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Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:

			Successor
			December 31, 2022
(In millions)			Total						NAV						Level 1						Level 2						Level 3
Assets
AFS securities
US government and agencies			$	2,577					$	—					$	2,570					$	7					$	—
US state, municipal and political subdivisions			927						—						—						927						—
Foreign governments			907						—						—						906						1
Corporate			60,901						—						—						59,236						1,665
CLO			16,493						—						—						16,493						—
ABS			10,527						—						—						5,660						4,867
CMBS			4,158						—						—						4,158						—
RMBS			5,914						—						—						5,682						232
Total AFS securities			102,404						—						2,570						93,069						6,765
Trading securities			1,595						—						23						1,519						53
Equity securities			1,087						—						150						845						92
Mortgage loans			27,454						—						—						—						27,454
Funds withheld at interest – embedded derivative			(4,847)						—						—						—						(4,847)
Derivative assets			3,309						—						42						3,267						—
Short-term investments			520						—						29						455						36
Other investments			611						—						—						170						441
Cash and cash equivalents			7,779						—						7,779						—						—
Restricted cash			628						—						628						—						—
Investments in related parties
AFS securities
Corporate			982						—						—						170						812
CLO			3,079						—						—						2,776						303
ABS			5,760						—						—						218						5,542
Total AFS securities			9,821						—						—						3,164						6,657
Trading securities			878						—						—						—						878
Equity securities			279						—						—						—						279
Mortgage loans			1,302						—						—						—						1,302
Investment funds			959						—						—						—						959
Funds withheld at interest – embedded derivative			(1,425)						—						—						—						(1,425)
Other investments			303						—						—						—						303
Reinsurance recoverable			1,388						—						—						—						1,388
Assets of consolidated VIEs
Trading securities			1,063						—						5						436						622
Mortgage loans			2,055						—						—						—						2,055
Investment funds			12,480						10,009						—						—						2,471
Other investments			101						—						—						2						99
Cash and cash equivalents			362						—						362						—						—
Total assets measured at fair value			$	170,106					$	10,009					$	11,588					$	102,927					$	45,582
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	5,841					$	—					$	—					$	—					$	5,841
Universal life benefits			829						—						—						—						829
Future policy benefits
AmerUs Closed Block			1,164						—						—						—						1,164
ILICO Closed Block and life benefits			548						—						—						—						548
Derivative liabilities			1,646						—						38						1,607						1
Other liabilities			65						—						—						(77)						142
Total liabilities measured at fair value			$	10,093					$	—					$	38					$	1,530					$	8,525

			Predecessor
			December 31, 2021
(In millions)			Total						NAV						Level 1						Level 2						Level 3
Assets
AFS securities
US government and agencies			$	223					$	—					$	214					$	9					$	—
US state, municipal and political subdivisions			1,213						—						—						1,213						—
Foreign governments			1,128						—						—						1,126						2
Corporate			66,226						—						—						64,887						1,339
CLO			13,652						—						—						13,638						14
ABS			8,989						—						—						5,370						3,619
CMBS			2,758						—						—						2,715						43
RMBS			5,970						—						—						5,970						—
Total AFS securities			100,159						—						214						94,928						5,017
Trading securities			2,056						—						3						1,984						69
Equity securities			1,170						—						86						655						429
Mortgage loans			17						—						—						—						17
Investment funds			183						165						—						—						18
Funds withheld at interest – embedded derivative			782						—						—						—						782
Derivative assets			4,387						—						67						4,320						—
Short-term investments			139						—						49						61						29
Other investments			130						—						—						130						—
Cash and cash equivalents			9,479						—						9,479						—						—
Restricted cash			796						—						796						—						—
Investments in related parties
AFS securities
Corporate			859						—						—						189						670
CLO			2,549						—						—						2,347						202
ABS			6,994						—						—						549						6,445
Total AFS securities			10,402						—						—						3,085						7,317
Trading securities			1,781						—						—						10						1,771
Equity securities			284						—						—						—						284
Investment funds			2,958						103						—						—						2,855
Funds withheld at interest – embedded derivative			578						—						—						—						578
Reinsurance recoverable			1,991						—						—						—						1,991
Assets of consolidated VIEs
Investment funds			1,297						—						—						—						1,297
Cash and cash equivalents			154						—						154						—						—
Total assets measured at fair value			$	138,743					$	268					$	10,848					$	105,173					$	22,454
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	14,907					$	—					$	—					$	—					$	14,907
Universal life benefits			1,235						—						—						—						1,235
Future policy benefits
AmerUs Closed Block			1,520						—						—						—						1,520
ILICO Closed Block and life benefits			742						—						—						—						742
Derivative liabilities			472						—						—						469						3
Funds withheld liability – embedded derivative			45						—						—						45						—
Total liabilities measured at fair value			$	18,921					$	—					$	—					$	514					$	18,407

