEs, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions used in calculating policy reserves and liabilities including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off-balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; • Assumptions used in calculating market risk benefits including policyholder behavior, mortality rates, and capital market assumptions; • Assumptions impacting the expected term used in the calculation of amortization of deferred acquisition costs, including policyholder behavior and mortality rates. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed.
Revision of Prior Period Financial Statements	In 2022, the Company identified errors related to the classification of certain balances and amounts in the line items of the Condensed Consolidated Balance Sheets and Condensed Consolidated Income Statements. These errors resulted in the revision of balances and amounts related to deferred sales inducement assets, liabilities for certain life-contingent annuities, sub-advisor fee expenses, and other operating expense items that impacted previously issued Condensed Consolidated Financial Statements. The impact of these errors to the prior periods' Condensed Consolidated Financial Statements were not considered to be material and had no impact on shareholders' equity or net income (loss). However, to improve the consistency and comparability of the financial statements, management revised the financial statements and related disclosures in this quarterly report. See Note 22 to the Notes to Condensed Consolidated Financial Statements for details of the revisions.
New Accounting Standards	Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying U.S. GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and is being applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s Condensed Consolidated Financial Statements. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities as of December 21, 2022. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2024. In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long Duration Contracts,” ("LDTI"), which included changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted LDTI effective January 1, 2023, with a transition date of January 1, 2021, using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, and on a retrospective basis, in relation to market risk benefits ("MRBs"). Under the modified retrospective approach, the Company applied the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminated certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company applied the guidance as of the transition date, using actual historical assumption information as of contract inception, as if the accounting principle had always been applied. Amounts reported as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 within these Condensed Consolidated Financial Statements are accounted for and presented in accordance with U.S. GAAP reflecting the adoption of LDTI. LDTI contains four significant changes: 1. Market risk benefits: market risk benefits, a new term for certain contract features that provide for potential benefits in addition to the account balance that expose the Company to other-than-nominal market risk (for example, guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), are measured at fair value. Changes in fair value are recorded and presented separately within the income statement, with the exception of changes in fair value due to non-performance risk, which are recognized in other comprehensive income (loss) (“OCI”); 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) are amortized on a constant-level basis, independent of profitability of the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts is required. These liabilities are discounted using an upper-medium grade fixed income instrument yield which is updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, are required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The adoption of LDTI resulted in a decrease in total equity of $3.0 billion as of the transition date of January 1, 2021, comprised of a reduction in AOCI of $0.4 billion and a reduction in retained earnings of $2.6 billion. The primary drivers for this impact to total equity included: 1. the classification of certain benefits as market risk benefits (“MRB”) which were remeasured at fair value as of the transition date. The resulting change in the value of these benefits at the transition date, net of the related deferred tax effect, is recognized in retained earnings, with the exception of the cumulative effect of changes in non-performance risk, net of the related deferred tax effect, which is recognized in AOCI;

New Accounting Standards (Table

New Accounting Standards (Tables)	3 Months Ended
New Accounting Standards (Tables)	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle, Effect Of Transition On Equity	The following table presents the effect of transition adjustments on shareholders' equity due to the adoption of LDTI (in millions): January 1, 2021 Accumulated other Retained earnings comprehensive income Deferred acquisition costs $ — $ 106 Reinsurance recoverable on market risk benefits — (34) Reserves for future policy benefits and claims payable 97 141 Market risk benefits (2,700) (598) Total $ (2,603) $ (385)
Schedule of Error Corrections and Prior Period Adjustments	The following table presents amounts previously reported as of December 31, 2020, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of January 1, 2021 (in millions): As Previously Effect of As of Reported Changes 1/1/2021 Assets Deferred acquisition costs $ 13,897 $ 146 $ 14,043 Reinsurance recoverable, net of allowance for credit losses 35,270 (154) 35,116 Reinsurance recoverable on market risk benefits, at fair value — 471 471 Market risk benefit assets, at fair value — 690 690 Deferred income taxes, net 1,058 824 1,882 Other assets 1,179 2 1,181 Total assets $ 353,532 $ 1,979 $ 355,511 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 22,512 $ (5,716) $ 16,796 Other contract holder funds 63,592 (7) 63,585 Market risk benefit liabilities, at fair value — 10,690 10,690 Total liabilities 343,609 4,967 348,576 Equity Accumulated other comprehensive income, net of tax expense 3,821 (385) 3,436 Retained earnings (324) (2,603) (2,927) Total equity 9,923 (2,988) 6,935 Total liabilities and equity $ 353,532 $ 1,979 $ 355,511 The following table presents amounts previously reported in the Consolidated Balance Sheets as of December 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of December 31, 2022 (in millions): As Previously As Adjusted Reported Effect of As of December 31, 2022 Changes December 31, 2022 Assets Deferred acquisition costs $ 13,422 $ (499) $ 12,923 Reinsurance recoverable, net of allowance for credit losses 29,641 (595) 29,046 Reinsurance recoverable on market risk benefits, at fair value — 221 221 Market risk benefit assets, at fair value — 4,865 4,865 Deferred income taxes, net 385 (65) 320 Other assets 946 (2) 944 Total assets $ 311,058 $ 3,925 $ 314,983 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 14,273 $ (1,955) $ 12,318 Other contract holder funds 58,195 (5) 58,190 Market risk benefit liabilities, at fair value — 5,662 5,662 Total liabilities 301,903 3,702 305,605 Equity Accumulated other comprehensive income, net of tax expense (5,481) 2,103 (3,378) Retained earnings 8,283 (1,880) 6,403 Total equity 9,155 223 9,378 Total liabilities and equity $ 311,058 $ 3,925 $ 314,983 The following table present amounts previously reported in Condensed Consolidated Income Statements as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Revenues Total net gains (losses) on derivatives and investments 1,605 (2,143) (538) Total revenues $ 4,364 $ (2,143) $ 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 581 (281) 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Market risk benefits (gains) losses, net — (1,907) (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 196 1 197 Amortization of deferred acquisition costs 515 (198) 317 Total benefits and expenses 1,978 (2,370) (392) Pretax income (loss) 2,386 227 2,613 Income tax expense (benefit) 330 58 388 Net income (loss) 2,056 169 2,225 Net income (loss) attributable to Jackson Financial Inc. $ 2,025 $ 169 $ 2,194 Earnings per share Basic $ 23.45 $ 1.96 $ 25.41 Diluted $ 22.51 $ 1.88 $ 24.39 The following table presents amounts previously reported in Consolidated Statements of Comprehensive Income (Loss) as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Net income (loss) $ 2,056 $ 169 $ 2,225 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (2,697) (129) (2,826) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 599 599 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 734 734 Total other comprehensive income (loss) (2,683) 1,204 (1,479) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (658) $ 1,373 $ 715 The adoption of LDTI did not affect the previously reported as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) totals for net cash flows provided by (used in) operating, investing, or financing activities, but did affect the following components of net cash flows provided by (used in) operating activities: As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Cash flows from operating activities: Net income (loss) $ 2,056 $ 169 $ 2,225 Adjustments to reconcile net income to net cash provided by operating activities: Net losses (gains) on derivatives (707) 2,143 1,436 Net (gain) loss on market risk benefits — (1,907) (1,907) (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Interest credited on other contract holder funds, gross 196 1 197 Deferred income tax expense (benefit) 353 58 411 Change in deferred acquisition costs 336 (199) 137 Change in funds withheld, net of reinsurance (100) 155 55 Change in other assets and liabilities, net (365) (435) (800) Total adjustments (287) (169) (456) Net cash provided by (used in) operating activities $ 833 $ — $ 833 Condensed Consolidated Income Statements As Previously Reported Impact for the Adoption of LDTI Impact of Revisions As Revised Three Months Ended Three Months Ended Three Months Ended Three Months Ended 3/31/22 3/31/22 3/31/22 3/31/22 Revenues Fee income $ 1,922 $ — $ 90 $ 2,012 Premium 34 — 3 37 Net investment income 720 — (30) 690 Total net gains (losses) on derivatives and investments 1,605 (2,143) — (538) Total revenues 4,301 (2,143) 63 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 567 (281) 14 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 — 15 Market risk benefits (gains) losses, net — (1,907) — (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 206 1 (10) 197 Operating costs and other expenses, net of deferrals 607 — 59 666 Amortization of deferred acquisition costs 515 (198) — 317 Total benefits and expenses 1,915 (2,370) 63 (392) Pretax income (loss) 2,386 227 — 2,613 Income tax (benefit) expense 330 58 — 388 Net income (loss) $ 2,056 $ 169 $ — $ 2,225
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized	The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rates 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (78) — — 1 — Balance adjusted for variances from expectation — 1,370 — — 1,550 — Issuances — 2 — — 6 — Interest accrual — 9 — — 39 — Net premiums collected — (44) — — (147) — Ending balance at original discount rate — 1,337 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (123) — — (161) — Balance, end of period $ — $ 1,214 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in March 31, 2023, and, $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (5) (71) (1) (37) 38 (34) Balance adjusted for variances from expectation 1,169 6,335 4,708 1,132 6,933 5,001 Issuances 29 4 — 126 14 4 Interest accrual 10 51 50 40 209 210 Benefits payments (33) (167) (124) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $658 in March 31, 2023, and, $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,175 6,223 4,634 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (108) (826) (197) (132) (958) (275) Balance, end of period $ 1,067 $ 5,397 $ 4,437 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,067 4,183 4,437 1,042 4,161 4,434 Less: Reinsurance recoverable 81 2,260 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 986 $ 1,923 $ 4,435 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI).. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity March 31, 2023 Weighted average duration (years) 7.0 7.9 7.1 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 March 31, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,555 $ 1,027 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,512 5,526 8,751 5,578 Expected future gross premiums 5,729 3,392 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,733 3,746 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Payout Annuities $ 4 $ 10 $ 10 $ 40 Closed Block Life 64 390 42 170 Closed Block Annuity — — 50 210 Total $ 68 $ 400 $ 102 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.74 % 3.71 % Current discount rate 5.11 % 5.40 % Closed Block Life Interest accretion rate 3.02 % 3.01 % Current discount rate 5.08 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 5.12 % 5.41 %
Additional Liability, Long-Duration Insurance	The following table presents the impact of the adoption of LDTI, as of the transition date, on Closed Block Life additional liabilities for universal life-type contracts (in millions): Closed Block Life Balance, December 31, 2020 $ 1,157 Adjustment for reversal of AOCI adjustments 28 Adjustment for cumulative effect of adoption of LDTI — Balance, January 1, 2021 $ 1,185
Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, recast for the adoption of LDTI): March 31, December 31, 2023 2022 Variable annuity $ 192 $ 183 Other product lines 46 38 Total $ 238 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 12 58 Interest accrual 14 56 Net assessments collected (57) (107) Ending balance excluding shadow 1,141 1,172 End of period cumulative effect of changes in shadow adjustments (24) (41) Balance, end of period $ 1,117 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average duration (years) 7.7 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (57) $ (107) $ 14 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average current discount rate 4.96 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.
Deferred Acquisition Costs	The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 The following table presents the roll-forward of the deferred acquisition costs (in millions, 2022 information recast for the adoption of LDTI). The current period amortization is based on the end of the period estimates of mortality and persistency. The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience. Three Months Ended March 31, Twelve months Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 104 544 Amortization (288) (1,209) Variable Annuities balance, end of period $ 12,515 $ 12,699 Reconciliation of total deferred acquisition costs Variable Annuities balance, end of period $ 12,515 $ 12,699 Other product lines, end of period 245 224 Total balance, end of period $ 12,760 $ 12,923
Reinsurance Recoverable, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable (in millions) : Total Balance, December 31, 2020 $ 35,270 Reclass of carrying amount of MRBs under prior guidance (407) Adjustment for loss contracts under the modified retrospective approach — Effect of remeasurement of liability at current discount rate 253 Balance, January 1, 2021 $ 35,116

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Certain Information with Respect to Segments	Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 975 $ — $ 117 $ 13 $ 1,105 Premiums 4 — 23 — 27 Net investment income 136 102 177 22 437 Income (loss) on operating derivatives (10) (12) (10) (4) (36) Other income 9 — 4 2 15 Total Operating Revenues 1,114 90 311 33 1,548 Operating Benefits and Expenses Death, other policy benefits and change in policy (15) — 163 — 148 Interest credited on other contract holder funds, net 98 76 111 — 285 (Gain) loss from updating future policy benefits cash flow assumptions, net (2) — 16 — 14 Interest expense 17 4 — 22 43 Operating costs and other expenses, net of deferrals 522 1 39 54 616 Amortization of deferred acquisition costs 138 — 2 — 140 Total Operating Benefits and Expenses 758 81 331 76 1,246 Pretax Adjusted Operating Earnings $ 356 $ 9 $ (20) $ (43) $ 302 Three Months Ended March 31, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,108 $ — $ 121 $ 16 $ 1,245 Premiums 3 — 37 — 40 Net investment income 114 64 189 34 401 Income (loss) on operating derivatives 11 (1) 15 10 35 Other income 11 — 8 1 20 Total Operating Revenues 1,247 63 370 61 1,741 Operating Benefits and Expenses Death, other policy benefits and change in policy 32 — 225 — 257 Interest credited on other contract holder funds, net 57 39 101 — 197 (Gain) loss from updating future policy benefits cash flow assumptions, net (3) — 18 — 15 Interest expense 5 — — 15 20 Operating costs and other expenses, net of deferrals 592 1 32 40 665 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 822 40 379 55 1,296 Pretax Adjusted Operating Earnings $ 425 $ 23 $ (9) $ 6 $ 445
Reconciliation of Segment Operating Revenues to Total Revenues	The following table summarizes the reconciling items from the non-GAAP measure of operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Total operating revenues $ 1,548 $ 1,741 Fees attributed to guarantee benefit reserves 780 764 Net gains (losses) on derivatives and investments (3,362) (573) Net investment income (loss) related to noncontrolling interests 1 31 Consolidated investments (23) (2) Net investment income on funds withheld assets 307 260 Total revenues (1) $ (749) $ 2,221 (1) Substantially all the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues.
Reconciliation of Segment Operating Benefits and Expenses to Total Benefits and Expenses	The following table summarizes the reconciling items from the non-GAAP measure of operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Total operating benefits and expenses $ 1,246 $ 1,296 Net (gain) loss on market risk benefits (174) (1,907) Benefits attributed to guaranteed benefit features 80 44 Amortization of DAC related to non-operating revenues and expenses 153 173 Other items — 2 Total benefits and expenses $ 1,305 $ (392)
Reconciliation of Segment Pretax Adjusted Operating Earnings to Net Income	The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Pretax adjusted operating earnings $ 302 $ 445 Non-operating adjustments income (loss): Fees attributable to guarantee benefit reserves 780 764 Net movement in freestanding derivatives (2,512) (1,476) Market risk benefits gains (losses), net 174 1,907 Net reserve and embedded derivative movements (189) (40) Amortization of DAC associated with non-operating items (153) (173) Guaranteed benefits and net hedging results (1,900) 982 Net realized investment gains (losses) (68) (130) Net realized investment gains (losses) on funds withheld assets (673) 1,028 Net investment income on funds withheld assets 307 260 Other items (23) (3) Pretax income (loss) attributable to Jackson Financial Inc. (2,055) 2,582 Income tax expense (benefit) (558) 388 Net income (loss) attributable to Jackson Financial Inc. $ (1,497) $ 2,194

