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FUTURE POLICY BENEFITS, POLICY AND CONTRACT CLAIMS AND POLICYHOLDERS' ACCOUNT BALANCES - Schedule of Movement In Insurance Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021
Gross reserves |  |  |  |
Gross reserve, beginning of period |  |  | $ 8,497 |
Gross reserve, ending of period | $ 14,410 |  | 14,410 |
Reinsurance assets |  |  |  |
Reinsurance assets at beginning of period |  |  | 169 |
Reinsurance assets at end of period | 576 |  | 576 |
Future Policy Benefits |  |  |  |
Gross reserves |  |  |  |
Gross reserve, beginning of period | 8,512 | $ 1,264 | 8,497 | $ 1,339
Acquisition from business combination | 5,132 |  | 5,132 |
New business | 1,229 | 52 | 1,536 | 55
Normal changes | (405) | 6 | (756) | (94)
Management actions and changes in assumptions | 16 | 1 | 53 | 5
Total changes during the year | 5,972 | 59 | 5,965 | (34)
Impact of foreign exchange | (74) | 16 | (52) | 34
Gross reserve, ending of period | 14,410 | 1,339 | 14,410 | 1,339
Reinsurance assets |  |  |  |
Reinsurance assets at beginning of period | 148 | 178 | 169 | 190
Acquisition from business combination | 7 |  | 7 |
New business | 0 | 0 | 0 | 0
Normal changes | 95 | (4) | 73 | (18)
Management actions and changes in assumptions | 0 | (1) | 0 | (2)
Increase (decrease) in reinsurance assets | 102 | (5) | 80 | (20)
Impact of foreign exchange | (4) | 3 | (3) | 6
Reinsurance assets at end of period | 246 | 176 | 246 | 176
Net |  |  |  |
Beginning of period | 8,364 | 1,086 | 8,328 | 1,149
Acquisition from business combination | 5,125 |  | 5,125 |
New business | 1,229 | 52 | 1,536 | 55
Normal changes | (500) | 10 | (829) | (76)
Management actions and changes in assumptions | 16 | 2 | 53 | 7
Total changes during the year | 5,870 | 64 | 5,885 | (14)
Impact of foreign exchange | (70) | 13 | (49) | 28
Reinsurance Reserve, Net | 14,164 | 1,163 | 14,164 | 1,163
Future Policy Benefits | Life |  |  |  |
Gross reserves |  |  |  |
Gross reserve, beginning of period | 0 | 0 | 0 | 0
Acquisition from business combination | 3,459 |  | 3,459 |
New business | 1 | 0 | 1 | 0
Normal changes | (236) | 0 | (236) | 0
Management actions and changes in assumptions | 0 | 0 | 0 | 0
Total changes during the year | 3,224 | 0 | 3,224 | 0
Impact of foreign exchange | 0 | 0 | 0 | 0
Gross reserve, ending of period | 3,224 | 0 | 3,224 | 0
Future Policy Benefits | Annuities |  |  |  |
Gross reserves |  |  |  |
Gross reserve, beginning of period | 8,512 | 1,264 | 8,497 | 1,339
Acquisition from business combination | 1,627 |  | 1,627 |
New business | 1,228 | 52 | 1,535 | 55
Normal changes | (169) | 6 | (520) | (94)
Management actions and changes in assumptions | 16 | 1 | 53 | 5
Total changes during the year | 2,702 | 59 | 2,695 | (34)
Impact of foreign exchange | (74) | 16 | (52) | 34
Gross reserve, ending of period | 11,140 | 1,339 | 11,140 | 1,339
Future Policy Benefits | Health |  |  |  |
Gross reserves |  |  |  |
Gross reserve, beginning of period | 0 | 0 | 0 | 0
Acquisition from business combination | 46 |  | 46 |
New business | 0 | 0 | 0 | 0
Normal changes | 0 | 0 | 0 | 0
Management actions and changes in assumptions | 0 | 0 | 0 | 0
Total changes during the year | 46 | 0 | 46 | 0
Impact of foreign exchange | 0 | 0 | 0 | 0
Gross reserve, ending of period | 46 | $ 0 | 46 | $ 0
Policy and contract claims |  |  |  |
Gross reserves |  |  |  |
Gross reserve, beginning of period | 0 |  | 0 |
Acquisition from business combination | 1,706 |  | 1,706 |
New business | 0 |  | 0 |
Normal changes | 12 |  | 12 |
Management actions and changes in assumptions | 16 |  | 16 |
Total changes during the year | 1,734 |  | 1,734 |
Gross reserve, ending of period | 1,734 |  | 1,734 |
Reinsurance assets |  |  |  |
Reinsurance assets at beginning of period | 0 |  | 0 |
Acquisition from business combination | 116 |  | 116 |
New business | 0 |  | 0 |
Normal changes | 211 |  | 211 |
Management actions and changes in assumptions | 3 |  | 3 |
Increase (decrease) in reinsurance assets | 330 |  | 330 |
Reinsurance assets at end of period | 330 |  | 330 |
Net |  |  |  |
Beginning of period | 0 |  | 0 |
Acquisition from business combination | 1,590 |  |  |
New business | 0 |  | 0 |
Normal changes | (199) |  | (199) |
Management actions and changes in assumptions | 13 |  | 13 |
Total changes during the year | 1,404 |  | 1,404 |
Reinsurance Reserve, Net | $ 1,404 |  | $ 1,404 |

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