Summary of Fair Value Option

The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs:

			Successor									Predecessor
(In millions)			Year Ended December 31, 2022									Year Ended December 31, 2021						Year Ended December 31, 2020
Trading securities			$	(424)								$	(70)					$	33
Mortgage loans			(3,213)									—						—
Investment funds			114									826						295
Future policy benefits			356									80						(54)
Other liabilities			(37)									—						—
Total gains (losses)			$	(3,204)								$	836					$	274

The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs:

			Successor									Predecessor
(In millions)			December 31, 2022									December 31, 2021
Unpaid principal balance			$	33,653								$	15
Mark to fair value			(2,842)									2
Fair value			$	30,811								$	17

Reconciliation of Level 3 Assets Measured on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above.

			Successor
			Year Ended December 31, 2022
									Total realized and unrealized gains (losses)
(In millions)			Balance at January 1, 2022						Included in income						Included in OCI						Net purchases, issuances, sales and settlements						Net transfers in (out)						Ending balance						Total gains (losses) included in earnings1						Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments			$	2					$	(1)					$	—					$	—					$	—					$	1					$	—					$	—
Corporate			1,339						(16)						(123)						364						101						1,665						—						(119)
CLO			14						(2)						—						(9)						(3)						—						—						—
ABS			3,619						1						(183)						788						642						4,867						—						(216)
CMBS			43						—						(17)						—						(26)						—						—						—
RMBS			—						—						3						295						(66)						232						—						4
Trading securities			69						(9)						—						(10)						3						53						(5)						—
Equity securities			429						26						—						(4)						(359)						92						22						—
Mortgage loans			21,154						(2,761)						—						9,061						—						27,454						(2,747)						—
Investment funds			18						1						—						—						(19)						—						—						—
Funds withheld at interest – embedded derivative			—						(4,847)						—						—						—						(4,847)						—						—
Short-term investments			29						—						—						7						—						36						—						—
Other investments			—						(91)						—						36						496						441						(91)						—
Investments in related parties
AFS securities
Corporate			670						(3)						(16)						202						(41)						812						—						(16)
CLO			202						—						(29)						130						—						303						—						(29)
ABS			6,445						16						(256)						(715)						52						5,542						(11)						(259)
Trading securities			1,771						3						—						(1,084)						188						878						1						—
Equity securities			284						(2)						—						(15)						12						279						—						—
Mortgage loans			1,369						(225)						—						158						—						1,302						(225)						—
Investment funds			2,855						78						—						57						(2,031)						959						119						—
Funds withheld at interest – embedded derivative			—						(1,425)						—						—						—						(1,425)						—						—
Short-term investments			—						—						—						53						(53)						—						—						—
Other investments			—						14						—						15						274						303						14						—
Reinsurance recoverable			1,991						(603)						—						—						—						1,388						—						—
Assets of consolidated VIEs
Trading securities			—						49						—						530						43						622						11						—
Mortgage loans			2,152						(227)						—						(31)						161						2,055						(226)						—
Investment funds			1,297						72						—						1,862						(760)						2,471						58						—
Other investments			—						(17)						—						31						85						99						(24)						—
Total Level 3 assets			$	45,752					$	(9,969)					$	(621)					$	11,721					$	(1,301)					$	45,582					$	(3,104)					$	(635)
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	(7,559)					$	2,934					$	—					$	(1,216)					$	—					$	(5,841)					$	—					$	—
Universal life benefits			(1,235)						406						—						—						—						(829)						—						—
Future policy benefits
AmerUs Closed Block			(1,520)						356						—						—						—						(1,164)						—						—
ILICO Closed Block and life benefits			(742)						194						—						—						—						(548)						—						—
Derivative liabilities			(3)						2						—						—						—						(1)						—						—
Other liabilities			—						(37)						—						(105)						—						(142)						—						—
Total Level 3 liabilities			$	(11,059)					$	3,855					$	—					$	(1,321)					$	—					$	(8,525)					$	—					$	—
1 Related to instruments held at end of period.

