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INVESTMENTS - PREDECESSOR COMPANY (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities, Available-for-sale Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading) for the Predecessor Company:
Predecessor Company
 December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$654 $74 $1 $— $727 
Obligations of U.S. states and their political subdivisions281 15 — — 296 
Foreign government bonds106 9 1 — 114 
U.S. public corporate securities2,345 134 18 — 2,461 
U.S. private corporate securities1,635 24 14 1 1,644 
Foreign public corporate securities793 11 9 — 795 
Foreign private corporate securities920 5 34 — 891 
Asset-backed securities(1)1,058 5 1 — 1,062 
Commercial mortgage-backed securities692 22 8 — 706 
Residential mortgage-backed securities(2)72 3 — — 75 
Total fixed maturities, available-for-sale$8,556 $302 $86 $1 $8,771 

(1)Includes credit-tranched securities collateralized by loan obligations, auto loans, education, equipment leases, home equity loans other assets types.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Gross Unrealized Losses on Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position for the Predecessor Company:

Predecessor Company
 December 31, 2021
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$74 $1 $— $— $74 $1 
Obligations of U.S. states and their political subdivisions5 — — — 5 — 
Foreign government bonds13 1 7 — 20 1 
U.S. public corporate securities696 12 153 6 849 18 
U.S. private corporate securities855 14 — — 855 14 
Foreign public corporate securities522 8 50 1 572 9 
Foreign private corporate securities689 34 — — 689 34 
Asset-backed securities499 1 — — 499 1 
Commercial mortgage-backed securities157 5 75 3 232 8 
Residential mortgage-backed securities6 — — — 6 — 
Total fixed maturities, available-for-sale$3,516 $76 $285 $10 $3,801 $86 
Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the Predecessor Company:
Predecessor Company
Three Months Ended March 31,
Years Ended December 31,
202220212020
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales (1)$294 $8,319 $671 
Proceeds from maturities/prepayments108 828 311 
Gross investment gains on sales and maturities— 1,413 20 
Gross investment losses on sales and maturities
(21)(88)(22)
Write-downs recognized in earnings (2)— (23)(1)
(Addition to) release of allowance for credit losses (3)— — (1)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $20.3 million, $253.4 million and $(273.5) million for the three months ended March 31, 2022, year ended December 31, 2021 and 2020, respectively.
(2)For the three months ended March 31, 2022 and year ended December 31, 2021, amounts represent write-downs on securities actively marketed for sale.
(3)Effective January 1, 2020, credit losses on available-for-sale fixed maturity securities are recorded within the “allowance for credit losses.”


The following tables set forth the activity in the allowance for credit losses for fixed maturity securities for the Predecessor Company:
Predecessor Company
Year Ended December 31, 2021
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of year$— $— $1 $— $— $— $1 
Additions to allowance for credit losses not previously recorded— — 3 — — — 3 
Reductions for securities sold during the year— — (2)— — — (2)
Addition (reductions) on securities with previous allowance— — (1)— — — (1)
Balance, end of year$— $— $1 $— $— $— $1 
Schedule of Participating Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans” for the Predecessor Company:
Predecessor Company
 December 31, 2021
 Amount
(in millions)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$385 25.5 %
Hospitality17 1.1 
Industrial624 41.5 
Office196 13.0 
Other134 8.9 
Retail102 6.7 
Total commercial mortgage loans1,458 96.7 %
Agricultural property loans51 3.3 
Total commercial mortgage and agricultural property loans1,509 100.0 %
Allowance for credit losses(5)
Total net commercial mortgage and agricultural property loans
$1,504 
Allowance for Credit Losses
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans for the Predecessor Company:
Predecessor Company
Commercial Mortgage LoansAgricultural Property LoansTotal
(in millions)
Balance at December 31, 2020$7 $— $7 
Addition to (release of) allowance for credit losses(2)— (2)
Balance at December 31, 2021$5 $— $5 
Addition to (release of) allowance for credit losses(1)— (1)
Balance at March 31, 2022$4 $— $4 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses for the Predecessor Company:

