Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
Income Tax Expense (Benefit)	2023		2022
Current - U.S. Federal	$	(2)	$	(17)	$	(86)	$	—
Deferred - U.S. Federal	(37)		124		174		30
Total income tax (benefit) expense	$	(39)	$	107	$	88	$	30

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities on the consolidated balance sheet consist of the following:

	Successor Company
	December 31, 2023		December 31, 2022
Deferred Tax Assets
Tax basis deferred policy acquisition costs	$	142	$	129
VOBA and reserves	174		141
Net operating loss carryover	28		1
Employee benefits	4		4
Foreign tax credit carryover	22		16
Net unrealized loss on investments	523		703
Deferred reinsurance gain	239		264
Total deferred tax assets	1,132		1,258
Valuation Allowance	—		—
Net Deferred Tax Assets	1,132		1,258
Deferred Tax Liabilities
Investment related items	(295)		(366)
Other	(9)		(13)
Total deferred tax liabilities	(304)		(379)
Net deferred tax asset	$	828	$	879

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:

	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
	2023		2022
Tax provision at U.S. Federal statutory rate	$	1	$	152	$	107	$	45
Dividends received deduction ("DRD")	(34)		(38)		(16)		(14)
Foreign related investments	(6)		(7)		(2)		(1)
Other	—		—		(1)		—
Provision for income taxes	$	(39)	$	107	$	88	$	30