XML 72 R59.htm IDEA: XBRL DOCUMENT
v3.25.1

Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Components of Definite-lived Intangible Assets | The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.
| December 31,
| 2024 |  | 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Dollars in millions)
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Distributor relationships | $ | 1,445 |  |  | $ | (41) |  |  | $ | 1,404 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Trade name | 58 |  |  | (6) |  |  | 52 |  |  | 10 |  |  | (2) |  |  | 8 |
Internally generated software | 52 |  |  | (9) |  |  | 43 |  |  | — |  |  | — |  |  | — |
Total definite-lived intangible assets | 1,555 |  |  | (56) |  |  | 1,499 |  |  | 15 |  |  | (2) |  |  | 13 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Insurance licenses | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total indefinite-lived intangible assets | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total intangible assets | $ | 1,601 |  |  | $ | (56) |  |  | $ | 1,545 |  |  | $ | 46 |  |  | $ | (2) |  |  | $ | 44 |
Components of Indefinite-lived Intangible Assets | The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.
| December 31,
| 2024 |  | 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Dollars in millions)
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Distributor relationships | $ | 1,445 |  |  | $ | (41) |  |  | $ | 1,404 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Trade name | 58 |  |  | (6) |  |  | 52 |  |  | 10 |  |  | (2) |  |  | 8 |
Internally generated software | 52 |  |  | (9) |  |  | 43 |  |  | — |  |  | — |  |  | — |
Total definite-lived intangible assets | 1,555 |  |  | (56) |  |  | 1,499 |  |  | 15 |  |  | (2) |  |  | 13 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Insurance licenses | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total indefinite-lived intangible assets | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total intangible assets | $ | 1,601 |  |  | $ | (56) |  |  | $ | 1,545 |  |  | $ | 46 |  |  | $ | (2) |  |  | $ | 44 |
Schedule of Estimated Future Amortization Expense | The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of December 31, 2024.
Years | (Dollars in millions)
2025 | $ | 80 |
2026 | 82 |
2027 | 72 |
2028 | 67 |
2029 | 64 |
Thereafter | 1,134 |
Total amortization expense | $ | 1,499 |
Schedule of Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by reporting segment were as follows:
Predecessor |  | Annuities |  | P&C |  | Life Insurance |  | Total
|  | (Dollars in millions)
Goodwill, as of December 31, 2021 |  | $ | — |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 44 |
Acquisitions from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of May 24, 2022 |  | $ | — |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 44 |
Successor |  | Annuities |  | P&C |  | Life Insurance |  | Total
|  | (Dollars in millions)
Goodwill, as of May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Acquisitions from business combinations |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2022 |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Acquisitions from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2023 |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Acquisitions from business combinations |  | 662 |  |  | — |  |  | — |  |  | 662 |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2024 |  | $ | 703 |  |  | $ | 45 |  |  | $ | 35 |  |  | $ | 783 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration