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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities            
Net income $ 280 $ 280 $ 186 $ 617   $ 399
Adjustments to reconcile net income to net cash provided by (used for) operating activities            
Net realized capital (gains) losses (related party 2022: $990) 20   242 (317)   74
Amortization of deferred reinsurance gain (related party 2022: $27) 0   (26) (33)   (53)
Amortization of VOBA 90   (43) 79   50
Depreciation and amortization 102   38 227   69
Deferred income tax expense 138   29 125   54
Interest credited on investment and universal life-type contracts 314   152 534   379
Other operating activities, net (208)   (114) (38)   (120)
Change in assets and liabilities:            
Increase in reinsurance recoverables (63)   (134) (758)   (331)
Increase (decrease) for future policy benefits and unearned premiums (40)   63 230   160
Net changes in other assets and other liabilities (132)   51 93   185
Net proceeds from (payments for) reinsurance transactions (877)   0 121   0
Net cash provided by (used for) operating activities (376)   444 880   866
Proceeds from the sale/maturity/prepayment of:            
Fixed maturities, available-for-sale 2,976   1,622 6,185   2,824
Equity securities, at fair value 47   3 26   7
Mortgage loans 294   158 258   373
Partnerships 102   71 64   77
Payments for the purchase of:            
Fixed maturities, available-for-sale (1,974)   (1,197) (4,255)   (2,866)
Fixed maturities, fair value option 0   0 (352)   0
Equity securities, at fair value (121)   (45) (22)   (26)
Mortgage loans (207)   (177) (667)   (242)
Partnerships (100)   (74) (158)   (134)
Net proceeds from (payments for) repurchase agreements program (11)   8 25   (16)
Net proceeds from (payments for) derivatives (161)   (539) (559)   143
Net proceeds from (payments for) policy loans 9   (32) (11)   15
Net proceeds from (payments for) short-term investments (314)   200 (255)   (234)
Other investing activities, net 0   0 0   (10)
Net cash provided by (used for) investing activities 540   (2) 279   (89)
Financing Activities            
Deposits and other additions to investment and universal life-type contracts 872   1,001 2,033   1,971
Withdrawals and other deductions from investment and universal life-type contracts (4,766)   (4,862) (8,109)   (9,627)
Net transfers from separate accounts related to investment and universal life-type contracts 3,598   3,659 5,140   7,117
Net increase (decrease) in securities loaned or sold under agreements to repurchase 131   270 (99)   (7)
Dividend paid on shares outstanding 0   (265) 0   (319)
Return of capital to parent 0   (235) 0   0
Net cash used for financing activities (165)   (432) (1,035)   (865)
Net increase (decrease) in cash (1)   10 124   (88)
Cash — beginning of period   50 40 49 $ 40 128
Cash — end of period 49 $ 49 50 173 $ 49 40
Supplemental Disclosure of Cash Flow Information:            
Income taxes received (paid) $ (13)   $ 2 $ 142   $ 0