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Composition of Fair Value of Debt Securities Classified by Rating	At March 31, 2023 and December 31, 2022, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $492 million and $32 million, respectively. Percent of Total Debt March 31, 2023 December 31, 2022 Investment Rating AAA 15.4% 17.9% AA 10.5% 8.2% A 30.3% 29.9% BBB 36.6% 36.4% Investment grade 92.8% 92.4% BB 3.6% 3.9% B and below 3.6% 3.7% Below investment grade 7.2% 7.6% Total debt securities 100.0% 100.0%
Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities	At March 31, 2023 and December 31, 2022, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair March 31, 2023 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 5,775 $ — $ 1 $ 883 $ 4,893 Other government securities 1,712 3 2 204 1,507 Public utilities 6,008 — 38 574 5,472 Corporate securities 29,679 21 112 3,086 26,684 Residential mortgage-backed 466 5 14 47 428 Commercial mortgage-backed 1,768 — — 174 1,594 Other asset-backed securities 5,974 — 9 431 5,552 Total debt securities $ 51,382 $ 29 $ 176 $ 5,399 $ 46,130 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 6,192 $ — $ 1 $ 1,008 $ 5,185 Other government securities 1,719 2 1 251 1,467 Public utilities 5,893 — 27 695 5,225 Corporate securities 28,803 15 59 3,701 25,146 Residential mortgage-backed 510 6 19 59 464 Commercial mortgage-backed 1,821 — — 183 1,638 Other asset-backed securities 6,133 — 8 504 5,637 Total debt securities $ 51,071 $ 23 $ 115 $ 6,401 $ 44,762 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at March 31, 2023, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 2,165 $ 1 $ — $ 9 $ 2,155 Due after 1 year through 5 years 10,263 2 19 369 9,911 Due after 5 years through 10 years 14,000 4 60 1,279 12,777 Due after 10 years through 20 years 8,980 3 66 1,335 7,708 Due after 20 years 7,766 14 8 1,755 6,005 Residential mortgage-backed 466 5 14 47 428 Commercial mortgage-backed 1,768 — — 174 1,594 Other asset-backed securities 5,974 — 9 431 5,552 Total $ 51,382 $ 29 $ 176 $ 5,399 $ 46,130 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
Residential Mortgage-Backed Securities	The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair March 31, 2023 Cost (1) Credit Loss Gains Losses Value Prime $ 197 $ 3 $ 1 $ 24 $ 171 Alt-A 65 2 7 10 60 Subprime 16 — 6 — 22 Total non-agency RMBS $ 278 $ 5 $ 14 $ 34 $ 253 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 206 $ 4 $ 2 $ 30 $ 174 Alt-A 84 2 7 10 79 Subprime 27 — 10 1 36 Total non-agency RMBS $ 317 $ 6 $ 19 $ 41 $ 289 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.
Debt Securities in Continuous Unrealized Loss Position	The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): March 31, 2023 December 31, 2022 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 144 $ 1,913 28 $ 339 $ 2,815 40 Other government securities 60 971 108 174 1,258 143 Public utilities 230 2,851 323 508 4,279 490 Corporate securities 477 9,181 1,282 2,087 17,068 2,323 Residential mortgage-backed 12 126 88 43 279 196 Commercial mortgage-backed 32 621 78 138 1,421 177 Other asset-backed securities 79 1,656 156 282 3,485 417 Total temporarily impaired securities $ 1,034 $ 17,319 2,063 $ 3,571 $ 30,605 3,786 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 739 $ 1,706 9 $ 669 $ 1,386 6 Other government securities 144 482 57 77 177 23 Public utilities 344 1,957 251 187 520 87 Corporate securities 2,609 12,136 1,550 1,614 4,601 644 Residential mortgage-backed 35 195 187 16 81 94 Commercial mortgage-backed 142 947 148 45 192 31 Other asset-backed securities 352 2,977 394 222 1,551 171 Total temporarily impaired securities $ 4,365 $ 20,400 2,596 $ 2,830 $ 8,508 1,056 Total Total Gross Gross Unrealized Fair # of Unrealized Fair # of Losses Value securities (1) Losses Value securities (1) U.S. government securities $ 883 $ 3,619 36 $ 1,008 $ 4,201 42 Other government securities 204 1,453 161 251 1,435 162 Public utilities 574 4,808 551 695 4,799 562 Corporate securities 3,086 21,317 2,656 3,701 21,669 2,806 Residential mortgage-backed 47 321 274 59 360 290 Commercial mortgage-backed 174 1,568 209 183 1,613 206 Other asset-backed securities 431 4,633 530 504 5,036 577 Total temporarily impaired securities $ 5,399 $ 37,719 4,417 $ 6,401 $ 39,113 4,645 (1) Certain securities contain multiple lots and fit the criteria of both aging groups.
Rollforward of Debt Securities Allowance for Credit Loss	The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended March 31, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2023 $ — $ 2 $ — $ 15 $ 6 $ — $ — $ 23 Additions for which credit loss was not previously recorded — — — 32 — — — 32 Changes for securities with previously recorded credit loss — 1 — — — — — 1 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (9) (1) — — (10) Securities intended/required to be sold before recovery of amortized cost basis — — — (17) — — — (17) Balance at March 31, 2023 (2) $ — $ 3 $ — $ 21 $ 5 $ — $ — $ 29 Three Months Ended March 31, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 — 27 — — — 33 Changes for securities with previously recorded credit loss — — — — — — (5) (5) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — (5) — — — (5) Balance at March 31, 2022 (2) $ — $ 6 $ — $ 22 $ 2 $ — $ 2 $ 32 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $413 million and $385 million as of March 31, 2023 and 2022, respectively, and was excluded from the determination of credit losses for the three months ended March 31, 2023 and 2022.
Sources of Net Investment Income	The sources of net investment income were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 382 $ 273 Equity securities (10) 1 Mortgage loans 76 73 Policy loans 17 17 Limited partnerships 37 108 Other investment income 28 1 Total investment income excluding funds withheld assets 530 473 Investment expenses (115) (43) Net investment income excluding funds withheld assets 415 430 Net investment income on funds withheld assets (see Note 8) 307 260 Net investment income $ 722 $ 690 (1) Includes unrealized gains (losses) on trading securities and includes $27 million and $(10) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 172 $ 150 Equity securities (1) (16) Mortgage loans (2) 66 52 Policy loans 81 80 Limited partnerships 8 16 Total investment income on funds withheld assets 326 282 Other investment expenses on funds withheld assets (3) (19) (22) Total net investment income on funds withheld reinsurance treaties $ 307 $ 260 (1) Includes $2 million and $(6) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(2) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Net Gains (Losses) on Derivatives and Investments	The following table summarizes net gains (losses) on derivatives and investments (in millions, recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Available-for-sale securities Realized gains on sale $ 4 $ 24 Realized losses on sale (25) (178) Credit loss income (expense) (11) — Credit loss income (expense) on mortgage loans (47) 12 Other (1) 11 12 Net gains (losses) excluding derivatives and funds withheld assets (68) (130) Net gains (losses) on derivative instruments (see Note 5) (2,658) (1,436) Net gains (losses) on derivatives and investments (2,726) (1,566) Net gains (losses) on funds withheld reinsurance treaties (see Note 8) (673) 1,028 Total net gains (losses) on derivatives and investments $ (3,399) $ (538) (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.
Asset and Liability Information for Consolidated VIEs	Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): March 31, 2023 December 31, 2022 Assets Debt securities, at fair value under fair value option $ 2,093 $ 2,014 Debt securities, trading 101 100 Equity securities 113 127 Other invested assets 1,558 1,507 Cash and cash equivalents 130 75 Other assets 41 19 Total assets $ 4,036 $ 3,842 Liabilities Notes issued by consolidated VIEs, at fair value under fair value option $ 2,016 $ 1,732 Other liabilities 123 343 Total other liabilities 2,139 2,075 Securities lending payable 4 4 Total liabilities $ 2,143 $ 2,079 Equity Noncontrolling interests $ 829 $ 732
Rollforward of Mortgagees Allowance for Credit Loss	The following table provides a summary of the allowance for credit losses in the Company’s mortgage loan portfolios (in millions): Three Months Ended March 31, 2023 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2023 $ 18 $ 20 $ 15 $ 22 $ 16 $ 4 $ 95 Charge offs, net of recoveries — — — — — — — Provision (release) 2 (1) 52 — (5) 3 51 Balance at March 31, 2023 (1) $ 20 $ 19 $ 67 $ 22 $ 11 $ 7 $ 146 Three Months Ended March 31, 2022 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2022 $ 19 $ 9 $ 28 $ 17 $ 12 $ 9 $ 94 Charge offs, net of recoveries — — — — — — — Provision (release) 2 — (6) (3) — (3) (10) Balance at March 31, 2022 (1) $ 21 $ 9 $ 22 $ 14 $ 12 $ 6 $ 84 (1) Accrued interest receivable totaled $47 million and $44 million as of March 31, 2023 and 2022, respectively, and was excluded from the determination of credit losses.
Information About Credit Quality and Vintage Year of Commercial Mortgage Loans	The following tables provide information about the credit quality with vintage year and category of mortgage loans (in millions): March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 240 $ 791 $ 1,263 $ 1,131 $ 1,419 $ 4,775 $ 4 $ 9,623 94 % 70% - 80% — 125 191 — 13 64 — 393 4 % 80% - 100% — — 151 — — 45 — 196 2 % Greater than 100% — — — — 24 9 — 33 — % Total commercial mortgage loans 240 916 1,605 1,131 1,456 4,893 4 10,245 100 % Debt service coverage ratios: Greater than 1.20x 240 694 1,063 881 1,333 4,419 4 8,634 84 % 1.00x - 1.20x — 218 395 108 82 199 — 1,002 10 % Less than 1.00x — 4 147 142 41 275 — 609 6 % Total commercial mortgage loans 240 916 1,605 1,131 1,456 4,893 4 10,245 100 % Residential mortgage loans Performing 16 308 259 45 34 410 — 1,072 94 % Nonperforming — 4 11 9 6 44 — 74 6 % Total residential mortgage loans 16 312 270 54 40 454 — 1,146 100 % Total mortgage loans $ 256 $ 1,228 $ 1,875 $ 1,185 $ 1,496 $ 5,347 $ 4 $ 11,391 100 % December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 771 $ 1,266 $ 1,171 $ 1,473 $ 1,480 $ 3,421 $ 4 $ 9,586 94 % 70% - 80% 125 190 32 13 5 59 — 424 4 % 80% - 100% — 152 — — 5 40 — 197 2 % Greater than 100% — — — 25 — 9 — 34 — % Total commercial mortgage loans 896 1,608 1,203 1,511 1,490 3,529 4 10,241 100 % Debt service coverage ratios: Greater than 1.20x 694 1,092 955 1,387 1,324 3,211 4 8,667 85 % 1.00x - 1.20x 202 372 106 83 34 172 — 969 9 % Less than 1.00x — 144 142 41 132 146 — 605 6 % Total commercial mortgage loans 896 1,608 1,203 1,511 1,490 3,529 4 10,241 100 % Residential mortgage loans Performing 413 308 49 37 14 409 — 1,230 94 % Nonperforming 6 11 8 6 7 40 — 78 6 % Total residential mortgage loans 419 319 57 43 21 449 — 1,308 100 % Total mortgage loans $ 1,315 $ 1,927 $ 1,260 $ 1,554 $ 1,511 $ 3,978 $ 4 $ 11,549 100 % March 31, 2023 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,513 $ — $ — $ — $ 3,513 Hotel 1,006 — — — 1,006 Office 1,732 — — — 1,732 Retail 2,063 — — — 2,063 Warehouse 1,931 — — — 1,931 Total commercial 10,245 — — — 10,245 Residential (2) 1,072 — 59 15 1,146 Total $ 11,317 $ — $ 59 $ 15 $ 11,391 December 31, 2022 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,558 $ — $ — $ — $ 3,558 Hotel 1,015 — — — 1,015 Office 1,795 — — — 1,795 Retail 2,085 — — — 2,085 Warehouse 1,788 — — — 1,788 Total commercial 10,241 — — — 10,241 Residential (2) 1,230 — 63 15 1,308 Total $ 11,471 $ — $ 63 $ 15 $ 11,549 (1) At March 31, 2023 and December 31, 2022, includes mezzanine and bridge loans of $378 million and $410 million in the Apartment category, $36 million and $41 million in the Hotel category, $187 million and $236 million in the Office category, $31 million and $43 million in the Retail category, and $201 million and $140 million in the Warehouse category, respectively. (2) At March 31, 2023 and December 31, 2022, includes $41 million and $41 million of loans purchased when the loans were greater than 90 days delinquent and $11 million and $12 million of loans in process of foreclosure, and are supported with insurance or other guarantees provided by various governmental programs, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate Contractual Notional Amounts and Fair Values of Derivatives	A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,854 $ 75 $ 123 $ (48) Equity index call options 17,500 247 — 247 Equity index futures (2) 16,328 — — — Equity index put options 43,500 643 — 643 Interest rate swaps 7,728 7 148 (141) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 22,000 — 1,157 (1,157) Interest rate futures (2) 81,365 — — — Total return swaps 1,318 — 61 (61) Total freestanding derivatives 193,093 972 1,489 (517) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 963 (963) Registered index linked annuity embedded derivatives (3) N/A — 421 (421) Total embedded derivatives N/A — 1,384 (1,384) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,417 56 20 36 Funds withheld embedded derivative (4) N/A 2,788 — 2,788 Total derivatives related to funds withheld under reinsurance treaties 1,575 2,867 21 2,846 Total $ 194,668 $ 3,839 $ 2,894 $ 945 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,825 $ 73 $ 104 $ (31) Equity index call options 17,500 106 — 106 Equity index futures (2) 19,760 — — — Equity index put options 30,500 958 — 958 Interest rate swaps 7,728 5 231 (226) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 25,000 — 1,711 (1,711) Interest rate futures (2) 105,261 — — — Total return swaps 739 31 — 31 Total freestanding derivatives 209,813 1,173 2,046 (873) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 931 (931) Registered index linked annuity embedded derivatives (3) N/A — 205 (205) Total embedded derivatives N/A — 1,136 (1,136) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,490 74 18 56 Funds withheld embedded derivative (4) N/A 3,158 — 3,158 Total derivatives related to funds withheld under reinsurance treaties 1,648 3,255 19 3,236 Total $ 211,461 $ 4,428 $ 3,201 $ 1,227 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.
Gains and Losses, and Change in Fair Value of Derivatives	The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (26) $ (32) Equity index call options (164) (589) Equity index futures (1,885) 623 Equity index put options (762) (315) Interest rate swaps 66 (261) Interest rate swaps - cleared 16 (88) Put-swaptions 573 (468) Interest rate futures (306) (310) Total return swaps (61) — Fixed index annuity embedded derivatives (2) 1 Registered index linked annuity embedded derivatives (107) 3 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties (2,658) (1,436) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 1 3 Cross-currency forwards (10) 18 Funds withheld embedded derivative (370) 1,281 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties (379) 1,302 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ (3,037) $ (134)
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Assets	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): March 31, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,051 $ — $ 1,051 $ 301 $ 532 $ 132 $ 86 Financial Liabilities: Freestanding derivative liabilities $ 1,510 $ — $ 1,510 $ 301 $ 2 $ 1,207 $ — Securities loaned 39 — 39 — 39 — — Repurchase agreements 1,085 — 1,085 — — 1,085 — Total financial liabilities $ 2,634 $ — $ 2,634 $ 301 $ 41 $ 2,292 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Liabilities	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): March 31, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,051 $ — $ 1,051 $ 301 $ 532 $ 132 $ 86 Financial Liabilities: Freestanding derivative liabilities $ 1,510 $ — $ 1,510 $ 301 $ 2 $ 1,207 $ — Securities loaned 39 — 39 — 39 — — Repurchase agreements 1,085 — 1,085 — — 1,085 — Total financial liabilities $ 2,634 $ — $ 2,634 $ 301 $ 41 $ 2,292 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value and Carrying Value of Financial Instruments	The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets Debt securities (1) $ 46,130 $ 46,130 $ 44,762 $ 44,762 Equity securities 225 225 393 393 Mortgage loans (1) 11,391 10,826 11,549 10,841 Limited partnerships 3,330 3,330 3,212 3,212 Policy loans (1) 4,377 4,377 4,377 4,377 Freestanding derivative instruments 1,051 1,051 1,270 1,270 Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock 146 146 146 146 Cash and cash equivalents 1,779 1,779 4,298 4,298 Reinsurance recoverable on market risk benefits 238 238 221 221 Market risk benefit assets 5,204 5,204 4,865 4,865 Separate account assets 204,366 204,366 195,906 195,906 Liabilities Annuity reserves (2) 36,640 32,399 37,357 32,377 Market risk benefit liabilities 5,560 5,560 5,662 5,662 Reserves for guaranteed investment contracts (3) 989 958 1,128 1,099 Trust instruments supported by funding agreements (3) 5,597 5,404 5,887 5,760 FHLB funding agreements (3) 2,105 2,007 2,004 2,104 Funds withheld payable under reinsurance treaties (1) 22,254 22,254 22,957 22,957 Long-term debt 2,632 2,403 2,635 2,344 Securities lending payable 39 39 36 36 Freestanding derivative instruments 1,510 1,510 2,065 2,065 Notes issued by consolidated VIEs 2,016 2,016 1,732 1,732 Repurchase agreements 1,085 1,085 1,012 1,012 Separate account liabilities 204,366 204,366 195,906 195,906 (1) Includes items carried at fair value under the fair value option and trading securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets.
Fair Value Option	The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): March 31, December 31, 2023 2022 Fair value $ 480 $ 582 Aggregate contractual principal 491 591
Assets and Liabilities Carried at Fair Value by Hierarchy Levels	The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 4,893 $ 4,892 $ 1 $ — Other government securities 1,507 — 1,507 — Public utilities 5,472 — 5,472 — Corporate securities 26,684 — 26,658 26 Residential mortgage-backed 428 — 428 — Commercial mortgage-backed 1,594 — 1,594 — Other asset-backed securities 5,552 — 5,552 — Equity securities 225 16 98 111 Mortgage loans 480 — — 480 Limited partnerships (1) 550 — 102 448 Policy loans 3,427 — — 3,427 Freestanding derivative instruments 1,051 — 1,051 — Cash and cash equivalents 1,779 1,779 — — Reinsurance recoverable on market risk benefits 238 — — 238 Market risk benefit assets 5,204 — — 5,204 Separate account assets 204,366 — 204,366 — Total $ 263,450 $ 6,687 $ 246,829 $ 9,934 Liabilities Embedded derivative liabilities (2) $ 1,384 $ — $ 1,384 $ — Funds withheld payable under reinsurance treaties (3) 803 — — 803 Freestanding derivative instruments 1,510 — 1,510 — Notes issued by consolidated VIEs 2,016 — 2,016 — Market risk benefit liabilities 5,560 — — 5,560 Total $ 11,273 $ — $ 4,910 $ 6,363 (1) Excludes $2,780 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $421 million related to RILA and $963 million liability of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $2,788 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 5,185 $ 5,184 $ 1 $ — Other government securities 1,467 — 1,467 — Public utilities 5,225 — 5,225 — Corporate securities 25,146 — 25,090 56 Residential mortgage-backed 464 — 464 — Commercial mortgage-backed 1,638 — 1,638 — Other asset-backed securities 5,637 — 5,637 — Equity securities 393 165 106 122 Mortgage loans 582 — — 582 Limited partnerships (1) 440 — — 440 Policy loans 3,419 — — 3,419 Freestanding derivative instruments 1,270 — 1,270 — Cash and cash equivalents 4,298 4,298 — — Reinsurance recoverable on market risk benefits 221 — — 221 Market risk benefit assets 4,865 — — 4,865 Separate account assets 195,906 — 195,906 — Total $ 256,156 $ 9,647 $ 236,804 $ 9,705 Liabilities Embedded derivative liabilities (2) $ 1,135 $ — $ 1,135 $ — Funds withheld payable under reinsurance treaties (3) 424 — — 424 Freestanding derivative instruments 2,065 — 2,065 — Notes issued by consolidated VIEs 1,732 — 1,732 — Market risk benefit liabilities 5,662 — — 5,662 Total $ 11,018 $ — $ 4,932 $ 6,086 (1) Excludes $2,772 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $205 million related to RILA and $931 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Pricing Sources	The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 Assets Total Internal External Debt securities: Corporate $ 26 $ — $ 26 Equity securities 111 1 110 Mortgage loans 480 — 480 Limited partnerships 448 1 447 Policy loans 3,427 3,427 — Reinsurance recoverable on market risk benefits 238 238 — Market risk benefit assets 5,204 5,204 — Total $ 9,934 $ 8,871 $ 1,063 Liabilities Funds withheld payable under reinsurance treaties (1) 803 803 — Market risk benefit liabilities 5,560 5,560 — Total $ 6,363 $ 6,363 $ — (1) Includes the Athene embedded derivative asset of $2,788 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Assets Total Internal External Debt securities: Corporate $ 56 $ — $ 56 Equity securities 122 1 121 Mortgage loans 582 — 582 Limited partnerships 440 8 432 Policy loans 3,419 3,419 — Reinsurance recoverable on market risk benefits 221 221 — Market risk benefit assets 4,865 4,865 — Total $ 9,705 $ 8,514 $ 1,191 Liabilities Funds withheld payable under reinsurance treaties (1) 424 424 — Market risk benefit liabilities 5,662 5,662 — Total $ 6,086 $ 6,086 $ — (1) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities	The table below presents quantitative information on internally-priced Level 3 assets and liabilities that use significant unobservable inputs (in millions, 2022 information recast for the adoption of LDTI): As of March 31, 2023 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 238 Discounted cash Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase Market risk benefit assets $ 5,204 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase Liabilities Market risk benefit liabilities $ 5,560 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.21% - 2.41% Decrease Long-term Equity Volatility (6) 18.13% - 22.50% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 221 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Market risk benefit assets $ 4,865 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Liabilities Market risk benefit liabilities $ 5,662 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year.
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Assets	The tables below, 2022 information recast for the adoption of LDTI, provide roll-forwards for the three months ended March 31, 2023 and 2022 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) March 31, Three Months Ended March 31, 2023 2023 Income Income Settlements Level 3 2023 Assets Debt securities Corporate securities $ 56 $ — $ (1) $ (3) $ (26) $ 26 Equity securities 122 (10) — (1) — 111 Mortgage loans 582 (2) — (100) — 480 Limited partnerships 440 4 — 11 (7) 448 Reinsurance recoverable on market risk benefits 221 17 — — — 238 Market risk benefit assets 4,865 339 — — — 5,204 Policy loans 3,419 29 — (21) — 3,427 Liabilities Funds withheld payable under reinsurance treaties (424) (399) — 20 — (803) Market risk benefit liabilities (5,662) (182) 284 — — (5,560) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) March 31, Three Months Ended March 31, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ — $ — $ 2 $ 3 $ 14 Equity securities 112 3 — — — 115 Mortgage loans — 2 — 188 — 190 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 383 (57) — — — 326 Market risk benefit assets 1,664 769 — — — 2,433 Policy loans 3,467 60 — (55) — 3,472 Liabilities Funds withheld payable under reinsurance treaties (3,759) 1,220 — 60 — (2,479) Market risk benefit liabilities (8,033) 1,195 936 — — (5,902)
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Liabilities	The tables below, 2022 information recast for the adoption of LDTI, provide roll-forwards for the three months ended March 31, 2023 and 2022 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) March 31, Three Months Ended March 31, 2023 2023 Income Income Settlements Level 3 2023 Assets Debt securities Corporate securities $ 56 $ — $ (1) $ (3) $ (26) $ 26 Equity securities 122 (10) — (1) — 111 Mortgage loans 582 (2) — (100) — 480 Limited partnerships 440 4 — 11 (7) 448 Reinsurance recoverable on market risk benefits 221 17 — — — 238 Market risk benefit assets 4,865 339 — — — 5,204 Policy loans 3,419 29 — (21) — 3,427 Liabilities Funds withheld payable under reinsurance treaties (424) (399) — 20 — (803) Market risk benefit liabilities (5,662) (182) 284 — — (5,560) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) March 31, Three Months Ended March 31, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ — $ — $ 2 $ 3 $ 14 Equity securities 112 3 — — — 115 Mortgage loans — 2 — 188 — 190 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 383 (57) — — — 326 Market risk benefit assets 1,664 769 — — — 2,433 Policy loans 3,467 60 — (55) — 3,472 Liabilities Funds withheld payable under reinsurance treaties (3,759) 1,220 — 60 — (2,479) Market risk benefit liabilities (8,033) 1,195 936 — — (5,902)
Components of Amounts Included in Purchases, Sales, Issuances and Settlements	The components of the amounts included in purchases, sales, issuances and settlements for the three months ended March 31, 2023 and 2022 shown above are as follows (in millions): Three Months Ended March 31, 2023 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 1 $ (4) $ — $ — $ (3) Equity securities — (1) — — (1) Mortgage loans 36 (136) — — (100) Limited partnerships 18 (7) — — 11 Policy loans — — 35 (56) (21) Total $ 55 $ (148) $ 35 $ (56) $ (114) Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (35) $ 55 $ 20 Three Months Ended March 31, 2022 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 2 $ — $ — $ — $ 2 Mortgage loans 188 — — — 188 Policy loans — — 30 (85) (55) Total $ 190 $ — $ 30 $ (85) $ 135 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (31) $ 91 $ 60
Portion of Gains (Losses) Included in Net Income or Other Comprehensive Income	The portion of gains (losses) included in net income (loss) or other comprehensive income (loss) ("OCI") attributable to the change in unrealized gains and losses on Level 3 financial instruments still held was as follows (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Included in Included in OCI Included in Included in OCI Assets Debt securities Corporate securities $ — $ (1) $ — $ — Equity securities (10) — 3 — Mortgage loans (2) — 2 — Limited partnerships 10 — — — Reinsurance recoverable on market risk benefits 17 — (57) — Market risk benefit assets 339 — 769 — Policy loans 29 — 60 — Liabilities Funds withheld payable under reinsurance treaties (399) — 1,220 — Market risk benefit liabilities (182) 284 1,195 936
Carrying Amount and Fair Value by Hierarchy of Certain Financial Instruments Not Reported at Fair Value	The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in millions): March 31, 2023 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 10,911 $ 10,346 $ — $ — $ 10,346 Policy loans 950 950 — — 950 FHLBI capital stock 146 146 146 — — Liabilities Annuity reserves (1) $ 35,256 $ 31,015 $ — $ — $ 31,015 Reserves for guaranteed investment contracts (2) 989 958 — — 958 Trust instruments supported by funding agreements (2) 5,597 5,404 — — 5,404 FHLB funding agreements (2) 2,105 2,007 — — 2,007 Funds withheld payable under reinsurance treaties 21,451 21,451 — — 21,451 Debt 2,632 2,403 — 2,403 — Securities lending payable 39 39 — 39 — Repurchase agreements 1,085 1,085 — 1,085 — Separate account liabilities (3) 204,366 204,366 — 204,366 — December 31, 2022 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 10,967 $ 10,259 $ — $ — $ 10,259 Policy loans 958 958 — — 958 FHLBI capital stock 146 146 146 — — Liabilities Annuity reserves (1) $ 36,222 $ 31,242 $ — $ — $ 31,242 Reserves for guaranteed investment contracts (2) 1,128 1,099 — — 1,099 Trust instruments supported by funding agreements (2) 5,887 5,760 — — 5,760 FHLB funding agreements (2) 2,004 2,104 — — 2,104 Funds withheld payable under reinsurance treaties 22,533 22,533 — — 22,533 Debt 2,635 2,344 — 2,344 — Securities lending payable 36 36 — 36 — Repurchase agreements 1,012 1,012 — 1,012 — Separate account liabilities (3) 195,906 195,906 — 195,906 — (1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments. (2) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. (3) The values of separate account liabilities are set equal to the values of separate account assets.

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	3 Months Ended
Deferred Acquisition Costs (Tables)	Mar. 31, 2023
Insurance [Abstract]
Deferred Acquisition Costs	The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 The following table presents the roll-forward of the deferred acquisition costs (in millions, 2022 information recast for the adoption of LDTI). The current period amortization is based on the end of the period estimates of mortality and persistency. The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience. Three Months Ended March 31, Twelve months Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 104 544 Amortization (288) (1,209) Variable Annuities balance, end of period $ 12,515 $ 12,699 Reconciliation of total deferred acquisition costs Variable Annuities balance, end of period $ 12,515 $ 12,699 Other product lines, end of period 245 224 Total balance, end of period $ 12,760 $ 12,923

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
Reinsurance (Tables)	Mar. 31, 2023
Insurance [Abstract]
Components of Reinsurance Recoverable, and Premiums and Benefits	Components of the Company’s reinsurance recoverable excluding market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): March 31, December 31, 2023 2022 Reserves: Life $ 5,255 $ 5,307 Accident and health 494 482 Annuity benefits (1) 21,617 22,470 Claims liability and other 712 787 Total $ 28,078 $ 29,046
Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, recast for the adoption of LDTI): March 31, December 31, 2023 2022 Variable annuity $ 192 $ 183 Other product lines 46 38 Total $ 238 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 12 58 Interest accrual 14 56 Net assessments collected (57) (107) Ending balance excluding shadow 1,141 1,172 End of period cumulative effect of changes in shadow adjustments (24) (41) Balance, end of period $ 1,117 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average duration (years) 7.7 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (57) $ (107) $ 14 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average current discount rate 4.96 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.
Assets and Liabilities Held in Support of Reserves Associated with Funds Withheld Reinsurance Agreements	The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): March 31, December 31, 2023 2022 Assets Debt securities, available-for-sale $ 13,264 $ 13,622 Debt securities, at fair value under the fair value option 162 159 Equity securities 73 77 Mortgage loans 4,004 4,127 Mortgage loans, at fair value under the fair value option 480 582 Policy loans 3,441 3,435 Freestanding derivative instruments, net 58 78 Other invested assets 821 793 Cash and cash equivalents 106 260 Accrued investment income 156 166 Other assets and liabilities, net (57) (73) Total assets (1) $ 22,508 $ 23,226 Liabilities Funds held under reinsurance treaties (2) $ 22,254 $ 22,957 Total liabilities $ 22,254 $ 22,957 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $2,788 million and $3,158 million at March 31, 2023 and December 31, 2022, respectively.
Sources of Income Related to Funds Withheld Under Reinsurance Treaties	The sources of net investment income were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 382 $ 273 Equity securities (10) 1 Mortgage loans 76 73 Policy loans 17 17 Limited partnerships 37 108 Other investment income 28 1 Total investment income excluding funds withheld assets 530 473 Investment expenses (115) (43) Net investment income excluding funds withheld assets 415 430 Net investment income on funds withheld assets (see Note 8) 307 260 Net investment income $ 722 $ 690 (1) Includes unrealized gains (losses) on trading securities and includes $27 million and $(10) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended March 31, 2023 2022 Debt securities (1) $ 172 $ 150 Equity securities (1) (16) Mortgage loans (2) 66 52 Policy loans 81 80 Limited partnerships 8 16 Total investment income on funds withheld assets 326 282 Other investment expenses on funds withheld assets (3) (19) (22) Total net investment income on funds withheld reinsurance treaties $ 307 $ 260 (1) Includes $2 million and $(6) million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(2) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Gains And Losses On Funds Withheld Reinsurance Treaties	The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended March 31, 2023 2022 Available-for-sale securities Realized gains on sale $ 5 $ 37 Realized losses on sale (38) (27) Credit loss expense (11) (28) Credit loss expense on mortgage loans (3) (2) Other 9 (16) Net gains (losses) on non-derivative investments (38) (36) Net gains (losses) on derivative instruments (9) 21 Net gains (losses) on funds withheld payable under reinsurance treaties (1) (626) 1,043 Total net gains (losses) on derivatives and investments $ (673) $ 1,028 (1) Includes the Athene embedded derivative gain (loss) of $(370) million and $1,281 million for the three months ended March 31, 2023 and 2022, respectively.