			Predecessor
			Year Ended December 31, 2021
									Total realized and unrealized gains (losses)
(In millions)			Beginning balance						Included in income						Included in OCI						Net purchases, issuances, sales and settlements						Net transfers in (out)						Ending balance						Total gains (losses) included in earnings1			Total gains (losses) included in OCI1
Assets
AFS securities
US state, municipal and political subdivisions			$	34					$	—					$	—					$	—					$	(34)					$	—					$	—		$	—
Foreign governments			2						—						—						—						—						2						—			—
Corporate			778						6						27						428						100						1,339						—			27
CLO			208						—						1						(37)						(158)						14						—			1
ABS			800						(17)						45						2,958						(167)						3,619						—			45
CMBS			43						2						6						(11)						3						43						—			6
Trading securities			86						(11)						—						1						(7)						69						(5)			—
Equity securities			11						16						—						402						—						429						16			—
Mortgage loans			19						—						—						(2)						—						17						—			—
Investment funds			17						1						—						—						—						18						1			—
Funds withheld at interest – embedded derivative			1,944						(1,162)						—						—						—						782						—			—
Short-term investments			2						—						—						27						—						29						—			—
Investments in related parties
AFS securities
Corporate			195						2						7						661						(195)						670						—			7
CLO			—						—						—						202						—						202						—			—
ABS			4,109						(6)						(44)						2,386						—						6,445						—			(44)
Trading securities			1,525						20						—						236						(10)						1,771						40			—
Equity securities			72						8						—						204						—						284						8			—
Investment funds			2,033						816						—						6						—						2,855						816			—
Funds withheld at interest – embedded derivative			862						(284)						—						—						—						578						—			—
Reinsurance recoverable			2,100						(109)						—						—						—						1,991						—			—
Assets of consolidated VIEs – investment funds			—						9						—						1,179						109						1,297						9			—
Total Level 3 assets			$	14,840					$	(709)					$	42					$	8,640					$	(359)					$	22,454					$	885		$	42
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	(12,873)					$	(1,451)					$	—					$	(583)					$	—					$	(14,907)					$	—		$	—
Universal life benefits			(1,308)						73						—						—						—						(1,235)						—			—
Future policy benefits
AmerUs Closed Block			(1,600)						80						—						—						—						(1,520)						—			—
ILICO Closed Block and life benefits			(776)						34						—						—						—						(742)						—			—
Derivative liabilities			(4)						1						—						—						—						(3)						—			—
Total Level 3 liabilities			$	(16,561)					$	(1,263)					$	—					$	(583)					$	—					$	(18,407)					$	—		$	—
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Reconciliation of Level 3 Liabilities Measured on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above.

