BUSINESS AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date and represents amounts recognized for each major class of assets and liabilities, after application of push-down accounting.

	Successor Company
	April 1, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	3,900	$	6,907	$	10,807
Cash and cash equivalents	941		637		1,578
Reinsurance recoverables	—		250		250
Net modified coinsurance receivable	—		68		68
Income taxes	255		—		255
Deposit asset	—		2,596		2,596
Other assets	61		35		96
Separate account assets	26,792		2,634		29,426
TOTAL ASSETS	$	31,949	$	13,127	45,076
LIABILITIES
Insurance liabilities	$	3,362	$	10,249	$	13,611
Other liabilities	126		244		370
Separate account liabilities	26,792		2,634		29,426
TOTAL LIABILITIES	30,280		13,127		43,407
Net assets acquired	1,669		—		1,669
Consideration	1,762		—		1,762
Goodwill	$	93	$	—	$	93