Reserves for Future Policy Be_2

Reserves for Future Policy Benefits and Claims Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Schedule of Reserves for Future Policy Benefits and Claims Payable Balances	The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions, 2022 information recast for the adoption of LDTI): March 31, December 31, 2023 2022 Reserves for future policy benefits Payout Annuities $ 1,067 $ 1,042 Closed Block Life 4,183 4,161 Closed Block Annuity 4,437 4,434 Reserves for future policy benefits 9,687 9,637 Additional liabilities Closed Block Life 1,117 1,131 Other future policy benefits and claims payable 1,565 1,550 Reserves for future policy benefits and claims payable $ 12,369 $ 12,318
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized	The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rates 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (78) — — 1 — Balance adjusted for variances from expectation — 1,370 — — 1,550 — Issuances — 2 — — 6 — Interest accrual — 9 — — 39 — Net premiums collected — (44) — — (147) — Ending balance at original discount rate — 1,337 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (123) — — (161) — Balance, end of period $ — $ 1,214 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Three Months Ended March 31, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in March 31, 2023, and, $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (5) (71) (1) (37) 38 (34) Balance adjusted for variances from expectation 1,169 6,335 4,708 1,132 6,933 5,001 Issuances 29 4 — 126 14 4 Interest accrual 10 51 50 40 209 210 Benefits payments (33) (167) (124) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $658 in March 31, 2023, and, $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,175 6,223 4,634 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (108) (826) (197) (132) (958) (275) Balance, end of period $ 1,067 $ 5,397 $ 4,437 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,067 4,183 4,437 1,042 4,161 4,434 Less: Reinsurance recoverable 81 2,260 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 986 $ 1,923 $ 4,435 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI).. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity March 31, 2023 Weighted average duration (years) 7.0 7.9 7.1 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 March 31, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,555 $ 1,027 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,512 5,526 8,751 5,578 Expected future gross premiums 5,729 3,392 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,733 3,746 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Payout Annuities $ 4 $ 10 $ 10 $ 40 Closed Block Life 64 390 42 170 Closed Block Annuity — — 50 210 Total $ 68 $ 400 $ 102 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.74 % 3.71 % Current discount rate 5.11 % 5.40 % Closed Block Life Interest accretion rate 3.02 % 3.01 % Current discount rate 5.08 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 5.12 % 5.41 %
Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, recast for the adoption of LDTI): March 31, December 31, 2023 2022 Variable annuity $ 192 $ 183 Other product lines 46 38 Total $ 238 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 12 58 Interest accrual 14 56 Net assessments collected (57) (107) Ending balance excluding shadow 1,141 1,172 End of period cumulative effect of changes in shadow adjustments (24) (41) Balance, end of period $ 1,117 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average duration (years) 7.7 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (57) $ (107) $ 14 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average current discount rate 4.96 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.

Other Contract Holder Funds (Ta

Other Contract Holder Funds (Tables)	3 Months Ended
Other Contract Holder Funds (Tables)	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense	The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Payout Annuity $ 847 $ 837 Variable Annuity 9,927 10,259 Fixed Annuity 11,082 11,696 Fixed Indexed Annuities 11,375 11,787 RILA 2,501 1,875 Closed Block Life 11,179 11,215 Closed Block Annuity 1,316 1,319 Institutional Products 8,691 9,019 Other Product Lines 176 183 Total other contract holder funds $ 57,094 $ 58,190
Policyholder Account Balance	The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 45 316 82 71 533 80 1 1,128 Surrenders, withdrawals and benefits (64) (457) (748) (556) (17) (198) (16) (2,056) Net transfers from (to) separate accounts — (242) — — — — — (242) Investment performance / change in value of equity option — — — 67 108 — — 175 Interest credited 6 73 91 54 2 161 11 398 Policy charges and other 23 (22) (39) (48) — (79) 1 (164) Balance as of March 31, 2023 $ 847 $ 9,927 $ 11,082 $ 11,375 $ 2,501 $ 11,179 $ 1,316 $ 48,227 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity March 31, 2023 Weighted-average crediting rate (1) 2.83 % 2.94 % 3.28 % 1.90 % 0.32 % 5.76 % 3.34 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,154 $ — Cash surrender value (3) $ — $ 9,792 $ 10,981 $ 10,979 $ 2,314 $ 11,098 $ 1,316 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 14 $ 1 $ — $ 15 1.51%-2.50% 193 — — — 193 Greater than 2.50% 9,594 — — 125 9,719 Total $ 9,787 $ 14 $ 1 $ 125 $ 9,927 Fixed Annuities 0.00%-1.50% $ 18 $ 68 $ 82 $ 1 $ 169 1.51%-2.50% 31 2 2 — 35 Greater than 2.50% 629 58 315 — 1,002 Total $ 678 $ 128 $ 399 $ 1 $ 1,206 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 14 $ 5 $ 43 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 23 — 22 — 45 Total $ 29 $ 14 $ 27 $ 43 $ 113 RILA 0.00%-1.50% $ 9 $ — $ 4 $ 1 $ 14 1.51%-2.50% $ — $ — $ — $ — — Greater than 2.50% 11 — — — 11 Total $ 20 $ — $ 4 $ 1 $ 25 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,532 1,886 626 14 7,058 Total $ 4,532 $ 1,886 $ 626 $ 14 $ 7,058 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 903 218 24 — 1,145 Total $ 903 $ 218 $ 25 $ 12 $ 1,158 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171

Separate Account Assets and L_2

Separate Account Assets and Liabilities (Tables)	3 Months Ended
Separate Account Assets and Liabilities (Tables)	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Roll forward of the Separate Account Balance	The following table presents the roll-forward of the separate account balance for variable annuities (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Balance as of beginning of period $ 195,550 $ 248,469 Deposits 2,158 12,288 Surrenders, withdrawals and benefits (3,791) (14,554) Net transfer from (to) general account 242 (870) Investment performance 10,528 (47,150) Policy charges and other (697) (2,633) Balance as of end of period, gross $ 203,990 $ 195,550 Cash surrender value (1) $ 198,782 $ 190,243 (1) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges.
Roll forward of the Separate Account Balance in the Consolidated Balance Sheet	The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Annuities $ 203,990 $ 195,550 Other 376 356 Total $ 204,366 $ 195,906
Schedule of Separate Account Balances	The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions, 2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Annuities By Fund Type Equity $ 139,455 $ 132,547 Bond 19,553 19,155 Balanced 42,033 40,797 Money Market 2,949 3,051 Total Variable Annuities 203,990 195,550 Other Product Lines 376 356 Total Separate Accounts $ 204,366 $ 195,906

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	3 Months Ended
Market Risk Benefits (Tables)	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, recast for the adoption of LDTI): March 31, December 31, 2023 2022 Variable annuity $ 192 $ 183 Other product lines 46 38 Total $ 238 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 12 58 Interest accrual 14 56 Net assessments collected (57) (107) Ending balance excluding shadow 1,141 1,172 End of period cumulative effect of changes in shadow adjustments (24) (41) Balance, end of period $ 1,117 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average duration (years) 7.7 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Three Months Ended March 31, 2023 Year Ended December 31, 2022 Three Months Ended March 31, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (57) $ (107) $ 14 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Weighted average current discount rate 4.96 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions2022 information recast for the adoption of LDTI): March 31, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (5,198) $ (6) $ (5,204) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 5,516 44 5,560 5,623 39 5,662 Market risk benefit - net liabilities $ 318 $ 38 $ 356 $ 767 $ 30 $ 797 The following table presents the roll-forward of the net (assets) liabilities of the market risk benefits for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 Year Ended December 31, 2022 Net liability balance, beginning of period $ 767 $ 6,281 Net liability beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net liability balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates 1,824 (14,137) Effect of fund performance (1,881) 6,432 Effect of changes in equity index volatility (747) 1,576 Effect of expected policyholder behavior 89 532 Effect of actual policyholder behavior different from expected 167 (230) Effect of time 380 1,707 Effect of changes in assumptions — 465 Net liability balance, end of period, before effect of changes in non-performance risk 2,784 2,952 Net liability end of period cumulative effect of changes in non-performance risk (2,466) (2,185) Net liability balance, end of period, gross 318 767 Reinsurance recoverable on market risk benefits at fair value, end of period (192) (183) Net liability balance, end of period, net of reinsurance 126 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,459 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Aggregate Carrying Value of Long-Term Debt	The aggregate carrying value of long-term debt was as follows (in millions): March 31, December 31, 2023 2022 Long-Term Debt Senior Notes due 2023 $ 598 $ 598 Senior Notes due 2027 397 397 Senior Notes due 2031 493 493 Senior Notes due 2032 347 347 Senior Notes due 2051 489 488 Surplus notes 250 250 FHLBI bank loans 58 62 Total long-term debt $ 2,632 $ 2,635
Contractual Maturities of Long-term Debt	The following table presents the contractual maturities of the Company's long-term debt as of March 31, 2023 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 598 $ — $ — $ — $ 2,034 $ 2,632

Operating Costs and Other Exp_2

Operating Costs and Other Expenses (Tables)	3 Months Ended
Operating Costs and Other Expenses (Tables)	Mar. 31, 2023
Operating Costs And Other Expenses [Abstract]
Summary of Operating Costs and Other Expenses	The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended March 31, 2023 2022 Asset-based commission expenses $ 250 $ 275 Other commission expenses 174 240 Sub-advisor expenses 77 90 General and administrative expenses 236 241 Deferral of acquisition costs (121) (180) Total operating costs and other expenses $ 616 $ 666

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 Balance, beginning of period (1) $ (3,378) $ 1,360 Change in unrealized gains (losses) of investments 1,027 (3,581) Change in current discount rate - reserve for future policy benefits (2) (146) 765 Change in non-performance risk on market risk benefits 284 936 Change in unrealized gains (losses) - other (14) 9 Change in deferred tax asset (110) 402 Other comprehensive income (loss) before reclassifications 1,041 (1,469) Reclassifications from AOCI, net of tax 29 (10) Other comprehensive income (loss) 1,070 (1,479) Balance, end of period (1) $ (2,308) $ (119) (1) Includes $(1,832) million and $(2,106) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of March 31, 2023 and December 31, 2022, respectively. (2) Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable.
Amounts Reclassified Out of AOCI	The following table represents amounts reclassified out of AOCI (in millions, 2022 information recast for the adoption of LDTI): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended March 31, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 60 $ (31) Net gains (losses) on derivatives and investments Other impaired securities (23) 18 Net gains (losses) on derivatives and investments Net unrealized gain (loss) 37 (13) Amortization of deferred acquisition costs — — Reclassifications, before income taxes 37 (13) Income tax expense (benefit) 8 (3) Reclassifications, net of income taxes $ 29 $ (10)

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of Share Repurchase Activities	The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2022 (January 1- March 31) 3,433,610 $ 140 $ 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 2022 (July 1- September 30) 1,200,000 39 32.75 2022 (October 1 - December 31) 1,142,105 38 33.33 Total 2022 7,646,569 $ 283 $ 37.05 2023 (January 1- March 31) 1,721,737 70 40.42 2023 (April 1- May 3) 804,797 29 35.87 Total 2023 2,526,534 $ 99 $ 38.97
Schedule of Changes in the Balance of Common Shares Outstanding	The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2022 94,474,911 (11,784,813) 82,690,098 Share-based compensation programs 921 75,036 (1) 75,957 Shares repurchased under repurchase program — (1,721,737) (1,721,737) Shares at March 31, 2023 94,475,832 (13,431,514) 81,044,318 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs.
Schedule of Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per share of JFI’s common stock: Declaration Date Record Date Payment Date Dividends Paid Per Share Quarter Ended 03/31/2023 February 27, 2023 March 14, 2023 March 23, 2023 $0.62 Quarter Ended 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Calculation of Earnings Per Common Share	The following table sets forth the calculation of earnings per common share (2022 information recast for the adoption of LDTI): Three Months Ended March 31, 2023 2022 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ (1,497) $ 2,194 Weighted average shares of common stock outstanding - basic 82,646,113 86,352,586 Dilutive common shares — 3,607,276 Weighted average shares of common stock outstanding - diluted (1) 82,646,113 89,959,862 Earnings per share—common stock Basic $ (18.11) $ 25.41 Diluted $ (18.11) $ 24.39 (1) If we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The shares excluded from the diluted EPS calculation were 3,436,857 shares for the three months ended March 31, 2023.

Revision and Reclassification_2

Revision and Reclassifications of Prior Period Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table presents amounts previously reported as of December 31, 2020, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of January 1, 2021 (in millions): As Previously Effect of As of Reported Changes 1/1/2021 Assets Deferred acquisition costs $ 13,897 $ 146 $ 14,043 Reinsurance recoverable, net of allowance for credit losses 35,270 (154) 35,116 Reinsurance recoverable on market risk benefits, at fair value — 471 471 Market risk benefit assets, at fair value — 690 690 Deferred income taxes, net 1,058 824 1,882 Other assets 1,179 2 1,181 Total assets $ 353,532 $ 1,979 $ 355,511 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 22,512 $ (5,716) $ 16,796 Other contract holder funds 63,592 (7) 63,585 Market risk benefit liabilities, at fair value — 10,690 10,690 Total liabilities 343,609 4,967 348,576 Equity Accumulated other comprehensive income, net of tax expense 3,821 (385) 3,436 Retained earnings (324) (2,603) (2,927) Total equity 9,923 (2,988) 6,935 Total liabilities and equity $ 353,532 $ 1,979 $ 355,511 The following table presents amounts previously reported in the Consolidated Balance Sheets as of December 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of December 31, 2022 (in millions): As Previously As Adjusted Reported Effect of As of December 31, 2022 Changes December 31, 2022 Assets Deferred acquisition costs $ 13,422 $ (499) $ 12,923 Reinsurance recoverable, net of allowance for credit losses 29,641 (595) 29,046 Reinsurance recoverable on market risk benefits, at fair value — 221 221 Market risk benefit assets, at fair value — 4,865 4,865 Deferred income taxes, net 385 (65) 320 Other assets 946 (2) 944 Total assets $ 311,058 $ 3,925 $ 314,983 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 14,273 $ (1,955) $ 12,318 Other contract holder funds 58,195 (5) 58,190 Market risk benefit liabilities, at fair value — 5,662 5,662 Total liabilities 301,903 3,702 305,605 Equity Accumulated other comprehensive income, net of tax expense (5,481) 2,103 (3,378) Retained earnings 8,283 (1,880) 6,403 Total equity 9,155 223 9,378 Total liabilities and equity $ 311,058 $ 3,925 $ 314,983 The following table present amounts previously reported in Condensed Consolidated Income Statements as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Revenues Total net gains (losses) on derivatives and investments 1,605 (2,143) (538) Total revenues $ 4,364 $ (2,143) $ 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 581 (281) 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Market risk benefits (gains) losses, net — (1,907) (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 196 1 197 Amortization of deferred acquisition costs 515 (198) 317 Total benefits and expenses 1,978 (2,370) (392) Pretax income (loss) 2,386 227 2,613 Income tax expense (benefit) 330 58 388 Net income (loss) 2,056 169 2,225 Net income (loss) attributable to Jackson Financial Inc. $ 2,025 $ 169 $ 2,194 Earnings per share Basic $ 23.45 $ 1.96 $ 25.41 Diluted $ 22.51 $ 1.88 $ 24.39 The following table presents amounts previously reported in Consolidated Statements of Comprehensive Income (Loss) as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) for the three months ended March 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Net income (loss) $ 2,056 $ 169 $ 2,225 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (2,697) (129) (2,826) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 599 599 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 734 734 Total other comprehensive income (loss) (2,683) 1,204 (1,479) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (658) $ 1,373 $ 715 The adoption of LDTI did not affect the previously reported as revised ( see Note 22- Revision and Reclassifications of Prior Period Financial Statements for further details ) totals for net cash flows provided by (used in) operating, investing, or financing activities, but did affect the following components of net cash flows provided by (used in) operating activities: As Revised As Adjusted Three Months Ended Effect of Three Months Ended March 31, 2022 Changes March 31, 2022 Cash flows from operating activities: Net income (loss) $ 2,056 $ 169 $ 2,225 Adjustments to reconcile net income to net cash provided by operating activities: Net losses (gains) on derivatives (707) 2,143 1,436 Net (gain) loss on market risk benefits — (1,907) (1,907) (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 15 Interest credited on other contract holder funds, gross 196 1 197 Deferred income tax expense (benefit) 353 58 411 Change in deferred acquisition costs 336 (199) 137 Change in funds withheld, net of reinsurance (100) 155 55 Change in other assets and liabilities, net (365) (435) (800) Total adjustments (287) (169) (456) Net cash provided by (used in) operating activities $ 833 $ — $ 833 Condensed Consolidated Income Statements As Previously Reported Impact for the Adoption of LDTI Impact of Revisions As Revised Three Months Ended Three Months Ended Three Months Ended Three Months Ended 3/31/22 3/31/22 3/31/22 3/31/22 Revenues Fee income $ 1,922 $ — $ 90 $ 2,012 Premium 34 — 3 37 Net investment income 720 — (30) 690 Total net gains (losses) on derivatives and investments 1,605 (2,143) — (538) Total revenues 4,301 (2,143) 63 2,221 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 567 (281) 14 300 (Gain) loss from updating future policy benefits cash flow assumptions, net — 15 — 15 Market risk benefits (gains) losses, net — (1,907) — (1,907) Interest credited on other contract holder funds, net of deferrals and amortization 206 1 (10) 197 Operating costs and other expenses, net of deferrals 607 — 59 666 Amortization of deferred acquisition costs 515 (198) — 317 Total benefits and expenses 1,915 (2,370) 63 (392) Pretax income (loss) 2,386 227 — 2,613 Income tax (benefit) expense 330 58 — 388 Net income (loss) $ 2,056 $ 169 $ — $ 2,225

Business and Basis of Present_2

Business and Basis of Presentation (Details)	Mar. 31, 2023
Prudential \| Jackson Financial
Class of Stock [Line Items]
Ownership interest	7.10%

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022		Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	[3]	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity standard to result in a decrease		$ 8,638,000				$ 8,646,000	[1]
Accumulated other comprehensive income (loss)		(2,308,000)			$ (3,378,000)	(3,378,000)	[1]			$ 3,436,000
Retained earnings		4,852,000			6,403,000	6,403,000	[1]			(2,927,000)
Net income (loss) attributable to Jackson Financial Inc.	$ 2,194,000	(1,497,000)	$ 2,194,000	[2]
Equity		$ 9,467,000	$ 8,909,000	[3]	$ 9,378,000	9,378,000	[1]	$ 8,321,000		6,935,000
As Revised
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity standard to result in a decrease										3,000,000
Accumulated other comprehensive income (loss)										(400,000)
Retained earnings										$ (2,600,000)
Jackson Financial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity						$ 223,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Effe

New Accounting Standards - Effect of Transition of Shareholders' Equity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Mar. 31, 2022	[2]	Dec. 31, 2021	[2]	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 9,467,000	$ 9,378,000	$ 9,378,000	[1]	$ 8,909,000		$ 8,321,000		$ 6,935,000
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	4,852,000		6,403,000	[2]	2,582,000		440,000
Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ (2,308,000)		$ (3,378,000)	[2]	$ (119,000)		$ 1,360,000
Deferred acquisition costs \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									0
Deferred acquisition costs \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									106,000
Reinsurance recoverable on market risk benefits \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									0
Reinsurance recoverable on market risk benefits \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									(34,000)
Reserves for future policy benefits and claims payable \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									97,000
Reserves for future policy benefits and claims payable \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									141,000
Market risk benefits \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									(2,700,000)
Market risk benefits \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									(598,000)
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity		$ 9,155,000							9,923,000
As Previously Reported \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									(2,603,000)
As Previously Reported \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity									$ (385,000)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_2

