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EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
EQUITY EQUITY - SUCCESSOR COMPANY
Accumulated Other Comprehensive Income
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Operation and Comprehensive Income (Loss).
As discussed in Note 1, we have elected to apply push-down accounting to FLIAC at the acquisition date, April 1, 2022. As part of this election, accumulated unrealized gains and losses that were previously recorded in AOCI were reset to zero at the acquisition date. In addition, as discussed in Note 1, we have elected to apply the fair value option on our entire portfolio of fixed maturity securities. As a result, all unrealized gains and losses related to our fixed maturity securities are recorded through earnings rather than AOCI. As discussed in Note 5, we have de-designated the hedging relationship for all of our derivative instruments. Accordingly, all changes in our derivative instruments are recorded through earnings.
AOCI is comprised entirely of changes in own-credit risk related to insurance liabilities. The balance of and changes in AOCI are as follows:
 Changes in Own-Credit Risk Related to Insurance Liabilities
 
Balance, April 1, 2022$— 
Change in OCI before reclassifications140 
Amounts reclassified from AOCI— 
Income tax expense(29)
Balance, December 31, 2022$111 

There were no reclassifications out of AOCI during the nine months ended December 31, 2022.
EQUITY - PREDECESSOR COMPANY
Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Operation and Comprehensive Income (Loss).

The balance of and changes in each component of AOCI are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment
Gains (Losses)(1)		Total Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2019$(1)$430 $429 
Change in OCI before reclassifications— 1,389 1,389 
Amounts reclassified from AOCI— 9 9 
Income tax expense— (294)(294)
Balance, December 31, 2020(1)1,534 1,533 
Change in OCI before reclassifications— (389)(389)
Amounts reclassified from AOCI— (1,336)(1,336)
Income tax benefit — 362 362 
Balance, December 31, 2021(1)171 170 
Change in OCI before reclassifications— (576)(576)
Amounts reclassified from AOCI— 15 15 
Income tax benefit — 118 118 
Balance, March 31, 2022$(1)$(272)$(273)

(1)Includes cash flow hedges of $29 million, $25 million and $(43) million as of three month ended March 31,2022, December 31, 2021 and 2020, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Predecessor Company
Three Months Ended
March 31		Twelve Months Ended
December 31		Twelve Months Ended
December 31
202220212020
 (in millions)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)5 34 (5)
Net unrealized investment gains (losses) on available-for-sale securities(20)1,302 (4)
Total net unrealized investment gains (losses)(4)(15)1,336 (9)
Total reclassifications for the period$(15)$1,336 $(9)

(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 16 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs and future policy benefits and other liabilities.

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Predecessor Company’s Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been RecognizedNet Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized (1)Net Unrealized
Gains (Losses)
on All Other  Investments(3)		DAC and Other Costs(4)Future Policy Benefits and Other Liabilities(5)Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related To Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2019$14 $— $723 $(156)$(36)$(115)$430 
Reclassification due to implementation of ASU 2016-13 (6)(14)— 14 — — — — 
Net investment gains (losses) on investments arising during the period— — 1,623 — — (341)1,282 
Reclassification adjustment for (gains) losses included in net income— — 9 — — (2)7 
Impact of net unrealized investment (gains) losses— — — (207)(27)49 (185)
Balance, December 31, 2020— — 2,369 (363)(63)(409)1,534 
Net investment gains (losses) on investments arising during the period— 2 (795)— — 167 (626)
Reclassification adjustment for (gains) losses included in net income— (2)(1,334)— — 280 (1,056)
Impact of net unrealized investment (gains) losses— — — 348 56 (85)319 
Balance, December 31, 2021— — 240 (15)(7)(47)171 
Net investment gains (losses) on investments arising during the period— — (591)— — 125 (466)
Reclassification adjustment for (gains) losses included in net income— — 15 — — (4)11 
Impact of net unrealized investment (gains) losses— — — 9 6 (3)12 
Balance, March 31, 2022$— $— $(336)$(6)$(1)$71 $(272)

(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.
(2)Represents “transfers out” related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.
(3)Includes cash flow hedges. See Note 16 for information on cash flow hedges.
(4)“Other costs” primarily includes reinsurance recoverables, DSI and VOBA.
(5)“Other liabilities” primarily includes reinsurance payables and deferred reinsurance gains.
(6)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.