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v3.25.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables and explanatory notes present adjustments within the statement of financial position as of December 31, 2023 and statement of operating results for the year ended December 31, 2023, the period from May 25, 2022 to December 31, 2022, and the Predecessor period from January 1, 2022 to May 24, 2022 to conform the presentation to that of ANGI’s.
|  | December 31, 2023
Successor |  | American National, Historical |  | Reclassification to Conform Presentation |  | Notes |  | American National, Conformed
|  | (Dollars in millions)
Available-for-sale fixed maturity securities, at fair value |  | $ | 13,071 |  |  | $ | (194) |  |  | 2(b) |  | $ | 12,877 |
Private loans |  | — |  |  | 194 |  |  | 2(b) |  | 194
Market risk benefit asset |  | 34 |  |  | (34) |  |  | 2(a) |  | — |
Current tax receivable |  | 98 |  |  | (98) |  |  | 2(a) |  | — |
Prepaid pension |  | 248 |  |  | (248) |  |  | 2(a) |  | — |
Intangible assets |  | — |  |  | 44 |  |  | 2(a) |  | 44 |
Other assets |  | 205 |  |  | 336 |  |  | 2(a) |  | 541 |
Liability for retirement benefits |  | 26 |  |  | (26) |  |  | 2(c) |  | — |
Other liabilities |  | 441 |  |  | 26 |  |  | 2(c) |  | 467 |
|  | $ | 14,123 |  |  | $ | — |  |  |  |  | $ | 14,123 |
|  | Year Ended December 31, 2023
Successor |  | American National, Historical |  | Reclassification to Conform Presentation |  | Notes |  | American National, Conformed
|  | (Dollars in millions)
Net investment income |  | $ | 1,501 |  |  | $ | (113) |  |  | 2(f) |  | $ | 1,388 |
Investment related gains (losses) |  | — |  |  | (1) |  |  | 2(d) |  | (1) |
Net realized investment gains (losses) |  | (73) |  |  | 73 |  |  | 2(d) |  | — |
Increase in investment credit loss |  | (27) |  |  | 27 |  |  | 2(d) |  | — |
Net gains (losses) on equity securities |  | 97 |  |  | (97) |  |  | 2(d) |  | — |
Policyholder benefits and claims incurred |  | (3,261) |  |  | (28) |  |  | 2(g) |  | (3,289) |
Interest credited to policyholders' account balances |  | (628) |  |  | 628 |  |  | 2(f)(g) |  | — |
Interest sensitive contract benefits |  | — |  |  | (480) |  |  | 2(g) |  | (480) |
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired |  | (521) |  |  | (4) |  |  | 2(g) |  | (525) |
Change in fair value of insurance-related derivatives and embedded derivatives |  | — |  |  | (36) |  |  | 2(f) |  | (36) |
Future policy benefit remeasurement losses |  | (28) |  |  | 28 |  |  | 2(g) |  | — |
Other operating expenses |  | (712) |  |  | 712 |  |  | 2(e) |  | — |
Operating expenses |  | — |  |  | (601) |  |  | 2(e)(g) |  | (601) |
Interest expense |  | — |  |  | (99) |  |  | 2(e) |  | (99) |
Other components of net periodic pension benefit (costs), net of tax |  | 9 |  |  | (9) |  |  | 2(g) |  | — |
|  | $ | (3,643) |  |  | $ | — |  |  |  |  | $ | (3,643) |
|  | Period From May 25, 2022 to December 31, 2022
Successor |  | American National, Historical |  | Reclassification to Conform Presentation |  | Notes |  | American National, Conformed
|  | (Dollars in millions)
Net investment income |  | $ | 663 |  |  | $ | 37 |  |  | 2(f) |  | $ | 700 |
Investment related gains (losses) |  | — |  |  | (39) |  |  | 2(d) |  | (39) |
Net realized investment gains (losses) |  | (23) |  |  | 23 |  |  | 2(d) |  | — |
Increase in investment credit loss |  | (65) |  |  | 65 |  |  | 2(d) |  | — |
Net gains (losses) on equity securities |  | 49 |  |  | (49) |  |  | 2(d) |  | — |
Policyholder benefits and claims incurred |  | (1,188) |  |  | (2) |  |  | 2(g) |  | (1,190) |
Interest credited to policyholders' account balances |  | (156) |  |  | 156 |  |  | 2(f)(g) |  | — |
Interest sensitive contract benefits |  | — |  |  | (217) |  |  | 2(g) |  | (217) |
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired |  | (322) |  |  | 3 |  |  | 2(g) |  | (319) |
Change in fair value of insurance-related derivatives and embedded derivatives |  | — |  |  | 23 |  |  | 2(f) |  | 23 |
Future policy benefit remeasurement losses |  | (2) |  |  | 2 |  |  | 2(g) |  | — |
Other operating expenses |  | (366) |  |  | 366 |  |  | 2(e) |  | — |
Operating expenses |  | — |  |  | (322) |  |  | 2(e)(g) |  | (322) |
Interest expense |  | — |  |  | (42) |  |  | 2(e) |  | (42) |
Other components of net periodic pension benefit (costs), net of tax |  | 4 |  |  | (4) |  |  | 2(g) |  | — |
|  | $ | (1,406) |  |  | $ | — |  |  |  |  | $ | (1,406) |
|  | Period From January 1, 2022 to May 24, 2022
Predecessor |  | American National, Historical |  | Reclassification to Conform Presentation |  | Notes |  | American National, Conformed
|  | (Dollars in millions)
Net investment income |  | $ | 385 |  |  | $ | 128 |  |  | 2(f) |  | $ | 513 |
Investment related gains (losses) |  | — |  |  | (7) |  |  | 2(d) |  | (7) |
Net realized investment gains (losses) |  | 21 |  |  | (21) |  |  | 2(d) |  | — |
Increase in investment credit loss |  | (15) |  |  | 15 |  |  | 2(d) |  | — |
Net gains (losses) on equity securities |  | (13) |  |  | 13 |  |  | 2(d) |  | — |
Interest credited to policyholders' account balances |  | (53) |  |  | 53 |  |  | 2(f)(g) |  | — |
Interest sensitive contract benefits |  | — |  |  | (150) |  |  | 2(g) |  | (150) |
Change in fair value of insurance-related derivatives and embedded derivatives |  | — |  |  | (31) |  |  | 2(f) |  | (31) |
Other operating expenses |  | (256) |  |  | 256 |  |  | 2(e) |  | — |
Operating expenses |  | — |  |  | (258) |  |  | 2(e)(g) |  | (258) |
Other components of net periodic pension benefit (costs), net of tax |  | (2) |  |  | 2 |  |  | 2(g) |  | — |
|  | $ | 67 |  |  | $ | — |  |  |  |  | $ | 67 |
Amortization Basis of Insurance Contracts |
Product(s) |  | Amortization Base |
Traditional life products |  | Nominal face amount |
Life contingent payout annuities |  | Annualized benefit amount in force |
Health products |  | Original annual premium |
Fixed deferred annuities, fixed index annuities, variable annuities |  | Policy count |
Universal life products |  | Initial face amount |
Property and Casualty |  | Earned premium |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
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