SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is the Consolidated Statement of Financial Position by segment:

	September 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,310	$	1,892	$	6,202
Cash and cash equivalents	553		723		1,276
Accrued investment income	45		11		56
Reinsurance recoverables	—		220		220
Net modified coinsurance receivable	—		70		70
Income taxes	90		—		90
Deposit asset	—		859		859
Other assets	117		2		119
Separate account assets	21,024		1,992		23,016
TOTAL ASSETS	$	26,139	$	5,769	$	31,908
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	3,019	$	3,285	$	6,304
Other liabilities	356		492		848
Separate account liabilities	21,024		1,992		23,016
TOTAL LIABILITIES	24,399		5,769		30,168
EQUITY	1,740		—		1,740
TOTAL LIABILITIES AND EQUITY	$	26,139	$	5,769	$	31,908

    

The following is comprehensive income (loss) by segment:

	Three Months Ended September 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	8	$	—	$	8
Policy charges and fee income	131		—		131
Net investment income	47		45		92
Asset management and service fees	26		—		26
Other losses	(4)		(12)		(16)
Investment gains (losses), net	(463)		8		(455)
TOTAL REVENUES	(255)		41		(214)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(145)		41		(104)
Commission expense	27		—		27
General, administrative and other expenses	17		—		17
TOTAL BENEFITS AND EXPENSES	(101)		41		(60)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(154)		—		(154)
Income tax expense	3		—		3
NET LOSS	$	(157)	$	—	$	(157)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	149		—		149
Less: Income tax expense	32		—		32
Other comprehensive income, net of taxes	117		—		117
Comprehensive loss	$	(40)	$	—	$	(40)

	Six Months Ended September 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	11	$	—	$	11
Policy charges and fee income	261		—		261
Net investment income	82		107		189
Asset management and service fees	48		—		48
Other losses	(4)		(11)		(15)
Investment losses, net	(571)		(1,182)		(1,753)
TOTAL REVENUES	(173)		(1,086)		(1,259)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	112		(1,086)		(974)
Commission expense	45		—		45
General, administrative and other expenses	55		—		55
TOTAL BENEFITS AND EXPENSES	212		(1,086)		(874)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(385)		—		(385)
Income tax benefit	(48)		—		(48)
NET LOSS	$	(337)	$	—	$	(337)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	394		—		394
Less: Income tax expense	83		—		83
Other comprehensive income, net of taxes	311		—		311
Comprehensive loss	$	(26)	$	—	$	(26)

Reconciliation of Assets from Segment to Consolidated

The following is the Consolidated Statement of Financial Position by segment:

	September 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,310	$	1,892	$	6,202
Cash and cash equivalents	553		723		1,276
Accrued investment income	45		11		56
Reinsurance recoverables	—		220		220
Net modified coinsurance receivable	—		70		70
Income taxes	90		—		90
Deposit asset	—		859		859
Other assets	117		2		119
Separate account assets	21,024		1,992		23,016
TOTAL ASSETS	$	26,139	$	5,769	$	31,908
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	3,019	$	3,285	$	6,304
Other liabilities	356		492		848
Separate account liabilities	21,024		1,992		23,016
TOTAL LIABILITIES	24,399		5,769		30,168
EQUITY	1,740		—		1,740
TOTAL LIABILITIES AND EQUITY	$	26,139	$	5,769	$	31,908