New Accounting Standards - Effect of Adoption, Balance Sheet (Details) - USD ($)	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	[1]	Mar. 31, 2022	[2]	Dec. 31, 2021	[2]	Jan. 01, 2021	Dec. 31, 2020
Assets
Deferred acquisition costs	$ 12,760,000,000	$ 12,923,000,000	$ 12,923,000,000						$ 14,043,000,000
Reinsurance recoverable on market risk benefits	28,078,000,000	29,046,000,000	29,046,000,000						35,116,000,000
Reinsurance recoverable on market risk benefits, at fair value	238,000,000	221,000,000	221,000,000						471,000,000
Market risk benefit assets, at fair value	5,204,000,000	4,865,000,000	4,865,000,000						690,000,000
Deferred income taxes, net	755,000,000	320,000,000	320,000,000						1,882,000,000
Other assets	902,000,000	944,000,000	944,000,000						1,181,000,000
Total assets	321,464,000,000	314,983,000,000	314,983,000,000						355,511,000,000
Liabilities
Reserves for future policy benefits and claims payable	12,369,000,000	12,318,000,000	12,318,000,000						16,796,000,000
Other contract holder funds	57,094,000,000	58,190,000,000	58,190,000,000						63,585,000,000
Market risk benefit liabilities, at fair value	5,560,000,000	5,662,000,000	5,662,000,000						10,690,000,000
Total liabilities	311,997,000,000	305,605,000,000	305,605,000,000						348,576,000,000
Equity
Accumulated other comprehensive income (loss)	(2,308,000,000)	(3,378,000,000)	(3,378,000,000)						3,436,000,000
Retained earnings	4,852,000,000	6,403,000,000	6,403,000,000						(2,927,000,000)
Total equity	9,467,000,000	9,378,000,000	9,378,000,000		$ 8,909,000,000		$ 8,321,000,000		6,935,000,000
Total liabilities and equity	$ 321,464,000,000	314,983,000,000	$ 314,983,000,000						355,511,000,000
As Previously Reported
Assets
Deferred acquisition costs		13,422,000,000							13,897,000,000
Reinsurance recoverable on market risk benefits		29,641,000,000							35,270,000,000
Reinsurance recoverable on market risk benefits, at fair value		0							0	$ 407,000,000
Market risk benefit assets, at fair value		0							0
Deferred income taxes, net		385,000,000							1,058,000,000
Other assets		946,000,000							1,179,000,000
Total assets		311,058,000,000							353,532,000,000
Liabilities
Reserves for future policy benefits and claims payable		14,273,000,000							22,512,000,000
Other contract holder funds		58,195,000,000							63,592,000,000
Market risk benefit liabilities, at fair value		0							0
Total liabilities		301,903,000,000							343,609,000,000
Equity
Accumulated other comprehensive income (loss)		(5,481,000,000)							3,821,000,000
Retained earnings		8,283,000,000							(324,000,000)
Total equity		9,155,000,000							9,923,000,000
Total liabilities and equity		311,058,000,000							353,532,000,000
Effect of Changes
Assets
Deferred acquisition costs		(499,000,000)							146,000,000
Reinsurance recoverable on market risk benefits		(595,000,000)							(154,000,000)
Reinsurance recoverable on market risk benefits, at fair value		221,000,000							471,000,000
Market risk benefit assets, at fair value		4,865,000,000							690,000,000
Deferred income taxes, net		(65,000,000)							824,000,000
Other assets		(2,000,000)							2,000,000
Total assets		3,925,000,000							1,979,000,000
Liabilities
Reserves for future policy benefits and claims payable		(1,955,000,000)							(5,716,000,000)
Other contract holder funds		(5,000,000)							(7,000,000)
Market risk benefit liabilities, at fair value		5,662,000,000							10,690,000,000
Total liabilities		3,702,000,000							4,967,000,000
Equity
Accumulated other comprehensive income (loss)		2,103,000,000							(385,000,000)
Retained earnings		(1,880,000,000)							(2,603,000,000)
Total equity		223,000,000							(2,988,000,000)
Total liabilities and equity		$ 3,925,000,000							$ 1,979,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_3

New Accounting Standards - Effect of Adoption, Reserves For Future Policy Benefits and Claims Payable (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				$ 14,022,000,000
Reserves for future policy benefits and claims payable at January 1, 2021					$ 16,796,000,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				12,285,000,000
Other future policy benefits and claims payable				2,774,000,000
Reserves for future policy benefits and claims payable at January 1, 2021				16,796,000,000	22,512,000,000
Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				37,000,000
Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				1,700,000,000
Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					(5,716,000,000)
Payout Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				1,295,000,000
Effect of changes in cash flow assumptions		$ 0	$ 4,000,000
Reserves for future policy benefits and claims payable at January 1, 2021	$ 986,000,000	971,000,000
Payout Annuity \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				1,148,000,000
Payout Annuity \| Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				4,000,000
Payout Annuity \| Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				143,000,000
Closed Block Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				6,384,000,000
Effect of changes in cash flow assumptions		0	331,000,000
Reserves for future policy benefits and claims payable at January 1, 2021	1,923,000,000	1,898,000,000
Closed Block Life \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				5,809,000,000
Closed Block Life \| Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				15,000,000
Closed Block Life \| Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				560,000,000
Closed Block Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				6,343,000,000
Effect of changes in cash flow assumptions		0	$ (15,000,000)
Reserves for future policy benefits and claims payable at January 1, 2021	$ 4,435,000,000	$ 4,432,000,000
Closed Block Annuity \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				5,328,000,000
Closed Block Annuity \| Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				18,000,000
Closed Block Annuity \| Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				$ 997,000,000
Reserve For Future Policy Benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					14,022,000,000
Reserve For Future Policy Benefits \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					12,285,000,000
Reserve For Future Policy Benefits \| Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					1,737,000,000
Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					2,774,000,000
Other product lines \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					10,227,000,000
Other product lines \| Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits and claims payable at January 1, 2021					$ (7,453,000,000)

New Accounting Standards - Ef_4

New Accounting Standards - Effect of Adoption, Closed Block Life Additional Liabilities (Details) - Closed Block Life - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life	$ 1,141,000	$ 1,172,000	$ 1,159,000	$ 1,185,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life	$ 1,117,000	$ 1,131,000	$ 1,173,000	1,157,000
As Revised
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life				28,000
Revision of Prior Period, Change in Accounting Principle, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life				$ 0

New Accounting Standards - Ef_5

New Accounting Standards - Effect of Adoption, Market Risk Benefits (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	$ 356,000,000	$ 797,000,000		$ 10,000,000,000
Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	318,000,000	767,000,000	$ 6,281,000,000	9,908,000,000
Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	$ 38,000,000	$ 30,000,000		92,000,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				7,380,000,000
As Previously Reported \| Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				7,306,000,000
As Previously Reported \| Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				74,000,000
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(75,000,000)
Adjustment for reversal of AOCI adjustments \| Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(27,000,000)
Adjustment for reversal of AOCI adjustments \| Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(48,000,000)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(749,000,000)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date \| Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(743,000,000)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date \| Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(6,000,000)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				3,444,000,000
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs \| Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				3,372,000,000
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs \| Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				$ 72,000,000

New Accounting Standards - Ef_6

New Accounting Standards - Effect of Adoption, Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs	$ 12,760,000	$ 12,923,000	$ 12,923,000	[1]		$ 14,043,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs		13,422,000				13,897,000
Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs		$ (499,000)				146,000
Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs	$ 12,515,000		$ 12,699,000		$ 13,364,000	13,876,000
Variable Annuity \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						13,725,000
Variable Annuity \| Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						151,000
Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						167,000
Other product lines \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						172,000
Other product lines \| Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						$ (5,000)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_7

New Accounting Standards - Effect of Adoption, Reinsurance Recoverable (Details) $ in Thousands	Jan. 01, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	$ 35,116,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	35,270,000
Reclass of carrying amount of MRBs under prior guidance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	(407,000)
Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	0
Effect of remeasurement of liability at current discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	$ 253,000

New Accounting Standards - Ef_8

New Accounting Standards - Effect of Adoption, Reinsurance Recoverable on Market Risk Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 238,000	$ 221,000	$ 221,000	[1]	$ 471,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value		$ 0			0	$ 407,000
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					(47,000)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					111,000
Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	192,000		183,000		368,000
Variable Annuity \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value						340,000
Variable Annuity \| Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					0
Variable Annuity \| Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					28,000
Other product lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 46,000		$ 38,000		103,000
Other product lines \| As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value						$ 67,000
Other product lines \| Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					(47,000)
Other product lines \| Remaining cumulative difference (exclusive of the instrument specific credit risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					$ 83,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_9

New Accounting Standards - Effect of Adoption, Income Statements (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net gains (losses) on derivatives and investments	$ (538)	$ (2,726)	$ (1,566)	[1]
Total revenues	2,221	(749)	2,221	[1]
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	300	228	300	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	15	14	15	[1]
Market risk benefits (gains) losses, net	(1,907)	(174)	(1,907)	[1]
Interest credited on other contract holder funds, net of deferrals and amortization	197	285	197	[1]
Amortization of deferred acquisition costs	317
Total benefits and expenses	(392)	1,305	(392)	[1]
Pretax adjusted operating earnings	2,613	(2,054)	2,613	[1]
Income tax expense (benefit)	388	(558)	388	[1]
Net income (loss)	2,225	(1,496)	2,225	[2]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,194	$ (1,497)	$ 2,194	[1]
Earnings per share—common stock
Basic (in usd per share)	$ 25.41	$ (18.11)	$ 25.41	[1]
Diluted (in usd per share)	$ 24.39	$ (18.11)	$ 24.39	[1]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net gains (losses) on derivatives and investments	$ 1,605		$ 1,605
Total revenues	4,364		4,301
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	581		567
(Gain) loss from updating future policy benefits cash flow assumptions, net	0		0
Market risk benefits (gains) losses, net	0		0
Interest credited on other contract holder funds, net of deferrals and amortization	196		206
Amortization of deferred acquisition costs	515
Total benefits and expenses	1,978		1,915
Pretax adjusted operating earnings	2,386
Income tax expense (benefit)	330		330
Net income (loss)	2,056		2,056
Net income (loss) attributable to Jackson Financial Inc.	$ 2,025
Earnings per share—common stock
Basic (in usd per share)	$ 23.45
Diluted (in usd per share)	$ 22.51
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net gains (losses) on derivatives and investments	$ (2,143)		(2,143)
Total revenues	(2,143)		(2,143)
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	(281)		(281)
(Gain) loss from updating future policy benefits cash flow assumptions, net	15		15
Market risk benefits (gains) losses, net	(1,907)		(1,907)
Interest credited on other contract holder funds, net of deferrals and amortization	1		1
Amortization of deferred acquisition costs	(198)
Total benefits and expenses	(2,370)		(2,370)
Pretax adjusted operating earnings	227
Income tax expense (benefit)	58		58
Net income (loss)	169		$ 169
Net income (loss) attributable to Jackson Financial Inc.	$ 169
Earnings per share—common stock
Basic (in usd per share)	$ 1.96
Diluted (in usd per share)	$ 1.88

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - E_10

New Accounting Standards - Effect of Adoption, Other Comprehensive Income (Loss) Statement (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 2,225	$ (1,496)	$ 2,225	[1]
Other comprehensive income (loss), net of tax:
Change in unrealized appreciation (depreciation) on securities with no credit impairment net of tax expense (benefit)		968	(2,826)	[1]
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)		(114)	599	[1]
Change in instrument-specific credit risk - market risk benefits, net of tax expense (benefit)			734
Total other comprehensive income (loss)		1,070	(1,479)	[1]
Comprehensive income (loss) attributable to Jackson Financial Inc.		$ (427)	715	[1]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	2,056		2,056
Other comprehensive income (loss), net of tax:
Change in unrealized appreciation (depreciation) on securities with no credit impairment net of tax expense (benefit)			(2,697)
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)			0
Change in instrument-specific credit risk - market risk benefits, net of tax expense (benefit)			0
Total other comprehensive income (loss)			(2,683)
Comprehensive income (loss) attributable to Jackson Financial Inc.			(658)
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 169		169
Other comprehensive income (loss), net of tax:
Change in unrealized appreciation (depreciation) on securities with no credit impairment net of tax expense (benefit)			(129)
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)			599
Change in instrument-specific credit risk - market risk benefits, net of tax expense (benefit)			734
Total other comprehensive income (loss)			1,204
Comprehensive income (loss) attributable to Jackson Financial Inc.			$ 1,373

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - E_11

New Accounting Standards - Effect of Adoption, Cash Flow Statement (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 2,225,000	$ (1,496,000)	$ 2,225,000	[1]
Net losses (gains) on derivatives		2,658,000	1,436,000
Market risk benefits (gains) losses, net	(1,907,000)	(174,000)	(1,907,000)	[2]
(Gain) loss from updating future policy benefits cash flow assumptions, net	15,000	14,000	15,000	[2]
Interest credited on other contract holder funds, gross		285,000	197,000
Deferred income tax expense (benefit)		(553,000)	411,000
Deferred acquisition costs		163,000	137,000
Funds withheld, net of reinsurance		75,000	55,000
Other assets and liabilities, net		(155,000)	(800,000)
Total adjustments			(456,000)
Net cash provided by (used in) operating activities		$ 1,461,000	833,000
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	2,056,000		2,056,000
Net losses (gains) on derivatives			(707,000)
Market risk benefits (gains) losses, net	0		0
(Gain) loss from updating future policy benefits cash flow assumptions, net	0		0
Interest credited on other contract holder funds, gross			196,000
Deferred income tax expense (benefit)			353,000
Deferred acquisition costs			336,000
Funds withheld, net of reinsurance			(100,000)
Other assets and liabilities, net			(365,000)
Total adjustments			(287,000)
Net cash provided by (used in) operating activities			833,000
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	169,000		169,000
Net losses (gains) on derivatives			2,143,000
Market risk benefits (gains) losses, net	(1,907,000)		(1,907,000)
(Gain) loss from updating future policy benefits cash flow assumptions, net	$ 15,000		15,000
Interest credited on other contract holder funds, gross			1,000
Deferred income tax expense (benefit)			58,000
Deferred acquisition costs			(199,000)
Funds withheld, net of reinsurance			155,000
Other assets and liabilities, net			(435,000)
Total adjustments			(169,000)
Net cash provided by (used in) operating activities			$ 0

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Segment R

Segment Information - Segment Results (Details) $ in Millions		3 Months Ended
	Apr. 01, 2023 USD ($)	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment		3
Segment Reporting Information [Line Items]
Fee income		$ 1,888	$ 2,012	[1]
Premiums		25	37	[1]
Net investment income		722	690	[1]
Income (loss) on operating derivatives	$ (538)	(2,726)	(1,566)	[1]
Other income		15	20	[1]
Total revenues	2,221	(749)	2,221	[1]
Death, other policy benefits and change in policy reserves, net of deferrals	300	228	300	[1]
Interest credited on other contract holder funds, net of deferrals and amortization	197	285	197	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	15	14	15	[1]
Interest expense		43	20	[1]
Operating costs and other expenses, net of deferrals		616	666	[1]
Amortization of deferred acquisition costs		293	317	[1]
Total benefits and expenses	(392)	1,305	(392)	[1]
Pretax income (loss)	$ 2,613	(2,054)	2,613	[1]
Operating Segments
Segment Reporting Information [Line Items]
Fee income		1,105	1,245
Premiums		27	40
Net investment income		437	401
Income (loss) on operating derivatives		(36)	35
Other income		15	20
Total revenues		1,548	1,741
Death, other policy benefits and change in policy reserves, net of deferrals		148	257
Interest credited on other contract holder funds, net of deferrals and amortization		285	197
(Gain) loss from updating future policy benefits cash flow assumptions, net		14	15
Interest expense		43	20
Operating costs and other expenses, net of deferrals		616	665
Amortization of deferred acquisition costs		140	142
Total benefits and expenses		1,246	1,296
Pretax income (loss)		302	445
Operating Segments \| Retail Annuities
Segment Reporting Information [Line Items]
Fee income		975	1,108
Premiums		4	3
Net investment income		136	114
Income (loss) on operating derivatives		(10)	11
Other income		9	11
Total revenues		1,114	1,247
Death, other policy benefits and change in policy reserves, net of deferrals		(15)	32
Interest credited on other contract holder funds, net of deferrals and amortization		98	57
(Gain) loss from updating future policy benefits cash flow assumptions, net		(2)	(3)
Interest expense		17	5
Operating costs and other expenses, net of deferrals		522	592
Amortization of deferred acquisition costs		138	139
Total benefits and expenses		758	822
Pretax income (loss)		356	425
Operating Segments \| Institutional Products
Segment Reporting Information [Line Items]
Fee income		0	0
Premiums		0	0
Net investment income		102	64
Income (loss) on operating derivatives		(12)	(1)
Other income		0	0
Total revenues		90	63
Death, other policy benefits and change in policy reserves, net of deferrals		0	0
Interest credited on other contract holder funds, net of deferrals and amortization		76	39
(Gain) loss from updating future policy benefits cash flow assumptions, net		16	18
Interest expense		4	0
Operating costs and other expenses, net of deferrals		1	1
Amortization of deferred acquisition costs		0	0
Total benefits and expenses		81	40
Pretax income (loss)		9	23
Operating Segments \| Closed Life and Annuity Blocks
Segment Reporting Information [Line Items]
Fee income		117	121
Premiums		23	37
Net investment income		177	189
Income (loss) on operating derivatives		(10)	15
Other income		4	8
Total revenues		311	370
Death, other policy benefits and change in policy reserves, net of deferrals		163	225
Interest credited on other contract holder funds, net of deferrals and amortization		111	101
(Gain) loss from updating future policy benefits cash flow assumptions, net		0	0
Interest expense		0	0
Operating costs and other expenses, net of deferrals		39	32
Amortization of deferred acquisition costs		2	3
Total benefits and expenses		331	379
Pretax income (loss)		(20)	(9)
Corporate and Other
Segment Reporting Information [Line Items]
Fee income		13	16
Premiums		0	0
Net investment income		22	34
Income (loss) on operating derivatives		(4)	10
Other income		2	1
Total revenues		33	61
Death, other policy benefits and change in policy reserves, net of deferrals		0	0
Interest credited on other contract holder funds, net of deferrals and amortization		0	0
(Gain) loss from updating future policy benefits cash flow assumptions, net		0	0
Interest expense		22	15
Operating costs and other expenses, net of deferrals		54	40
Amortization of deferred acquisition costs		0	0
Total benefits and expenses		76	55
Pretax income (loss)		(43)	6
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues		$ (18)	$ (16)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 2,221	$ (749)	$ 2,221	[1]
Net gains (losses) on derivatives and investments	$ (538)	(2,726)	(1,566)	[1]
Net investment income on funds withheld assets		307	260	[1]
Operating Segments
Segment Reporting Information [Line Items]
Total revenues		1,548	1,741
Net gains (losses) on derivatives and investments		(36)	35
Segment Reconciling Items
Segment Reporting Information [Line Items]
Fees attributed to guarantee benefit reserves		780	764
Net gains (losses) on derivatives and investments		(3,362)	(573)
Net investment income (loss) related to noncontrolling interests		1	31
Consolidated investments		(23)	(2)
Net investment income on funds withheld assets		$ 307	$ 260

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconci_2

Segment Information - Reconciliation of Benefits and Expenses (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total benefits and expenses	$ (392)	$ 1,305	$ (392)	[1]
Operating Segments
Segment Reporting Information [Line Items]
Total benefits and expenses		1,246	1,296
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net gain (loss) on market risk benefits		(174)	(1,907)
Net (gain) loss on market risk benefits		80	44
Benefits attributed to guaranteed benefit features		153	173
Other items		$ 0	$ 2

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconci_3

Segment Information - Reconciliation of Net Income (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings	$ 2,613,000	$ (2,054,000)	$ 2,613,000	[1]
Guaranteed Benefits And Hedging Results [Abstract]
Net movement in freestanding derivatives		(2,658,000)	(1,436,000)
Market risk benefits gains (losses), net	1,907,000	174,000	1,907,000	[1]
Net realized investment gains (losses)		(68,000)	(130,000)
Net investment income on funds withheld assets		307,000	260,000	[1]
Pretax income (loss) attributable to Jackson Financial Inc.		(2,055,000)	2,582,000
Income tax expense (benefit)	388,000	(558,000)	388,000	[1]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,194,000	(1,497,000)	2,194,000	[1]
Operating Segments
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings		302,000	445,000
Segment Reconciling Items
Guaranteed Benefits And Hedging Results [Abstract]
Fees attributed to guarantee benefit reserves		780,000	764,000
Net movement in freestanding derivatives		(2,512,000)	(1,476,000)
Market risk benefits gains (losses), net		174,000	1,907,000
Net reserve and embedded derivative movements		(189,000)	(40,000)
Amortization of DAC associated with non-operating items		(153,000)	(173,000)
Guaranteed benefits and net hedging results		(1,900,000)	982,000
Net realized investment gains (losses)		(68,000)	(130,000)
Net realized investment gains (losses) on funds withheld assets		(673,000)	1,028,000
Net investment income on funds withheld assets		307,000	260,000
Other items		$ (23,000)	$ (3,000)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended					10 Months Ended	12 Months Ended
Investments - Narrative (Details)	Mar. 31, 2023 USD ($) state	Mar. 31, 2022 USD ($)		Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
Summary of Investment Holdings [Line Items]
Debt securities, rated by investment advisor	$ 492,000,000						$ 32,000,000
Securities on deposit with regulatory authorities	$ 94,000,000						90,000,000
Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List Not Disclosed Flag	Accrued interest receivable
Aggregate fair value of securities sold at a loss	$ 1,797,000,000	$ 2,392,000,000
Aggregate fair value of securities sold at a loss, percentage of book value	97%	92%
Proceeds from sales of available-for-sale debt securities	$ 2,100,000,000	$ 4,000,000,000
Collateralized loan obligtaion	276,000,000
Unconsolidated VIEs, exposure to loss	3,379,000,000						3,285,000,000
Equity securities	225,000,000						393,000,000	[1]
Mortgage loans	10,911,000,000						10,967,000,000	[1]
Mortgage loans, allowance for credit loss	146,000,000	84,000,000					95,000,000		$ 94,000,000
Financing receivables, accrued interest receivable	$ 47,000,000	44,000,000
Deferral of interest and principal payments, repayment period, COVID-19	1 year
Deferred interest and principal payments, COVID-19	$ 10,000,000
Recorded investment	15,000,000						15,000,000
Unpaid principal balance, no related allowance	16,000,000						16,000,000
Average recorded investment	16,000,000						18,000,000
Investment income	0						0
Stressed loans	4,000,000						3
Policy loans, fair value under fair value option	3,427,000,000						3,419,000,000
Policy loans not held as collateral for reinsurance	1,000,000,000						1,000,000,000
Other invested assets	3,711,000,000						3,595,000,000	[1]
Sale of limited partnership investments				$ 168,000,000	$ 236,000,000	$ 420,000,000
Securities loaned	$ 38,000,000						35,000,000
Securities loaned, minimum percent of fair value required as collateral	102%
Securities loaned, cash collateral	$ 39,000,000						$ 36,000,000
Repurchase agreements, weighted average interest rate	3.87%						2.54%
Repurchase agreement balance	$ 1,085,000,000						$ 1,012,000,000
Interest expense	43,000,000	20,000,000	[2]
Repurchase agreements, highest level of amount outstanding	1,085,000,000	584,000,000
Unfunded partnership investment commitment
Summary of Investment Holdings [Line Items]
Unfunded commitments	$ 1,283,000,000
Minimum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19	6 months
Maximum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19	14 months
Repurchase agreements
Summary of Investment Holdings [Line Items]
Short term borrowings, average outstanding amount	$ 808,000,000						311,000,000
Commercial mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans	10,200,000,000						10,200,000,000
Mortgage loans, allowance for credit loss	$ 139,000,000						91,000,000
Financing receivables, collateralized by properties, number of states \| state	37
Financing receivables, accrued interest receivable	$ 39,000,000						39,000,000
Residential mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans	1,100,000,000						1,300,000,000
Mortgage loans, allowance for credit loss	$ 7,000,000						4,000,000
Financing receivables, collateralized by properties, number of states \| state	50
Financing receivables, accrued interest receivable	$ 8,000,000						9,000,000
Unconsolidated VIEs
Summary of Investment Holdings [Line Items]
Equity securities	30,000,000						28,000,000
Corporate securities \| Single corporate obligor
Summary of Investment Holdings [Line Items]
Debt securities, unrealized loss	$ 51,000,000						$ 57,000,000
Corporate securities, utilities
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	16%
Corporate securities, healthcare
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	10%
Corporate securities, financial services
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage							16%
Corporate securities, consumer goods
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage							10%
Equity securities
Summary of Investment Holdings [Line Items]
Unrealized gains (losses)	$ (14,000,000)	(18,000,000)
Federal Home Loan Bank capital stock
Summary of Investment Holdings [Line Items]
Other invested assets	146,000,000
Real estate
Summary of Investment Holdings [Line Items]
Other invested assets	235,000,000						$ 237,000,000
Real estate, foreclosed properties
Summary of Investment Holdings [Line Items]
Other invested assets	0						0
Limited partnerships
Summary of Investment Holdings [Line Items]
Other invested assets	3,330,000,000						$ 3,212,000,000
Repurchase agreements
Summary of Investment Holdings [Line Items]
Interest expense	$ 8,000,000	$ 0
Investment grade
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	78%						78%
Below investment grade
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	2%						2%
Not rated
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	20%						20%
Below investment grade or not rated
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	21%						21%

