Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Provision for Income Taxes
	Successor Company		Predecessor Company
	For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021		For the Years Ended December 31,
Income Tax Expense (Benefit)					2020		2019
Current - U.S. Federal	$	(86)	$	—	$	10	$	(8)
Deferred - U.S. Federal	137		30		56		52
Total income tax expense	$	51	$	30	$	66	$	44

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities.

Components of Deferred Tax Assets (Liabilities)
	Successor Company		Predecessor Company
	December 31, 2021		December 31, 2020
Deferred Tax Assets
Tax basis deferred policy acquisition costs	$	110	$	79
VOBA and reserves	716		567
Net operating loss carryover	25		102
Employee benefits	7		7
Foreign tax credit carryover	16		18
Net unrealized loss on investments	4		—
Deferred reinsurance gain	187		198
Other	—		12
Total deferred tax assets	1,065		983
Deferred Tax Liabilities
Investment related items	(449)		(145)
Net unrealized gains on investments	—		(360)
Other	(13)		—
Total deferred tax liabilities	(462)		(505)
Net deferred tax asset	$	603	$	478

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows.

Income Tax Rate Reconciliation
	Successor Company		Predecessor Company
	For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021		For the Years Ended December 31,
					2020		2019
Tax provision at U.S. Federal statutory rate	$	70	$	45	$	98	$	86
Dividends received deduction ("DRD")	(16)		(14)		(28)		(34)
Foreign related investments	(2)		(1)		(4)		(7)
Other	(1)		—		—		(1)
Provision for income taxes	$	51	$	30	$	66	$	44