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Policyholders' Account Balances (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Schedule of Changes in Policyholders' Account Balances | The balances and changes in policyholders’ account balances are as follows:
|  | Year Ended December 31, 2024
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 14,694 |  |  | $ | 1,975 |  |  | $ | 16,669 |
Issuances |  | 11,647 |  |  | 62 |  |  | 11,709 |
Acquisition from business combination (b) |  | 61,296 |  |  | — |  |  | 61,296 |
Derecognition |  | — |  |  | — |  |  | — |
Premiums received |  | 67 |  |  | 423 |  |  | 490 |
Policy charges |  | (442) |  |  | (374) |  |  | (816) |
Surrenders and withdrawals |  | (8,958) |  |  | (66) |  |  | (9,024) |
Interest credited |  | 2,383 |  |  | 87 |  |  | 2,470 |
Benefit payments |  | (646) |  |  | — |  |  | (646) |
Other |  | 5 |  |  | — |  |  | 5 |
Balance, end of period |  | $ | 80,046 |  |  | $ | 2,107 |  |  | $ | 82,153 |
Reconciling items: |  |  |  |  |  |
Supplemental contracts |  | $ | 514 |  |  | $ | — |  |  | $ | 514 |
Variable universal life |  | — |  |  | 39 |  |  | 39 |
Variable deferred annuity |  | 7 |  |  | — |  |  | 7 |
Embedded derivative and other |  | 319 |  |  | 47 |  |  | 366 |
Total PAB balance, end of period |  | $ | 80,886 |  |  | $ | 2,193 |  |  | $ | 83,079 |
Weighted-average crediting rate |  | 4.19 | % |  | 4.21 | % |  |
Net amount at risk (a) |  | $ | 12,475 |  |  | $ | 38,733 |  |  |
Cash surrender value |  | $ | 73,832 |  |  | $ | 1,860 |  |  |
(a)Net amount at risk is defined as the current guarantee amount in excess of the current account balance. (b)Amount excludes $177 million of liabilities relating to supplemental contracts at acquisition date.
|  | Year Ended December 31, 2023
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 12,012 |  |  | $ | 1,899 |  |  | $ | 13,911 |
Issuances |  | 4,382 |  |  | 84 |  |  | 4,466 |
Acquisition from business combination |  | — |  |  | — |  |  | — |
Derecognition |  | — |  |  | — |  |  | — |
Premiums received |  | 34 |  |  | 399 |  |  | 433 |
Policy charges |  | (39) |  |  | (362) |  |  | (401) |
Surrenders and withdrawals |  | (2,132) |  |  | (110) |  |  | (2,242) |
Interest credited |  | 437 |  |  | 65 |  |  | 502 |
Benefit payments |  | — |  |  | — |  |  | — |
Net transfers from (to) separate accounts |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 14,694 |  |  | $ | 1,975 |  |  | $ | 16,669 |
Reconciling items: |  |  |  |  |  |
Supplemental contracts |  | $ | 291 |  |  | $ | — |  |  | $ | 291 |
Variable universal life |  | — |  |  | 36 |  |  | 36 |
Variable deferred annuity |  | 8 |  |  | — |  |  | 8 |
Embedded derivative and other |  | 135 |  |  | 38 |  |  | 173 |
Total PAB balance, end of period |  | $ | 15,128 |  |  | $ | 2,049 |  |  | $ | 17,177 |
Weighted-average crediting rate |  | 3.27 | % |  | 3.34 | % |  |
Net amount at risk (a) |  | $ | 417 |  |  | $ | 38,365 |  |  |
Cash surrender value |  | $ | 15,000 |  |  | $ | 1,796 |  |  |
|  | Period From May 25, 2022 to December 31, 2022
Successor |  | Annuities |  | Life Insurance |  | Total
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,603 |  |  | $ | 1,923 |  |  | $ | 13,526 |
Issuances |  | 1,054 |  |  | 45 |  |  | 1,099 |
Acquisition from business combination |  | — |  |  | — |  |  | — |
Derecognition |  | — |  |  | — |  |  | — |
