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Investment Holding Level 3 (Tables)
 12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Investment Income [Table Text Block]
Net Investment Income
 
Successor Company
Predecessor Company
(Before tax)
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Fixed maturities [1]
$
586

$
343

$
395

$
995

Equity securities
6

9

4

9

Mortgage loans
92

49

54

124

Policy loans
84

48

32

79

Limited partnerships and other alternative investments
161

67

41

75

Other investments [2]
19

11

13

54

Investment expenses
(24
)
(18
)
(19
)
(55
)
Total net investment income
$
924

$
509

$
520

$
1,281

[1]
Includes net investment income on short-term investments.
[2]
Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities.
Realized Gain (Loss) on Investments [Table Text Block]
Net Realized Capital Gains (Losses)
 
Successor Company
Predecessor Company
(Before tax)
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Gross gains on sales
$
67

$
12

$
49

$
226

Gross losses on sales
(18
)
(38
)
(112
)
(58
)
Equity securities [1]
2

(21
)
2

—

Net other-than-temporary impairment ("OTTI") losses recognized in earnings
(4
)
(7
)
—

(14
)
Valuation allowances on mortgage loans
—

(5
)
—

2

Results of variable annuity hedge program
 
 
 
 
GMWB derivatives, net
53

12

12

48

Macro hedge program
(418
)
153

(36
)
(260
)
Total results of variable annuity hedge program
(365
)
165

(24
)
(212
)
Transactional foreign currency revaluation
(4
)
9

(6
)
(1
)
Non-qualifying foreign currency derivatives
(4
)
(10
)
7

(5
)
Other, net [2]
51

37

(23
)
2

Net realized capital gains (losses)
$
(275
)
$
142

$
(107
)
$
(60
)
[1]
Effective January 1, 2018, with adoption of new accounting standards for equity securities, include all changes in fair value and trading gains and losses for equity securities at fair value.
[2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $54 for the year ended December 31, 2019 (Successor Company), $35 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $(10) for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), and $0 for the year ended December 31, 2017 (Predecessor Company).
Available-for-sale Securities [Table Text Block]
Sales of AFS Securities
 
Successor Company
Predecessor Company
 
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Fixed maturities, AFS
 
 
 
 
Sale proceeds
$
2,541

$
2,523

$
3,523

$
7,979

Gross gains
67

12

45

211

Gross losses
(16
)
(37
)
(47
)
(56
)
Equity securities, AFS
 
 

 
Sale proceeds
 
 
 
$
203

Gross gains
 
 
 
13

Gross losses
 
 
 
(1
)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]
Impairments in Earnings by Type
 
Successor Company
Predecessor Company
 
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Intent-to-sell impairments
$
—

$
1

$
—

$
—

Credit impairments
4

6

—

$
14

Impairments on equity securities
—

—

—

—

Total impairments
$
4

$
7

$
—

$
14

Cumulative Credit Impairments
 
Successor Company
Predecessor Company
(Before tax)
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Balance as of beginning of period
$
(6
)
$
—

$
(88
)
$
(170
)
Additions for credit impairments recognized on [1]:
 
 
 
 
Securities not previously impaired
$
(4
)
(6
)
—

(1
)
Securities previously impaired
—

—

—

(13
)
Reductions for credit impairments previously recognized on:
 
 
 
 
Securities that matured or were sold during the period
$
6

—

17

82

Securities due to an increase in expected cash flows
—

—

1

14

Balance as of end of period
$
(4
)
$
(6
)
$
(70
)
$
(88
)
[1]
These additions are included in the net OTTI losses recognized in earnings on the Consolidated Statements of Operations.
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
Available-for-Sale Securities
AFS Securities by Type
 
Successor Company
 
December 31, 2019
December 31, 2018
 
Cost or Amortized Cost [1]
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
Non-Credit OTTI [2]
Cost or Amortized Cost [1]
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
Non-Credit OTTI [2]
ABS
$
291

