INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

A summary of the income tax (expense) benefit in the statements of income (loss) follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Income tax (expense) benefit:
Current (expense) benefit	$	(790)	$	—	$	—
Deferred (expense) benefit	556		22		24
Total	$	(234)	$	22	$	24

Schedule of Effective Income Tax Rate Reconciliation

The sources of the difference and their tax effects are as follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Expected income tax (expense) benefit	$	(299)	$	24	$	23
Non-taxable investment income	1		2		1
Valuation allowance	64		(4)		—
Income tax (expense) benefit	$	(234)	$	22	$	24

Schedule of Net Deferred Income Taxes

The components of the net deferred income taxes are as follows:

	December 31,
	2023				2022
	Assets		Liabilities		Assets		Liabilities
	(in millions)
Net operating loss and credits	$	4	$	—	$	17	$	—
Reserves and reinsurance	1,144		—		259		—
DAC	—		128		—		80
Unrealized investment gains (losses)	34		—		82		—
Investments	—		421		—		132
Other	108		—		16		—
Valuation allowance	(5)		—		(85)		—
Total	$	1,285	$	549	$	289	$	212

Schedule of Unrecognized Tax Benefits Reconciliation

A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Balance at January 1,	$	1	$	1	$	1
Additions for tax positions of prior years	—		—		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Balance at December 31,	$	1	$	1	$	1
Unrecognized tax benefits that, if recognized, would impact the effective rate	$	1	$	1	$	1