			Successor
			Year Ended December 31, 2022
									Total realized and unrealized gains (losses)
(In millions)			Balance at January 1, 2022						Included in income						Included in OCI						Net purchases, issuances, sales and settlements						Net transfers in (out)						Ending balance						Total gains (losses) included in earnings1						Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments			$	2					$	(1)					$	—					$	—					$	—					$	1					$	—					$	—
Corporate			1,339						(16)						(123)						364						101						1,665						—						(119)
CLO			14						(2)						—						(9)						(3)						—						—						—
ABS			3,619						1						(183)						788						642						4,867						—						(216)
CMBS			43						—						(17)						—						(26)						—						—						—
RMBS			—						—						3						295						(66)						232						—						4
Trading securities			69						(9)						—						(10)						3						53						(5)						—
Equity securities			429						26						—						(4)						(359)						92						22						—
Mortgage loans			21,154						(2,761)						—						9,061						—						27,454						(2,747)						—
Investment funds			18						1						—						—						(19)						—						—						—
Funds withheld at interest – embedded derivative			—						(4,847)						—						—						—						(4,847)						—						—
Short-term investments			29						—						—						7						—						36						—						—
Other investments			—						(91)						—						36						496						441						(91)						—
Investments in related parties
AFS securities
Corporate			670						(3)						(16)						202						(41)						812						—						(16)
CLO			202						—						(29)						130						—						303						—						(29)
ABS			6,445						16						(256)						(715)						52						5,542						(11)						(259)
Trading securities			1,771						3						—						(1,084)						188						878						1						—
Equity securities			284						(2)						—						(15)						12						279						—						—
Mortgage loans			1,369						(225)						—						158						—						1,302						(225)						—
Investment funds			2,855						78						—						57						(2,031)						959						119						—
Funds withheld at interest – embedded derivative			—						(1,425)						—						—						—						(1,425)						—						—
Short-term investments			—						—						—						53						(53)						—						—						—
Other investments			—						14						—						15						274						303						14						—
Reinsurance recoverable			1,991						(603)						—						—						—						1,388						—						—
Assets of consolidated VIEs
Trading securities			—						49						—						530						43						622						11						—
Mortgage loans			2,152						(227)						—						(31)						161						2,055						(226)						—
Investment funds			1,297						72						—						1,862						(760)						2,471						58						—
Other investments			—						(17)						—						31						85						99						(24)						—
Total Level 3 assets			$	45,752					$	(9,969)					$	(621)					$	11,721					$	(1,301)					$	45,582					$	(3,104)					$	(635)
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	(7,559)					$	2,934					$	—					$	(1,216)					$	—					$	(5,841)					$	—					$	—
Universal life benefits			(1,235)						406						—						—						—						(829)						—						—
Future policy benefits
AmerUs Closed Block			(1,520)						356						—						—						—						(1,164)						—						—
ILICO Closed Block and life benefits			(742)						194						—						—						—						(548)						—						—
Derivative liabilities			(3)						2						—						—						—						(1)						—						—
Other liabilities			—						(37)						—						(105)						—						(142)						—						—
Total Level 3 liabilities			$	(11,059)					$	3,855					$	—					$	(1,321)					$	—					$	(8,525)					$	—					$	—
1 Related to instruments held at end of period.

			Predecessor
			Year Ended December 31, 2021
									Total realized and unrealized gains (losses)
(In millions)			Beginning balance						Included in income						Included in OCI						Net purchases, issuances, sales and settlements						Net transfers in (out)						Ending balance						Total gains (losses) included in earnings1			Total gains (losses) included in OCI1
Assets
AFS securities
US state, municipal and political subdivisions			$	34					$	—					$	—					$	—					$	(34)					$	—					$	—		$	—
Foreign governments			2						—						—						—						—						2						—			—
Corporate			778						6						27						428						100						1,339						—			27
CLO			208						—						1						(37)						(158)						14						—			1
ABS			800						(17)						45						2,958						(167)						3,619						—			45
CMBS			43						2						6						(11)						3						43						—			6
Trading securities			86						(11)						—						1						(7)						69						(5)			—
Equity securities			11						16						—						402						—						429						16			—
Mortgage loans			19						—						—						(2)						—						17						—			—
Investment funds			17						1						—						—						—						18						1			—
Funds withheld at interest – embedded derivative			1,944						(1,162)						—						—						—						782						—			—
Short-term investments			2						—						—						27						—						29						—			—
Investments in related parties
AFS securities
Corporate			195						2						7						661						(195)						670						—			7
CLO			—						—						—						202						—						202						—			—
ABS			4,109						(6)						(44)						2,386						—						6,445						—			(44)
Trading securities			1,525						20						—						236						(10)						1,771						40			—
Equity securities			72						8						—						204						—						284						8			—
Investment funds			2,033						816						—						6						—						2,855						816			—
Funds withheld at interest – embedded derivative			862						(284)						—						—						—						578						—			—
Reinsurance recoverable			2,100						(109)						—						—						—						1,991						—			—
Assets of consolidated VIEs – investment funds			—						9						—						1,179						109						1,297						9			—
Total Level 3 assets			$	14,840					$	(709)					$	42					$	8,640					$	(359)					$	22,454					$	885		$	42
Liabilities
Interest sensitive contract liabilities
Embedded derivative			$	(12,873)					$	(1,451)					$	—					$	(583)					$	—					$	(14,907)					$	—		$	—
Universal life benefits			(1,308)						73						—						—						—						(1,235)						—			—
Future policy benefits
AmerUs Closed Block			(1,600)						80						—						—						—						(1,520)						—			—
ILICO Closed Block and life benefits			(776)						34						—						—						—						(742)						—			—
Derivative liabilities			(4)						1						—						—						—						(3)						—			—
Total Level 3 liabilities			$	(16,561)					$	(1,263)					$	—					$	(583)					$	—					$	(18,407)					$	—		$	—
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Gross Components of Purchases, Sales, Issuances and Settlements, net