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Composition of Fa

Investments - Composition of Fair Value of Debt Securities Classified by Rating (Details)	Mar. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Percent of total debt securities carrying value	100%	100%
Investment grade
Investment Holdings [Line Items]
Percent of total debt securities carrying value	92.80%	92.40%
Investment grade \| AAA
Investment Holdings [Line Items]
Percent of total debt securities carrying value	15.40%	17.90%
Investment grade \| AA
Investment Holdings [Line Items]
Percent of total debt securities carrying value	10.50%	8.20%
Investment grade \| A
Investment Holdings [Line Items]
Percent of total debt securities carrying value	30.30%	29.90%
Investment grade \| BBB
Investment Holdings [Line Items]
Percent of total debt securities carrying value	36.60%	36.40%
Below investment grade
Investment Holdings [Line Items]
Percent of total debt securities carrying value	7.20%	7.60%
Below investment grade \| BB
Investment Holdings [Line Items]
Percent of total debt securities carrying value	3.60%	3.90%
Below investment grade \| B and below
Investment Holdings [Line Items]
Percent of total debt securities carrying value	3.60%	3.70%

Investments - Debt Securities -

Investments - Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance For Credit Loss (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 51,382	$ 51,071
Allowance for Credit Loss	29	23
Gross Unrealized Gains	176	115
Gross Unrealized Losses	5,399	6,401
Fair Value	46,130	44,762
U.S. government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	5,775	6,192
Allowance for Credit Loss	0	0
Gross Unrealized Gains	1	1
Gross Unrealized Losses	883	1,008
Fair Value	4,893	5,185
Other government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	1,712	1,719
Allowance for Credit Loss	3	2
Gross Unrealized Gains	2	1
Gross Unrealized Losses	204	251
Fair Value	1,507	1,467
Public utilities
Summary of Investment Holdings [Line Items]
Amortized Cost	6,008	5,893
Allowance for Credit Loss	0	0
Gross Unrealized Gains	38	27
Gross Unrealized Losses	574	695
Fair Value	5,472	5,225
Corporate securities
Summary of Investment Holdings [Line Items]
Amortized Cost	29,679	28,803
Allowance for Credit Loss	21	15
Gross Unrealized Gains	112	59
Gross Unrealized Losses	3,086	3,701
Fair Value	26,684	25,146
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	466	510
Allowance for Credit Loss	5	6
Gross Unrealized Gains	14	19
Gross Unrealized Losses	47	59
Fair Value	428	464
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	1,768	1,821
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	174	183
Fair Value	1,594	1,638
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Amortized Cost	5,974	6,133
Allowance for Credit Loss	0	0
Gross Unrealized Gains	9	8
Gross Unrealized Losses	431	504
Fair Value	$ 5,552	$ 5,637

Investments - Debt Securities M

Investments - Debt Securities Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in 1 year or less	$ 2,165
Due after 1 year through 5 years	10,263
Due after 5 years through 10 years	14,000
Due after 10 years through 20 years	8,980
Due after 20 years	7,766
Total	51,382	$ 51,071
Allowance for Credit Loss
Due in 1 year or less	1
Due after 1 year through 5 years	2
Due after 5 years through 10 years	4
Due after 10 years through 20 years	3
Due after 20 years	14
Total	29	23
Gross Unrealized Gains
Due in 1 year or less	0
Due after 1 year through 5 years	19
Due after 5 years through 10 years	60
Due after 10 years through 20 years	66
Due after 20 years	8
Total	176	115
Gross Unrealized Losses
Due in 1 year or less	9
Due after 1 year through 5 years	369
Due after 5 years through 10 years	1,279
Due after 10 years through 20 years	1,335
Due after 20 years	1,755
Total	5,399	6,401
Fair Value
Due in 1 year or less	2,155
Due after 1 year through 5 years	9,911
Due after 5 years through 10 years	12,777
Due after 10 years through 20 years	7,708
Due after 20 years	6,005
Debt securities	46,130	44,762
Residential mortgage-backed
Amortized Cost
Without single maturity	466
Total	466	510
Allowance for Credit Loss
Without single maturity	5
Total	5	6
Gross Unrealized Gains
Without single maturity	14
Total	14	19
Gross Unrealized Losses
Without single maturity	47
Total	47	59
Fair Value
Without single maturity	428
Debt securities	428	464
Commercial mortgage-backed
Amortized Cost
Without single maturity	1,768
Total	1,768	1,821
Allowance for Credit Loss
Without single maturity	0
Total	0	0
Gross Unrealized Gains
Without single maturity	0
Total	0	0
Gross Unrealized Losses
Without single maturity	174
Total	174	183
Fair Value
Without single maturity	1,594
Debt securities	1,594	1,638
Other asset-backed securities
Amortized Cost
Without single maturity	5,974
Total	5,974	6,133
Allowance for Credit Loss
Without single maturity	0
Total	0	0
Gross Unrealized Gains
Without single maturity	9
Total	9	8
Gross Unrealized Losses
Without single maturity	431
Total	431	504
Fair Value
Without single maturity	5,552
Debt securities	$ 5,552	$ 5,637

Investments - Residential Mortg

Investments - Residential Mortgage-Backed Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 51,382	$ 51,071
Allowance for Credit Loss	29	23
Gross Unrealized Gains	176	115
Gross Unrealized Losses	5,399	6,401
Fair Value	46,130	44,762
Non-agency RMBS
Summary of Investment Holdings [Line Items]
Amortized Cost	278	317
Allowance for Credit Loss	5	6
Gross Unrealized Gains	14	19
Gross Unrealized Losses	34	41
Fair Value	253	289
Non-agency RMBS \| Prime
Summary of Investment Holdings [Line Items]
Amortized Cost	197	206
Allowance for Credit Loss	3	4
Gross Unrealized Gains	1	2
Gross Unrealized Losses	24	30
Fair Value	171	174
Non-agency RMBS \| Alt-A
Summary of Investment Holdings [Line Items]
Amortized Cost	65	84
Allowance for Credit Loss	2	2
Gross Unrealized Gains	7	7
Gross Unrealized Losses	10	10
Fair Value	60	79
Non-agency RMBS \| Subprime
Summary of Investment Holdings [Line Items]
Amortized Cost	16	27
Allowance for Credit Loss	0	0
Gross Unrealized Gains	6	10
Gross Unrealized Losses	0	1
Fair Value	$ 22	$ 36

Investments - Debt Securities i

Investments - Debt Securities in Continuous Unrealized Loss Position (Details) $ in Millions	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 1,034	$ 3,571
Less than 12 months, fair value	$ 17,319	$ 30,605
Less than 12 months, # of securities \| security	2,063	3,786
12 months or longer, gross unrealized losses	$ 4,365	$ 2,830
12 months or longer, fair value	$ 20,400	$ 8,508
12 months or longer, # of securities \| security	2,596	1,056
Total, gross unrealized losses	$ 5,399	$ 6,401
Total, fair value	$ 37,719	$ 39,113
Total, # of securities \| security	4,417	4,645
U.S. government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 144	$ 339
Less than 12 months, fair value	$ 1,913	$ 2,815
Less than 12 months, # of securities \| security	28	40
12 months or longer, gross unrealized losses	$ 739	$ 669
12 months or longer, fair value	$ 1,706	$ 1,386
12 months or longer, # of securities \| security	9	6
Total, gross unrealized losses	$ 883	$ 1,008
Total, fair value	$ 3,619	$ 4,201
Total, # of securities \| security	36	42
Other government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 60	$ 174
Less than 12 months, fair value	$ 971	$ 1,258
Less than 12 months, # of securities \| security	108	143
12 months or longer, gross unrealized losses	$ 144	$ 77
12 months or longer, fair value	$ 482	$ 177
12 months or longer, # of securities \| security	57	23
Total, gross unrealized losses	$ 204	$ 251
Total, fair value	$ 1,453	$ 1,435
Total, # of securities \| security	161	162
Public utilities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 230	$ 508
Less than 12 months, fair value	$ 2,851	$ 4,279
Less than 12 months, # of securities \| security	323	490
12 months or longer, gross unrealized losses	$ 344	$ 187
12 months or longer, fair value	$ 1,957	$ 520
12 months or longer, # of securities \| security	251	87
Total, gross unrealized losses	$ 574	$ 695
Total, fair value	$ 4,808	$ 4,799
Total, # of securities \| security	551	562
Corporate securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 477	$ 2,087
Less than 12 months, fair value	$ 9,181	$ 17,068
Less than 12 months, # of securities \| security	1,282	2,323
12 months or longer, gross unrealized losses	$ 2,609	$ 1,614
12 months or longer, fair value	$ 12,136	$ 4,601
12 months or longer, # of securities \| security	1,550	644
Total, gross unrealized losses	$ 3,086	$ 3,701
Total, fair value	$ 21,317	$ 21,669
Total, # of securities \| security	2,656	2,806
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 12	$ 43
Less than 12 months, fair value	$ 126	$ 279
Less than 12 months, # of securities \| security	88	196
12 months or longer, gross unrealized losses	$ 35	$ 16
12 months or longer, fair value	$ 195	$ 81
12 months or longer, # of securities \| security	187	94
Total, gross unrealized losses	$ 47	$ 59
Total, fair value	$ 321	$ 360
Total, # of securities \| security	274	290
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 32	$ 138
Less than 12 months, fair value	$ 621	$ 1,421
Less than 12 months, # of securities \| security	78	177
12 months or longer, gross unrealized losses	$ 142	$ 45
12 months or longer, fair value	$ 947	$ 192
12 months or longer, # of securities \| security	148	31
Total, gross unrealized losses	$ 174	$ 183
Total, fair value	$ 1,568	$ 1,613
Total, # of securities \| security	209	206
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 79	$ 282
Less than 12 months, fair value	$ 1,656	$ 3,485
Less than 12 months, # of securities \| security	156	417
12 months or longer, gross unrealized losses	$ 352	$ 222
12 months or longer, fair value	$ 2,977	$ 1,551
12 months or longer, # of securities \| security	394	171
Total, gross unrealized losses	$ 431	$ 504
Total, fair value	$ 4,633	$ 5,036
Total, # of securities \| security	530	577

Investments - Rollforward of Al

Investments - Rollforward of Allowance for Debt Securities Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	$ 23	$ 9
Additions for which credit loss was not previously recorded	32	33
Changes for securities with previously recorded credit loss	1	(5)
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	(10)	0
Securities intended/required to be sold before recovery of amortized cost basis	(17)	(5)
Balance	29	32
Accrued interest receivable on debt securities	413	385
U.S. government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0
Additions for which credit loss was not previously recorded	0	0
Changes for securities with previously recorded credit loss	0	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	0	0
Other government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	2	0
Additions for which credit loss was not previously recorded	0	6
Changes for securities with previously recorded credit loss	1	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	3	6
Public utilities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0
Additions for which credit loss was not previously recorded	0	0
Changes for securities with previously recorded credit loss	0	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	0	0
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	15	0
Additions for which credit loss was not previously recorded	32	27
Changes for securities with previously recorded credit loss	0	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	(9)	0
Securities intended/required to be sold before recovery of amortized cost basis	(17)	(5)
Balance	21	22
Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	6	2
Additions for which credit loss was not previously recorded	0	0
Changes for securities with previously recorded credit loss	0	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	(1)	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	5	2
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0
Additions for which credit loss was not previously recorded	0	0
Changes for securities with previously recorded credit loss	0	0
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	0	0
Other asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	7
Additions for which credit loss was not previously recorded	0	0
Changes for securities with previously recorded credit loss	0	(5)
Additions for purchases of PCD debt securities	0	0
Reductions from charge-offs	0	0
Reductions for securities disposed	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0
Balance	$ 0	$ 2

Investments - Sources of Net In

Investments - Sources of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Investment Income [Line Items]
Other investment expenses on funds withheld assets	$ (115)	$ (43)
Net investment income excluding funds withheld assets	415	430	[1]
Net investment income	722	690	[1]
Debt securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	382	273
Equity securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	(10)	1
Mortgage loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	76	73
Policy loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	17	17
Limited partnerships
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	37	108
Other investment income
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	28	1
Total investment income excluding funds withheld assets
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	530	473
Funds withheld assets
Net Investment Income [Line Items]
Other investment expenses on funds withheld assets	(19)	(22)
Net investment income	307	260
Debt securities, at fair value under the fair value option
Net Investment Income [Line Items]
Net investment income	$ 27	$ (10)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Derivatives and Investments (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Available-for-sale securities
Realized gains on sale		$ 4,000	$ 24,000
Realized losses on sale		(25,000)	(178,000)
Credit loss income (expense)		(11,000)	0
Credit loss income (expense) on mortgage loans		(47,000)	12,000
Other		11,000	12,000
Net gains (losses) excluding derivatives and funds withheld assets		(68,000)	(130,000)
Net gains (losses) on derivative instruments		(3,037,000)	(134,000)
Net gains (losses) on derivatives and investments	$ (538,000)	(2,726,000)	(1,566,000)	[1]
Net gains (losses) on funds withheld reinsurance treaties		(673,000)	1,028,000	[1]
Total net gains (losses) on derivatives and investments		(3,399,000)	(538,000)	[1]
Derivatives excluding funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments		(2,658,000)	(1,436,000)
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments		(379,000)	1,302,000
Net gains (losses) on funds withheld reinsurance treaties		$ (673,000)	$ 1,028,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Asset and Liabili

Investments - Asset and Liability Information for Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Mar. 31, 2022	[2]	Dec. 31, 2021	[2]	Jan. 01, 2021
Summary of Investment Holdings [Line Items]
Debt securities, trading	$ 101		$ 100	[1]
Equity securities	225		393	[1]
Other invested assets	3,711		3,595	[1]
Other assets	902	$ 944	944	[1]					$ 1,181
Total assets	321,464	314,983	314,983	[1]					355,511
Notes issued by consolidated VIEs, at fair value under fair value option	2,016		1,732	[1]
Total other liabilities	2,527		2,403	[1]
Securities lending payable	39		36
Total liabilities	311,997	305,605	305,605	[1]					348,576
Equity	9,467	$ 9,378	9,378	[1]	$ 8,909		$ 8,321		$ 6,935
Variable Interest Entity, Primary Beneficiary
Summary of Investment Holdings [Line Items]
Debt securities, at fair value under fair value option	2,093		2,014
Debt securities, trading	101		100
Equity securities	113		127
Other invested assets	1,558		1,507
Cash and cash equivalents	130		75
Other assets	41		19
Total assets	4,036		3,842
Notes issued by consolidated VIEs, at fair value under fair value option	2,016		1,732
Other liabilities	123		343
Total other liabilities	2,139		2,075
Securities lending payable	4		4
Total liabilities	2,143		2,079
Equity	$ 829		$ 732

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Rollforward of Mo

Investments - Rollforward of Mortgages Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	$ 95	$ 94
Charge offs, net of recoveries	0	0
Provision (release)	51	(10)
Balance	146	84
Financing receivables, accrued interest receivable	47	44
Apartment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	18	19
Charge offs, net of recoveries	0	0
Provision (release)	2	2
Balance	20	21
Hotel
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	20	9
Charge offs, net of recoveries	0	0
Provision (release)	(1)	0
Balance	19	9
Office
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	15	28
Charge offs, net of recoveries	0	0
Provision (release)	52	(6)
Balance	67	22
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	22	17
Charge offs, net of recoveries	0	0
Provision (release)	0	(3)
Balance	22	14
Warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	16	12
Charge offs, net of recoveries	0	0
Provision (release)	(5)	0
Balance	11	12
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	4	9
Charge offs, net of recoveries	0	0
Provision (release)	3	(3)
Balance	$ 7	$ 6

Investments - Information About

Investments - Information About Credit Quality and Vintage Year of Commercial Mortgage Loans (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 256	$ 1,315
Year two	1,228	1,927
Year three	1,875	1,260
Year four	1,185	1,554
Year five	1,496	1,511
Prior	5,347	3,978
Revolving Loans	4	4
Total	$ 11,391	$ 11,549
% of Total	100%	100%
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 240	$ 896
Year two	916	1,608
Year three	1,605	1,203
Year four	1,131	1,511
Year five	1,456	1,490
Prior	4,893	3,529
Revolving Loans	4	4
Total	$ 10,245	$ 10,241
% of Total	100%	100%
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 16	$ 419
Year two	312	319
Year three	270	57
Year four	54	43
Year five	40	21
Prior	454	449
Revolving Loans	0	0
Total	$ 1,146	$ 1,308
% of Total	100%	100%
Residential mortgage loans \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 16	$ 413
Year two	308	308
Year three	259	49
Year four	45	37
Year five	34	14
Prior	410	409
Revolving Loans	0	0
Total	$ 1,072	$ 1,230
% of Total	94%	94%
Residential mortgage loans \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 6
Year two	4	11
Year three	11	8
Year four	9	6
Year five	6	7
Prior	44	40
Revolving Loans	0	0
Total	$ 74	$ 78
% of Total	6%	6%
Greater than 1.20x \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 240	$ 694
Year two	694	1,092
Year three	1,063	955
Year four	881	1,387
Year five	1,333	1,324
Prior	4,419	3,211
Revolving Loans	4	4
Total	$ 8,634	$ 8,667
% of Total	84%	85%
1.00x - 1.20x \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 202
Year two	218	372
Year three	395	106
Year four	108	83
Year five	82	34
Prior	199	172
Revolving Loans	0	0
Total	$ 1,002	$ 969
% of Total	10%	9%
Less than 1.00x \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	4	144
Year three	147	142
Year four	142	41
Year five	41	132
Prior	275	146
Revolving Loans	0	0
Total	$ 609	$ 605
% of Total	6%	6%
Less than 70% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 240	$ 771
Year two	791	1,266
Year three	1,263	1,171
Year four	1,131	1,473
Year five	1,419	1,480
Prior	4,775	3,421
Revolving Loans	4	4
Total	$ 9,623	$ 9,586
% of Total	94%	94%
70% - 80% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 125
Year two	125	190
Year three	191	32
Year four	0	13
Year five	13	5
Prior	64	59
Revolving Loans	0	0
Total	$ 393	$ 424
% of Total	4%	4%
80% - 100% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	0	152
Year three	151	0
Year four	0	0
Year five	0	5
Prior	45	40
Revolving Loans	0	0
Total	$ 196	$ 197
% of Total	2%	2%
Greater than 100% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	0	0
Year three	0	0
Year four	0	25
Year five	24	0
Prior	9	9
Revolving Loans	0	0
Total	$ 33	$ 34
% of Total	0%	0%

Investments - Mortgages by Stan

Investments - Mortgages by Standing (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 11,391	$ 11,549
Restructured	0	0
In the Process of Foreclosure	15	15
In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	11,317	11,471
Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	59	63
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	10,245	10,241
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	10,245	10,241
Commercial mortgage loans \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans \| Apartment
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,513	3,558
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| Apartment \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,513	3,558
Commercial mortgage loans \| Apartment \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans \| Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,006	1,015
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| Hotel \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,006	1,015
Commercial mortgage loans \| Hotel \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,732	1,795
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| Office \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,732	1,795
Commercial mortgage loans \| Office \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,063	2,085
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| Retail \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,063	2,085
Commercial mortgage loans \| Retail \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans \| Warehouse
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,931	1,788
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans \| Warehouse \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,931	1,788
Commercial mortgage loans \| Warehouse \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,146	1,308
Residential mortgage loans \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,146	1,308
Restructured	0	0
In the Process of Foreclosure	15	15
Residential mortgage loans \| Residential \| Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
In the Process of Foreclosure	11	12
Residential mortgage loans \| Residential \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,072	1,230
Residential mortgage loans \| Residential \| Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	59	63
Residential mortgage loans \| Residential \| Greater than 90 Days Delinquent \| Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	41	41
Mezzanine loans \| Apartment \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	378	410
Mezzanine loans \| Hotel \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	36	41
Mezzanine loans \| Office \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	187	236
Mezzanine loans \| Retail \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	31	43
Mezzanine loans \| Warehouse \| In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 201	$ 140

Derivative Instruments - Aggreg

Derivative Instruments - Aggregate Contractual Notional Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Fair Value	$ 1,051	$ 1,270	[1]
Liabilities
Fair Value	1,510	2,065	[1]
Freestanding derivatives
Derivative [Line Items]
Contractual/Notional Amount	193,093	209,813
Assets
Fair Value	972	1,173
Liabilities
Fair Value	1,489	2,046
Net Fair Value, Asset (Liability)	(517)	(873)
Freestanding derivatives \| Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	1,854	1,825
Assets
Fair Value	75	73
Liabilities
Fair Value	123	104
Net Fair Value, Asset (Liability)	(48)	(31)
Freestanding derivatives \| Equity index call options
Derivative [Line Items]
Contractual/Notional Amount	17,500	17,500
Assets
Fair Value	247	106
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	247	106
Freestanding derivatives \| Equity index futures
Derivative [Line Items]
Contractual/Notional Amount	16,328	19,760
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives \| Equity index put options
Derivative [Line Items]
Contractual/Notional Amount	43,500	30,500
Assets
Fair Value	643	958
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	643	958
Freestanding derivatives \| Interest rate swaps
Derivative [Line Items]
Contractual/Notional Amount	7,728	7,728
Assets
Fair Value	7	5
Liabilities
Fair Value	148	231
Net Fair Value, Asset (Liability)	(141)	(226)
Freestanding derivatives \| Interest rate swaps - cleared
Derivative [Line Items]
Contractual/Notional Amount	1,500	1,500
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives \| Put-swaptions
Derivative [Line Items]
Contractual/Notional Amount	22,000	25,000
Assets
Fair Value	0	0
Liabilities
Fair Value	1,157	1,711
Net Fair Value, Asset (Liability)	(1,157)	(1,711)
Freestanding derivatives \| Interest rate futures
Derivative [Line Items]
Contractual/Notional Amount	81,365	105,261
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives \| Total return swaps
Derivative [Line Items]
Contractual/Notional Amount	1,318	739
Assets
Fair Value	0	31
Liabilities
Fair Value	61	0
Net Fair Value, Asset (Liability)	(61)	31
Embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	1,384	1,136
Net Fair Value, Asset (Liability)	(1,384)	(1,136)
Embedded derivatives \| Fixed index annuity embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	963	931
Net Fair Value, Asset (Liability)	(963)	(931)
Embedded derivatives \| RILA embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	421	205
Net Fair Value, Asset (Liability)	(421)	(205)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Contractual/Notional Amount	1,575	1,648
Assets
Fair Value	2,867	3,255
Liabilities
Fair Value	21	19
Net Fair Value, Asset (Liability)	2,846	3,236
Derivatives related to funds withheld under reinsurance treaties \| Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	158	158
Assets
Fair Value	23	23
Liabilities
Fair Value	1	1
Net Fair Value, Asset (Liability)	22	22
Derivatives related to funds withheld under reinsurance treaties \| Cross-currency forwards
Derivative [Line Items]
Contractual/Notional Amount	1,417	1,490
Assets
Fair Value	56	74
Liabilities
Fair Value	20	18
Net Fair Value, Asset (Liability)	36	56
Derivatives related to funds withheld under reinsurance treaties \| Funds withheld embedded derivative
Assets
Fair Value	2,788	3,158
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	2,788	3,158
Derivative assets
Derivative [Line Items]
Contractual/Notional Amount	194,668	211,461
Assets
Fair Value	3,839	4,428
Derivative liabilities
Liabilities
Fair Value	2,894	3,201
Derivative
Liabilities
Net Fair Value, Asset (Liability)	$ 945	$ 1,227

