DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

	March 31, 2023						December 31, 2022
Primary Underlying Risk/Instrument Type	Gross Notional Values/Units		Fair Value				Gross Notional Values/Units		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions)
Retained Business
Interest Rate
Interest Rate Swaps	$	16,005	$	237	$	(409)	$	12,131	$	228	$	(553)
Currency/Interest Rate
Foreign Currency Swaps	102		11		—		100		11		—
Credit
Credit Default Swaps	520		7		—		520		5		—
Equity
Equity Futures	(2,086)		—		(111)		(1,737)		46		—
Total Return Swaps	366		16		(14)		—		24		(49)
Equity Options	2,949		76		—		3,286		118		—
Total Derivatives, Retained Business	17,856		347		(534)		14,300		432		(602)
Ceded Business
Interest Rate
Interest Rate Swaps	1,300		40		(41)		2,517		48		(117)
Currency/Interest Rate
Foreign Currency Swaps	48		6		—		48		6		—
Credit
Credit Default Swaps	71		1		—		71		1		—
Equity
Total Return Swaps	22		—		—		—		—		—
Equity Options	5,357		147		(207)		7,139		180		(356)
Total Derivatives, Ceded Business	6,798		194		(248)		9,775		235		(473)
Total Derivatives (1)	$	24,654	$	541	$	(782)	$	24,075	$	667	$	(1,075)

(1)     Recorded in “Other invested assets” and “Other liabilities” in the Consolidated Statements of Financial Position.

Offsetting Assets

The following table presents recognized derivative instruments that are offset in the Consolidated 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.

	March 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the  Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	78	$	(4)	$	74	$	(74)	$	—
Ceded Business	194		(194)		—		—		—
Total	$	272	$	(198)	$	74	$	(74)	$	—
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	265	$	(265)	$	—	$	—	$	—
Ceded Business	248		(194)		54		—		54
Total	$	513	$	(459)	$	54	$	—	$	54
Repurchase agreements	$	301	$	—	$	301	$	(301)	$	—
Securities lending transactions	$	164	$	—	$	164	$	(162)	$	2

	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 Business	235		(235)		—		—		—
Total	$	418	$	(333)	$	85	$	(85)	$	—
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	353	$	(353)	$	—	$	—	$	—
Ceded Business	473		(272)		201		—		201
Total	$	826	$	(625)	$	201	$	—	$	201
Repurchase agreements	311		—		311		(311)		—
Securities lending transactions	106		—		106		(103)		3

(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 Consolidated 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.

	March 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the  Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	78	$	(4)	$	74	$	(74)	$	—
Ceded Business	194		(194)		—		—		—
Total	$	272	$	(198)	$	74	$	(74)	$	—
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	265	$	(265)	$	—	$	—	$	—
Ceded Business	248		(194)		54		—		54
Total	$	513	$	(459)	$	54	$	—	$	54
Repurchase agreements	$	301	$	—	$	301	$	(301)	$	—
Securities lending transactions	$	164	$	—	$	164	$	(162)	$	2

	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 Business	235		(235)		—		—		—
Total	$	418	$	(333)	$	85	$	(85)	$	—
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	353	$	(353)	$	—	$	—	$	—
Ceded Business	473		(272)		201		—		201
Total	$	826	$	(625)	$	201	$	—	$	201
Repurchase agreements	311		—		311		(311)		—
Securities lending transactions	106		—		106		(103)		3

(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
	Three Months Ended March 31, 2023
	Investment gains, net
	(in millions)
Retained Business
Interest Rate	$	115
Equity	(215)
Total, Retained Business	(100)
Ceded Business
Interest Rate	31
Equity	76
Total, Ceded Business	107
Total	$	7

	Predecessor Company
	Three Months Ended March 31, 2022
	Investment Gains, net		Net Investment Income		Other Income		Change in AOCI
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	1	$	1	$	2	$	4
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(527)		—		—		—
Currency/Interest Rate	(6)		—		—		—
Credit	(12)		—		—		—
Equity	59		—		—		—
Embedded Derivatives	986		—		—		—
Total Derivatives Not Qualifying as Hedge Accounting Instruments	500		—		—		—
Total	$	501	$	1	$	2	$	4