SEGMENT INFORMATION - SUCCESSOR COMPANY (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is the consolidated balance sheet by segment:

	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Income taxes	50		—		50
Deposit asset	—		607		607
Goodwill	93		—		93
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Other liabilities	459		349		808
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955
EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542

The following is the consolidated comprehensive income (loss) by segment:

	Nine Months Ended December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	19	$	—	$	19
Policy charges and fee income	365		—		365
Net investment income	125		130		255
Asset management and service fees	71		—		71
Other income	5		2		7
Investment losses, net	(861)		(1,046)		(1,907)
TOTAL REVENUES	(276)		(914)		(1,190)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(96)		(914)		(1,010)
Commission expense	65		—		65
General, administrative and other expenses	75		—		75
TOTAL BENEFITS AND EXPENSES	44		(914)		(870)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(320)		—		(320)
Income tax benefit	(34)		—		(34)
NET LOSS	$	(286)	$	—	$	(286)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	140		—		140
Less: Income tax expense	29		—		29
Other comprehensive income, net of taxes	111		—		111
COMPREHENSIVE LOSS	$	(175)	$	—	$	(175)

Reconciliation of Assets from Segment to Consolidated

The following is the consolidated balance sheet by segment:

	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Income taxes	50		—		50
Deposit asset	—		607		607
Goodwill	93		—		93
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Other liabilities	459		349		808
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955
EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542