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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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Amortization Basis of Insurance Contracts

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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

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