SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Reconciliation of Assets from Segment to Consolidated

The following is the consolidated balance sheet by segment:


	December 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,680	$	1,199	$	5,879
Cash and cash equivalents	534		406		940
Accrued investment income	51		9		60
Reinsurance recoverables	—		206		206

Deposit asset	—		438		438
Income taxes	99		—		99
Other assets	61		—		61
Separate account assets	21,800		2,070		23,870
TOTAL ASSETS	$	27,225	$	4,328	$	31,553

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,835	$	2,168	$	5,003
Net modified coinsurance payable	—		78		78
Liabilities associated with repurchase agreements and securities lending transactions	967		—		967
Other liabilities	261		12		273
Separate account liabilities	21,800		2,070		23,870
TOTAL LIABILITIES	25,863		4,328		30,191

EQUITY	1,362		—		1,362
TOTAL LIABILITIES AND EQUITY	$	27,225	$	4,328	$	31,553


	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Deposit asset	—		607		607
Goodwill	93		—		93
Income taxes	50		—		50
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Liabilities associated with repurchase agreements and securities lending transactions	311		106		417
Other liabilities	148		243		391
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955

EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542

Schedule of Segment Reporting Information, by Segment

The following is the consolidated balance sheet by segment:


	December 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,680	$	1,199	$	5,879
Cash and cash equivalents	534		406		940
Accrued investment income	51		9		60
Reinsurance recoverables	—		206		206

Deposit asset	—		438		438
Income taxes	99		—		99
Other assets	61		—		61
Separate account assets	21,800		2,070		23,870
TOTAL ASSETS	$	27,225	$	4,328	$	31,553

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,835	$	2,168	$	5,003
Net modified coinsurance payable	—		78		78
Liabilities associated with repurchase agreements and securities lending transactions	967		—		967
Other liabilities	261		12		273
Separate account liabilities	21,800		2,070		23,870
TOTAL LIABILITIES	25,863		4,328		30,191

EQUITY	1,362		—		1,362
TOTAL LIABILITIES AND EQUITY	$	27,225	$	4,328	$	31,553


	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Deposit asset	—		607		607
Goodwill	93		—		93
Income taxes	50		—		50
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Liabilities associated with repurchase agreements and securities lending transactions	311		106		417
Other liabilities	148		243		391
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955

EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542

The following is the consolidated comprehensive loss by segment. Historical information related to the Predecessor company has not been revised or provided and is not comparable following the election of push-down accounting as of April 1, 2022.


	Year Ended December 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	27	$	—	$	27
Policy charges and fee income	456		—		456
Net investment income	240		75		315
Asset management and service fees	91		—		91
Other income (loss)	(1)		2		1
Investment gains (losses), net	(623)		313		(310)
TOTAL REVENUES	190		390		580

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(50)		390		340
Commission expense	90		—		90
Goodwill impairment	93		—		93
General, administrative and other expenses	67		—		67
TOTAL BENEFITS AND EXPENSES	200		390		590
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(10)		—		(10)
Less: Income tax benefit	(6)		—		(6)
NET LOSS	$	(4)	$	—	$	(4)
Other comprehensive loss, before tax:
Changes in own-credit risk related to insurance liabilities	(223)		—		(223)
Less: Income tax benefit	(47)		—		(47)
Other comprehensive loss, net of taxes	(176)		—		(176)
COMPREHENSIVE LOSS	$	(180)	$	—	$	(180)


	Nine Months Ended December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	19	$	—	$	19
Policy charges and fee income	365		—		365
Net investment income	125		130		255
Asset management and service fees	71		—		71
Other income	5		2		7
Investment losses, net	(861)		(1,046)		(1,907)
TOTAL REVENUES	(276)		(914)		(1,190)

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(96)		(914)		(1,010)
Commission expense	65		—		65
General, administrative and other expenses	75		—		75
TOTAL BENEFITS AND EXPENSES	44		(914)		(870)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(320)		—		(320)
Less: Income tax benefit	(34)		—		(34)
NET LOSS	$	(286)	$	—	$	(286)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	140		—		140
Less: Income tax expense	29		—		29
Other comprehensive income, net of taxes	111		—		111
COMPREHENSIVE LOSS	$	(175)	$	—	$	(175)