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RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
Affiliated Asset Transfer The table below shows affiliated asset trades for the three months ended March 31, 2022 and for the year ended December 31, 2021.
AffiliateDateTransaction Security Type  Fair Value  Book Value  Realized
Investment
Gain (Loss)
(in millions)
Prudential InsuranceApril 2021PurchaseFixed Maturities$201 $201 $— 
Prudential InsuranceApril 2021PurchaseCommercial Mortgage Loan$177 $177 $— 
Vantage Casualty Insurance Co.June 2021PurchaseFixed Maturities$15 $15 $— 
Prudential InsuranceJune 2021SaleEquities$3 $3 $— 
Pruco LifeJune 2021SaleEquities$40 $38 $2 
Passaic Fund LLCJune 2021Transfer OutOther Invested Assets$12 $12 $— 
Passaic Fund LLCJuly 2021Transfer OutOther Invested Assets$196 $196 $— 
Prudential InsuranceSeptember 2021PurchaseFixed Maturities$2 $2 $— 
Prudential InsuranceSeptember 2021SaleFixed Maturities$12 $11 $1 
Prudential Retirement Insurance and Annuity CompanySeptember 2021SaleFixed Maturities$26 $24 $2 
Prudential Retirement Insurance and Annuity CompanySeptember 2021PurchaseFixed Maturities$35 $35 $— 
Prudential InsuranceSeptember 2021PurchaseDerivatives$— $— $— 
Prudential Retirement Insurance and Annuity CompanySeptember 2021PurchaseDerivatives$(1)$(1)$— 
Prudential FinancialOctober 2021SaleEquities$10 $10 $— 
Pruco LifeNovember 2021SaleDerivatives$1 $— $1 
AffiliateDateTransaction Security Type  Fair Value  Book Value  Realized
Investment
Gain (Loss)
(in millions)
Prudential Arizona ReinsuranceNovember 2021PurchaseFixed Maturities$55 $55 $— 
Pruco LifeDecember 2021Transfer OutFixed Maturities$2,038 $1,934 $104 
Pruco LifeDecember 2021SaleFixed Maturities$57 $57 $— 
Prudential FinancialDecember 2021DividendFixed Maturities$167 $167 $— 
Prudential FinancialDecember 2021SaleFixed Maturities$144 $138 $6 
Prudential FinancialDecember 2021PurchaseCommercial Mortgage Loan$185 $185 $— 
Pruco LifeDecember 2021Transfer OutCommercial Mortgage Loan$538 $517 $21 
Pruco LifeDecember 2021SaleDerivatives$8 $2 $6 
Pruco LifeJanuary 2022SaleFixed Maturities$4 $5 $(1)
Prudential FinancialJanuary 2022SaleCommercial Mortgage Loan$29 $30 $— 
Pruco LifeJanuary 2022SaleDerivatives$— $— $— 
Pruco LifeFebruary 2022SaleFixed Maturities$129 $138 $(10)
Prudential FinancialMarch 2022SaleFixed Maturities$33 $33 $(1)
Reinsurance Impact On Balance Sheet
Reinsurance amounts included in the Predecessor Company's Unaudited Interim Statements of Financial Position as of December 31, 2021 were as follows:

December 31, 2021
 (in millions)
Reinsurance recoverables$8,108 
Deferred policy acquisition costs(530)
Deferred sales inducements(26)
Value of business acquired(2)
Other assets54 
Reinsurance payables7,183 
Other liabilities824 
Reinsurance Table By Affiliate
The reinsurance recoverables by counterparty are broken out below:
December 31, 2021
 (in millions)
Prudential Insurance$372 
Pruco Life7,736 
Total reinsurance recoverables$8,108 
Reinsurance Impact On Income Statement
Reinsurance amounts, included in the Predecessor Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss), were as follows:
Predecessor Company
 Three Months Ended
March 31		Three Months
Ended
June 30		Six Months
Ended
June 30
 20222021
 (in millions)
Premiums:
Direct$9 $6 $13 
Assumed— 6 16 
Ceded(1)(1)(2)
Net premiums8 11 27 
Policy charges and fee income:
Direct102 109 216 
Assumed— 412 819 
Ceded(1)(5)(7)(13)
Net policy charges and fee income 97 514 1,022 
Asset management and service fees:
Direct22 25 48 
Assumed— 84 165 
Ceded(2)(2)(4)
Net asset management and service fees20 107 209 
Realized investment gains (losses), net:
Direct312 493 (1,613)
Assumed— (1,356)4,022 
Ceded169 26 (117)
Realized investment gains (losses), net481 (837)2,292 
Policyholders' benefits (including change in reserves):
Direct31 7 24 
Assumed— (10)3 
Ceded(2)(5)(1)(1)
Net policyholders' benefits (including change in reserves) 26 (4)26 
Interest credited to policyholders’ account balances:
Direct91 15 96 
Assumed— 6 77 
Ceded(6)— (4)
Net interest credited to policyholders’ account balances85 21 169 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(41)175 514 

(1)Includes $0.0 million, $(0.1) million and $(0.4) million of unaffiliated activity (with respect to the Predecessor Company) for the three months ended March 31, 2022 the three months ended June 30, 2021 and the six months ended June 30, 2021, respectively.
(2) Includes $0.0 million and $(0.3) million, and $0.4 million of unaffiliated activity (with respect to the Predecessor Company) for the three months ended March 31, 2022, the three months ended June 30, 2021, and the six months ended June 30, 2021, respectively.