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Derivative Instruments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
GMWB Hedging Instruments
Successor Company
Notional AmountFair Value
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Customized swaps$3,938 $34 
Equity swaps, options, and futures855 (2)
Interest rate swaps and futures2,189 41 
Total$6,982 $73 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Successor Company
Net DerivativesAsset Derivatives Liability Derivatives
Notional AmountFair ValueFair ValueFair Value
Hedge Designation/ Derivative TypeDec 31, 2020Dec 31, 2019Dec 31, 2020Dec 31, 2019Dec 31, 2020Dec 31, 2019Dec 31, 2020Dec 31, 2019
Cash flow hedges
Foreign currency swaps$25 $10 $(2)$— $— $— $(2)$— 
Total cash flow hedges25 10 (2)— — — (2)— 
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures3,419 3,082 (13)(39)28 11 (41)(50)
Foreign exchange contracts
Foreign currency swaps and forwards222 225 — (7)8 9 (8)(16)
Credit contracts
Credit derivatives that purchase credit protection40 40 — (1)— — — (1)
Equity contracts
Equity index swaps and options2,000 2,000 — — — — — — 
Variable annuity hedge program
GMWB product derivatives [1]7,803 8,717 21 5 33 23 (12)(18)
GMWB reinsurance contracts1,688 1,869 7 17 7 17 — — 
GMWB hedging instruments— 6,982 — 73 — 89 — (16)
Macro hedge program24,188 19,879 (453)(114)268 98 (721)(212)
Other
Modified coinsurance reinsurance contracts843 819 (93)(43)— — (93)(43)
Total non-qualifying strategies40,203 43,613 (531)(109)344 247 (875)(356)
Total cash flow hedges and non-qualifying strategies$40,228 $43,623 $(533)$(109)$344 $247 $(877)$(356)
Balance Sheet Location
Fixed maturities, available-for-sale$49 $43 $— $— $— $— $— $— 
Other investments5,791 5,779 12 72 13 83 (1)(11)
Other liabilities24,054 26,396 (480)(160)291 124 (771)(284)
Reinsurance recoverables2,531 2,688 (86)(26)7 17 (93)(43)
Other policyholder funds and benefits payable7,803 8,717 21 5 33 23 (12)(18)
Total derivatives$40,228 $43,623 $(533)$(109)$344 $247 $(877)$(356)
[1] These derivatives are embedded within liabilities and are not held for risk management purposes.
Offsetting Assets [Table Text Block]
Offsetting Derivative Assets and Liabilities (Successor Company)
(i)(ii)(iii) = (i) - (ii)(v) = (iii) - (iv)
Net Amounts Presented on the Statement of Financial PositionCollateral Disallowed for Offset on the Statement of Financial Position
Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset on the Statement of Financial PositionDerivative Assets [1] (Liabilities) [2]Accrued Interest and Cash Collateral (Received) [3] Pledged [2]Financial Collateral (Received) Pledged [4]Net Amount
As of December 31, 2020
Other investments$304 $295 $12 $(3)$— $9 
Other liabilities(772)(279)(480)(13)(488)(5)
As of December 31, 2019
Other investments$207 $187 $72 $(52)$8 $12 
Other liabilities(295)(91)(160)(44)(204)— 
[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 payable associated with each counterparty.
[3]Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[4]Excludes collateral associated with exchange-traded derivative instruments.
Offsetting Liabilities [Table Text Block]
Repurchase Agreements
Successor Company
December 31, 2020December 31, 2019
Fair ValueFair Value
Repurchase agreements:
Gross amount of recognized liabilities for repurchase agreements$262 $269 
Gross amount of collateral pledged related to repurchase agreements [1]$267 $273 
Gross amount of recognized receivables for reverse repurchase agreements [2]$28 $10 
[1]Collateral pledged is included within fixed maturities, AFS and short-term investments on the Company's Consolidated Balance Sheets.
[2]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 PositionCollateral Disallowed for Offset on the Statement of Financial Position
Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset on the Statement of Financial PositionDerivative Assets [1] (Liabilities) [2]Accrued Interest and Cash Collateral (Received) [3] Pledged [2]Financial Collateral (Received) Pledged [4]Net Amount
As of December 31, 2020
Other investments$304 $295 $12 $(3)$— $9 
Other liabilities(772)(279)(480)(13)(488)(5)
As of December 31, 2019
Other investments$207 $187 $72 $(52)$8 $12 
Other liabilities(295)(91)(160)(44)(204)— 
[1]Included in other invested assets on the Company's Consolidated Balance Sheets.
[2]Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[3]Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[4]Excludes collateral associated with exchange-traded derivative instruments.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
Derivatives in Cash Flow Hedging Relationships
Gain (Loss) Recognized in OCI
Successor CompanyPredecessor Company
For the Years Ended December 31,June 1, 2018 to December 31, 2018January 1, 2018 to May 31, 2018
20202019
Interest rate swaps$— $— $— $(17)
Foreign currency swaps(2)— — — 
Total$(2)$— $— $(17)
Derivatives in Cash Flow Hedging Relationships (Successor Company)
Gain or (Loss) Reclassified from AOCI into Income 
For the Years Ended December 31,June 1, 2018 to
December 31, 2018
20202019
Net Capital
Gain (Loss)		Net Investment IncomeNet Capital
Gain (Loss)		Net Investment IncomeNet Capital
Gain (Loss)		Net Investment Income
Interest rate swaps— — — — — — 
Foreign currency swaps— — — — — — 
Total$— $— $— $— $— $— 
Total Amounts Presented on the Consolidated Statements of Operations$(74)$816 $(275)$924 $142 $509 
Derivatives in Cash Flow Hedging Relationships (Predecessor Company)
Gain or (Loss) Reclassified from AOCI into Income 
January 1, 2018 to May 31, 2018
Net Capital
Gain/(Loss)		Net Investment Income
Interest rate swaps$— $8 
Foreign currency swaps(2)— 
Total(2)8 
Total Amounts Presented on the Consolidated Statements of Operations$(107)$520 
Derivative Instruments, Gain (Loss) [Table Text Block]
Non-qualifying Strategies
Gain (Loss) Recognized within Net Realized Capital Gains (Losses)
 Successor CompanyPredecessor Company
For the Years Ended December 31,June 1, 2018 to December 31, 2018January 1, 2018 to May 31, 2018
 20202019
Variable annuity hedge program
GMWB product derivatives$67 $134 $(25)$82 
GMWB reinsurance contracts(27)(13)1 (25)
GMWB hedging instruments42 (68)36 (45)
Macro hedge program(414)(418)153 (36)
Total variable annuity hedge program(332)(365)165 (24)
Foreign exchange contracts
Foreign currency swaps and forwards(4)— 2 (3)
Fixed payout annuity hedge— (4)(15)10 
Total foreign exchange contracts(4)(4)(13)7 
Other non-qualifying derivatives
Interest rate contracts
Interest rate swaps, swaptions, and futures180 103 23 (40)
Credit contracts
Credit derivatives that purchase credit protection19 — — 1 
Credit derivatives that assume credit risk— 7 (1)(3)
Equity contracts
Equity index swaps and options— (1)— — 
Other
Modified coinsurance reinsurance contracts(50)(55)13 32 
Total other non-qualifying derivatives149 54 35 (10)
Total [1]$(187)$(315)$187 $(27)