$
4

$
—

$
295

$
—

$
514

$
2

$
—

$
516

$
—

CLOs
1,150

6

(6
)
1,150

—

971

5

(13
)
963

—

CMBS
1,331

65

(3
)
1,391

—

1,409

8

(7
)
1,407

—

Corporate
7,403

696

(7
)
8,121

—

7,860

19

(236
)
7,678

(1
)
Foreign govt./govt. agencies
382

30

(1
)
409

—

383

3

(6
)
377

—

Municipal
705

56

—

761

—

738

5

(10
)
734

—

RMBS
853

16

(1
)
868

—

1,034

3

(4
)
1,033

—

U.S. Treasuries
905

88

—

993

—

1,126

8

(3
)
1,131

—

Total fixed maturities, AFS
$
13,020

$
961

$
(18
)
$
13,988

$
—

$
14,035

$
53

$
(279
)
$
13,839

$
(1
)
[1]
The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital.
[2]
Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2019 and 2018 (Successor Company).
Investments Classified by Contractual Maturity Date [Table Text Block]
Fixed maturities, AFS, by Contractual Maturity Year
 
Successor Company
 
December 31, 2019
December 31, 2018
Contractual Maturity
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
One year or less
$
295

$
300

$
481

$
479

Over one year through five years
1,260

1,297

1,508

1,501

Over five years through ten years
1,824

1,951

1,807

1,783

Over ten years
6,016

6,736

6,311

6,157

Subtotal
9,395

10,284

10,107

9,920

Mortgage-backed and asset-backed securities
3,625

3,704

3,928

3,919

Total fixed maturities, AFS
$
13,020

$
13,988

$
14,035

$
13,839
Schedule of Unrealized Loss on Investments [Table Text Block]
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2019
Successor Company
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Amortized Cost [1]
Fair Value
Unrealized Losses
 
Amortized Cost [1]
Fair Value
Unrealized Losses
 
Amortized Cost [1]
Fair Value
Unrealized Losses
ABS
$
51

$
51

$
—

 
$
14

$
14

$
—

 
$
65

$
65

$
—

CLOs
189

188

(1
)
 
647

642

(5
)
 
836

830

(6
)
CMBS
95

93

(2
)
 
10

9

(1
)
 
105

102

(3
)
Corporate
147

144

(3
)
 
180

176

(4
)
 
327

320

(7
)
Foreign govt./govt. agencies
5

5

—

 
31

30

(1
)
 
36

35

(1
)
Municipal
51

51

—

 
—

—

—

 
51

51

—

RMBS
80

80

—

 
88

87

(1
)
 
168

167

(1
)
U.S. Treasuries
13

13

—

 
—

—

—

 
13

13

—

Total fixed maturities, AFS in an unrealized loss position
$
631

$
625

$
(6
)
 
$
970

$
958

$
(12
)
 
$
1,601

$
1,583

$
(18
)
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018
Successor Company
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Amortized Cost [1]
Fair Value
Unrealized Losses
 
Amortized Cost [1]
Fair Value
Unrealized Losses
 
Amortized Cost [1]
Fair Value
Unrealized Losses
ABS
$
179

$
179

$
—

 
$
—

$
—

$
—

 
$
179

$
179

$
—

CLOs
887

874

(13
)
 
—

—

—

 
887

874

(13
)
CMBS
762

754

(7
)
 
—

—

—

 
762

754

(7
)
Corporate
6,748

6,549

(236
)
 
—

—

—

 
6,748

6,549

(236
)
Foreign govt./govt. agencies
218

212

(6
)
 
—

—

—

 
218

212

(6
)
Municipal
490

480

(10
)
 
—

—

—

 
490

480

(10
)
RMBS
727

723

(4
)
 
—

—

—

 
727

723

(4
)
U.S. Treasuries
619

616

(3
)
 
—

—

—

 
619

616

(3
)
Total fixed maturities, AFS in an unrealized loss position
$
10,630

$
10,387

$
(279
)
 
$
—

$
—

$
—

 
$
10,630

$
10,387

$
(279
)
Schedule of Participating Mortgage Loans [Table Text Block]
Valuation Allowance Activity
 
Successor Company
Predecessor Company
 
For the Year Ended December 31, 2019
June 1, 2018 to December 31, 2018
January 1, 2018 to May 31, 2018
For the Year Ended December 31, 2017
Balance as of January 1
$
(5
)
$
—

