REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Financial Information Affected by Revisions and Change in Accounting Principle

	December 31, 2021
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Balance Sheets:
Amounts due from reinsurers	$	1,136	$	(13)	$	1,123
Current and deferred income taxes	15		2		17
Other assets	57		(11)		46
Total Assets	$	8,235	$	(22)	$	8,213
Future policy benefits and other policyholders’ liabilities	$	470	$	(13)	$	457
Total Liabilities	7,527		(13)		7,514
Additional paid-in capital	679		1		680
Accumulated deficit	(60)		(10)		(70)
Accumulated other comprehensive income (loss)	86		—		86
Total Equity	708		(9)		699
Total Liabilities and Equity	$	8,235	$	(22)	$	8,213

	Year Ended December 31, 2021						Year Ended December 31, 2020
	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)	$	90	$	(2)	$	88	$	83	$	3	$	86
Total revenues	535		(2)		533		443		3		446
BENEFITS AND OTHER DEDUCTIONS
Compensation and benefits	35		1		36		35		—		35
Other operating costs and expenses	96		6		102		83		4		87
Total benefits and deductions	553		7		560		481		4		485
Income (loss) from continuing operations, before income taxes	(18)		(9)		(27)		(38)		(1)		(39)
Income tax (expense) benefit from continuing operations	5		2		7		29		—		29
Net income (loss) from continuing operations	(13)		(7)		(20)		(9)		(1)		(10)
Net income (loss)	$	(13)	$	(7)	$	(20)	$	(9)	$	(1)	$	(10)

	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

	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

	Year Ended December 31,
	2021						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)		(205)		(144)		(349)
Cash flows from financing activities:
Deposits	776		(139)		637		712		(135)		577
Withdrawals	(364)		274		(90)		(357)		279		(78)
Net cash provided by (used in) financing activities	$	415	$	135	$	550	$	667	$	144	$	811