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses, and Change in Fair Value of Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ (3,037)	$ (134)
Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(2,658)	(1,436)
Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(379)	1,302
Cross-currency swaps \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(26)	(32)
Cross-currency swaps \| Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	1	3
Equity index call options \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(164)	(589)
Equity index futures \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(1,885)	623
Equity index put options \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(762)	(315)
Interest rate swaps \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	66	(261)
Interest rate swaps - cleared \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	16	(88)
Put-swaptions \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	573	(468)
Interest rate futures \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(306)	(310)
Total return swaps \| Freestanding derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(61)	0
Fixed index annuity embedded derivatives \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(2)	1
RILA embedded derivatives \| Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(107)	3
Cross-currency forwards \| Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(10)	18
Funds withheld embedded derivative \| Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ (370)	$ 1,281

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets by counterparty	$ 749,000,000	$ 885,000,000
Derivative assets, held collateral	695,000,000	858,000,000
Derivative liabilities by counterparty	1,208,000,000	1,680,000,000
Derivative liabilities, held collateral	1,357,000,000	1,650,000,000
Derivative disbursement obligation	0	30,000,000
Derivative claim	203,000,000	27,000,000
Embedded derivatives
Derivative [Line Items]
Net fair value, derivative asset (liability)	(1,384,000,000)	(1,136,000,000)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	2,846,000,000	3,236,000,000
Funds withheld embedded derivative \| Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	$ 2,788,000,000	$ 3,158,000,000

Derivative Instruments - Gross

Derivative Instruments - Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Freestanding derivative assets
Gross Amounts Recognized	$ 1,051,000,000	$ 1,270,000,000
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	1,051,000,000	1,270,000,000	[1]
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	301,000,000	385,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	532,000,000	683,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	132,000,000	157,000,000
Net Amount	86,000,000	45,000,000
Freestanding derivative liabilities
Gross Amounts Recognized	1,510,000,000	2,065,000,000
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Fair Value	1,510,000,000	2,065,000,000	[1]
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	301,000,000	385,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	2,000,000	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	1,207,000,000	1,638,000,000
Net Amount	0	42,000,000
Securities loaned
Gross Amounts Recognized	39,000,000	36,000,000
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	39,000,000	36,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	39,000,000	36,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	0	0
Net Amount	0	0
Repurchase agreements
Gross Amounts Recognized	1,085,000,000	1,012,000,000
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	1,085,000,000	1,012,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	1,085,000,000	1,012,000,000
Net Amount	0	0
Total financial liabilities
Gross Amounts Recognized	2,634,000,000	3,113,000,000
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	2,634,000,000	3,113,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	301,000,000	385,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	41,000,000	36,000,000
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	2,292,000,000	2,650,000,000
Net Amount	$ 0	$ 42,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Carrying Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 46,130,000,000		$ 44,762,000,000
Equity securities	225,000,000		393,000,000	[1]
Mortgage loans	10,911,000,000		10,967,000,000
Policy loans	4,377,000,000		4,377,000,000	[1]
Freestanding derivative instruments	1,051,000,000		1,270,000,000	[1]
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146,000,000		146,000,000
Cash and cash equivalents	1,779,000,000		4,298,000,000
Reinsurance recoverable on market risk benefits	28,078,000,000	$ 29,046,000,000	29,046,000,000	[1]	$ 35,116,000,000
Market risk benefit assets, at fair value	5,204,000,000	4,865,000,000	4,865,000,000	[1]	690,000,000
Separate account assets	204,366,000,000		195,906,000,000	[1]
Liabilities
Market risk benefit liabilities, at fair value	5,560,000,000	$ 5,662,000,000	5,662,000,000	[1]	$ 10,690,000,000
Reserves for guaranteed investment contracts	989,000,000		1,128,000,000
Trust instruments supported by funding agreements	5,597,000,000		5,887,000,000
FHLB funding agreements	2,105,000,000		2,004,000,000
Funds withheld payable under reinsurance treaties	22,254,000,000		22,957,000,000	[1]
Long-term debt	2,632,000,000		2,635,000,000
Securities lending payable	39,000,000		36,000,000
Freestanding derivative instruments	1,510,000,000		2,065,000,000	[1]
Notes issued by consolidated VIEs, at fair value under fair value option	2,016,000,000		1,732,000,000	[1]
Repurchase agreements	1,085,000,000		1,012,000,000
Separate account liabilities	204,366,000,000		195,906,000,000	[1]
Carrying Value
Assets
Debt securities	46,130,000,000		44,762,000,000
Equity securities	225,000,000		393,000,000
Mortgage loans	11,391,000,000		11,549,000,000
Limited partnerships	3,330,000,000		3,212,000,000
Policy loans	4,377,000,000		4,377,000,000
Freestanding derivative instruments	1,051,000,000		1,270,000,000
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146,000,000		146,000,000
Cash and cash equivalents	1,779,000,000		4,298,000,000
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Separate account assets	204,366,000,000		195,906,000,000
Liabilities
Annuity reserves	36,640,000,000		37,357,000,000
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Reserves for guaranteed investment contracts	989,000,000		1,128,000,000
Trust instruments supported by funding agreements	5,597,000,000		5,887,000,000
FHLB funding agreements	2,105,000,000		2,004,000,000
Funds withheld payable under reinsurance treaties	22,254,000,000		22,957,000,000
Long-term debt	2,632,000,000		2,635,000,000
Securities lending payable	39,000,000		36,000,000
Freestanding derivative instruments	1,510,000,000		2,065,000,000
Notes issued by consolidated VIEs, at fair value under fair value option	2,016,000,000		1,732,000,000
Repurchase agreements	1,085,000,000		1,012,000,000
Separate account liabilities	204,366,000,000		195,906,000,000
Fair Value
Assets
Debt securities	46,130,000,000		44,762,000,000
Equity securities	225,000,000		393,000,000
Mortgage loans	10,826,000,000		10,841,000,000
Limited partnerships	3,330,000,000		3,212,000,000
Policy loans	4,377,000,000		4,377,000,000
Freestanding derivative instruments	1,051,000,000		1,270,000,000
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146,000,000		146,000,000
Cash and cash equivalents	1,779,000,000		4,298,000,000
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Separate account assets	204,366,000,000		195,906,000,000
Liabilities
Annuity reserves	32,399,000,000		32,377,000,000
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Reserves for guaranteed investment contracts	958,000,000		1,099,000,000
Trust instruments supported by funding agreements	5,404,000,000		5,760,000,000
FHLB funding agreements	2,007,000,000		2,104,000,000
Funds withheld payable under reinsurance treaties	22,254,000,000		22,957,000,000
Long-term debt	2,403,000,000		2,344,000,000
Securities lending payable	39,000,000		36,000,000
Freestanding derivative instruments	1,510,000,000		2,065,000,000
Notes issued by consolidated VIEs, at fair value under fair value option	2,016,000,000		1,732,000,000
Repurchase agreements	1,085,000,000		1,012,000,000
Separate account liabilities	$ 204,366,000,000		$ 195,906,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	$ 2,255		$ 2,173	[1]
Notes issued by consolidated VIEs, at fair value under fair value option	2,016		1,732	[1]
Debt securities	46,130		44,762
Transfers from Level 3 to Level 2	37	$ 4
Transfers from Level 2 to Level 3	11	7
Transfers in and/or (out of ) Level 3	$ 7	$ 0
FHLBI capital stock, stock price (in usd per share)	$ 100
Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	$ 2,016		1,732
Debt securities	46,130		44,762
Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	2,093		2,014
Notes issued by consolidated VIEs, at fair value under fair value option	2,016		1,732
Funds withheld assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, assets carrying amount	4,069		4,160
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	0		0
Unobservable Inputs \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	$ 2		$ 9

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	$ 480	$ 582	[1]
Aggregate contractual principal	10,911	10,967	[1]
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate contractual principal	$ 491	$ 591

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value by Hierarchy (Details) - USD ($)	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 46,130,000,000		$ 44,762,000,000
Equity securities	225,000,000		393,000,000	[1]
Mortgage loans	480,000,000		582,000,000	[1]
Limited partnerships	550,000,000		440,000,000
Policy loans	3,427,000,000		3,419,000,000
Freestanding derivative instruments	1,051,000,000		1,270,000,000	[1]
Cash and cash equivalents	1,779,000,000		4,298,000,000
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000	$ 4,865,000,000	4,865,000,000	[1]	$ 690,000,000
Separate account assets	204,366,000,000		195,906,000,000	[1]
Total	263,450,000,000		256,156,000,000
Liabilities
Market risk benefit liabilities	1,384,000,000		1,135,000,000
Funds withheld payable under reinsurance treaties	803,000,000		424,000,000
Freestanding derivative instruments	1,510,000,000		2,065,000,000	[1]
Notes issued by consolidated VIEs, at fair value under fair value option	2,016,000,000		1,732,000,000	[1]
Market risk benefit liabilities, at fair value	5,560,000,000	$ 5,662,000,000	5,662,000,000	[1]	$ 10,690,000,000
Total	11,273,000,000		11,018,000,000
Limited partnership investments measured at NAV	2,780,000,000		2,772,000,000
U.S. government securities
Assets
Debt securities	4,893,000,000		5,185,000,000
Other government securities
Assets
Debt securities	1,507,000,000		1,467,000,000
Public utilities
Assets
Debt securities	5,472,000,000		5,225,000,000
Corporate securities
Assets
Debt securities	26,684,000,000		25,146,000,000
Residential mortgage-backed
Assets
Debt securities	428,000,000		464,000,000
Commercial mortgage-backed
Assets
Debt securities	1,594,000,000		1,638,000,000
Other asset-backed securities
Assets
Debt securities	5,552,000,000		5,637,000,000
Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	2,867,000,000		3,255,000,000
Liabilities
Freestanding derivative instruments	21,000,000		19,000,000
Funds withheld embedded derivative \| Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	2,788,000,000		3,158,000,000
Liabilities
Freestanding derivative instruments	0		0
Level 1
Assets
Equity securities	16,000,000		165,000,000
Mortgage loans	0		0
Limited partnerships	0		0
Policy loans	0		0
Freestanding derivative instruments	0		0
Cash and cash equivalents	1,779,000,000		4,298,000,000
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Separate account assets	0		0
Total	6,687,000,000		9,647,000,000
Liabilities
Market risk benefit liabilities	0		0
Funds withheld payable under reinsurance treaties	0		0
Freestanding derivative instruments	0		0
Notes issued by consolidated VIEs, at fair value under fair value option	0		0
Market risk benefit liabilities, at fair value	0		0
Total	0		0
Level 1 \| U.S. government securities
Assets
Debt securities	4,892,000,000		5,184,000,000
Level 1 \| Other government securities
Assets
Debt securities	0		0
Level 1 \| Public utilities
Assets
Debt securities	0		0
Level 1 \| Corporate securities
Assets
Debt securities	0		0
Level 1 \| Residential mortgage-backed
Assets
Debt securities	0		0
Level 1 \| Commercial mortgage-backed
Assets
Debt securities	0		0
Level 1 \| Other asset-backed securities
Assets
Debt securities	0		0
Level 2
Assets
Equity securities	98,000,000		106,000,000
Mortgage loans	0		0
Limited partnerships	102,000,000		0
Policy loans	0		0
Freestanding derivative instruments	1,051,000,000		1,270,000,000
Cash and cash equivalents	0		0
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Separate account assets	204,366,000,000		195,906,000,000
Total	246,829,000,000		236,804,000,000
Liabilities
Market risk benefit liabilities	1,384,000,000		1,135,000,000
Funds withheld payable under reinsurance treaties	0		0
Freestanding derivative instruments	1,510,000,000		2,065,000,000
Notes issued by consolidated VIEs, at fair value under fair value option	2,016,000,000		1,732,000,000
Market risk benefit liabilities, at fair value	0		0
Total	4,910,000,000		4,932,000,000
Level 2 \| U.S. government securities
Assets
Debt securities	1,000,000		1,000,000
Level 2 \| Other government securities
Assets
Debt securities	1,507,000,000		1,467,000,000
Level 2 \| Public utilities
Assets
Debt securities	5,472,000,000		5,225,000,000
Level 2 \| Corporate securities
Assets
Debt securities	26,658,000,000		25,090,000,000
Level 2 \| Residential mortgage-backed
Assets
Debt securities	428,000,000		464,000,000
Level 2 \| Commercial mortgage-backed
Assets
Debt securities	1,594,000,000		1,638,000,000
Level 2 \| Other asset-backed securities
Assets
Debt securities	5,552,000,000		5,637,000,000
Level 3
Assets
Equity securities	111,000,000		122,000,000
Mortgage loans	480,000,000		582,000,000
Limited partnerships	448,000,000		440,000,000
Policy loans	3,427,000,000		3,419,000,000
Freestanding derivative instruments	0		0
Cash and cash equivalents	0		0
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Separate account assets	0		0
Total	9,934,000,000		9,705,000,000
Liabilities
Market risk benefit liabilities	0		0
Funds withheld payable under reinsurance treaties	803,000,000		424,000,000
Freestanding derivative instruments	0		0
Notes issued by consolidated VIEs, at fair value under fair value option	0		0
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Total	6,363,000,000		6,086,000,000
Level 3 \| U.S. government securities
Assets
Debt securities	0		0
Level 3 \| Other government securities
Assets
Debt securities	0		0
Level 3 \| Public utilities
Assets
Debt securities	0		0
Level 3 \| Corporate securities
Assets
Debt securities	26,000,000		56,000,000
Level 3 \| Residential mortgage-backed
Assets
Debt securities	0		0
Level 3 \| Commercial mortgage-backed
Assets
Debt securities	0		0
Level 3 \| Other asset-backed securities
Assets
Debt securities	0		0
Level 3 \| GMWB Derivative
Liabilities
Market risk benefit liabilities	963,000,000
Level 3 \| RILA embedded derivatives
Liabilities
Market risk benefit liabilities	$ 421,000,000		205,000,000
Level 3 \| Fixed index annuity embedded derivatives
Liabilities
Market risk benefit liabilities			$ 931,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Balan

Fair Value Measurements - Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Price Sources (Details) - USD ($)	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 46,130,000,000		$ 44,762,000,000
Equity securities	225,000,000		393,000,000	[1]
Mortgage loans	480,000,000		582,000,000	[1]
Limited partnerships	550,000,000		440,000,000
Policy loans	4,377,000,000		4,377,000,000	[1]
Reinsurance recoverable on market risk benefits	28,078,000,000	$ 29,046,000,000	29,046,000,000	[1]	$ 35,116,000,000
Market risk benefit assets, at fair value	5,204,000,000	4,865,000,000	4,865,000,000	[1]	690,000,000
Total	263,450,000,000		256,156,000,000
Liabilities
Funds withheld payable under reinsurance treaties	22,254,000,000		22,957,000,000	[1]
Market risk benefit liabilities, at fair value	5,560,000,000	$ 5,662,000,000	5,662,000,000	[1]	$ 10,690,000,000
Total	11,273,000,000		11,018,000,000
Freestanding derivative instruments	1,051,000,000		1,270,000,000	[1]
Freestanding derivative instruments	1,510,000,000		2,065,000,000	[1]
Corporate securities
Assets
Debt securities	26,684,000,000		25,146,000,000
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Freestanding derivative instruments	2,867,000,000		3,255,000,000
Freestanding derivative instruments	21,000,000		19,000,000
Derivatives related to funds withheld under reinsurance treaties \| Funds withheld embedded derivative
Liabilities
Freestanding derivative instruments	2,788,000,000		3,158,000,000
Freestanding derivative instruments	0		0
Level 3
Assets
Equity securities	111,000,000		122,000,000
Mortgage loans	480,000,000		582,000,000
Limited partnerships	448,000,000		440,000,000
Policy loans	3,427,000,000		3,419,000,000
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Total	9,934,000,000		9,705,000,000
Liabilities
Funds withheld payable under reinsurance treaties	803,000,000		424,000,000
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Total	6,363,000,000		6,086,000,000
Freestanding derivative instruments	0		0
Freestanding derivative instruments	0		0
Level 3 \| Corporate securities
Assets
Debt securities	26,000,000		56,000,000
Level 3 \| Internal
Assets
Equity securities	1,000,000		1,000,000
Mortgage loans	0		0
Limited partnerships	1,000,000		8,000,000
Policy loans	3,427,000,000		3,419,000,000
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Total	8,871,000,000		8,514,000,000
Liabilities
Funds withheld payable under reinsurance treaties	803,000,000		424,000,000
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Total	6,363,000,000		6,086,000,000
Level 3 \| Internal \| Corporate securities
Assets
Debt securities	0		0
Level 3 \| External
Assets
Equity securities	110,000,000		121,000,000
Mortgage loans	480,000,000		582,000,000
Limited partnerships	447,000,000		432,000,000
Policy loans	0		0
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Total	1,063,000,000		1,191,000,000
Liabilities
Funds withheld payable under reinsurance treaties	0		0
Market risk benefit liabilities, at fair value	0		0
Total	0		0
Level 3 \| External \| Corporate securities
Assets
Debt securities	$ 26,000,000		$ 56,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities (Details)	Mar. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)		Jan. 01, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	$ 28,078,000,000	$ 29,046,000,000	$ 29,046,000,000	[1]	$ 35,116,000,000
Market risk benefit assets, at fair value	5,204,000,000	4,865,000,000	4,865,000,000	[1]	690,000,000
Market risk benefit liabilities, at fair value	5,560,000,000	$ 5,662,000,000	5,662,000,000	[1]	$ 10,690,000,000
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Market risk benefit liabilities, at fair value	5,560,000,000		5,662,000,000
Level 3 \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	238,000,000		221,000,000
Market risk benefit assets, at fair value	5,204,000,000		4,865,000,000
Market risk benefit liabilities, at fair value	$ 5,560,000,000		$ 5,662,000,000
Level 3 \| Minimum \| Discounted cash flow \| Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0001		0.0001
Market risk benefit, assets, measurement input	0.0001		0.0001
Market risk benefit, liabilities, measurement input	0.0001		0.0001
Level 3 \| Minimum \| Discounted cash flow \| Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0297		0.0297
Market risk benefit, assets, measurement input	0.0005		0.0005
Market risk benefit, liabilities, measurement input	0.0005		0.0005
Level 3 \| Minimum \| Discounted cash flow \| Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0		0
Market risk benefit, assets, measurement input	0		0
Market risk benefit, liabilities, measurement input	0		0
Level 3 \| Minimum \| Discounted cash flow \| Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.4750		0.4750
Market risk benefit, assets, measurement input	0.1125		0.1125
Market risk benefit, liabilities, measurement input	0.1125		0.1125
Level 3 \| Minimum \| Discounted cash flow \| Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0121		0.0064
Market risk benefit, assets, measurement input	0.0121		0.0064
Market risk benefit, liabilities, measurement input	0.0121		0.0064
Level 3 \| Minimum \| Discounted cash flow \| Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.1813		0.1850
Market risk benefit, assets, measurement input	0.1813		0.1850
Market risk benefit, liabilities, measurement input	0.1813		0.1850
Level 3 \| Maximum \| Discounted cash flow \| Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2333		0.2333
Market risk benefit, assets, measurement input	0.2333		0.2333
Market risk benefit, liabilities, measurement input	0.2333		0.2333
Level 3 \| Maximum \| Discounted cash flow \| Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0810		0.0810
Market risk benefit, assets, measurement input	0.4128		0.4128
Market risk benefit, liabilities, measurement input	0.4128		0.4128
Level 3 \| Maximum \| Discounted cash flow \| Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2000		0.2000
Market risk benefit, assets, measurement input	1		1
Market risk benefit, liabilities, measurement input	1		1
Level 3 \| Maximum \| Discounted cash flow \| Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.5250		0.5250
Market risk benefit, assets, measurement input	1		1
Market risk benefit, liabilities, measurement input	1		1
Level 3 \| Maximum \| Discounted cash flow \| Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0241		0.0227
Market risk benefit, assets, measurement input	0.0241		0.0227
Market risk benefit, liabilities, measurement input	0.0241		0.0227
Level 3 \| Maximum \| Discounted cash flow \| Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2250		0.2368
Market risk benefit, assets, measurement input	0.2250		0.2368
Market risk benefit, liabilities, measurement input	0.2250		0.2368

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforwards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases, sales, issuances and settlements	$ (114)	$ 135
Transfers in and/or (out of ) Level 3	7	0
Funds withheld payable under reinsurance treaties
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(424)	(3,759)
Total Realized/Unrealized Gains (Losses) Included in Net Income	(399)	1,220
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	20	60
Transfers in and/or (out of ) Level 3	0	0
Fair Value	(803)	(2,479)
Market risk benefit liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(5,662)	(8,033)
Total Realized/Unrealized Gains (Losses) Included in Net Income	(182)	1,195
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	284	936
Purchases, sales, issuances and settlements	0	0
Transfers in and/or (out of ) Level 3	0	0
Fair Value	(5,560)	(5,902)
Debt securities \| Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	56	9
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	0
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	(1)	0
Purchases, sales, issuances and settlements	(3)	2
Transfers in and/or (out of ) Level 3	(26)	3
Fair Value	26	14
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	122	112
Total Realized/Unrealized Gains (Losses) Included in Net Income	(10)	3
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	(1)	0
Transfers in and/or (out of ) Level 3	0	0
Fair Value	111	115
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	582	0
Total Realized/Unrealized Gains (Losses) Included in Net Income	(2)	2
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	(100)	188
Transfers in and/or (out of ) Level 3	0	0
Fair Value	480	190
Limited partnerships
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	440	396
Total Realized/Unrealized Gains (Losses) Included in Net Income	4	0
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	11	0
Transfers in and/or (out of ) Level 3	(7)	0
Fair Value	448	396
Reinsurance recoverable on market risk benefits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	221	383
Total Realized/Unrealized Gains (Losses) Included in Net Income	17	(57)
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	0	0
Transfers in and/or (out of ) Level 3	0	0
Fair Value	238	326
Market risk benefit assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	4,865	1,664
Total Realized/Unrealized Gains (Losses) Included in Net Income	339	769
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	0	0
Transfers in and/or (out of ) Level 3	0	0
Fair Value	5,204	2,433
Policy loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	3,419	3,467
Total Realized/Unrealized Gains (Losses) Included in Net Income	29	60
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0
Purchases, sales, issuances and settlements	(21)	(55)
Transfers in and/or (out of ) Level 3	0	0
Fair Value	$ 3,427	$ 3,472

