SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is the Statement of Financial Position by segment:

	June 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total Investments	$	4,402	$	5,317	$	9,719
Cash and cash equivalents	825		739		1,564
Accrued investment income	41		28		69
Net modified coinsurance receivable	—		215		215
Reinsurance recoverables	—		378		378
Income taxes	124		—		124
Deposit asset	—		2,158		2,158
Other assets	198		—		198
Separate account assets	22,742		2,346		25,088
TOTAL ASSETS	$	28,332	$	11,181	$	39,513
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	3,347	$	7,910	$	11,257
Other liabilities	463		925		1,388
Separate account liabilities	22,742		2,346		25,088
TOTAL LIABILITIES	26,552		11,181		37,733
EQUITY	1,780		—		1,780
TOTAL LIABILITIES AND EQUITY	$	28,332	$	11,181	$	39,513

    

The following represents revenues, benefits and expenses, and loss from operations before income taxes by segment:

	Three Months Ended June 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	3	$	—	$	3
Policy charges and fee income	130		—		130
Net investment income	35		62		97
Asset management and service fees	22		—		22
Other income	—		1		1
Investment losses, net	(108)		(1,190)		(1,298)
TOTAL REVENUES	82		(1,127)		(1,045)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	257		(1,127)		(870)
Commission expense	18		—		18
General, administrative and other expenses	38		—		38
TOTAL BENEFITS AND EXPENSES	313		(1,127)		(814)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(231)		—		(231)
Income tax benefit	(51)		—		(51)
NET LOSS	$	(180)	$	—	$	(180)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	245		—		245
Less: Income tax expense	51		—		51
Other comprehensive income, net of taxes	194		—		194
Comprehensive income	$	14	$	—	$	14

Reconciliation of Assets from Segment to Consolidated

The following is the Statement of Financial Position by segment:

	June 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total Investments	$	4,402	$	5,317	$	9,719
Cash and cash equivalents	825		739		1,564
Accrued investment income	41		28		69
Net modified coinsurance receivable	—		215		215
Reinsurance recoverables	—		378		378
Income taxes	124		—		124
Deposit asset	—		2,158		2,158
Other assets	198		—		198
Separate account assets	22,742		2,346		25,088
TOTAL ASSETS	$	28,332	$	11,181	$	39,513
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	3,347	$	7,910	$	11,257
Other liabilities	463		925		1,388
Separate account liabilities	22,742		2,346		25,088
TOTAL LIABILITIES	26,552		11,181		37,733
EQUITY	1,780		—		1,780
TOTAL LIABILITIES AND EQUITY	$	28,332	$	11,181	$	39,513