REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Financial Information Affected by Revisions and Change in Accounting Principle

	December 31, 2021			December 31, 2020
	As Previously Reported	Impact of Revisions	As Revised	As Previously Reported	Impact of Revisions	As Revised
	(in millions)			(in millions)
Balance Sheets:
Fixed maturities available for sale, at fair value	2,572	—	2,572	2,445	(25)	2,420
Other equity investments	23	—	23	—	25	25
Amounts due from reinsurers	1,136	(13)	1,123	1,186	(17)	1,169
Current and deferred income taxes	15	2	17	27	1	28
Other assets	57	(11)	46	81	(6)	75
Total Assets	8,235	(22)	8,213	7,306	(22)	7,284
Future policy benefits and other policyholders’ liabilities	470	(13)	457	415	(17)	398
Total Liabilities	7,527	(13)	7,514	6,520	(17)	6,503
Additional paid-in capital	679	1	680	692	—	692
Accumulated deficit	(60)	(10)	(70)	(47)	(3)	(50)
Accumulated other comprehensive income (loss)	86	—	86	138	(2)	136
Total Equity	708	(9)	699	786	(5)	781
Total Liabilities and Equity	8,235	(22)	8,213	7,306	(22)	7,284

	March 31, 2022			June 30, 2022
	As Previously Reported	Impact of Revisions	As Revised	As Previously Reported	Impact of Revisions	As Revised
	(in millions)			(in millions)
Balance Sheets:
Amounts due from reinsurers	1,117	3	1,120	1,101	3	1,104
Current and deferred income taxes	58	2	60	94	1	95
Other assets	67	(12)	55	55	(13)	42
Total Assets	8,145	(7)	8,138	7,706	(9)	7,697
Future policy benefits and other policyholders’ liabilities	527	3	530	592	3	595
Total Liabilities	7,605	3	7,608	7,315	3	7,318
Common Stock	3	—	3	3	—	3
Additional paid-in capital	680	1	681	681	1	682
Treasury shares, at cost	—	—	—	—	—	—
Accumulated deficit	(79)	(11)	(90)	(92)	(13)	(105)
Total Equity	540	(10)	530	391	(12)	379
Total Liabilities and Equity	8,145	(7)	8,138	7,706	(9)	7,697

	Year Ended December 31, 2020						Year Ended December 31, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Income (Loss)
Net investment income (loss)	83		3		86		71		—		71
Total revenues	443		3		446		396		—		396
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	184		—		184		107		(1)		106
Amortization of deferred policy acquisition costs	31		—		31		92		(1)		91
Other operating costs and expenses	83		4		87		99		2		101
Total benefits and deductions	481		4		485		454		—		454
Income (loss) from continuing operations, before income taxes	(38)		(1)		(39)		(58)		—		(58)
Income tax (expense) benefit from continuing operations	29		—		29		13		—		13
Net income (loss) from continuing operations	(9)		(1)		(10)		(45)		—		(45)
Net income (loss)	$	(9)	$	(1)	$	(10)	$	(45)	$	—	$	(45)

	Year Ended December 31, 2021
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Income (Loss)
Net investment income (loss)	90		(2)		88
Total revenues	535		(2)		533
BENEFITS AND OTHER DEDUCTIONS
Compensation and benefits	35		1		36
Other operating costs and expenses	96		6		102
Total benefits and deductions	553		7		560
Income (loss) from continuing operations, before income taxes	(18)		(9)		(27)
Income tax (expense) benefit from continuing operations	5		2		7
Net income (loss) from continuing operations	(13)		(7)		(20)
Net income (loss)	$	(13)	$	(7)	$	(20)

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Income (Loss)
Net investment income (loss)	20		—		20		24		(2)		22
Total revenues	139		—		139		130		(2)		128
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses	21		1		22		20		1		21
Total benefits and deductions	161		1		162		129		1		130
Income (loss) from continuing operations, before income taxes	(22)		(1)		(23)		1		(3)		(2)
Income tax (expense) benefit from continuing operations	3		—		3		—		—		—
Net income (loss) from continuing operations	(19)		(1)		(20)		1		(3)		(2)
Net income (loss)	$	(19)	$	(1)	$	(20)	$	1	$	(3)	$	(2)

	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Income (Loss)
Net investment income (loss)	20		—		$	20	44		(2)		$	42
Total revenues	139		—		139		269		(2)		267
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses	22		1		23		42		2		44
Total benefits and deductions	157		1		158		286		2		288
Income (loss) from continuing operations, before income taxes	(18)		(1)		(19)		(17)		(4)		(21)
Income tax (expense) benefit from continuing operations	4		—		4		4		—		4
Net income (loss) from continuing operations	(14)		(1)		(15)		(13)		(4)		(17)
Net income (loss)	$	(14)	$	(1)	$	(15)	$	(13)	$	(4)	$	(17)

