
Net Investment Income
	Successor Company				Predecessor Company
	For the Year Ended December 31, 2022		For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020
(Before tax)
Fixed maturities [1]	$	620	$	174	$	243	$	518
Equity securities	10		10		2		7
Mortgage loans	74		32		45		92
Policy loans	82		36		40		82
Limited partnerships and other alternative investments	168		259		216		130
Other [2]	(146)		1		1		13
Investment expense	(30)		(14)		(13)		(26)
Total net investment income	$	778	$	498	$	534	$	816


Net Realized Capital Gains (Losses)
	Successor Company				Predecessor Company
	As Restated
	For the Year Ended December 31, 2022		For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020
(Before tax)
Gross gains on sales	$	2	$	14	$	55	$	166
Gross losses on sales	(532)		(20)		(8)		(32)
Net realized gains (losses) on sales of equity securities	5		19		—		—
Change in net unrealized gains (losses) on equity securities [1]	(24)		(2)		—		1
Net credit losses on fixed maturities, AFS	(1)		—		—		(1)
Change in ACL on mortgage loans	(3)		—		6		(8)
Intent-to-sell impairments	—		—		—		(6)

Change in fair value of fixed maturities, FVO	(21)
Change in fair value of LPs and other alternative investments, FVO	16
FIA embedded derivative	270
FIA hedging program	(247)
GMWB derivatives, net							82
Variable annuity macro hedge program	(1)		(67)		(243)		(414)
Transactional foreign currency revaluation	—		—		—		3
Non-qualifying foreign currency derivatives	7		5		(2)		(7)
Modified coinsurance reinsurance derivative contracts	809		15		22		(50)
Other, net [2]	(290)		16		(72)		192
Net realized capital losses	$	(10)	$	(20)	$	(242)	$	(74)

[1] The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2022, were $(24) for the year ended December 31, 2022 (Successor Company). The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2021, were $(3) for the period of July 1, 2021 to December 31, 2021 (Successor Company). The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of June 30, 2021 were $1 for the six months ended June 30, 2021 (Predecessor Company). The net unrealized gains (losses) on equity securities included in net

As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the Company reported accrued interest receivable related to fixed maturities, AFS of $183 and $178, respectively, and accrued interest receivable related to mortgage loans of $8 and $6, respectively. These amounts are recorded in other assets on the Consolidated Balance Sheets and are not included in the carrying value of the fixed maturities or mortgage loans. The Company does not include the current accrued interest receivable balance when estimating the ACL. The Company has a policy to write-off accrued interest receivable balances that are more than 90 days past due. Write-offs of accrued interest receivable are recorded as a credit loss component of realized capital gains and losses.

The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized capital gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ratios ("LTV"), average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value.


Fixed Maturities, AFS by Type
	Successor Company
	December 31, 2022										December 31, 2021
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	276	$	—	$	—	$	(22)	$	254	$	260	$	—	$	—	$	(2)	$	258
CLOs	703		—		—		(27)		676		945		—		—		(1)		944
CMBS	1,724		—		1		(211)		1,514		2,345		—		4		(14)		2,335
Corporate	12,565		—		2		(2,326)		10,241		13,380		—		50		(73)		13,357
Foreign government/government agencies	377		—		—		(62)		315		365		—		1		(4)		362
Municipal bonds	1,309		—		—		(269)		1,040		1,452		—		10		(6)		1,456
RMBS	503		—		—		(86)		417		818		—		—		(7)		811
U.S. Treasuries	1,232		—		—		(306)		926		1,421		—		28		(1)		1,448
Total fixed maturities, AFS	$	18,689	$	—	$	3	$	(3,309)	$	15,383	$	20,986	$	—	$	93	$	(108)	$	20,971


Fixed Maturities, AFS by Contractual Maturity Year
	Successor Company
	December 31, 2022				December 31, 2021
Contractual Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	445	$	437	$	341	$	341
Over one year through five years	2,392		2,214		2,904		2,890
Over five years through ten years	4,438		3,732		5,248		5,241
Over ten years	8,209		6,140		8,125		8,151
Subtotal	15,484		12,523		16,618		16,623
Mortgage-backed, CLOs and ABS	3,205		2,860		4,368		4,348
Total fixed maturities, AFS	$	18,689	$	15,383	$	20,986	$	20,971

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company evaluated its investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity. As of December 31, 2022 (Successor Company), we are providing the top 25 investment concentrations, other than the U.S. government and certain U.S. government agencies and commercial mortgage loans, due to the size of our investment portfolio in comparison to our stockholder's equity as of December 31, 2022. As of December 31, 2021 (Successor Company), the Company did not have any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity.