Fair Value Measurements - Purch

Fair Value Measurements - Purchases, Sales, Issuances and Settlements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 55	$ 190
Sales	(148)	0
Issuances	35	30
Settlements	(56)	(85)
Total	(114)	135
Funds withheld payable under reinsurance treaties
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Sales	0	0
Issuances	(35)	(31)
Settlements	55	91
Total	20	60
Debt securities \| Corporate securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1	2
Sales	(4)	0
Issuances	0	0
Settlements	0	0
Total	(3)	2
Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0
Sales	(1)
Issuances	0
Settlements	0
Total	(1)	0
Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	36	188
Sales	(136)	0
Issuances	0	0
Settlements	0	0
Total	(100)	188
Limited partnerships
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	18
Sales	(7)
Issuances	0
Settlements	0
Total	11	0
Policy loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Sales	0	0
Issuances	35	30
Settlements	(56)	(85)
Total	$ (21)	$ (55)

Fair Value Measurements - Gains

Fair Value Measurements - Gains (Losses) by Location (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Funds withheld payable under reinsurance treaties
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	$ (399)	$ 1,220
Included in OCI	0	0
Market risk benefit liabilities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(182)	1,195
Included in OCI	284	936
Debt securities \| Corporate securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	0	0
Included in OCI	(1)	0
Equity securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(10)	3
Included in OCI	0	0
Mortgage loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(2)	2
Included in OCI	0	0
Limited partnerships
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	10	0
Included in OCI	0	0
Reinsurance recoverable on market risk benefits
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	17	(57)
Included in OCI	0	0
Market risk benefit assets
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	339	769
Included in OCI	0	0
Policy loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	29	60
Included in OCI	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Mortgage loans	$ 10,911	$ 10,967
Policy loans	950	958
FHLBI capital stock	146	146
Liabilities
Annuity reserves	35,256	36,222
Reserves for guaranteed investment contracts	989	1,128
Trust instruments supported by funding agreements	5,597	5,887
FHLB funding agreements	2,105	2,004
Funds withheld payable under reinsurance treaties	21,451	22,533
Debt	2,632	2,635
Securities lending payable	39	36
Repurchase agreements	1,085	1,012
Separate account liabilities	204,366	195,906	[1]
Fair Value
Assets
Mortgage loans	10,346	10,259
Policy loans	950	958
FHLBI capital stock	146	146
Liabilities
Annuity reserves	31,015	31,242
Reserves for guaranteed investment contracts	958	1,099
Trust instruments supported by funding agreements	5,404	5,760
FHLB funding agreements	2,007	2,104
Funds withheld payable under reinsurance treaties	21,451	22,533
Debt	2,403	2,344
Securities lending payable	39	36
Repurchase agreements	1,085	1,012
Separate account liabilities	204,366	195,906
Fair Value \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
FHLBI capital stock	146	146
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	0	0
Debt	0	0
Securities lending payable	0	0
Repurchase agreements	0	0
Separate account liabilities	0	0
Fair Value \| Level 2
Assets
Mortgage loans	0	0
Policy loans	0	0
FHLBI capital stock	0	0
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	0	0
Debt	2,403	2,344
Securities lending payable	39	36
Repurchase agreements	1,085	1,012
Separate account liabilities	204,366	195,906
Fair Value \| Level 3
Assets
Mortgage loans	10,346	10,259
Policy loans	950	958
FHLBI capital stock	0	0
Liabilities
Annuity reserves	31,015	31,242
Reserves for guaranteed investment contracts	958	1,099
Trust instruments supported by funding agreements	5,404	5,760
FHLB funding agreements	2,007	2,104
Funds withheld payable under reinsurance treaties	21,451	22,533
Debt	0	0
Securities lending payable	0	0
Repurchase agreements	0	0
Separate account liabilities	$ 0	$ 0

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Deferred Acquisition Costs - Ro

Deferred Acquisition Costs - Rollforward of Deferred Acquisition Costs (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 01, 2023	Mar. 31, 2023		Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 12,760,000	$ 12,923,000	[1]
Amortization of deferred acquisition costs	317,000
Balance, end of period		12,760,000		$ 12,923,000	[1]
Other product lines, end of period		245,000		224,000
Total balance, end of period		12,760,000		12,923,000
Variable Annuity
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 12,515,000	12,699,000		13,364,000
Deferrals of acquisition costs		104,000		544,000
Amortization of deferred acquisition costs		288,000		1,209,000
Balance, end of period		$ 12,515,000		$ 12,699,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions		3 Months Ended
Reinsurance - Narrative (Details) $ in Millions	Jun. 18, 2020 USD ($)	Mar. 31, 2023 USD ($) treaty	Jun. 01, 2020 USD ($)
Athene \| Letter of credit
Effects of Reinsurance [Line Items]
Maximum borrowing capacity			$ 1,200
Trust account assets		$ 147
Athene
Effects of Reinsurance [Line Items]
Reinsurance quota share basis	100%
Reinsurance agreement, ceding commission	$ 1,200
SRZ
Effects of Reinsurance [Line Items]
Number of retro treaties \| treaty		3
Coinsurance percentage		100%

Reinsurance - Components of Rei

Reinsurance - Components of Reinsurance Recoverable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Reserves:
Claims liability and other	$ 712		$ 787
Total	28,078	$ 29,046	29,046	[1]	$ 35,116
Other annuity benefits
Reserves:
Reserves	21,617		22,470
Life
Reserves:
Reserves	5,255		5,307
Accident and health
Reserves:
Reserves	$ 494		$ 482

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Components of Com

Reinsurance - Components of Company's Reinsurance Recoverable on Market Risk Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 238,000	$ 221,000	$ 221,000	[1]	$ 471,000
Variable Annuity
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	192,000		183,000		368,000
Other product lines
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 46,000		$ 38,000		$ 103,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Assets and Liabil

Reinsurance - Assets and Liabilities Held in Support of Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Total assets, net	$ 22,508	$ 23,226
Liabilities
Total liabilities	22,254	22,957	[1]
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	2,846	3,236
Funds withheld embedded derivative \| Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	2,788	3,158
Debt securities, available-for-sale
Assets
Total assets, net	13,264	13,622
Debt securities, at fair value under the fair value option
Assets
Total assets, net	162	159
Equity securities
Assets
Total assets, net	73	77
Mortgage loans
Assets
Total assets, net	4,004	4,127
Mortgage loans, at fair value under the fair value option
Assets
Total assets, net	480	582
Policy loans
Assets
Total assets, net	3,441	3,435
Freestanding derivative instruments, net
Assets
Total assets, net	58	78
Other invested assets
Assets
Total assets, net	821	793
Cash and cash equivalents
Assets
Total assets, net	106	260
Accrued investment income
Assets
Total assets, net	156	166
Other assets and liabilities, net
Assets
Total assets, net	(57)	(73)
Funds held under reinsurance treaties
Liabilities
Total liabilities	$ 22,254	$ 22,957

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Sources of Income

Reinsurance - Sources of Income Related to Funds Withheld Under Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effects of Reinsurance [Line Items]
Other investment expenses on funds withheld assets	$ (115)	$ (43)
Net investment income	722	690	[1]
Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	326	282
Other investment expenses on funds withheld assets	(19)	(22)
Net investment income	307	260
Debt securities \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	172	150
Debt securities, at fair value under the fair value option \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	2	(6)
Equity securities \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(1)	(16)
Mortgage loans \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	66	52
Mortgage loans, at fair value under the fair value option \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(2)	2
Policy loans \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	81	80
Limited partnerships \| Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	$ 8	$ 16

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Gains and Losses

Reinsurance - Gains and Losses on Funds Withheld Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Available-for-sale securities
Realized gains on sale	$ 4	$ 24
Realized losses on sale	(25)	(178)
Credit loss expense on mortgage loans	(51)	10
Net gains (losses) on derivative instruments	(2,658)	(1,436)
Net gains (losses) on funds withheld payable under reinsurance treaties	(673)	1,028
Embedded derivative gain (loss)	(3,037)	(134)
Funds withheld assets
Available-for-sale securities
Realized gains on sale	5	37
Realized losses on sale	(38)	(27)
Credit loss expense	(11)	(28)
Credit loss expense on mortgage loans	(3)	(2)
Other	9	(16)
Net gains (losses) on non-derivative investments	(38)	(36)
Net gains (losses) on derivative instruments	(9)	21
Net gains (losses) on funds withheld payable under reinsurance treaties	(626)	1,043
Total net gains (losses) on derivatives and investments	(673)	1,028
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Embedded derivative gain (loss)	(379)	1,302
Derivatives related to funds withheld under reinsurance treaties \| Funds withheld embedded derivative
Available-for-sale securities
Embedded derivative gain (loss)	$ (370)	$ 1,281

Reserves for Future Policy Be_3

Reserves for Future Policy Benefits and Claims Payable - Reserve for Future Policy Benefits and Claims Payable Balances (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Reserve for future policy benefits	$ 9,687,000,000	$ 9,637,000,000
Additional liability for insurance guarantees	1,117,000,000	1,131,000,000
Other future policy benefits and claims payable	1,565,000,000	1,550,000,000
Reserves for future policy benefits and claims payable	12,369,000,000	12,318,000,000
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Reserve for future policy benefits	1,067,000,000	1,042,000,000
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Reserve for future policy benefits	4,183,000,000	4,161,000,000
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Reserve for future policy benefits	$ 4,437,000,000	$ 4,434,000,000

Reserves for Future Policy Be_4

Reserves for Future Policy Benefits and Claims Payable - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Less: Reinsurance recoverable					$ 35,116,000,000
Reserves for future policy benefits and claims payable at January 1, 2021						$ 16,796,000,000
Payout Annuity
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	$ 0	$ 0
Beginning of period cumulative effect of changes in discount rate assumptions	0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions			$ 0	$ 0
Effect of actual variances from expected experience			0	0
Balance adjusted for variances from expectation			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0
End of period cumulative effect of changes in discount rate assumptions	0
Balance, end of year	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	1,042,000,000	1,249,000,000
Beginning of period cumulative effect of changes in discount rate assumptions	(132,000,000)	84,000,000
Beginning balance, including deferred profit liability	40,000,000	38,000,000
Beginning balance at original discount rate (including DPL of $38, $0 and $459 in 2022, and, $46, $0 and $452 in 2021 for payout annuities, closed block life and closed block annuity, respectively)	1,174,000,000	1,165,000,000
Effect of changes in cash flow assumptions			0	4,000,000
Effect of actual variances from expected experience			(5,000,000)	(37,000,000)
Balance adjusted for variances from expectation			1,169,000,000	1,132,000,000
Issuances	29,000,000	126,000,000
Interest accrual	10,000,000	40,000,000
Benefits payments	(33,000,000)	(124,000,000)
Ending balance, including deferred profit liability	40,000,000
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	1,175,000,000
End of period cumulative effect of changes in discount rate assumptions	(108,000,000)
Balance, end of year	1,067,000,000
Reserves for future policy benefits	1,067,000,000		1,042,000,000
Less: Reinsurance recoverable	81,000,000		71,000,000
Reserves for future policy benefits and claims payable at January 1, 2021	986,000,000		971,000,000
Closed Block Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	1,287,000,000	1,464,000,000
Beginning of period cumulative effect of changes in discount rate assumptions	161,000,000	(157,000,000)
Beginning balance at original discount rate	1,448,000,000	1,307,000,000
Effect of changes in cash flow assumptions			0	242,000,000
Effect of actual variances from expected experience			(78,000,000)	1,000,000
Balance adjusted for variances from expectation			1,370,000,000	1,550,000,000
Issuances	2,000,000	6,000,000
Interest accrual	9,000,000	39,000,000
Net premiums collected	(44,000,000)	(147,000,000)
Ending balance at original discount rate	1,337,000,000
End of period cumulative effect of changes in discount rate assumptions	(123,000,000)
Balance, end of year	1,214,000,000
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	5,448,000,000	6,913,000,000
Beginning of period cumulative effect of changes in discount rate assumptions	(958,000,000)	349,000,000
Beginning balance at original discount rate (including DPL of $38, $0 and $459 in 2022, and, $46, $0 and $452 in 2021 for payout annuities, closed block life and closed block annuity, respectively)	6,406,000,000	6,564,000,000
Effect of changes in cash flow assumptions			0	331,000,000
Effect of actual variances from expected experience			(71,000,000)	38,000,000
Balance adjusted for variances from expectation			6,335,000,000	6,933,000,000
Issuances	4,000,000	14,000,000
Interest accrual	51,000,000	209,000,000
Benefits payments	(167,000,000)	(750,000,000)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	6,223,000,000
End of period cumulative effect of changes in discount rate assumptions	(826,000,000)
Balance, end of year	5,397,000,000
Reserves for future policy benefits	4,183,000,000		4,161,000,000
Less: Reinsurance recoverable	2,260,000,000		2,263,000,000
Reserves for future policy benefits and claims payable at January 1, 2021	1,923,000,000		1,898,000,000
Closed Block Annuity
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	0	0
Beginning of period cumulative effect of changes in discount rate assumptions	0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			0	0
Balance adjusted for variances from expectation			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0
End of period cumulative effect of changes in discount rate assumptions	0
Balance, end of year	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	4,434,000,000	5,739,000,000
Beginning of period cumulative effect of changes in discount rate assumptions	(275,000,000)	689,000,000
Beginning balance, including deferred profit liability	671,000,000	459,000,000
Beginning balance at original discount rate (including DPL of $38, $0 and $459 in 2022, and, $46, $0 and $452 in 2021 for payout annuities, closed block life and closed block annuity, respectively)	4,709,000,000	5,050,000,000
Effect of changes in cash flow assumptions			0	(15,000,000)
Effect of actual variances from expected experience			(1,000,000)	(34,000,000)
Balance adjusted for variances from expectation			4,708,000,000	$ 5,001,000,000
Issuances	0	4,000,000
Interest accrual	50,000,000	210,000,000
Benefits payments	(124,000,000)	$ (506,000,000)
Ending balance, including deferred profit liability	658,000,000
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	4,634,000,000
End of period cumulative effect of changes in discount rate assumptions	(197,000,000)
Balance, end of year	4,437,000,000
Reserves for future policy benefits	4,437,000,000		4,434,000,000
Less: Reinsurance recoverable	2,000,000		2,000,000
Reserves for future policy benefits and claims payable at January 1, 2021	$ 4,435,000,000		$ 4,432,000,000

Reserves for Future Policy Be_5

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Duration (Details)	Mar. 31, 2023	Dec. 31, 2022
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years	6 years 10 months 24 days
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years 10 months 24 days	7 years 9 months 18 days
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years 1 month 6 days	7 years

Reserves for Future Policy Be_6

Reserves for Future Policy Benefits and Claims Payable - Undiscounted and Discounted Expected Future Gross Premiums (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	$ 1,555,000,000	$ 1,542,000,000
Expected future benefit payments, discounted	1,027,000,000	999,000,000
Expected future gross premiums, undiscounted	0	0
Expected future gross premiums, discounted	0	0
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	8,512,000,000	8,751,000,000
Expected future benefit payments, discounted	5,526,000,000	5,578,000,000
Expected future gross premiums, undiscounted	5,729,000,000	5,976,000,000
Expected future gross premiums, discounted	3,392,000,000	3,489,000,000
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	5,733,000,000	5,834,000,000
Expected future benefit payments, discounted	3,746,000,000	3,729,000,000
Expected future gross premiums, undiscounted	0	0
Expected future gross premiums, discounted	$ 0	$ 0

Reserves for Future Policy Be_7

Reserves for Future Policy Benefits and Claims Payable - Revenue and Interest Related to Non-Participating Contracts (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	$ 68,000,000	$ 400,000,000
Interest Expense	102,000,000	420,000,000
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	4,000,000	10,000,000
Interest Expense	10,000,000	40,000,000
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	64,000,000	390,000,000
Interest Expense	42,000,000	170,000,000
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	0	0
Interest Expense	$ 50,000,000	$ 210,000,000

Reserves for Future Policy Be_8

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Interest Rates for Future Policy Benefits (Details)	Mar. 31, 2023	Dec. 31, 2022
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.74%	3.71%
Current discount rate	5.11%	5.40%
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.02%	3.01%
Current discount rate	5.08%	5.34%
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.40%	4.40%
Current discount rate	5.12%	5.41%

Reserves for Future Policy Be_9

Reserves for Future Policy Benefits and Claims Payable - Rollforward of Additional Liabilities, Closed Block Life (Details) - Closed Block Life - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of year	$ 1,172,000,000	$ 1,159,000,000	$ 1,159,000,000
Effect of changes in cash flow assumptions	0	6,000,000
Effect of expected policyholder behavior	12,000,000		58,000,000
Interest accrual	14,000,000	56,000,000	56,000,000
Net assessments collected	(57,000,000)	(107,000,000)	(107,000,000)
Balance, end of year	1,141,000,000		1,172,000,000
As Previously Reported
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of year	1,131,000,000	1,173,000,000	1,173,000,000
Balance, end of year	1,117,000,000		1,131,000,000
Cumulative effect of changes in shadow adjustments
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of year	(41,000,000)	$ 14,000,000	14,000,000
Balance, end of year	$ (24,000,000)		$ (41,000,000)

Reserves for Future Policy B_10

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Duration, Closed Block Life (Details)	Mar. 31, 2023	Dec. 31, 2022
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years 8 months 12 days	8 years 1 month 6 days

Reserves for Future Policy B_11

Reserves for Future Policy Benefits and Claims Payable - Assessments and Interest Expense, Closed Block Life (Details) - Closed Block Life - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Net assessments collected	$ (57,000)	$ (107,000)	$ (107,000)
Interest accrual	$ 14,000	$ 56,000	$ 56,000

Reserves for Future Policy B_12

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Current Discount Rate, Closed Block Life (Details)	Mar. 31, 2023	Dec. 31, 2022
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average current discount rate	4.96%	4.96%

Other Contract Holder Funds - A

Other Contract Holder Funds - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Debt carrying value	$ 2,632,000,000	$ 2,635,000,000	[1]
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146,000,000	146,000,000
Funding agreements	$ 2,200,000,000	$ 2,100,000,000
All Annuity Accounts \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values, percentage	92%	92%
Closed Block Life \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values, percentage	64%	65%
Fair Value
Policyholder Account Balance [Line Items]
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	$ 146,000,000	$ 146,000,000
Global Medium Term Note \| Medium term notes
Policyholder Account Balance [Line Items]
Debt face amount	27,000,000,000
Debt carrying value	$ 5,600,000,000	$ 5,900,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Other Contract Holder Funds - L

Other Contract Holder Funds - Liabilities for Other Contract Holder Funds (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	$ 57,094	$ 58,190	$ 58,190	[1]	$ 63,585
Payout Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	847		837
Variable Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	9,927		10,259
Fixed Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	11,082		11,696
Fixed Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	11,375		11,787
RILA
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	2,501		1,875
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	11,179		11,215
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	1,316		1,319
Institutional Products
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	8,691		9,019
Other Product Lines
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	$ 176		$ 183

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Other Contract Holder Funds - R

Other Contract Holder Funds - Rollforward of Other Contract Holder Funds (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Payout Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	$ 837,000	$ 831,000
Deposits	45,000	213,000
Surrenders, withdrawals and benefits	64,000	230,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	6,000	20,000
Policy charges and other	23,000	3,000
Balance as of ending of year	847,000	837,000
Variable Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	10,259,000	9,456,000
Deposits	316,000	1,350,000
Surrenders, withdrawals and benefits	457,000	1,492,000
Net transfers from (to) separate accounts	(242,000)	870,000
Investment performance / change in value of equity option	0	0
Interest credited	73,000	168,000
Policy charges and other	(22,000)	(93,000)
Balance as of ending of year	9,927,000	10,259,000
Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,696,000	13,185,000
Deposits	82,000	276,000
Surrenders, withdrawals and benefits	748,000	2,017,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	91,000	389,000
Policy charges and other	(39,000)	(137,000)
Balance as of ending of year	11,082,000	11,696,000
Fixed Indexed Annuities
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,787,000	13,161,000
Deposits	71,000	126,000
Surrenders, withdrawals and benefits	556,000	1,414,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	(67,000)	302,000
Interest credited	54,000	238,000
Policy charges and other	(48,000)	(22,000)
Balance as of ending of year	11,375,000	11,787,000
RILA
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	1,875,000	110,000
Deposits	533,000	1,811,000
Surrenders, withdrawals and benefits	17,000	8,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	(108,000)	37,000
Interest credited	2,000	2,000
Policy charges and other	0	(3,000)
Balance as of ending of year	2,501,000	1,875,000
Closed Block Life
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,215,000	11,570,000
Deposits	80,000	320,000
Surrenders, withdrawals and benefits	198,000	766,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	161,000	659,000
Policy charges and other	(79,000)	(568,000)
Balance as of ending of year	11,179,000	11,215,000
Closed Block Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	1,319,000	1,394,000
Deposits	1,000	9,000
Surrenders, withdrawals and benefits	16,000	118,000
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	11,000	48,000
Policy charges and other	1,000	(14,000)
Balance as of ending of year	1,316,000	1,319,000
Total excluding institutional and other product lines
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	48,988,000	49,707,000
Deposits	1,128,000	4,105,000
Surrenders, withdrawals and benefits	2,056,000	6,045,000
Net transfers from (to) separate accounts	(242,000)	870,000
Investment performance / change in value of equity option	(175,000)	339,000
Interest credited	398,000	1,524,000
Policy charges and other	(164,000)	(834,000)
Balance as of ending of year	$ 48,227,000	$ 48,988,000

Other Contract Holder Funds - W

Other Contract Holder Funds - Weighted Average Crediting Rate, Net Amount at Risk and Cash Surrender Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payout Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	2.83%	2.39%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 0	$ 0
Variable Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	2.94%	1.64%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 9,792	$ 10,101
Fixed Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	3.28%	3.33%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 10,981	$ 11,573
Fixed Indexed Annuities
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	1.90%	2.02%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 10,979	$ 11,409
RILA
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	0.32%	0.11%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 2,314	$ 1,728
Closed Block Life
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	5.76%	5.88%
Net amount at risk	$ 17,154	$ 17,427
Cash surrender value	$ 11,098	$ 7,096
Closed Block Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	3.34%	3.64%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 1,316	$ 1,319

