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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The following table presents the balances of AFS debt securities, by major security type:
Amortized Cost
Allowance for Credit Losses
Gross Unrealized GainsGross Unrealized LossesFair Value
As of December 31, 2023 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities
$376 $— $3 $(16)$363 
Collateralized loan obligations
970 (2)3 (5)966 
Commercial mortgage-backed securities
1,639 (7)— (186)1,446 
Corporate bonds
11,245 (7)22 (1,715)9,545 
Foreign government and agencies
442 — 10 (48)404 
Municipal bonds
961 — — (158)803 
Residential mortgage-backed securities
508 — — (63)445 
U.S. Treasury bonds
1,194 — — (312)882 
Total fixed maturities, available-for-sale
$17,335 $(16)$38 $(2,503)$14,854 
Short-term investments, available-for-sale
$28 — — — $28 
As of December 31, 2022 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities
$276 $— $— $(22)$254 
Collateralized loan obligations
703 — — (27)676 
Commercial mortgage-backed securities
1,724 — 1 (211)1,514 
Corporate bonds
12,565 — 2 (2,326)10,241 
Foreign government and agencies
377 — — (62)315 
Municipal bonds
1,309 — — (269)1,040 
Residential mortgage-backed securities
503 — — (86)417 
U.S. Treasury bonds
1,232 — — (306)926 
Total fixed maturities, available-for-sale
$18,689 $— $3 $(3,309)$15,383 
Investment Income
Net investment income by asset class consists of the following:
Successor CompanyPredecessor Company
For the Years Ended December 31,For the Period of July 1, 2021 to December 31, 2021For the Six Months Ended June 30, 2021
20232022
Fixed maturities [1]
$695 $620 $174 $243 
Equity securities
11 10 10 2 
Mortgage loans
80 74 32 45 
Policy loans
90 82 36 40 
Investment funds
116 168 259 216 
Other investments [2]
(381)(146)1 1 
Investment expense
(21)(30)(14)(13)
Total net investment income$590 $778 $498 $534 
[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 the accretion using a risk-free rate on the book value of investment portfolios of modified coinsurance arrangements
Realized Gain (Loss) on Investments
Investment and derivative related losses, net by asset class consists of the following:
Successor CompanyPredecessor Company
For the Years Ended December 31,For the Period of July 1, 2021 to December 31, 2021For the Six Months Ended June 30, 2021
20232022
Available-for-sale debt securities
Gross gains on sales1 2 14 55 
Gross losses on sales(194)(532)(20)(8)
Net realized gain/loss on other disposals(12)— — — 
Net realized investment related gains (losses) on available-for-sale debt securities
$(205)$(530)$(6)$47 
Provision for credit losses on fixed maturities, available-for-sale
(16)(1)— — 
Net recognized investment related losses on fair value option fixed maturities(11)(21)— — 
Net realized investment related gains (losses) on equity securities
12 5 19 — 
Net unrealized investment related gains (losses) on equity securities still held at the end of the period
(8)(24)(3)— 
Provision for credit losses on mortgage loans
(11)(3)— 6 
Net recognized investment related gains on fair value option investment funds41 16 — — 
Embedded derivatives [1]
198 1,014 15 80 
Freestanding derivatives [1]
(926)(297)(73)(379)
Fixed indexed annuities hedge program
22 (247)— — 
Other, net(25)12 (2)4 
Investment and derivative related losses, net
$(929)$(76)$(50)$(242)
[1]     Refer to the Non-Qualifying Derivatives section of Note 4 - Derivatives for additional information.
Accrued Interest Receivable
Accrued interest receivable recorded in other assets on the balance sheets consists of the following, by asset class:
Successor Company
As of December 31,
20232022
Available-for-sale debt securities
$161 $182 
Mortgage loans
6 8 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following presents a rollforward of the ACL for AFS debt securities, by major security type:
Collateralized Loan Obligations
Commercial Mortgage-Backed Securities
Corporate Bonds
Total
Balance as of January 1, 2022 (Successor Company)
$— $— $— $— 
Initial credit losses
— — 1 1 
Write-offs
— — (1)(1)
Balance as of December 31, 2022 (Successor Company) [1]
— — — — 
Initial credit losses
2 7 8 17 
Reduction for sales
— — (1)(1)
Balance at December 31, 2023 (Successor Company)[1]
$2 $7 $7 $16 
[1]As of December 31, 2023 and 2022 (Successor Company), the Company held no PCD AFS debt securities.
