Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investment Income

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

[1]    Includes net investment income on short-term investments and excludes amounts related to fixed maturities where the FVO was elected.

[2]    Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities along with income on assets from the COLI block of business. Includes a portion of the change in funds withheld liability, due to the risk-free rate on the host contract on modified coinsurance.

Realized Gain (Loss) on Investments

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

realized capital gains (losses) related to equity securities still held as of December 31, 2020 were $4 for year ended December 31, 2020 (Predecessor Company).

[2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $(303) for the year ended December 31, 2022 (Successor Company), $22 for the period of July 1, 2021 to December 31, 2021 (Successor Company), $(76) for the six months ended June 30, 2021 (Predecessor Company) and $199 for the year ended December 31, 2020 (Predecessor Company).

Debt Securities, Available-for-sale

Sales of AFS Securities
	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
Fixed maturities, AFS
Sale proceeds	$	5,897	$	2,372	$	1,007	$	1,789
Gross gains	2		14		55		165
Gross losses	(531)		(16)		(8)		(31)

Debt Securities, Available-for-sale, Allowance for Credit Loss

ACL on Fixed Maturities, AFS by Type for the Year Ended December 31, 2022 (Successor Company)
(Before tax)	Corporate		Total
Balance, beginning of period	$	—	$	—
Credit losses on fixed maturities where an allowance was not previously recorded	1		1
Write-offs charged against the allowance	(1)		(1)
Balance, end of period	$	—	$	—

ACL on Fixed Maturities, AFS by Type for the Period of July 1, 2021 to December 31, 2021 (Successor Company)
(Before tax)	Corporate		Total
Balance, beginning of period	$	—	$	—
Credit losses on fixed maturities where an allowance was not previously recorded	—		—
Balance, end of period	$	—	$	—

ACL on Fixed Maturities, AFS by Type for the Six Months Ended June 30, 2021 (Predecessor Company)
(Before tax)	Corporate		Total
Balance, beginning of period	$	1	$	1
Credit losses on fixed maturities where an allowance was not previously recorded	—		—
Balance, end of period	$	1	$	1

Schedule of Available-for-sale Securities Reconciliation

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

Investments Classified by Contractual Maturity Date

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

Fair Value, Concentration of Risk

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 Gain (Loss) on Investments

Unrealized Losses on Fixed Maturities, AFS

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)

Financing Receivable, Allowance for Credit Loss

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

[1] Represents the establishment of an ACL due to the adoption of expected credit loss accounting guidance. Refer to Note 1 - Basis of Presentation and Significant Accounting Policies for additional information.

Financing Receivable Credit Quality Indicators

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

[1]    As of December 31, 2022 (Successor Company), the amortized cost of mortgage loans excludes ACL of $15.

[2] Ratios exclude certain single family residential mortgage loans.

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

[1] As of December 31, 2021 (Successor Company), the amortized cost of mortgage loans excludes ACL of $12.

Investment in Mortgage Loans on Real Estate

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	%

[1]    As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the amortized cost of mortgage loans excludes ACL of $15 and $12, respectively.

[2]    Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
	Successor Company
	December 31, 2022				December 31, 2021
	Amortized Cost [1]		Percent of Total		Amortized Cost [1]		Percent of Total
Commercial
Industrial	$	787	31.0	%	$	711	33.2	%
Multifamily	669		26.4	%	590		27.5	%
Office	383		15.1	%	423		19.7	%
Retail	443		17.5	%	403		18.8	%
Single Family	253		10.0	%	16		0.8	%
Total mortgage loans	$	2,535	100	%	$	2,143	100	%

[1]    As of December 31, 2022 (Successor Company) and 2021 (Successor Company), the amortized cost of mortgage loans excludes ACL of $15 and $12, respectively.

Offsetting Liabilities

Repurchase Agreements
	Successor Company
	December 31, 2022		December 31, 2021
	Fair Value		Fair Value
Repurchase agreements:
Gross amount of recognized liabilities for repurchase agreements	$	564	$	663
Gross amount of collateral pledged related to repurchase agreements [1]	$	577	$	679
Gross amount of recognized receivables for reverse repurchase agreements [2]	$	7	$	44

[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
	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(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, 2022 (Successor Company)
Other investments	$	529	$	446	$	195	$	(112)	$	68	$	15
Other liabilities	(300)		(195)		34		(139)		(103)		(2)
As of December 31, 2021 (Successor Company)
Other investments	$	176	$	162	$	43	$	(29)	$	5	$	9
Other liabilities	(385)		(134)		(252)		1		(251)		—

[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.