Top 25 Investment Holdings by Issuer	Market Value
Pacific Investment Management LLC	$	347
Madison Capital Funding	195
Harbourvest	131
Bank of America	121
Twin Brook Capital Partners	104
Oracle Corporation	95
Whitehorse Liquidity Partners	91
Mitsubishi UFJ Financial Group	90
Citigroup	88
Mizuho Financial Group	87
J.P. Morgan & Co.	85
International Business Machines Corporation	84
Boeing Company	82
Goldman Sachs Group, Inc.	75
Wells Fargo & Company	74
Sumitomo Mitsui Financial Group	73
UnitedHealth Group Inc.	70
Walt Disney Company	70
Strategic Partners VIII L.P.	69
T-Mobile US, Inc	69
Deutsche Telekom International Finance B.V.	66
Amgen Inc.	65
Gridiron Capital Fund III LP	65
ING Group	63
Strategic Partners Touchdown Holdings L.P.	$	62


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2022
Successor Company
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	96	$	(5)	$	162	$	(17)	$	258	$	(22)
CLOs	644		(27)		11		—		655		(27)
CMBS	819		(102)		682		(109)		1,501		(211)
Corporate	6,659		(1,544)		3,412		(782)		10,071		(2,326)
Foreign government/government agencies	185		(41)		128		(21)		313		(62)
Municipal	859		(219)		180		(50)		1,039		(269)
RMBS	123		(20)		293		(66)		416		(86)
U.S. Treasuries	864		(293)		63		(13)		927		(306)
Total fixed maturities, AFS in an unrealized loss position	$	10,249	$	(2,251)	$	4,931	$	(1,058)	$	15,180	$	(3,309)


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021
Successor Company
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	252	$	(2)	$	—	$	—	$	252	$	(2)
CLOs	751		(1)		—		—		751		(1)
CMBS	961		(14)		—		—		961		(14)
Corporate	5,788		(73)		—		—		5,788		(73)
Foreign government/government agencies	173		(4)		—		—		173		(4)
Municipal	337		(6)		—		—		337		(6)
RMBS	537		(7)		—		—		537		(7)
U.S. Treasuries	217		(1)		—		—		217		(1)
Total fixed maturities, AFS in an unrealized loss position	$	9,016	$	(108)	$	—	$	—	$	9,016	$	(108)

As of December 31, 2022 (Successor Company), fixed maturities, AFS in an unrealized loss position consisted of 4,426 instruments, and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase and/or application of pushdown accounting dates. As of December 31, 2022 (Successor Company), 57% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during 2022, was primarily attributable to higher interest rates and wider credit spreads.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase and/or application of pushdown accounting dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows. Actual cash flows could deviate significantly from our expectations resulting in realized losses in future periods.

The Company reviews mortgage loans on a quarterly basis to estimate the ACL, with changes in the ACL recorded in net realized capital gains (losses). 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 under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two years to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt-service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower 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. As of December 31, 2022 (Successor Company) and December 31, 2021 (Successor Company), the Company did not have any mortgage loans for which an ACL


ACL on Mortgage Loans
	Successor Company				Predecessor Company
	For the Year Ended December 31, 2022		For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020

Beginning balance	$	12	$	—	$	17	$	—
Cumulative effect of accounting changes [1]							9
Cumulative effect of pushdown accounting			12
Adjusted beginning balance ACL	12		12		17		9
Current period provision (release)	3		—		(6)		8
Ending balance	$	15	$	12	$	11	$	17

The increase in the allowance for the year ended December 31, 2022 (Successor Company) was primarily attributable to the deteriorating economic conditions and the potential impact on real estate property valuations and, to a lesser extent, net additions of new loans. The increase in the allowance for the period of July 1, 2021 to December 31, 2021 (Successor Company) was the result of pushdown accounting. The decrease in the allowance for the six months ended June 30, 2021 (Predecessor Company), is the result of improved economic scenarios, including improved GDP growth and unemployment, and higher property valuations as compared to the prior periods. During 2020 (Predecessor Company), the Company increased the estimate of the ACL in response to significant economic stress experienced as a result of the COVID-19 pandemic.

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 62% as of December 31, 2022 (Successor Company), while the weighted-average LTV ratio at origination of these loans was 53%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2022 (Successor Company)
	2022			2021			2020			2019			2018			2017 & Prior			Total
Loan-to-Value	Amortized Cost		Avg. DSCR [2]	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR [2]
Greater than 80%	$	54	—x	$	—	—x	$	—	—x	$	—	—x	$	—	—x	$	41	2.09x	$	95	2.09x
65% - 80%	10		2.02x	21		2.51x	14		2.79x	27		2.08x	116		1.28x	60		1.77x	248		1.71x
Less than 65%	461		2.47x	379		2.76x	166		2.65x	220		2.92x	181		2.14x	785		2.74x	2,192		2.67x
Total mortgage loans	$	525	2.45x	$	400	2.74x	$	180	2.66x	$	247	2.83x	$	297	1.80x	$	886	2.64x	$	2,535	2.55x