			Successor
			Year Ended December 31, 2022
(In millions)			Purchases						Issuances						Sales						Settlements						Net purchases, issuances, sales and settlements						Transfers in						Transfers out						Net transfers in (out)
Assets
AFS securities
Corporate			$	685					$	—					$	(177)					$	(144)					$	364					$	393					$	(292)					$	101
CLO			3						—						—						(12)						(9)						—						(3)						(3)
ABS			3,306						—						(1,791)						(727)						788						1,089						(447)						642
CMBS			—						—						—						—						—						—						(26)						(26)
RMBS			296						—						—						(1)						295						—						(66)						(66)
Trading securities			8						—						(9)						(9)						(10)						56						(53)						3
Equity securities			—						—						(4)						—						(4)						41						(400)						(359)
Mortgage loans			12,367						—						(198)						(3,108)						9,061						—						—						—
Investment funds			—						—						—						—						—						—						(19)						(19)
Short-term investments			59						—						—						(52)						7						—						—						—
Other investments			48						—						(12)						—						36						496						—						496
Investments in related parties
AFS securities
Corporate			483						—						(263)						(18)						202						53						(94)						(41)
CLO			130						—						—						—						130						—						—						—
ABS			2,889						—						(94)						(3,510)						(715)						1,916						(1,864)						52
Trading securities			43						—						(1,081)						(46)						(1,084)						1,448						(1,260)						188
Equity securities			195						—						(119)						(91)						(15)						125						(113)						12
Mortgage loans			182						—						—						(24)						158						—						—						—
Investment funds			91						—						(34)						—						57						—						(2,031)						(2,031)
Short-term investments			53						—						—						—						53						—						(53)						(53)
Other investments			31						—						(16)						—						15						274						—						274
Assets of consolidated VIEs
Trading securities			531						—						(1)						—						530						430						(387)						43
Equity securities			—						—						—						—						—						15						(15)						—
Mortgage loans			176						—						—						(207)						(31)						384						(223)						161
Investment funds			2,014						—						(152)						—						1,862						11,550						(12,310)						(760)
Other investments			33						—						(2)						—						31						2,018						(1,933)						85
Total Level 3 assets			$	23,623					$	—					$	(3,953)					$	(7,949)					$	11,721					$	20,288					$	(21,589)					$	(1,301)
Liabilities
Interest sensitive contract liabilities – embedded derivative			$	—					$	(1,722)					$	—					$	506					$	(1,216)					$	—					$	—					$	—
Other liabilities			—						—						—						(105)						(105)						—						—						—
Total Level 3 liabilities			$	—					$	(1,722)					$	—					$	401					$	(1,321)					$	—					$	—					$	—

Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities

The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs:

