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DERIVATIVES AND HEDGING - SUCCESSOR COMPANY (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Successor Company
 December 31, 2022
Primary Underlying Risk/Instrument TypeGross
Notional Values/Units		Fair Value
AssetsLiabilities
 (in millions)
Retained Business
Interest Rate
Interest Rate Swaps$12,131 $228 $(553)
Currency/Interest Rate
Foreign Currency Swaps100 11 — 
Credit
Credit Default Swaps520 5 — 
Equity
Equity Futures(1,737)46 — 
Total Return Swaps— 24 (49)
Equity Options3,286 118 — 
Total Derivatives, Retained Business14,300 432 (602)
Ceded Business
Interest Rate
Interest Rate Swaps2,517 48 (117)
Currency/Interest Rate
Foreign Currency Swaps48 6 — 
Credit
Credit Default Swaps71 1 — 
Equity
Total Return Swaps— — — 
Equity Options7,139 180 (356)
Total Derivatives, Ceded Business 9,775 235 (473)
Total Derivatives (1) $24,075 $667 $(1,075)
(1) Recorded in “Other invested assets” and “Other liabilities” on the Consolidated Statements of Financial Position
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
Predecessor Company
 December 31, 2021
Primary Underlying Risk/Instrument TypeGross
Notional		Fair Value
AssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$637 $29 $(1)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Futures$55 $— $— 
Interest Rate Swaps10,520 339 (255)
Foreign Currency
Foreign Currency Forwards50 — (1)
Currency/Interest Rate
Foreign Currency Swaps208 10 (1)
Credit
Credit Default Swaps1,746 48 — 
Equity
Equity Futures855 1 (1)
Total Return Swaps4,803 88 (81)
Equity Options20,582 963 (1,028)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$38,819 $1,449 $(1,367)
Total Derivatives(1)(2) 
$39,456 $1,478 $(1,368)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $4,060 million as of December 31, 2021 included in “Future policy benefits” and $2,041 million as of December 31, 2021 included in “Policyholders’ account balances”. Other assets included $400 million as of December 31, 2021. The fair value of the related reinsurance, included in “Reinsurance recoverables” and/or “Reinsurance payables” was an asset of $1,881 million as of December 31, 2021.
(2)Recorded in “Other invested assets”, “Other liabilities”, and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.
Offsetting Assets
The following table presents recognized derivative instruments, that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business$183 $(98)$85 $(85)$— 
Ceded Business235 (235)— — — 
Total $418 $(333)$85 $(85)$— 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$353 $(353)$— $— $— 
Ceded Business473 (272)201 — 201 
Repurchase agreements311 — 311 (311)— 
Securities lending transactions106 — 106 (103)3 
Total$1,243 $(625)$618 $(414)$204 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,478 $(1,475)$3 $— $3 
Offsetting of Financial Liabilities:
Derivatives$1,368 $(1,154)$215 $(215)$— 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities
The following table presents recognized derivative instruments, that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2022
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business$183 $(98)$85 $(85)$— 
Ceded Business235 (235)— — — 
Total $418 $(333)$85 $(85)$— 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$353 $(353)$— $— $— 
Ceded Business473 (272)201 — 201 
Repurchase agreements311 — 311 (311)— 
Securities lending transactions106 — 106 (103)3 
Total$1,243 $(625)$618 $(414)$204 

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.
 December 31, 2021
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$1,478 $(1,475)$3 $— $3 
Offsetting of Financial Liabilities:
Derivatives$1,368 $(1,154)$215 $(215)$— 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Derivative Instruments, Gain (Loss)
The following tables provide the financial statement classification and impact of derivatives, by segment.

Successor Company
Nine Months Ended December 31,2022
 Investment gains (losses), netOther incomeTotal
 (in millions)
Retained Business
Interest Rate$(739)$— $(739)
Currency/Interest Rate— 9 9 
Credit5 — 5 
Equity513 — 513 
Total, Retained Business(221)9 (212)
Ceded Business
Interest Rate(58)— (58)
Currency— 2 2 
Currency/Interest Rate(22)90 68 
Credit— — — 
Equity(611)— (611)
Total, Ceded Business(691)92 (599)
Total$(912)$101 $(811)
The following tables provide the financial statement classification and impact of derivatives:
Predecessor Company
 Three Months Ended March 31, 2022
 Realized
Investment
Gains (Losses)		Net Investment
Income		Other Income (loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1 $1 $2 $4 
Total cash flow hedges1 1 2 4 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(527)— — — 
Currency— — — — 
Currency/Interest Rate(6)— — — 
Credit(12)— — — 
Equity59 — — — 
Embedded Derivatives986 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments500 — — — 
Total$501 $1 $2 $4 
Predecessor Company
  
Year Ended December 31, 2021
 Realized
Investment
Gains (Losses)		Net Investment
Income		Other Income (loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$7 $13 $14 $68 
Total cash flow hedges7 13 14 68 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,749)— — — 
Currency2 — — — 
Currency/Interest Rate12 — — — 
Credit17 — — — 
Equity(1,465)— — — 
Embedded Derivatives (1)9,300 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments6,117 — — — 
Total$6,124 $13 $14 $68 
Predecessor Company
  
Year Ended December 31, 2020
 Realized
Investment
Gains (Losses)		Net Investment
Income		Other Income (loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$2 $18 $(25)$(43)
Total cash flow hedges2 18 (25)(43)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate4,453 — — — 
Currency(1)— — — 
Currency/Interest Rate(15)— — — 
Credit— — — — 
Equity(5,290)— — — 
Embedded Derivatives(4,411)— — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,264)— — — 
Total$(5,262)$18 $(25)$(43)

(1)Includes the impact from 2021 Variable Annuities Recapture, see Note 20 for further details.