Variable Interest Entities

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

5. Variable Interest Entities

As a result of our merger with AGM, we reassessed consolidation conclusions for VIEs. We determined that we are required to consolidate additional Apollo-managed investment funds. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs.

The following summarizes the income statement activity of the consolidated VIEs:

	Successor		Predecessor		Successor		Predecessor
(In millions)	Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021
Mortgage loans	$	23	$	14	$	43	$	28
Investment funds	(6)		7		(9)		28
Other investments	13		—		13		—
Net investment income	$	30	$	21	$	47	$	56
Net recognized investment losses on mortgage loans	$	(47)	$	—	$	(159)	$	—
Provision for credit losses	—		18		—		(48)
Investment funds	48		—		118		—
Other gains (losses)	21		—		21		—
Investment related gains (losses)	$	22	$	18	$	(20)	$	(48)