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DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The tables below provide a summary, by operating segment, of the gross notional amount and fair value of derivative contracts, by the primary underlying risks. 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.

 June 30, 2023December 31, 2022
Primary Underlying Risk/Instrument TypeGross
Notional Values/Units		Fair ValueGross
Notional Values/Units		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in millions)
Retained Business
Interest Rate
Interest Rate Swaps$15,856 $312 $(520)$12,131 $228 $(553)
Currency/Interest Rate
Foreign Currency Swaps103 9 — 100 11 — 
Credit
Credit Default Swaps520 8 — 520 5 — 
Equity
Equity Futures(2,002)— (57)(1,737)46 — 
Total Return Swaps1,079 2 (47)— 24 (49)
Equity Options4,046 184 (34)3,286 118 — 
Total Derivatives, Retained Business19,602 515 (658)14,300 432 (602)
Ceded Business
Interest Rate
Interest Rate Swaps1,160 50 (16)2,517 48 (117)
Currency/Interest Rate
Foreign Currency Swaps46 4 — 48 6 — 
Credit
Credit Default Swaps70 2 — 71 1 — 
Equity
Total Return Swaps24 — — — — — 
Equity Options3,765 168 (85)7,139 180 (356)
Total Derivatives, Ceded Business 5,065 224 (101)9,775 235 (473)
Total Derivatives (1)$24,667 $739 $(759)$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.

 June 30, 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$156 $— $156 $(156)$— 
Ceded Business224 (101)123 — 123 
Total$380 $(101)$279 $(156)$123 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$299 $(299)$— $— $— 
Ceded Business101 (101)— — — 
Total$400 $(400)$— $— $— 
Repurchase agreements$403 $— $403 $(403)$— 

 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 
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.

 June 30, 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$156 $— $156 $(156)$— 
Ceded Business224 (101)123 — 123 
Total$380 $(101)$279 $(156)$123 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$299 $(299)$— $— $— 
Ceded Business101 (101)— — — 
Total$400 $(400)$— $— $— 
Repurchase agreements$403 $— $403 $(403)$— 

 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 
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 EndedSix Months EndedThree Months Ended
June 30, 2023June 30, 2022
 Investment gains (losses), net
 (in millions)
Retained Business
Interest Rate$(77)$38 $(445)
Credit2 2 — 
Equity(264)(479)703 
Total, Retained Business(339)(439)258 
Ceded Business
Interest Rate36 67 (20)
Currency— — 2 
Currency/Interest Rate— — 130 
Credit1 1 (6)
Equity100 176 (948)
Total, Ceded Business137 244 (842)
Total$(202)$(195)$(584)

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)— — — 
Equity59 — — — 
Embedded Derivatives986 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments500 — — — 
Total$501 $1 $2 $4