Premiums received |  | 26 |  |  | 226 |  |  | 252 |
Policy charges |  | (10) |  |  | (273) |  |  | (283) |
Surrenders and withdrawals |  | (739) |  |  | (38) |  |  | (777) |
Interest credited |  | 67 |  |  | 23 |  |  | 90 |
Benefit payments |  | — |  |  | — |  |  | — |
Net transfers from (to) separate accounts |  | — |  |  | — |  |  | — |
Other |  | 11 |  |  | (7) |  |  | 4 |
Balance, end of period |  | $ | 12,012 |  |  | $ | 1,899 |  |  | $ | 13,911 |
Reconciling items: |  |  |  |  |  |
Supplemental contracts |  | $ | 305 |  |  | $ | — |  |  | $ | 305 |
Variable universal life |  | — |  |  | 43 |  |  | 43 |
Variable deferred annuity |  | 17 |  |  | — |  |  | 17 |
Embedded derivative and other |  | 29 |  |  | 5 |  |  | 34 |
Total PAB balance, end of period |  | $ | 12,363 |  |  | $ | 1,947 |  |  | $ | 14,310 |
Weighted-average crediting rate |  | 0.66 | % |  | 0.87 | % |  |
Net amount at risk (a) |  | $ | 313 |  |  | $ | 35,899 |  |  |
Cash surrender value |  | $ | 10,899 |  |  | $ | 1,694 |  |  |
(a)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates | The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
| December 31, 2024
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other |  | Total
|  |  | (Dollars in millions)
Annuities | 0% - 1% |  | $ | 3,963 |  |  | $ | 2,838 |  |  | $ | 3,768 |  |  | $ | 4,787 |  |  | $ | — |  |  | $ | 15,356 |
| 1% - 2% |  | 1,501 |  |  | 341 |  |  | 1,159 |  |  | 1,826 |  |  | — |  |  | 4,827 |
| 2% - 3% |  | 1,839 |  |  | 411 |  |  | 159 |  |  | 9,321 |  |  | — |  |  | 11,730 |
| Greater than 3% |  | 282 |  |  | 7 |  |  | 2 |  |  | 9 |  |  | — |  |  | 300 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,833 |  |  | 47,833 |
| Total |  | $ | 7,585 |  |  | $ | 3,597 |  |  | $ | 5,088 |  |  | $ | 15,943 |  |  | $ | 47,833 |  |  | $ | 80,046 |
Life Insurance | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 32 |  |  | 2 |  |  | 60 |  |  | 735 |  |  | — |  |  | 829 |
| 2% - 3% |  | 422 |  |  | — |  |  | 222 |  |  | — |  |  | — |  |  | 644 |
| Greater than 3% |  | 634 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 634 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 1,088 |  |  | $ | 2 |  |  | $ | 282 |  |  | $ | 735 |  |  | $ | — |  |  | $ | 2,107 |
| December 31, 2023
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other |  | Total
|  |  | (Dollars in millions)
Annuities | 0% - 1% |  | $ | 2,485 |  |  | $ | 29 |  |  | $ | 483 |  |  | $ | 722 |  |  | $ | — |  |  | $ | 3,719 |
| 1% - 2% |  | 668 |  |  | 430 |  |  | 1,943 |  |  | 2,137 |  |  | — |  |  | 5,178 |
| 2% - 3% |  | 827 |  |  | 409 |  |  | 56 |  |  | 4,224 |  |  | — |  |  | 5,516 |
| Greater than 3% |  | 264 |  |  | 7 |  |  | 1 |  |  | 1 |  |  | — |  |  | 273 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
| Total |  | $ | 4,244 |  |  | $ | 875 |  |  | $ | 2,483 |  |  | $ | 7,084 |  |  | $ | 8 |  |  | $ | 14,694 |
Life Insurance | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 168 |  |  | 2 |  |  | 140 |  |  | 371 |  |  | — |  |  | 681 |
| 2% - 3% |  | 415 |  |  | — |  |  | 219 |  |  | — |  |  | — |  |  | 634 |
| Greater than 3% |  | 659 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 659 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
| Total |  | $ | 1,242 |  |  | $ | 2 |  |  | $ | 359 |  |  | $ | 371 |  |  | $ | 1 |  |  | $ | 1,975 |

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