Investments Classified by Contractual Maturity Date
The following table presents the balances of AFS debt securities, by contractual maturity:
Successor Company
As of December 31, 2023As of December 31, 2022
Amortized Cost
Fair
Value
Amortized Cost
Fair
Value
One year or less
$392 $378 $445 $437 
Over one year through five years2,305 2,178 2,392 2,214 
Over five years through ten years3,351 2,960 4,438 3,732 
Over ten years7,822 6,144 8,209 6,140 
Structured securities
3,493 3,222 3,205 2,860 
Total
$17,363 $14,882 $18,689 $15,383 
Fair Value, Concentration of Risk 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 following table discloses the Company’s investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's shareholder’s equity, other than the U.S. government and certain U.S. government agencies:
Market Value
Pacific Investment Management Inc.$370 
Morgan Stanley263 
Wells Fargo & Company256 
J.P. Morgan Chase & Co.229 
Citigroup180 
Madison Capital Funding179 
Deutsche Telekom157 
Strategic Partners Fund VIII L.P.145 
Bank Of America Corp.134 
UBS128 
Comm Mortgage Trust 115 
HSBC Holdings Plc113 
Goldman Sachs Group Inc.105 
Unrealized Gain (Loss) on Investments
The following tables present the Company’s unrealized loss aging for AFS debt securities, by major security type and length of time that the securities were in a continuous unrealized loss position:
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
As of December 31, 2023 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities
$75 $(2)$181 $(14)$256 $(16)
Collateralized loan obligations
238 (1)296 (4)534 (5)
Commercial mortgage-backed securities
43 (4)1,373 (182)1,416 (186)
Corporate bonds
376 (32)8,299 (1,683)8,675 (1,715)
Foreign government and agencies
1 — 290 (48)291 (48)
Municipal bonds
8 (1)794 (157)802 (158)
Residential mortgage-backed securities
— — 408 (63)408 (63)
U.S. Treasury bonds
6 (4)870 (308)876 (312)
Total fixed maturities, available-for-sale
$747 $(44)$12,511 $(2,459)$13,258 $(2,503)
As of December 31, 2022 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities
$96 $(5)$162 $(17)$258 $(22)
Collateralized loan obligations
644 (27)11 — 655 (27)
Commercial mortgage-backed securities
819 (102)682 (109)1,501 (211)
Corporate bonds
6,659 (1,544)3,412 (782)10,071 (2,326)
Foreign government and agencies
185 (41)128 (21)313 (62)
Municipal bonds
859 (219)180 (50)1,039 (269)
Residential mortgage-backed securities
123 (20)293 (66)416 (86)
U.S. Treasury bonds
864 (293)63 (13)927 (306)
Total fixed maturities, available-for-sale
$10,249 $(2,251)$4,931 $(1,058)$15,180 $(3,309)
Financing Receivable, Allowance for Credit Loss
The following table presents a rollforward of the ACL for mortgage loans:

Successor CompanyPredecessor Company
For the Years Ended December 31,For the Period of July 1, 2021 to December 31, 2021For the Six Months Ended June 30, 2021
20232022
Beginning balance$15 $12 $— $17 
Cumulative effect of pushdown accounting— — 12 — 
Adjusted beginning balance ACL15 12 12 17 
Current-period provision11 3 — (6)
Ending balance$26 $15 $12 $11 
Financing Receivable Credit Quality Indicators
The following represents the LTV ratio and DSCR for mortgage loans, by origination year:
As of December 31, 2023 (Successor Company)
20232022202120202019
Prior
Total
Amortized cost for loan-to-values:
Greater than 80%
$— $56 $16 $— $— $48 $120 
65% to 80%
— 81 137 23 27 175 443 
Less than 65%
19 235 198 49 165 816 1,482 
Total
19 372 351 72 192 1,039 2,045 
Amortized cost for debt-service coverage ratios:
Greater than 1.50x
— 239 301 72 171 952 1,735 
1.15x to 1.50x
3 50 29 — 13 87 182 
0.95x to 1.15x
16 19 16 — 8 — 59 
Less than 0.95x
— 64 5 — — — 69 
Total
19 372 351 72 192 1,039 2,045 
Average loan-to-value for debt-service coverage ratios:
Greater than 1.50x
— %54.3 %58.6 %55.9 %54.2 %49.4 %52.4 %
1.15x to 1.50x
51.6 %38.6 %62.2 %— %69.5 %61.5 %55.7 %
0.95x to 1.15x
39.8 %77.5 %84.3 %— %76.9 %— %68.8 %
Less than 0.95x
— %77.1 %50.3 %— %— %— %75.2 %
Weighted average
42.7 %57.4 %59.7 %56.2 %56.3 %50.4 %54.0 %

As of December 31, 2022 (Successor Company)
20222021202020192018
Prior
Total
Amortized cost for loan-to-values:
Greater than 80%
$54 $— $— $— $— $41 $95 
65% to 80%
10 21 14 27 116 60 248 
Less than 65%
461 379 166 220 181 785 2,192 
Total
525 400 180 247 297 886 2,535 
Amortized cost for debt-service coverage ratios:
Greater than 1.50x
229 372 175 225 181 762 1,944 
1.15x to 1.50x
27 28 — 14 74 122 265 
0.95x to 1.15x
16 — — 8 42 — 66 
Less than 0.95x
— — 5 — — 2 7 
Not applicable [1]
253 — — — — — 253 
Total
525 400 180 247 297 886 2,535 
Weighted average loan-to-value for debt-service coverage ratios:
Greater than 1.50x
51.1 %53.9 %34.4 %45.1 %51.7 %51.3 %49.6 %
1.15x to 1.50x
29.2 %55.6 %— %65.0 %65.4 %52.0 %54.4 %
0.95x to 1.15x
50.1 %— %— %72.8 %71.7 %— %66.7 %
Less than 0.95x
— %— %50.0 %— %— %47.3 %50.8 %
Not applicable [1]
60.9 %— %— %— %— %— %60.9 %
Weighted average
54.6 %54.0 %34.8 %47.1 %57.9 %51.4 %51.7 %
[1]Represents certain construction and other mortgage loans in which rent is not collected.
