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INVESTMENTS - SUCCESSOR COMPANY (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table sets forth the composition of “Other invested assets”:


	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	4	$	4
Real estate-related	—		5		5
Subtotal equity method	—		9		9
Fair value:
Private equity	344		1		345
Total LPs/LLCs	344		10		354
Derivative instruments	85		—		85
Policy loans	11		—		11
Total other invested assets	$	440	$	10	$	450

The following table sets forth the composition of “Other invested assets” as of the dates indicated:


	Predecessor Company
	December 31, 2021
	(in millions)

LPs/LLCs:
Equity method:
Private equity	$	19
Real estate-related	62
Subtotal equity method	81
Fair value:
Private equity	4
Real estate-related	6
Subtotal fair value	10
Total LPs/LLCs	91

Derivative instruments	3

Policy loans	12
Total other invested assets	$	106

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the date indicated:


	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	37	$	10	$	47
Mortgage and other loans	1		—		1
Short-term investments and cash equivalents	3		1		4
Total accrued investment income	$	41	$	11	$	52

The following table sets forth the composition of “Accrued investment income” as of the date indicated:


	Predecessor Company
	December 31, 2021
	(in millions)
Fixed maturity securities	$	58
Equity securities	—
Commercial mortgage and other loans	3
Secured Receivable
Other Invested assets	—
Short-term investments and cash equivalents	—
Total accrued investment income	$	61

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Nine Months Ended December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	123	$	94	$	217
Equity securities	—		3		3
Secured receivable	—		18		18
Mortgage and other loans	2		—		2
Other invested assets	2		7		9
Short-term investments and cash equivalents	—		10		10
Gross investment income	$	127	$	132	$	259
Less: investment expenses	(2)		(2)		(4)
Net investment income	$	125	$	130	$	255

The following table sets forth “Net investment income” by investment type for the periods indicated:


	Predecessor Company
	Three Months Ended March 31		Years Ended
	2022		2021		2020
	(in millions)
Fixed maturity securities (1)	$	61	$	383	$	455
Equity securities	1		5		1
Commercial mortgage and other loans	11		65		56
Other invested assets	29		63		44
Short-term investments and cash equivalents	1		1		50
Gross investment income	103		517		$	606
Less: investment expenses	(4)		(27)		(27)
Net investment income	$	99	$	490	$	579

(1)Includes fixed maturity securities classified as available-for-sale and trading.

Schedule of Realized Gain (Loss)

The following table sets forth “Investment gains (losses), net” by investment type, for the periods indicated:


	Nine Months Ended December 31, 2022
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(517)	$	(123)	$	(640)	$	232	$	(501)	$	(269)	$	(285)	$	(624)	$	(909)
Equity securities	—		—		—		(27)		—		(27)		(27)		—		(27)
Secured receivable	—		—		—		—		(59)		(59)		—		(59)		(59)
Derivatives	—		(221)		(221)		—		(691)		(691)		—		(912)		(912)
Total	$	(517)	$	(344)	$	(861)	$	205	$	(1,251)	$	(1,046)	$	(312)	$	(1,595)	$	(1,907)

The following table sets forth “Investment gains (losses), net” by investment type for the periods indicated:


	Predecessor Company
	Three Months Ended March		Years Ended
	2022		2021		2020
	(in millions)
Fixed maturity securities (1)	$	(21)	$	1,302	$	(4)

Commercial mortgage and other loans	—		53		(2)
Derivatives (2)	502		6,124		(5,262)
Other invested assets	—		10		5
Short-term investments and cash equivalents	—		—		2
Investment gains (losses), net	$	481	$	7,489	$	(5,261)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

(2)Includes the impact of the 2021 Variable Annuities Recapture. See Note 1 for additional information.

Repurchase Agreements and Securities Lending

The following table sets forth, by type, the securities that we have agreed to repurchase, all of which are contained in the Retained Business. The below amounts represent the cash received under the outstanding repurchase agreements.


	December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Total
	(in millions)
U.S. corporate public securities	$	—	$	111	$	200	$	311

The following table sets forth the remaining contractual maturities of the Successor Company's securities lending transactions by the security type that was loaned, all of which are contained in the Ceded Business. The amounts below represent the cash collateral received for the loaned securities.


	December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Total
	(in millions)
Equity securities	$	106	$	—	$	—	$	106