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BUSINESS COMBINATION
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATION BUSINESS COMBINATION
As referenced in Note 2, we have applied pushdown"accounting to FLIAC's financial statements, which resulted in the initial recognition of its assets and liabilities at fair value as of the acquisition date, April 1, 2022.

The total purchase consideration of the acquisition was $1,761 million, comprised of $1,748 million cash transferred for the purchase price and a $13 million cash reimbursement to the seller for transaction costs incurred. A bargain purchase gain was recognized in the amount of $5 million, representing the excess of the fair value of net assets over the consideration paid. The bargain purchase gain, was allocated to additional paid-in capital to reflect the transaction and the new basis of net assets recorded.

The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date and represents amounts recognized for each major class of asset and liabilities, after application of "pushdown" accounting:

Successor Company
April 1, 2022
(in millions)
ASSETS
Total investments$10,807 
Cash and cash equivalents1,578 
Reinsurance recoverables 344 
Net modified coinsurance receivable5 
Income taxes352 
Deposit asset2,615 
Other assets96 
Separate account assets29,426 
TOTAL ASSETS$45,223 
LIABILITIES
Insurance liabilities$13,661 
Other liabilities370 
Separate account liabilities29,426 
TOTAL LIABILITIES43,457 
Net assets acquired1,766 
Consideration1,761 
BARGAIN PURCHASE GAIN$5