Predecessor Company
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
(in millions)
Commercial Mortgage Loans
Loan-to-Value Ratio:
0%-59.99%$150 $— $21 $7 $93 $232 $503 
60%-69.99%389 33 10 11 39 28 510 
70%-79.99%317 48 17 — 21 21 424 
80% or greater— — — — — 21 21 
Total$856 $81 $48 $18 $153 $302 $1,458 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$856 $81 $48 $7 $120 $295 $1,407 
1.0 - 1.2x— — — 11 — — 11 
Less than 1.0x— — — — 33 7 40 
Total$856 $81 $48 $18 $153 $302 $1,458 
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%$40 $1 $— $— $3 $7 $51 
60%-69.99%— — — — — — — 
70%-79.99%— — — — — — — 
80% or greater— — — — — — — 
Total$40 $1 $— $— $3 $7 $51 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$40 $1 $— $— $3 $3 $47 
1.0 - 1.2x— — — — — — — 
Less than 1.0x— — — — — 4 4 
Total$40 $1 $— $— $3 $7 $51 
Other Invested Assets
The following table sets forth the composition of “Other invested assets”:
December 31, 2022
Retained BusinessCeded BusinessTotal
 (in millions)
LPs/LLCs:
Equity method:
Private equity$— $4 $4 
Real estate-related— 5 5 
Subtotal equity method— 9 9 
Fair value:
Private equity344 1 345 
Total LPs/LLCs344 10 354 
Derivative instruments85 — 85 
Policy loans11 — 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-related62 
Subtotal equity method81 
Fair value:
Private equity4 
Real estate-related6 
Subtotal fair value10 
Total LPs/LLCs91 
Derivative instruments3 
Policy loans12 
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 BusinessCeded BusinessTotal
(in millions)
Fixed maturity securities$37 $10 $47 
Mortgage and other loans1 — 1 
Short-term investments and cash equivalents3 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 loans3 
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 BusinessCeded BusinessTotal
 (in millions)
Fixed maturity securities$123 $94 $217 
Equity securities— 3 3 
Secured receivable— 18 18 
Mortgage and other loans2 — 2 
Other invested assets2 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 31Years Ended
202220212020
 (in millions)
Fixed maturity securities (1)$61 $383 $455 
Equity securities1 5 1 
Commercial mortgage and other loans11 65 56 
Other invested assets29 63 44 
Short-term investments and cash equivalents1 1 50 
Gross investment income103 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 BusinessCeded BusinessTotal Business
UnrealizedRealizedTotalUnrealizedRealizedTotalUnrealizedRealizedTotal
(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)$(1,907)
The following table sets forth “Investment gains (losses), net” by investment type for the periods indicated:
Predecessor Company
Three Months Ended MarchYears Ended
202220212020
 (in millions)
Fixed maturity securities (1)$(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.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments as of the dates indicated:
Predecessor Company
December 31,
20212020
 (in millions)
Fixed maturity securities, available-for-sale without an allowance216 2,407 
Derivatives designated as cash flow hedges(1)25 (43)
Affiliated notes— 5 
Net unrealized gains (losses) on investments$240 $2,369 

(1)For more information on cash flow hedges, see Note 16.
Debt Securities, Amortized Cost
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
Predecessor Company
 December 31, 2021
 Amortized CostFair Value
 (in millions)
Fixed maturities, available-for-sale:
Due in one year or less$92 $93 
Due after one year through five years1,475 1,492 
Due after five years through ten years2,640 2,630 
Due after ten years2,527 2,713 
Asset-backed securities1,058 1,063 
Commercial mortgage-backed securities692 706 
Residential mortgage-backed securities72 74 
Total fixed maturities, available-for-sale$8,556 $8,771