Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income

The following provides the details and changes in AOCI:

Successor
(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at March 31, 2022	$	(4,747)	$	(65)	$	211	$	(79)	$	6	$	(4,674)
Other comprehensive income (loss) before reclassifications	(7,568)		(94)		282		96		(58)		(7,342)
Less: Reclassification adjustments for gains (losses) realized1	(116)		7		2		15		—		(92)
Less: Income tax expense (benefit)	(1,341)		(18)		59		17		—		(1,283)
Less: Other comprehensive loss attributable to noncontrolling interests	(862)		(10)		—		13		5		(854)
Balance at June 30, 2022	$	(9,996)	$	(138)	$	432	$	(28)	$	(57)	$	(9,787)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

Predecessor
(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at March 31, 2021	$	2,808	$	(29)	$	(717)	$	(49)	$	8	$	2,021
Other comprehensive income (loss) before reclassifications1	2,205		(15)		(471)		119		1		1,839
Less: Reclassification adjustments for gains (losses) realized in net income1,2	39		(3)		(9)		27		—		54
Less: Income tax expense (benefit)	421		(2)		(97)		23		—		345
Less: Other comprehensive income (loss) attributable to noncontrolling interests	130		(3)		—		(3)		—		124
Balance at June 30, 2021	$	4,423	$	(36)	$	(1,082)	$	23	$	9	$	3,337
1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized.
2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

Successor
(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at January 1, 2022	$	—	$	—	$	—	$	—	$	—	$	—
Other comprehensive income (loss) before reclassifications	(14,213)		(191)		550		(33)		(54)		(13,941)
Less: Reclassification adjustments for gains (losses) realized in net income1	(154)		—		3		15		—		(136)
Less: Income tax expense (benefit)	(2,525)		(34)		115		(9)		—		(2,453)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1,538)		(19)		—		(11)		3		(1,565)
Balance at June 30, 2022	$	(9,996)	$	(138)	$	432	$	(28)	$	(57)	$	(9,787)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).

Predecessor
(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at December 31, 2020	$	5,352	$	(53)	$	(1,310)	$	(26)	$	8	$	3,971
Other comprehensive income (loss) before reclassifications1	(1,130)		17		270		88		1		(754)
Less: Reclassification adjustments for gains (losses) realized1,2	78		(3)		(19)		27		—		83
Less: Income tax expense (benefit)	(232)		4		61		16		—		(151)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(47)		(1)		—		(4)		—		(52)
Balance at June 30, 2021	$	4,423	$	(36)	$	(1,082)	$	23	$	9	$	3,337
1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized.
2 Recognized in investment related gains (losses) on the condensed consolidated statements of income (loss).