						Successor
						December 31, 2022
(In millions, except for percentages and multiples)						Fair value						Valuation technique						Unobservable inputs						Minimum						Maximum						Weighted average									Impact of an increase in the input on fair value
AFS, trading and equity securities						$	10,671					Discounted cash flow						Discount rate						2.2		%				18.8		%				6.8		%	1						Decrease
Mortgage loans						30,811						Discounted cash flow						Discount rate						1.5		%				22.1		%				6.3		%	1						Decrease
Investment funds						506						Discounted cash flow						Discount rate						6.4		%				6.4		%				6.4		%							Decrease
						873						Discounted cash flow / Guideline public equity						Discount rate / P/E						16.5% / 9x						16.5% / 9x						16.5% / 9x									Decrease / Increase
						529						Net tangible asset values						Implied multiple						1.26x						1.26x						1.26x									Increase
						563						Reported net asset value						Reported net asset value						N/A						N/A						N/A									N/A
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives						5,841						Discounted cash flow						Nonperformance risk						0.1		%				1.7		%				1.0		%	2						Decrease
																		Option budget						0.5		%				5.3		%				1.9		%	3						Increase
																		Surrender rate						5.1		%				11.5		%				8.1		%	4						Decrease
						Predecessor
						December 31, 2021
(In millions, except for percentages)						Fair value						Valuation technique						Unobservable inputs						Minimum						Maximum						Weighted average									Impact of an increase in the input on fair value
AFS and trading securities5						$	7,512					Discounted cash flow						Discount rate						1.4		%				19.4		%				5.4		%	1						Decrease
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives						14,907						Option budget method						Nonperformance risk						0.1		%				1.0		%				0.6		%	2						Decrease
																		Option budget						0.4		%				3.4		%				1.9		%	3						Increase
																		Surrender rate						5.9		%				10.7		%				8.0		%	4						Decrease
1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans.
2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative.
3 The option budget weighted average is calculated based on the indexed account values.
4 The surrender rate weighted average is calculated based on projected account values.
5 Previously reported amounts have been revised to correct a misstatement, which was not material, in the fair value and unobservable inputs for AFS and trading securities.

Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet

The following represents our financial instruments not carried at fair value on the consolidated balance sheets:

			Successor
			December 31, 2022
(In millions)			Carrying Value						Fair Value						NAV						Level 1						Level 2						Level 3
Financial assets
Investment funds			$	79					$	79					$	79					$	—					$	—					$	—
Policy loans			347						347						—						—						347						—
Funds withheld at interest			37,727						37,727						—						—						—						37,727
Short-term investments			1,640						1,640						—						—						1,614						26
Other investments			162						162						—						—						—						162
Investments in related parties
Investment funds			610						610						610						—						—						—
Funds withheld at interest			11,233						11,233						—						—						—						11,233
Total financial assets not carried at fair value			$	51,798					$	51,798					$	689					$	—					$	1,961					$	49,148
Financial liabilities
Interest sensitive contract liabilities			$	125,101					$	111,608					$	—					$	—					$	—					$	111,608
Debt			3,658						2,893						—						—						2,893						—
Securities to repurchase			4,743						4,743						—						—						4,743						—
Funds withheld liability			360						360						—						—						360						—
Total financial liabilities not carried at fair value			$	133,862					$	119,604					$	—					$	—					$	7,996					$	111,608

			Predecessor
			December 31, 2021
(In millions)			Carrying Value						Fair Value						NAV						Level 1						Level 2						Level 3
Financial assets
Mortgage loans			$	20,731					$	21,138					$	—					$	—					$	—					$	21,138
Investment funds			995						995						995						—						—						—
Policy loans			312						312						—						—						312						—
Funds withheld at interest			43,125						43,125						—						—						—						43,125
Other investments			1,343						1,343						—						—						—						1,343
Investments in related parties
Mortgage loans			1,360						1,369						—						—						—						1,369
Investment funds			4,433						4,433						4,433						—						—						—
Funds withheld at interest			11,629						11,629						—						—						—						11,629
Other investments			222						223						—						—						—						223
Assets of consolidated VIEs – mortgage loans			2,040						2,152						—						—						—						2,152
Total financial assets not carried at fair value			$	86,190					$	86,719					$	5,428					$	—					$	312					$	80,979
Financial liabilities
Interest sensitive contract liabilities			$	105,293					$	108,621					$	—					$	—					$	—					$	108,621
Debt			2,964						3,295						—						—						3,295						—
Securities to repurchase			3,110						3,110						—						—						3,110						—
Funds withheld liability			394						394						—						—						394						—
Total financial liabilities not carried at fair value			$	111,761					$	115,420					$	—					$	—					$	6,799					$	108,621

Equity Securities without Readily Determinable Fair Value

Financial Instruments Without Readily Determinable Fair Values—We have elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of December 31, 2022 and 2021, the carrying amount of the equity securities was $400 million and $0 million, respectively, with no cumulative recorded impairment.

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