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2021 (Successor Company)
	2021			2020			2019			2018			2017			2016 & Prior			Total
Loan-to-Value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR

65% - 80%	$	7	2.37x	$	18	2.62x	$	25	1.55x	$	43	1.00x	$	41	1.94x	$	37	1.23x	$	171	1.60x
Less than 65%	378		2.68x	160		2.43x	234		2.89x	270		2.00x	235		2.27x	695		2.54x	1,972		2.50x
Total mortgage loans	$	385	2.68x	$	178	2.45x	$	259	2.76x	$	313	1.86x	$	276	2.22x	$	732	2.47x	$	2,143	2.42x


Mortgage Loans by Region
	Successor Company
	December 31, 2022				December 31, 2021
	Amortized Cost [1]		Percent of Total		Amortized Cost [1]		Percent of Total
East North Central	$	74	2.9	%	$	78	3.6	%
East South Central	32		1.3	%	20		0.9	%
Middle Atlantic	194		7.7	%	152		7.1	%
Mountain	185		7.3	%	142		6.6	%
New England	82		3.2	%	87		4.1	%
Pacific	535		21.1	%	559		26.1	%
South Atlantic	694		27.4	%	627		29.3	%

West South Central	180		7.1	%	184		8.6	%
Other [2]	559		22.0	%	294		13.7	%
Total mortgage loans	$	2,535	100	%	$	2,143	100	%

Purchased financial assets with credit deterioration ("PCD") are purchased financial assets with a “more-than-insignificant” amount of credit deterioration since origination. PCD assets are assessed only at initial acquisition date and for any investments identified, the Company records an allowance at acquisition with a corresponding increase to the amortized cost basis. As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the Company held no PCD fixed maturities, AFS or mortgage loans.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE on the Company’s Consolidated Financial Statements. As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the Company did not hold any VIEs for which it was the primary beneficiary.

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2022 (Successor Company) and 2021 (Successor Company) is limited to the total carrying value of $1.3 billion and $1.1 billion, respectively, which are included in limited partnerships and other alternative investments on the Company's Consolidated Balance Sheets. As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the Company had outstanding commitments totaling $410 and $419, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS on the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. The maturity of these transactions is generally of ninety days or less. Repurchase agreements include master netting provisions that provide both parties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, the Company's current positions do not meet the specific conditions for net presentation.

Under repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred under specified conditions and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase

program is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's Consolidated Balance Sheets. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Consolidated Balance Sheets.

From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. The receivable for reverse repurchase agreements is included within short-term investments on the Company's Consolidated Balance Sheets.

The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, mortgage and real estate funds, and private equity and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The Company recognized total equity method income of $168 for the year ended December 31, 2022 (Successor Company), $259 for the period of December 31, 2021 (Successor Company), $216 for the six months ended June 30, 2021 (Predecessor Company) and $130 for the year ended December 31, 2020 (Predecessor Company). Equity method income is reported in net investment income. The Company’s maximum exposure to loss as of December 31, 2022 (Successor Company) is limited to the total carrying value of $1.3 billion. In addition, the Company has outstanding commitments totaling approximately $410, to fund limited partnership and other alternative investments as of December 31, 2022 (Successor Company).

The Company’s investments in limited partnerships are generally of a passive nature in that the Company does not take an active role in the management of the limited partnerships. In 2022, aggregate investment income (losses) from limited partnerships and other alternative investments exceeded 10% of the Company’s pre-tax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for the Company’s limited partnership investments, including those investments that would have been accounted for under the equity method if the Company had not chosen to elect the FVO. This aggregated summarized financial data does not represent the Company’s proportionate share of limited partnership assets or earnings. Aggregate total assets of the limited partnerships in which the Company invested totaled $172.7 billion and $171.1 billion as of December 31, 2022 (Successor Company) and 2021 (Successor Company), respectively. Aggregate total liabilities of the limited partnerships in which the Company invested totaled $28.6 billion and $30.8 billion as of December 31, 2022 (Successor Company) and 2021 (Successor Company), respectively. Aggregate net investment income (loss) of the limited partnerships in which the Company invested totaled $1.9 billion, $2.0 billion and $1.0 billion for the years ended December 31, 2022 (Successor Company), December 31, 2021 (Successor Company) and 2020 (Predecessor Company), respectively. Aggregate net income excluding net investment income of the limited partnerships in which the Company invested totaled $4.7 billion (Successor Company), $31.4 billion, and $5.9 billion for the years ended December 31, 2022 (Successor Company), 2021 (Successor Company) and 2020 (Predecessor