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
BENEFITS AND OTHER DEDUCTIONS
Other operating costs and expenses	22		1		23		43		2		45
Total benefits and deductions	177		1		178		338		2		340
Income (loss) from continuing operations, before income taxes	(12)		(1)		(13)		(34)		(2)		(36)
Income tax (expense) benefit from continuing operations	(1)		(1)		(2)		2		(1)		1
Net income (loss) from continuing operations	(13)		(2)		(15)		(32)		(3)		(35)
Net income (loss)	$	(13)	$	(2)	$	(15)	$	(32)	$	(3)	$	(35)

	Year Ended December 31,
	2021						2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Comprehensive Income (Loss)
Net income (loss)	$	(13)	$	(7)	$	(20)	$	(9)	$	(1)	$	(10)
Change in unrealized gains (losses), net of reclassification adjustment	(52)		2		(50)		90		(2)		88
Other comprehensive income	(52)		2		(50)		90		(2)		88
Comprehensive income (loss)	$	(65)	$	(5)	$	(70)	$	81	$	(3)	$	78

	Three Months Ended March 31,
	2022						2021
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Comprehensive Income (Loss)
Net income (loss)	$	(19)	$	(1)	$	(20)	$	1	$	(3)	$	(2)
Change in unrealized gains (losses), net of reclassification adjustment	(150)		—		(150)		(73)		2		(71)
Other comprehensive income	(150)		—		(150)		(73)		2		(71)
Comprehensive income (loss)	$	(169)	$	(1)	$	(170)	$	(72)	$	(1)	$	(73)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022						2022
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Comprehensive Income (Loss)
Net income (loss)	$	(13)	$	(2)	$	(15)	$	(32)	$	(3)	$	(35)
Comprehensive income (loss)	$	(150)	$	(2)	$	(152)	$	(319)	$	(3)	$	(322)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021						2021
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Comprehensive Income (Loss)
Net income (loss)	$	(14)	$	(1)	$	(15)	$	(13)	$	(4)	$	(17)
Change in unrealized gains (losses), net of reclassification adjustment	37		—		37		(36)		2		(34)
Other comprehensive income	37		—		37		(36)		2		(34)
Comprehensive income (loss)	$	23	$	(1)	$	22	$	(49)	$	(2)	$	(51)

	Twelve Months Ended December 31,
	2019
Statements of Equity:	As Previously Reported		Impact of Revision		As Revised
	(in millions)
Accumulated Deficit, beginning of year	7		(2)		5
Accumulated Deficit, end of year	(38)		(2)		(40)
Total equity, end of year	$	416	$	(2)	$	414

	Year Ended December 31,								Year Ended December 31,
	2021								2020
Statements of Equity:	As Previously Reported		Impact of Revision			As Revised			As Previously Reported			Impact of Revision			As Revised
	(in millions)
Other	(2)		1			(1)			4			—			4
Additional paid-in capital, end of year	679		1			680		—	692		—	—		—	692
Accumulated Deficit, beginning of year	(47)		(3)			(50)			(38)			(2)			(40)
Net income (loss)	(13)		(7)			(20)			(9)			(1)			(10)
Accumulated Deficit, end of year	(60)		(10)		—	(70)		—	(47)		—	(3)			(50)
Accumulated other comprehensive income (loss), beginning of year	138		(2)			136			48			—			48
Other comprehensive income (loss)	(52)		2			(50)			90			(2)			88
Accumulated other comprehensive income (loss), end of year	86		—			86			138			(2)			136
Total equity, end of year	$	708	$	(9)		$	699		$	786		$	(5)		$	781

	Three Months Ended March 31,								Three Months Ended March 31,
	2022								2021
Statements of Equity:	As Previously Reported		Impact of Revision			As Revised			As Previously Reported			Impact of Revision			As Revised
	(in millions)
Additional paid-in capital, beginning of year	679		1			680			692			—			692
Additional paid-in capital, end of period	680		1			681		—	693		—	—		—	693
Accumulated Deficit, beginning of year	(60)		(10)			(70)			(47)			(3)			(50)
Net income (loss)	(19)		(1)			(20)			1			(3)			(2)
Accumulated Deficit, end of period	(79)		(11)		—	(90)		—	(46)		—	(6)			(52)
Accumulated other comprehensive income (loss), beginning of year	86		—			86			138			(2)			136
Other comprehensive income (loss)	(150)		—			(150)			(73)			2			(71)
Accumulated other comprehensive income (loss), end of period	(64)		—			(64)			65			—			65
			—
Total equity, end of period	$	540	$	(10)		$	530		$	715		$	(6)		$	709