$
—

$
(19
)
Reversals/(Additions)
—

(6
)
—

(1
)
Deductions
5

1

—

20

Balance as of December 31
$
—

$
(5
)
$
—

$
—
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]
Mortgage Loans
Mortgage Loan Valuation Allowances
Mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates.
For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The Company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received.
As of December 31, 2019 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.2 billion, with no valuation allowance. As of December 31, 2018 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.1 billion, with a valuation allowance of $(5). Amortized cost represents carrying value prior to valuation allowances, if any.
As of December 31, 2019 (Successor Company) there were no mortgage loans that had a valuation allowance. As of December 31, 2018 (Successor Company), the carrying value of mortgage loans that had a valuation allowance was $23. There were no mortgage loans held-for-sale as of December 31, 2019 or December 31, 2018 (Successor Company). As of December 31, 2019 (Successor Company), the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract.
Commercial Mortgage Loans Credit Quality
 
Successor Company
 
December 31, 2019
 
December 31, 2018
Loan-to-value
Carrying Value
Avg. Debt-Service Coverage Ratio
 
Carrying Value
Avg. Debt-Service Coverage Ratio
65% - 80%
269

1.74x
 
340

1.78x
Less than 65%
1,972

2.44x
 
1,760

2.48x
Total mortgage loans
$
2,241

2.36x
 
$
2,100

2.36x
Mortgage Loans by Region
 
Successor Company
 
December 31, 2019
 
December 31, 2018
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
East North Central
$
67

3.0
%
 
$
56

2.7
%
East South Central
19

0.9
%
 
19

0.9
%
Middle Atlantic
204

9.1
%
 
131

6.2
%
Mountain
75

3.3
%
 
51

2.4
%
New England
85

3.8
%
 
79

3.7
%
Pacific
646

28.8
%
 
684

32.6
%
South Atlantic
510

22.8
%
 
457

21.8
%
West South Central
209

9.3
%
 
226

10.8
%
Other [1]
426

19.0
%
 
397

18.9
%
Total mortgage loans
$
2,241

100
%
 
$
2,100

100
%
[1]
Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
 
Successor Company
 
December 31, 2019
 
December 31, 2018
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
Commercial
 
 
 
 
 
Industrial
$
603

26.9
%
 
$
580

27.6
%
Lodging
24

1.1
%
 
24

1.1
%
Multifamily
576

25.7
%
 
518

24.7
%
Office
471

21.0
%
 
478

22.8
%
Retail
398

17.8
%
 
286

13.6
%
Single Family
120

5.3
%
 
86

4.1
%
Other
49

2.2
%
 
128

6.1
%
Total mortgage loans
$
2,241

100
%
 
$
2,100

100
%
Offsetting Liabilities [Table Text Block]
Securities Lending and Repurchase Agreements
 
Successor Company
 
December 31, 2019
December 31, 2018
 
Fair Value
Fair Value
Securities Lending Transactions:
 
 
Gross amount of securities on loan
$
—

$
277

Gross amount of associated liability for collateral received [1]
$
—

$
284

 
 
 
Repurchase agreements:
 
 
Gross amount of recognized liabilities for repurchase agreements
$
269

$
186

Gross amount of collateral pledged related to repurchase agreements [2]
$
273

$
190

Gross amount of recognized receivables for reverse repurchase agreements [3]
$
10

$
25

[1]
Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included on the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $1 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 (Successor Company), respectively.
[2]
Collateral pledged is included within fixed maturities, AFS and short-term investments on the Company's Consolidated Balance Sheets.
[3]
Collateral received is included within short-term investments on the Company's Consolidated Balance Sheets.
Offsetting Derivative Assets and Liabilities (Successor Company)
 
(i)
(ii)
(iii) = (i) - (ii)
 
(v) = (iii) - (iv)
 
 
 
Net Amounts Presented on the Statement of Financial Position
Collateral Disallowed for Offset on the Statement of Financial Position
 
 
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset on the Statement of Financial Position
Derivative Assets [1] (Liabilities) [2]
Accrued Interest and Cash Collateral (Received) [3] Pledged [2]
Financial Collateral (Received) Pledged [4]
Net Amount
As of December 31, 2019
 
 
 
 
 
 
Other investments
$
207

$
187

$
72

$
(52
)
$
8

$
12

Other liabilities
(295
)
(91
)
(160
)
(44
)
(204
)
—

As of December 31, 2018
 
 
 
 
 
 
Other investments
$
455

$
352

$
212

$
(109
)
$
65

$
38

Other liabilities
(327
)
(147
)
(84
)
(96
)
(178
)
(2
)
[1]
Included in other invested assets on the Company's Consolidated Balance Sheets.
[2]
Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[3]
Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[4]
Excludes collateral associated with exchange-traded derivative instruments.