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		ASU 2018-12 Impact		As Adjusted		Impact of Revisions		As Revised
	(in millions)
Balance Sheets:
Amounts due from reinsurers	$	1,136	$	(6)	$	1,130	$	—	$	1,130
Current and deferred income taxes	15		14		29		2		31
Purchased market risk benefits	—		16		16		—		16
Other assets	57		—		57		(11)		46
Separate Accounts assets	3,394		—		3,394		—		3,394
Total Assets	$	8,235	$	59	$	8,294	$	(9)	$	8,285
Policyholders’ account balances	$	3,504	$	(1)	$	3,503	—		$	3,503
Liability for market risk benefits	—		16		16		—		16
Future policy benefits and other policyholders’ liabilities	470		96		566		—		566
Total Liabilities	7,527		111		7,638		—		7,638
Additional paid-in capital	679		—		679		1		680
Accumulated deficit	(60)		(64)		(124)		(10)		(134)
Accumulated other comprehensive income (loss)	86		12		98		—		98
Total Equity	708		(52)		656		(9)		647
Total Liabilities and Equity	$	8,235	$	59	$	8,294	$	(9)	$	8,285

	Year Ended December 31, 2021										Year Ended December 31, 2020
	As Previously Reported		ASU 2018-12 Impact		As Adjusted		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Income (Loss)
Net investment income (loss)	$	90	$	5	$	95	$	(7)	$	88	$	83	$	3	$	86
Total revenues	535		(71)		464		(3)		461		443		3		446
Benefits and other deductions
Compensation and benefits	35		—		35		1		36		35		—		35
Other operating costs and expenses	96		—		96		6		102		83		4		87
Total benefits and deductions	553		10		563		7		570		481		4		485
Income (loss) from continuing operations, before income taxes	(18)		(81)		(99)		(10)		(109)		(38)		(1)		(39)
Income tax (expense) benefit from continuing operations	5		17		22		2		24		29		—		29
Net income (loss)	$	(13)	$	(64)	$	(78)	$	(7)	$	(85)	$	(9)	$	(1)	$	(10)

	Year Ended December 31,
	2021										2020
	As Previously Reported		ASU 2018-12 Impact		As Adjusted		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Statements of Comprehensive Income (Loss)
Net income (loss)	$	(13)	$	(64)	$	(78)	$	(7)	$	(85)	$	(9)	$	(1)	$	(10)
Change in unrealized gains (losses), net of reclassification adjustment	(52)		(45)		(97)		2		(95)		90		(2)		88
Other comprehensive income	(52)		(45)		(97)		2		(95)		90		(2)		88
Comprehensive income (loss)	$	(65)	$	(110)	$	(175)	$	(5)	$	(180)	$	81	$	(3)	$	78

	Year Ended December 31,
	2021												2020
Statements of Equity:	As Previously Reported		ASU 2018-12 Impact			As Adjusted			Impact of Revision		As Revised		As Previously Reported		Impact of Revision		As Revised
	(in millions)
Other	$	(2)	$	—		$	(2)		$	1	$	(1)	$	4	$	—	$	4
Additional paid-in capital, end of year	679		—			679			1		680		692		—		692
			—
Accumulated Deficit, beginning of year	(47)		—			(47)			(3)		(50)		(38)		(2)		(40)
Net income (loss)	(13)		(64)			(78)			(7)		(85)		(9)		(1)		(10)
Accumulated Deficit, end of year	(60)		(64)		—	(124)		—	(10)		(134)		(47)		(3)		(50)
Accumulated other comprehensive income (loss), beginning of year	138		—			138			(2)		136		48		—		48
Other comprehensive income (loss)	(52)		(45)			(97)			2		(95)		90		(2)		88
Accumulated other comprehensive income (loss), end of year	86		12			98			—		98		138		(2)		136
Total equity, end of year	$	708	$	(52)		$	656		$	(9)	$	647	$	786	$	(5)	$	781

	Year Ended December 31,
	2021										2020
	As Reported		ASU 2018-12 Impact		As Adjusted		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)	$	(64)	$	(78)	$	(7)	$	(85)	$	(9)	$	(1)	$	(10)
Reinsurance recoverable	19		(9)		10		(139)		(129)		19		(127)		(108)
Future policy benefits	20		26		46		4		50		34		(17)		17
Current and deferred income taxes	25		(16)		9		(2)		7		(28)		—		(28)
Other, net	(13)		(1)		(15)		9		(5)		(10)		1		(9)
Net cash provided by (used in) operating activities	(250)		—		(250)		(135)		(385)		(205)		(144)		(349)
Cash flows from financing activities:
Policyholders’ account balances:
Deposits	776		—		776		(139)		637		712		(135)		577
Withdrawals	(364)		—		(364)		274		(90)		(357)		279		(78)
Net cash provided by (used in) financing activities	$	415	$	—	$	415	$	135	$	550	$	667	$	144	$	811