	Three Months Ended June 30,						Three Months Ended June 30,
	2022						2021
Statements of Equity:	As Previously Reported		Impact of Revision		As Revised		As Previously Reported		Impact of Revision			As Revised
	(in millions)
Additional paid-in capital, beginning of year	680		1		681		693		—			693
Additional paid-in capital, end of period	681		1		682		628		—			628
Accumulated Deficit, beginning of year	(79)		(11)		(90)		(46)		(6)			(52)
Net income (loss)	(13)		(2)		(15)		(14)		(1)			(15)
Accumulated Deficit, end of period	(92)		(13)		(105)		(60)		(6)		-66228709	(66)
Total equity, end of period	$	391	$	(12)	$	379	$	673	$	(6)	-60	$	667

	Six Months Ended June 30,							Six Months Ended June 30,
	2022							2021
Statements of Equity:	As Previously Reported		Impact of Revision			As Revised		As Previously Reported		Impact of Revision		As Revised
	(in millions)
Additional paid-in capital, beginning of year	679		1			680		692		—		692
Additional paid-in capital, end of year	681		1			682		628		—		628
Accumulated Deficit, beginning of year	(60)		(10)			(70)		(47)		(3)		(50)
Net income (loss)	(32)		(3)			(35)		(13)		(4)		(17)
Accumulated Deficit, end of year	(92)		(13)		(92)	(105)		(60)		(6)		(66)
Accumulated other comprehensive income (loss), beginning of year	86		—			86		138		(2)		136
Other comprehensive income (loss)	(287)		—			(287)		(36)		2		(34)
Total equity, end of year	$	391	$	(12)		$	379	$	673	$	(6)	$	667

	Year End Dec 31, 2019
	As Reported		Impact of Revision		As Revised
	(in millions)
Statement of Cash Flows:
Cash flow from operating activities:
Amortization and depreciation	99		(1)		98
Future policy benefits	(20)		(1)		(21)
Other, net	$	5	$	2	7
Net cash provided by (used in) operating activities	$	(341)	$	—	$	(341)

	Year End Dec 31, 2021						Year End Dec. 31, 2020
	As Reported		Impact of Revision		As Revised		As Reported		Impact of Revision		As Revised
	(in millions)
Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss)	(13)		(7)		(20)		(9)		(1)		(10)
Future policy benefits	20		4		24		34		(17)		17
Reinsurance recoverable	19		(139)		(120)		19		(127)		(108)
Current and deferred income taxes	25		(1)		24		(28)		—		(28)
Other, net	$	(13)	$	9	(4)		$	(10)	$	1	(9)
Net cash provided by (used in) operating activities	$	(250)	$	(135)	$	(385)	$	(204)	$	(144)	$	(348)
Cash flows from financing activities:
Deposits	776		(140)		636		712		(134)		578
Withdrawals	(364)		275		(89)		(357)		279		(78)
Net cash provided by (used in) financing activities	$	415	$	135	$	550	$	667	$	144	$	811

	Three Months March 31, 2022						Three Months March 31, 2021
	As Reported		Impact of Revision		As Revised		As Reported		Impact of Revision		As Revised
	(in millions)
Statement of Cash Flows:
Cash flow from operating activities:
Net income (loss)	(19)		(1)		$	(20)	1		(3)		$	(2)
Current and deferred income taxes	(3)		—		$	(3)	30		—		30
Other, net	73		1		$	74	8		3		11
Net cash provided by (used in) operating activities	$	9	$	—	$	9	$	(11)	$	—	$	(11)

	Six Months June 30, 2022						Six Months June 30, 2021
	As Reported		Impact of Revision		As Revised		As Reported		Impact of Revision		As Revised
	(in millions)
Statement of Cash Flows:
Cash flow from operating activities:
Net income (loss)	(32)		(3)		(35)		(13)		(4)		(17)
Future policy benefits	4		13		17		12		17		29
Reinsurance recoverable	1		(13)		(12)		(58)		(17)		(75)
Current and deferred income taxes	(2)		1		(1)		26		—		26
Other, net	$	104	$	2	106		$	(2)	$	4	2
Net cash provided by (used in) operating activities	$	(39)	$	—	$	(39)	$	(144)	$	—	$	(144)