EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

AOCI is comprised entirely of changes in own-credit risk related to insurance liabilities. The balance of and changes in AOCI

are as follows:


	Changes in Own-Credit Risk Related to Insurance Liabilities


Balance, April 1, 2022	$	—
Change in OCI	140
Less: Income tax expense	29
Balance, December 31, 2022	$	111
Change in OCI	(223)
Less: Income tax benefit	(47)
Balance, December 31, 2023	$	(65)

The balance of and changes in each component of AOCI are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Total Accumulated Other Comprehensive Income (Loss)

	(in millions)


Balance, December 31, 2020	$	(1)	$	1,534	$	1,533
Change in OCI before reclassifications	—		(389)		(389)
Amounts reclassified from AOCI	—		(1,336)		(1,336)
Income tax benefit	—		362		362
Balance, December 31, 2021	(1)		171		170
Change in OCI before reclassifications	—		(576)		(576)
Amounts reclassified from AOCI	—		15		15
Income tax benefit	—		118		118


Balance, March 31, 2022	$	(1)	$	(272)	$	(273)

(1)Includes cash flow hedges of $29 million and $25 million as of three month ended March 31,2022 and December 31, 2021 respectively.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Predecessor Company
	Three Months Ended March 31		Twelve Months Ended December 31
	2022		2021
	(in millions)
Amounts reclassified from AOCI(1)(2):





Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	5	$	34
Net unrealized investment gains (losses) on available-for-sale securities	(20)		1,302
Total net unrealized investment gains (losses)(4)	(15)		1,336
Total reclassifications for the period	$	(15)	$	1,336

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 6 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs and future policy benefits and other liabilities.

Other Net Unrealized Investment Gain Loss AOCI Roll Forward

The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:


	Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been Recognized		Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized (1)		Net Unrealized Gains (Losses) on All Other Investments(2)		DAC and Other Costs(3)		Future Policy Benefits and Other Liabilities(4)		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)

	(in millions)


Balance, December 31, 2020	$	—	$	—	$	2,369	$	(363)	$	(63)	$	(409)	$	1,534
Net investment gains (losses) on investments arising during the period	—		2		(795)		—		—		167		(626)
Reclassification adjustment for (gains) losses included in net income	—		(2)		(1,334)		—		—		280		(1,056)
Impact of net unrealized investment (gains) losses	—		—		—		348		56		(85)		319
Balance, December 31, 2021	—		—		240		(15)		(7)		(47)		171

Net investment gains (losses) on investments arising during the period	—		—		(591)		—		—		125		(466)
Reclassification adjustment for (gains) losses included in net income	—		—		15		—		—		(4)		11

Impact of net unrealized investment (gains) losses	—		—		—		9		6		(3)		12


Balance, March 31, 2022	$	—	$	—	$	(336)	$	(6)	$	(1)	$	71	$	(272)

(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.

(2)Includes cash flow hedges. See Note 6 for information on cash flow hedges.

(3)“Other costs” primarily includes reinsurance recoverables, DSI and VOBA.

(4)“Other liabilities” primarily includes reinsurance payables and deferred reinsurance gains.