Other Contract Holder Funds -_2

Other Contract Holder Funds - Account Balances by Guaranteed Minimum Interest Rates (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Variable Annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 9,927,000,000	$ 10,259,000,000
Variable Annuity \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 15,000,000	$ 6,788,000,000
Variable Annuity \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Variable Annuity \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Variable Annuity \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 193,000,000	$ 200,000,000
Variable Annuity \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Variable Annuity \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Variable Annuity \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 9,719,000,000	$ 3,271,000,000
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Variable Annuity \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 9,787,000,000	$ 10,150,000,000
Variable Annuity \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	6,679,000,000
Variable Annuity \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	193,000,000	200,000,000
Variable Annuity \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	9,594,000,000	3,271,000,000
Variable Annuity \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	32,000,000
Variable Annuity \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	32,000,000
Variable Annuity \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable Annuity \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable Annuity \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	2,000,000
Variable Annuity \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	2,000,000
Variable Annuity \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable Annuity \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable Annuity \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	125,000,000	75,000,000
Variable Annuity \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	75,000,000
Variable Annuity \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable Annuity \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	125,000,000	0
Fixed Annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,206,000,000	1,219,000,000
Fixed Annuity \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 169,000,000	$ 190,000,000
Fixed Annuity \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Fixed Annuity \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Fixed Annuity \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 35,000,000	$ 38,000,000
Fixed Annuity \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Fixed Annuity \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Annuity \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 1,002,000,000	$ 991,000,000
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Annuity \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 678,000,000	$ 630,000,000
Fixed Annuity \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	18,000,000	19,000,000
Fixed Annuity \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	31,000,000	35,000,000
Fixed Annuity \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	629,000,000	576,000,000
Fixed Annuity \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	128,000,000	142,000,000
Fixed Annuity \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	68,000,000	76,000,000
Fixed Annuity \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	2,000,000	2,000,000
Fixed Annuity \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	58,000,000	64,000,000
Fixed Annuity \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	399,000,000	447,000,000
Fixed Annuity \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	82,000,000	95,000,000
Fixed Annuity \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	2,000,000	1,000,000
Fixed Annuity \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	315,000,000	351,000,000
Fixed Annuity \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	0
Fixed Annuity \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	0
Fixed Annuity \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Annuity \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities
Policyholder Account Balance [Line Items]
Account values with crediting rates	113,000,000	92,000,000
Fixed Indexed Annuities \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 68,000,000	$ 68,000,000
Fixed Indexed Annuities \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Fixed Indexed Annuities \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Fixed Indexed Annuities \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Fixed Indexed Annuities \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Fixed Indexed Annuities \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Indexed Annuities \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 45,000,000	$ 24,000,000
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Indexed Annuities \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 29,000,000	$ 30,000,000
Fixed Indexed Annuities \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	6,000,000	6,000,000
Fixed Indexed Annuities \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	23,000,000	24,000,000
Fixed Indexed Annuities \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	17,000,000
Fixed Indexed Annuities \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	17,000,000
Fixed Indexed Annuities \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	27,000,000	5,000,000
Fixed Indexed Annuities \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	5,000,000	5,000,000
Fixed Indexed Annuities \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	22,000,000	0
Fixed Indexed Annuities \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	43,000,000	40,000,000
Fixed Indexed Annuities \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	43,000,000	40,000,000
Fixed Indexed Annuities \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA
Policyholder Account Balance [Line Items]
Account values with crediting rates	25,000,000	17,000,000
RILA \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 14,000,000	$ 17,000,000
RILA \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
RILA \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
RILA \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
RILA \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
RILA \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
RILA \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 11,000,000	$ 0
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
RILA \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 20,000,000	$ 10,000,000
RILA \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	9,000,000	10,000,000
RILA \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	11,000,000	0
RILA \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	4,000,000	7,000,000
RILA \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	4,000,000	7,000,000
RILA \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	0
RILA \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	0
RILA \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life
Policyholder Account Balance [Line Items]
Account values with crediting rates	7,058,000,000	7,067,000,000
Closed Block Life \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Life \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Closed Block Life \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Closed Block Life \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Life \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Closed Block Life \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Life \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 7,058,000,000	$ 7,067,000,000
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Life \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 4,532,000,000	$ 4,566,000,000
Closed Block Life \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	4,532,000,000	4,566,000,000
Closed Block Life \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,886,000,000	1,868,000,000
Closed Block Life \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,886,000,000	1,868,000,000
Closed Block Life \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	626,000,000	619,000,000
Closed Block Life \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	626,000,000	619,000,000
Closed Block Life \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	14,000,000
Closed Block Life \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	14,000,000	14,000,000
Closed Block Annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,158,000,000	1,171,000,000
Closed Block Annuity \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Annuity \| 0.00%-1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Closed Block Annuity \| 0.00%-1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Closed Block Annuity \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 13,000,000	$ 11,000,000
Closed Block Annuity \| 1.51%-2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Closed Block Annuity \| 1.51%-2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Annuity \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 1,145,000,000	$ 1,160,000,000
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Annuity \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 903,000,000	$ 980,000,000
Closed Block Annuity \| At Guaranteed Minimum \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| At Guaranteed Minimum \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	903,000,000	980,000,000
Closed Block Annuity \| 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	218,000,000	159,000,000
Closed Block Annuity \| 1 Basis Point-50 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| 1 Basis Point-50 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| 1 Basis Point-50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	218,000,000	159,000,000
Closed Block Annuity \| 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	25,000,000	22,000,000
Closed Block Annuity \| 51 Basis Points-150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| 51 Basis Points-150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,000,000	1,000,000
Closed Block Annuity \| 51 Basis Points-150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	24,000,000	21,000,000
Closed Block Annuity \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	12,000,000	10,000,000
Closed Block Annuity \| Greater Than 150 Basis Points Above \| 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity \| Greater Than 150 Basis Points Above \| 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	12,000,000	10,000,000
Closed Block Annuity \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0

Separate Account Assets and L_3

Separate Account Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 204,366,000	$ 195,906,000	[1]
Jackson National Separate Account II
Separate Account, Liability [Line Items]
Separate account assets	$ 304,000	$ 285,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_4

Separate Account Assets and Liabilities - Rollforward of the Separate Account Balance for Variable Annuities (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Separate Account, Liability [Roll Forward]
Balance as of beginning of year	[1]	$ 195,906,000
Balance as of end of year, gross		204,366,000		$ 195,906,000	[1]
Variable Annuities
Separate Account, Liability [Roll Forward]
Balance as of beginning of year		195,550,000	$ 248,469,000	248,469,000
Deposits		2,158,000	12,288,000
Surrenders, withdrawals and benefits		(3,791,000)	(14,554,000)
Net transfer from (to) general account		242,000	(870,000)
Investment performance		10,528,000	(47,150,000)
Policy charges and other		(697,000)	$ (2,633,000)
Balance as of end of year, gross		203,990,000		195,550,000
Cash surrender value		$ 198,782,000		$ 190,243,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_5

Separate Account Assets and Liabilities - Reconciliation of the Separate Account Balance in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 204,366,000	$ 195,906,000	[1]
Variable Annuities
Separate Account, Liability [Line Items]
Separate account assets	203,990,000	195,550,000
Other Product Lines
Separate Account, Liability [Line Items]
Separate account assets	$ 376,000	$ 356,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_6

Separate Account Assets and Liabilities - Aggregate Fair Value of Assets, by Major Investment Asset Category (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 204,366,000	$ 195,906,000	[1]
Equity
Fair Value, Separate Account Investment [Line Items]
Separate account assets	139,455,000	132,547,000
Bond
Fair Value, Separate Account Investment [Line Items]
Separate account assets	19,553,000	19,155,000
Balanced
Fair Value, Separate Account Investment [Line Items]
Separate account assets	42,033,000	40,797,000
Money Market
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,949,000	3,051,000
Variable Annuities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	203,990,000	195,550,000
Other Product Lines
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 376,000	$ 356,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Market Risk Benefits - Reconcil

Market Risk Benefits - Reconciliation of the Market Risk Benefits Balance (Details) - USD ($)	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	Jan. 01, 2021
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	$ 5,204,000,000	$ 4,865,000,000	$ 4,865,000,000	[1]		$ 690,000,000
Market risk benefit liabilities, at fair value	5,560,000,000	$ 5,662,000,000	5,662,000,000	[1]		10,690,000,000
Market risk benefit - net liabilities	356,000,000		797,000,000			10,000,000,000
Variable Annuity
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	5,198,000,000		4,856,000,000
Market risk benefit liabilities, at fair value	5,516,000,000		5,623,000,000
Market risk benefit - net liabilities	318,000,000		767,000,000		$ 6,281,000,000	9,908,000,000
Other product lines
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	6,000,000		9,000,000
Market risk benefit liabilities, at fair value	44,000,000		39,000,000
Market risk benefit - net liabilities	$ 38,000,000		$ 30,000,000			$ 92,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Market Risk Benefits - Rollforw

Market Risk Benefits - Rollforward of the Net (Assets) Liabilities of the Market Risk Benefits for Variable Annuities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Market Risk Benefit [Roll Forward]
Net liability balance, beginning of year	$ 797,000,000
Net liability balance, end of year	356,000,000
Reinsurance recoverable on market risk benefits at fair value, end of period	(238,000,000)		$ (221,000,000)	$ (221,000,000)	[1]		$ (471,000,000)
Variable Annuity
Market Risk Benefit [Roll Forward]
Net liability balance, beginning of year	767,000,000	$ 6,281,000,000
Effect of changes in interest rates	1,824,000,000	(14,137,000,000)
Effect of fund performance	(1,881,000,000)	6,432,000,000
Effect of changes in equity index volatility	(747,000,000)	1,576,000,000
Effect of expected policyholder behavior	89,000,000	532,000,000
Effect of actual policyholder behavior different from expected	167,000,000	(230,000,000)
Effect of time	380,000,000	1,707,000,000
Effect of changes in assumptions	0	$ 465,000,000
Net liability balance, end of year	318,000,000
Reinsurance recoverable on market risk benefits at fair value, end of period	(192,000,000)			(183,000,000)			(368,000,000)
Net liability balance, end of period, net of reinsurance	$ 126,000,000			584,000,000
Weighted average attained age (years)	69 years	69 years
Net amount at risk	$ 12,459,000,000			15,592,000,000
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax	(2,466,000,000)			(2,185,000,000)		$ (326,000,000)
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	$ 2,784,000,000			$ 2,952,000,000		$ 6,607,000,000
As Previously Reported
Market Risk Benefit [Roll Forward]
Reinsurance recoverable on market risk benefits at fair value, end of period			$ 0				$ 0	$ (407,000,000)
As Previously Reported \| Variable Annuity
Market Risk Benefit [Roll Forward]
Reinsurance recoverable on market risk benefits at fair value, end of period								$ (340,000,000)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Values (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 2,632	$ 2,635	[1]
Senior Notes \| Senior Notes due 2023
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	598	598
Senior Notes \| Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	397	397
Senior Notes \| Senior Notes due 2031
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	493	493
Senior Notes \| Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	347	347
Senior Notes \| Senior Notes due 2051
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	489	488
Surplus notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	250	250
FHLBI bank loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 58	$ 62

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Maturity (Deta

Long-Term Debt - Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	[1]
Debt Disclosure [Abstract]
2023	$ 598
2024	0
2025	0
2026	0
2027 and thereafter	2,034
Total	$ 2,632	$ 2,635

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jun. 08, 2022	Feb. 24, 2023	Feb. 22, 2023	Sep. 30, 2022
Term loan due 2023 \| Term loan
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt	$ 750,000,000
Senior Notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	750,000,000
Senior Notes \| Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 400,000,000
Stated interest rate	5.17%
Senior Notes \| Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 350,000,000
Stated interest rate	5.67%
Line of Credit \| Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity		$ 1,000,000,000
Accordion feature, higher borrowing capacity option		500,000,000
Consolidated net worth percentage			70%	70%
Net worth percentage, increase adjustment from equity issuances			50%
Ratio of indebtedness to net capital			0.35
Line of Credit \| Letter of credit
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity		$ 500,000,000

Federal Home Loan Bank Advanc_2

Federal Home Loan Bank Advances (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank advances	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022		Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate		27.20%	15%		19.60%
Income tax expense (benefit)	$ 388	$ (558)	$ 388	[1]
Deferred tax assets valuation allowance		4			$ 4
Unrealized Tax Losses, Available-For-Sale Securities
Income Tax Contingency [Line Items]
Deferred tax assets, increase (decrease) to valuation allowance		136
Other comprehensive income (loss), tax expense (benefit)		(141)
Income tax expense (benefit)		5
Deferred tax assets valuation allowance		$ 770			$ 906

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Unfunded partnership investment commitment
Other Commitments [Line Items]
Unfunded commitments	$ 1,283
Unfunded loan and debt securities commitments
Other Commitments [Line Items]
Unfunded commitments	$ 1,342

Other Related Party Transacti_2

Other Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment management fees \| Affiliated entity
Related Party Transaction [Line Items]
Related party, revenue	$ 8	$ 9

Operating Costs and Other Exp_3

Operating Costs and Other Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Costs And Other Expenses [Abstract]
Asset-based commission expenses	$ 250	$ 275
Other commission expenses	174	240
Sub-advisor expenses	77	90
General and administrative expenses	236	241
Deferrals of acquisition costs	(121)	(180)
Total operating costs and other expenses	$ 616	$ 666	[1]

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Balance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	$ 9,378	[1]	$ 8,321	[2]
Change in unrealized gains (losses) of investments	1,027		(3,581)
Change in current discount rate - reserve for future policy benefits	(146)		765
Change in non-performance risk on market risk benefits	284		936
Change in unrealized gains (losses) - other	(14)		9
Change in deferred tax asset	(110)		402
Other comprehensive income (loss) before reclassifications	1,041		(1,469)
Reclassifications from AOCI, net of tax	29		(10)
Total other comprehensive income (loss)	1,070		(1,479)	[3]
Balance end of period	9,467		8,909	[2]
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(3,378)		1,360
Balance end of period	(2,308)		$ (119)
Funds withheld assets \| AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(2,106)
Balance end of period	$ (1,832)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)	$ (538)	$ (2,726)	$ (1,566)	[1]
Amortization of deferred acquisition costs	(317)
Reclassifications, before income taxes	2,613	(2,054)	2,613	[1]
Income tax expense (benefit)	388	(558)	388	[1]
Reclassifications, net of income taxes	$ 2,225	(1,496)	2,225	[2]
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred acquisition costs		0	0
Reclassifications, before income taxes		37	(13)
Income tax expense (benefit)		8	(3)
Reclassifications, net of income taxes		29	(10)
Reclassification out of Accumulated Other Comprehensive Income \| Net unrealized gain (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)		37	(13)
Reclassification out of Accumulated Other Comprehensive Income \| Net realized gain (loss) on investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)		60	(31)
Reclassification out of Accumulated Other Comprehensive Income \| Other impaired securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)		$ (23)	$ 18

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 09, 2023	Mar. 13, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)			$ 25,000
Net proceeds received			$ 533	$ 0
Noncumulative Preferred Stock
Class of Stock [Line Items]
Initial dividend rate		8%
Noncumulative Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Fractional interest	0.10%
Noncumulative Preferred Stock \| US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Variable dividend rate		3.728%
Depositary Shares
Class of Stock [Line Items]
Shares issued and sold (in shares)		22,000,000
Preferred stock, liquidation preference (in usd per share)		$ 25
Net proceeds received		$ 533
Depositary Shares \| Any time prior to March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		$ 25.50
Depositary Shares \| Within 90 days after the occurrence of a regulatory capital event
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		25
Depositary Shares \| On or after March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		25
Depositary Shares \| Noncumulative Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		$ 25,000
Fractional interest		0.10%
Call/dividend rate reset period		5 years
Depositary Shares \| Noncumulative Preferred Stock \| Any time prior to March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		$ 25,500
Depositary Shares \| Noncumulative Preferred Stock \| Within 90 days after the occurrence of a regulatory capital event
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		25,000
Depositary Shares \| Noncumulative Preferred Stock \| On or after March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		$ 25,000

Equity - Common Stock (Details)

Equity - Common Stock (Details) $ / shares in Units, $ in Millions	May 03, 2023 USD ($)	Mar. 31, 2023 vote class $ / shares shares	Feb. 27, 2023 USD ($)	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock \| class		2
Common stock, par value (in usd per share)		$ 0.01		$ 0.01
Common stock, authorized (in shares) \| shares		1,000,000,000		1,000,000,000
Share repurchase authorized \| $			$ 450
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.01
Number of votes per share \| vote		1
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.01
Number of votes per share \| vote		0.10
Subsequent Event
Class of Stock [Line Items]
Share repurchase remaining \| $	$ 457

Equity - Share Repurchase Activ

Equity - Share Repurchase Activities (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended					4 Months Ended	12 Months Ended
	May 03, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	May 03, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Total payments		$ 70				$ 140
Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		1,721,737	1,142,105	1,200,000	1,870,854	3,433,610		7,646,569
Total payments		$ 70	$ 38	$ 39	$ 66	$ 140		$ 283
Shares repurchased, price per share (in usd per share)		$ 40.42	$ 33.33	$ 32.75	$ 35.15	$ 40.84		$ 37.05
Share repurchase program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	804,797						2,526,534
Total payments	$ 29						$ 99
Shares repurchased, price per share (in usd per share)	$ 35.87						$ 38.97

Equity - Changes in Common Shar

Equity - Changes in Common Shares (Details)	3 Months Ended
Equity - Changes in Common Shares (Details)	Mar. 31, 2023 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	82,690,098
Shares repurchased (in shares)	75,957
Share-based compensation programs (in shares)	(1,721,737)
Ending balance, outstanding (in shares)	81,044,318
Common Stock Issued
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	94,474,911
Shares repurchased (in shares)	921
Share-based compensation programs (in shares)	0
Ending balance, outstanding (in shares)	94,475,832
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	(11,784,813)
Shares repurchased (in shares)	75,036
Share-based compensation programs (in shares)	(1,721,737)
Ending balance, outstanding (in shares)	(13,431,514)

Equity - Dividends Paid (Detail

Equity - Dividends Paid (Details) - $ / shares	3 Months Ended
Equity - Dividends Paid (Details) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends paid per share (in usd per share)	$ 0.62	$ 0.55

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,194	$ (1,497)	$ 2,194	[1]
Weighted average shares of common stock outstanding - basic (in shares)		82,646,113	86,352,586
Dilutive common shares (in shares)		0	3,607,276
Weighted average shares of common stock outstanding - diluted (in shares)		82,646,113	89,959,862
Earnings per share—common stock
Basic (in usd per share)	$ 25.41	$ (18.11)	$ 25.41	[1]
Diluted (in usd per share)	$ 24.39	$ (18.11)	$ 24.39	[1]
Shares excluded from diluted EPS calculation (in shares)		3,436,857,000,000

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Revision and Reclassification_3

Revision and Reclassifications of Prior Period Financial Statements - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Accounting Changes and Error Corrections [Abstract]
Reclassification impacts in cash flows	$ 27

Revision and Reclassification_4

Revision and Reclassifications of Prior Period Financial Statements - Condensed Consolidated Income Statements (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Revenues
Fee income		$ 1,888	$ 2,012	[1]
Premiums		25	37	[1]
Net investment income		722	690	[1]
Net gains (losses) on derivatives and investments	$ (538)	(2,726)	(1,566)	[1]
Total revenues	2,221	(749)	2,221	[1]
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	300	228	300	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	15	14	15	[1]
Market risk benefits (gains) losses, net	(1,907)	(174)	(1,907)	[1]
Interest credited on other contract holder funds, net of deferrals and amortization	197	285	197	[1]
Operating costs and other expenses, net of deferrals		616	666	[1]
Amortization of deferred acquisition costs		293	317	[1]
Total benefits and expenses	(392)	1,305	(392)	[1]
Net income (loss)	2,225	(1,496)	2,225	[2]
Income tax expense (benefit)	388	$ (558)	388	[1]
As Previously Reported
Revenues
Fee income			1,922
Premiums			34
Net investment income			720
Net gains (losses) on derivatives and investments	1,605		1,605
Total revenues	4,364		4,301
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	581		567
(Gain) loss from updating future policy benefits cash flow assumptions, net	0		0
Market risk benefits (gains) losses, net	0		0
Interest credited on other contract holder funds, net of deferrals and amortization	196		206
Operating costs and other expenses, net of deferrals			607
Amortization of deferred acquisition costs			515
Total benefits and expenses	1,978		1,915
Net income (loss)	2,056		2,056
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax			2,386
Income tax expense (benefit)	330		330
Impact for the Adoption of LDTI
Revenues
Fee income			0
Premiums			0
Net investment income			0
Net gains (losses) on derivatives and investments	(2,143)		(2,143)
Total revenues	(2,143)		(2,143)
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	(281)		(281)
(Gain) loss from updating future policy benefits cash flow assumptions, net	15		15
Market risk benefits (gains) losses, net	(1,907)		(1,907)
Interest credited on other contract holder funds, net of deferrals and amortization	1		1
Operating costs and other expenses, net of deferrals			0
Amortization of deferred acquisition costs			(198)
Total benefits and expenses	(2,370)		(2,370)
Net income (loss)	169		169
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax			227
Income tax expense (benefit)	$ 58		58
Impact of Revisions and Reclassifications
Revenues
Fee income			90
Premiums			3
Net investment income			(30)
Net gains (losses) on derivatives and investments			0
Total revenues			63
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals			14
(Gain) loss from updating future policy benefits cash flow assumptions, net			0
Market risk benefits (gains) losses, net			0
Interest credited on other contract holder funds, net of deferrals and amortization			(10)
Operating costs and other expenses, net of deferrals			59
Amortization of deferred acquisition costs			0
Total benefits and expenses			63
Net income (loss)			0
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax			0
Income tax expense (benefit)			0
As Revised
Revenues
Fee income			2,012
Premiums			37
Net investment income			690
Net gains (losses) on derivatives and investments			(538)
Total revenues			2,221
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals			300
(Gain) loss from updating future policy benefits cash flow assumptions, net			15
Market risk benefits (gains) losses, net			(1,907)
Interest credited on other contract holder funds, net of deferrals and amortization			197
Operating costs and other expenses, net of deferrals			666
Amortization of deferred acquisition costs			317
Total benefits and expenses			(392)
Net income (loss)			2,225
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax			2,613
Income tax expense (benefit)			$ 388

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	May 09, 2023	May 08, 2023	Apr. 06, 2023
Subsequent Event [Line Items]
Common stock dividend declared (in usd per share)		$ 0.62
Depositary Shares
Subsequent Event [Line Items]
Common stock dividend declared (in usd per share)		$ 0.59444
Noncumulative Preferred Stock
Subsequent Event [Line Items]
Fractional interest	0.10%
Uncommitted Money Market Line Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 500,000
Minimum cash advance request			$ 100