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DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Successor Company
 June 30, 2022
Primary Underlying Risk/Instrument TypeGross
Notional Values/Units		Fair Value
AssetsLiabilities
 (in millions)
Retained Business
Interest Rate
Interest Rate Swaps3,567 9 (344)
Currency/Interest Rate
Foreign Currency Swaps105 7 (1)
Equity
Equity Futures1,771 42 (6)
Total Return Swaps— 72 (29)
Equity Options3,798 224 — 
Total Derivatives, Retained Business9,241 354 (380)
Ceded Business
Interest Rate
Interest Rate Swaps3,090 28 (64)
Foreign Currency
Foreign Currency Forwards13 — — 
Currency/Interest Rate
Foreign Currency Swaps734 92 — 
Credit
Credit Default Swaps74 — (2)
Equity
Total Return Swaps4 — — 
Equity Options19,536 543 (1,211)
Total Derivatives, Ceded Business 23,451 663 (1,277)
Total Derivatives (1)$32,692 $1,017 $(1,657)

(1)     Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Statements of Financial Position.
Predecessor Company
December 31, 2021
Primary Underlying Risk/Instrument TypeGross
Notional		Fair Value
AssetsLiabilities
(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$637 $29 $(1)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Futures$55 $— $— 
Interest Rate Swaps10,520 339 (255)
Foreign Currency
Foreign Currency Forwards50 — (1)
Currency/Interest Rate
Foreign Currency Swaps208 10 (1)
Credit
Credit Default Swaps1,746 48 — 
Equity
Equity Futures855 1 (1)
Total Return Swaps4,803 88 (81)
Equity Options20,582 963 (1,028)
Total Derivatives Not Qualifying as Hedge Accounting Instruments (1)(2)$38,819 $1,449 $(1,367)

(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $4,060 million as of December 31, 2021 included in “Future policy benefits” and $2,040 million as of December 31, 2021 included in “Policyholders’ account balances". Other assets included $400 million as of December 31, 2021. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $1,881 million as of December 31, 2021, respectively.
(2)Recorded in “Other invested assets”, “Other liabilities”, and "Payables to parent and affiliates" on the Unaudited Interim Statements of Financial Position.
Offsetting Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Statements of Financial Position.
Successor Company
 June 30, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
 Statements of
Financial
Position
Net
Amounts
Presented in
the Statements
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,017 $(848)$169 $(169)$— 
Total Assets$1,017 $(848)$169 $(169)$— 
Offsetting of Financial Liabilities:
Derivatives$1,657 $(1,083)$574 $— $574 
Total Liabilities$1,657 $(1,083)$574 $— $574 

Predecessor Company
 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statements of
Financial
Position
Net
Amounts
Presented in
the Statements
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,478 $(1,475)$3 $— $3 
Securities purchased under agreements to resell$— $— $— $— $— 
Total Assets$1,478 $(1,475)$3 $— $3 
Offsetting of Financial Liabilities:
Derivatives$1,368 $(1,154)$215 $(215)$— 
Securities sold under agreements to repurchase$— $— $— $— $— 
Total Liabilities$1,368 $(1,154)$215 $(215)$— 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Statements of Financial Position.
Successor Company
 June 30, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
 Statements of
Financial
Position
Net
Amounts
Presented in
the Statements
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,017 $(848)$169 $(169)$— 
Total Assets$1,017 $(848)$169 $(169)$— 
Offsetting of Financial Liabilities:
Derivatives$1,657 $(1,083)$574 $— $574 
Total Liabilities$1,657 $(1,083)$574 $— $574 

Predecessor Company
 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statements of
Financial
Position
Net
Amounts
Presented in
the Statements
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,478 $(1,475)$3 $— $3 
Securities purchased under agreements to resell$— $— $— $— $— 
Total Assets$1,478 $(1,475)$3 $— $3 
Offsetting of Financial Liabilities:
Derivatives$1,368 $(1,154)$215 $(215)$— 
Securities sold under agreements to repurchase$— $— $— $— $— 
Total Liabilities$1,368 $(1,154)$215 $(215)$— 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Derivative Instruments, Gain (Loss)
The following tables provide the financial statement classification and impact of derivatives, by operating segment.
Successor Company
Three Months Ended June 30, 2022
 Investment gains (losses), net
 (in millions)
Retained Business
Interest Rate$(445)
Currency/Interest Rate— 
Equity703 
Total, Retained Business258 
Ceded Business
Interest Rate(20)
Currency2 
Currency/Interest Rate130 
Credit(6)
Equity(948)
Total, Ceded Business(842)
Total$(584)
Predecessor Company
Three Months Ended March 31, 2022
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other Income (Loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1 $1 $2 $4 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(527)— — — 
Currency— — — — 
Currency/Interest Rate(6)— — — 
Credit(12)— — — 
Equity59 — — — 
Embedded Derivatives986 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments:500 — — — 
Total$501 $1 $2 $4 
Predecessor Company
Three Months Ended June 30, 2021
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other Income (Loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$3 $4 $(1)$22 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate1,955 — — — 
Currency— — — — 
Currency/Interest Rate7 — — — 
Credit7 — — — 
Equity(850)— — — 
Embedded Derivatives(1,934)— — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments:(815)— — — 
Total$(812)$4 $(1)$22 
Predecessor Company
Six Months Ended June 30, 2021
 Realized
Investment
Gains (Losses)		Net
Investment
Income		Other Income (Loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$4 $9 $6 $25 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,790)— — — 
Currency— — — — 
Currency/Interest Rate10 — — — 
Credit9 — — — 
Equity(1,780)— — — 
Embedded Derivatives4,779 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments:1,228 — — — 
Total$1,232 $9 $5 $25 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
Predecessor Company
(in millions)
Balance, December 31, 2021$25 
Amount recorded in AOCI
Currency/Interest Rate9 
Total amount recorded in AOCI (1)9 
Amount reclassified from AOCI to income
Currency/Interest Rate(5)
Total amount reclassified from AOCI to income (2)(5)
Balance, March 31, 2022$29