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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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


	September 30, 2023						December 31, 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	4	$	4	$	—	$	4	$	4
Real estate-related	—		5		5		—		5		5
Subtotal equity method	—		9		9		—		9		9
Fair value:
Private equity	346		—		346		344		1		345
Total LPs/LLCs	346		9		355		344		10		354
Derivative instruments	180		71		251		85		—		85
Policy loans	11		—		11		11		—		11
Total other invested assets	$	537	$	80	$	617	$	440	$	10	$	450

Accrued Investment Income

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


	September 30, 2023						December 31, 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	42	$	6	$	48	$	37	$	10	$	47
Mortgage and other loans	3		—		3		1		—		1
Short-term investments and cash equivalents	5		1		6		3		1		4
Total accrued investment income	$	50	$	7	$	57	$	41	$	11	$	52

Net Investment Income

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


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	58	$	13	$	71	$	156	$	40	$	196
Equity securities	—		—		—		—		2		2
Mortgage and other loans	6		—		6		14		—		14
Other invested assets	14		1		15		33		2		35
Short-term investments and cash equivalents	1		4		5		6		16		22
Gross investment income	79		18		97		209		60		269
Less: investment expenses	(23)		(1)		(24)		(39)		(3)		(42)
Net investment income	$	56	$	17	$	73	$	170	$	57	$	227


	Three Months Ended September 30, 2022						Six Months Ended September 30 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	42	$	34	$	76	$	78	$	78	$	156
Equity securities	—		1		1		—		2		2
Secured receivable	—		7		7		—		18		18
Other invested assets	9		1		10		9		5		14
Short-term investments and cash equivalents	—		3		3		—		5		5
Gross investment income	51		46		97		87		108		195
Less: investment expenses	(4)		(1)		(5)		(5)		(1)		(6)
Net investment income	$	47	$	45	$	92	$	82	$	107	$	189

Net Investment Income

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


	Three Months Ended
	March 31, 2022
	(in millions)
Fixed maturities securities (1)	$	61
Equity securities	1
Mortgage and other loans	11
Other invested assets	29
Short-term investments and cash equivalents	1
Gross investment income	103
Less: investment expenses	(4)
Net investment income	$	99

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

Schedule of Realized Gain (Loss)

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


	Three Months Ended September 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(252)	$	(4)	$	(256)	$	(6)	$	(14)	$	(20)	$	(258)	$	(18)	$	(276)


Derivatives	—		(177)		(177)		—		(29)		(29)		—		(206)		(206)
Total	$	(252)	$	(181)	$	(433)	$	(6)	$	(43)	$	(49)	$	(258)	$	(224)	$	(482)


	Nine Months Ended September 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(158)	$	(32)	$	(190)	$	3	$	(21)	$	(18)	$	(155)	$	(53)	$	(208)
Equity securities	—		—		—		5		—		5		5		—		5

Derivatives	—		(616)		(616)		—		215		215		—		(401)		(401)
Total	$	(158)	$	(648)	$	(806)	$	8	$	194	$	202	$	(150)	$	(454)	$	(604)


	Three Months Ended September 30, 2022
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(312)	$	(26)	$	(338)	$	40	$	(160)	$	(120)	$	(272)	$	(186)	$	(458)
Secured receivable	—		—		—		—		(8)		(8)		—		(8)		(8)
Equity securities	—		—		—		(13)		—		(13)		(13)		—		(13)
Derivatives	—		(125)		(125)		—		149		149		—		24		24
Total	$	(312)	$	(151)	$	(463)	$	27	$	(19)	$	8	$	(285)	$	(170)	$	(455)


	Six Months Ended September 30, 2022
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(607)	$	(97)	$	(704)	$	100	$	(498)	$	(398)	$	(507)	$	(595)	$	(1,102)
Secured receivable	—		—		—		—		(59)		(59)		—		(59)		(59)
Equity securities	—		—		—		(32)		—		(32)		(32)		—		(32)
Derivatives	—		133		133		—		(693)		(693)		—		(560)		(560)
Total	$	(607)	$	36	$	(571)	$	68	$	(1,250)	$	(1,182)	$	(539)	$	(1,214)	$	(1,753)

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


	Three Months Ended March 31, 2022
	(in millions)
Fixed maturity securities (1)	$	(21)
Derivatives	502
Total	$	481

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

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.


	September 30, 2023								December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Up to 30 days		30-90 days		1-5 Years		Total		Up to 30 days		30-90 days		Total
	(in millions)
U.S. corporate public securities	$	101	$	414	$	494	$	1,009	$	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.


	September 30, 2023								December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Total			Overnight & Continuous		Up to 30 days		30-90 days		Total
	(in millions)
Equity securities	$	—	$	—	$	—	$	—		$	106	$	—	$	—	$	106

Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments

The following table sets forth the sources of proceeds and related investment losses for available-for-sale fixed maturity securities:


	Three months ended March 31
	2022
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	294
Proceeds from maturities/prepayments	108
Gross investment losses on sales and maturities	(21)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $20 million for three months ended March 31, 2022.