Investment in Mortgage Loans on Real Estate
The following table presents the Company’s mortgage loans, by geographic location:
Successor Company
December 31, 2023December 31, 2022
Amortized
Cost
Percent of Total
Amortized
Cost
Percent of Total
East North Central$87 4.3 %$74 2.9 %
East South Central34 1.7 %32 1.3 %
Middle Atlantic175 8.6 %194 7.7 %
Mountain176 8.6 %185 7.3 %
New England70 3.4 %82 3.2 %
Pacific462 22.6 %535 21.1 %
South Atlantic621 30.3 %694 27.4 %
West North Central40 1.9 %— — %
West South Central213 10.4 %180 7.1 %
Other [1]
167 8.2 %559 22.0 %
Total mortgage loans$2,045 100 %$2,535 100 %
[1]    Primarily represents loans collateralized by multiple properties in various regions.
The following table presents the Company’s mortgage loans, by property type:
Successor Company
December 31, 2023December 31, 2022
Amortized
Cost
Percent of Total
Amortized
Cost
Percent of Total
Commercial
Industrial$711 34.8 %$787 31.0 %
Multifamily617 30.2 %669 26.4 %
Office340 16.6 %383 15.1 %
Retail377 18.4 %443 17.5 %
Single Family— — %253 10.0 %
Total mortgage loans$2,045 100 %$2,535 100 %
Offsetting Liabilities As noted above, the Company’s current positions do not permit net presentation, however, the following presents the potential effect of rights of setoff associated with repurchase agreements:
Successor Company
As of December 31,
20232022
Gross amounts recognized
$(421)$(564)
Gross amounts not offset:
Financial instruments [1]
439 577 
Net amount
$18 $13 
[1]Included within fixed maturities and short-term investments on the Company's balance sheets.
The following presents the effect or potential effect of rights of set-off associated with recognized derivative assets and liabilities:
As of December 31, 2023
As of December 31, 2022
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Gross amounts recognized [1]
$202 $(386)$529 $(300)
Gross amounts offset [2]
(167)329 (446)195 
Net amount presented [3]
35 (57)83 (105)
Gross amounts not offset:
Cash collateral [2]
(30)30 — — 
Net amount
5 (27)83 (105)
Off-balance sheet securities collateral [4]
(1)58 (68)103 
Net amount
$4 $31 $15 $(2)
[1]Represents the fair value of freestanding derivatives inclusive of accrued income.
[2]Excludes collateral associated with exchange-traded derivative instruments included in other assets.
[3]Derivative assets and liabilities, including cash collateral and accrued interest, are presented on the Company's balance sheets in other investments and other liabilities, respectively.
[4]Non-cash collateral received excludes initial margin and is not recognized on our balance sheets unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset.
Refer to Note 3 - Investments for the effect of rights of set-off associated with repurchase agreements.
Equity Method Investments
For the year ended December 31, 2023 (Successor Company), aggregate net investment income from investment funds exceeded 10% of the Company’s pre-tax net income. Accordingly, the Company is disclosing summarized financial data in the subsequent table which reflects the latest available financial information. This aggregated summarized financial data does not represent the Company’s proportionate share of the investment's assets or earnings.
Successor Company
As of December 31,
(in billions)
2023
2022
Total assets
$176.4 $172.7 
Total liabilities
29.4 28.6 
Net income12.7 6.6