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DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 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.
 December 31, 2023December 31, 2022
Primary Underlying Risk/Instrument TypeGross
Notional Values/Units		Gross Fair ValueGross
Notional Values/Units		 Gross Fair Value
AssetsLiabilities AssetsLiabilities
 (in millions)
Retained Business
Interest Rate
Interest Rate Swaps$31,096 $580 $(923)$12,131 $228 $(553)
Interest Rate Options215 10 (15)— — — 
Currency/Interest Rate
Foreign Currency Swaps102 5 — 100 11 — 
Credit
Credit Default Swaps— — — 520 5 — 
Equity
Equity Futures(2,025)— (71)(1,737)46 — 
Total Return Swaps1,079 — (143)— 24 (49)
Equity Options4,046 43 (94)3,286 118 — 
Total Derivatives, Retained Business 34,513 638 (1,246)14,300 432 (602)
Ceded Business
Interest Rate
Interest Rate Swaps605 22 (12)2,517 48 (117)
Currency/Interest Rate
Foreign Currency Swaps37 3 — 48 6 — 
Credit
Credit Default Swaps— — — 71 1 — 
Equity
Total Return Swaps281 — — — — — 
Equity Options2,847 148 (44)7,139 180 (356)
Total Derivatives, Ceded Business 3,770 173 (56)9,775 235 (473)
Total Derivatives (1)$38,283 $811 $(1,302)$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 and liabilities associated with repurchase agreements and securities lending transactions, 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.
 December 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
Counterparty NettingCash Collateral
 (in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business$638 $(638)$— $— $— $— 
Ceded Business173 (56)— 117 — 117 
Total $811 $(694)$— $117 $— $117 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$1,246 $(638)$(514)$94 $(94)$— 
Ceded Business56 (56)— — — — 
Total Derivatives$1,302 $(694)$(514)$94 $(94)$— 
Repurchase agreements$967 $— $— $967 $(967)$— 
 December 31, 2022
 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
Counterparty NettingCash Collateral
 (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 and liabilities associated with repurchase agreements and securities lending transactions, 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.
 December 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
Counterparty NettingCash Collateral
 (in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business$638 $(638)$— $— $— $— 
Ceded Business173 (56)— 117 — 117 
Total $811 $(694)$— $117 $— $117 
Offsetting of Financial Liabilities:
Derivatives
Retained Business$1,246 $(638)$(514)$94 $(94)$— 
Ceded Business56 (56)— — — — 
Total Derivatives$1,302 $(694)$(514)$94 $(94)$— 
Repurchase agreements$967 $— $— $967 $(967)$— 
 December 31, 2022
 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
Counterparty NettingCash Collateral
 (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
Year Ended December 31, 2023Nine Months Ended December 31,2022
 Investment gains (losses), netOther incomeTotalInvestment gains (losses), netOther incomeTotal
 (in millions)
Retained Business
Interest Rate$(91)$— $(91)$(739)$— $(739)
Currency/Interest Rate— (5)(5)— 9 9 
Credit5 — 5 5 — 5 
Equity(664)— (664)513 — 513 
Total, Retained Business(750)(5)(755)(221)9 (212)
Ceded Business
Interest Rate67 — 67 (58)— (58)
Currency— — — — 2 2 
Currency/Interest Rate(2)— (2)(22)90 68 
Credit3 — 3 — — — 
Equity221 — 221 (611)— (611)
Total, Ceded Business289 — 289 (691)92 (599)
Total$(461)$(5)$(466)$(912)$101 $(811)
PREDECESSOR COMPANY

Predecessor Company
 Three Months Ended March 31, 2022
 Realized
Investment
Gains (Losses)		Net Investment
Income		Other Income (loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1 $1 $2 $4 
Total cash flow hedges1 1 2 4 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(527)— — — 
Currency— — — — 
Currency/Interest Rate(6)— — — 
Credit(12)— — — 
Equity59 — — — 
Embedded Derivatives (1)986 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments500 — — — 
Total$501 $1 $2 $4 

Predecessor Company
  
Year Ended December 31, 2021
 Realized
Investment
Gains (Losses)		Net Investment
Income		Other Income (loss)Change in AOCI
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$7 $13 $14 $68 
Total cash flow hedges7 13 14 68 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,749)— — — 
Currency2 — — — 
Currency/Interest Rate12 — — — 
Credit17 — — — 
Equity(1,465)— — — 
Embedded Derivatives (1) (2)9,300 — — — 
Total Derivatives Not Qualifying as Hedge Accounting Instruments6,117 — — — 
Total$6,124 $13 $14 $68 

(1)Prior to the application of the fair value option election on its insurance liabilities, the Predecessor company accounted for certain product guarantees, primarily certain optional living benefit features of the variable annuity products including GMAB, GMWB, and GMIWB as embedded derivatives.
(2)Includes the impact from 2021 Variable Annuities Recapture, see Note 8 for further details.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

Balance, December 31, 2020 (Predecessor Company)$(43)
Amount recorded in AOCI - Currency/Interest Rate102 
Amount reclassified from AOCI to income - Currency/Interest Rate(34)
Balance, December 31, 2021 (Predecessor Company)$25 
Amount recorded in AOCI - Currency/Interest Rate9 
Amount reclassified from AOCI to income - Currency/Interest Rate(5)
Balance, March 31, 2022 (Predecessor Company)$29