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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Statement Location and Amounts
The notional and fair values of derivative instruments, presented in the Consolidated Statements of Financial Position, are shown below:
December 31,
Primary
Underlying
Risk		Location in the Consolidated
Statements of Financial Position		20242023
Notional
Amount		Carrying Value / Fair ValueNotional
Amount		Carrying Value / Fair Value
AssetsLiabilitiesAssetsLiabilities
(Dollars in millions)
Derivatives Designated as Hedging Instruments:
Foreign exchange forwardsForeign currencyOther invested assets, Other liabilities$897 $20 $— $— $— $— 
Derivatives Not Designated as Hedging Instruments:
Equity-indexed optionsEquityOther invested assets, Other liabilities46,374 1,303 5 4,084 227 — 
Foreign exchange forwardsForeign currencyOther invested assets, Other liabilities1,066 23 — — — — 
Embedded Derivatives:
Indexed annuity and variable annuity productInterest ratePolicyholders’ account balances— — 1,123 — — 873 
Funds withheld and Modco arrangementsInterest rateFunds withheld for reinsurance liabilities— — 37 — — — 
$48,337 $1,346 $1,165 $4,084 $227 $873 
The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedge accounting:
Successor
Predecessor
Year Ended December 31,Period From
May 25 to
December 31,		Period From
January 1 to
May 24,
2024202320222022
(Dollars in millions)
Hedged items$(22)$— $— $— 
Derivatives designated as hedging instruments21 — — — 
Investment related gains (losses)$(1)$— $— $— 
Schedule of Derivatives Instruments
The following represents the financial statement location and amount of gains (losses) related to the derivatives not designated as hedging instruments:
Derivative Gains (Losses) Recognized in Income
Successor
Predecessor
Location in the Consolidated Statements of OperationsYear Ended December 31,Period From
May 25 to
December 31,		Period From
January 1 to
May 24,
2024202320222022
(Dollars in millions)
Equity-indexed optionsChange in fair value of insurance-related derivatives and embedded derivatives$489 $112 $(38)$(128)
Foreign exchange forwardsInvestment related gains (losses)27 — — — 
Embedded derivatives:
Indexed annuity and variable annuity productChange in fair value of insurance-related derivatives and embedded derivatives(233)(148)61 97 
Funds withheld and Modco arrangementsChange in fair value of insurance-related derivatives and embedded derivatives(162)— — — 
$121 $(36)$23 $(31)
Schedule of Derivative Instruments
The fair value of our derivatives by counterparty and each counterparty's current credit rating are as follows:
December 31,
20242023
CounterpartyCredit Rating
(S&P)		Credit Rating (Moody's)Fair ValueFair Value
(Dollars in millions)
Bank of AmericaA+Aa1$99 $24 
BarclaysA+A179 24 
BNP ParibasA+A13 — 
Canadian Imperial Bank of CommerceA+Aa242 — 
Citibank, N.A.A+Aa335 — 
Credit SuisseA-A3— 16 
Goldman SachsA+A120 — 
INGA-Baa16 10 
J.P. MorganAA-Aa2128 12 
MizuhoAA1266 — 
Morgan StanleyA+Aa384 43 
NATIXISA+A12 4 
Royal Bank of CanadaAA-A1115 — 
Societe GeneraleAA186 — 
TruistAA3104 59 
UBS AGA-A334 — 
Wells FargoA+Aa2238 35 
$1,341 $227 
Schedule of Derivative Assets and Effects of Rights of Offset
Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:
Gross Amount
of Derivative
Instruments
(1)		Gross Amount
Offset in the
Consolidated
Statements of
Financial Position (2)		Net Amount
Presented in the
Consolidated
Statements of
Financial Position		Collateral
(Received)
Pledged
in Cash
(3)		Collateral
(Received)
Pledged in
Invested Assets
(3)		Exposure
of Net
Collateral
(Dollars in millions)
As of December 31, 2024
Derivative assets
Equity-indexed options$1,303 $(5)$1,298 $(1,298)$— $— 
Foreign exchange forwards43 — 43 — — 43 
Total derivative assets$1,346 $(5)$1,341 $(1,298)$— $43 
Derivative liabilities
Equity-indexed options$(5)$5 $— $— $— $— 
Foreign exchange forwards— — — — — — 
Total derivative liabilities$(5)$5 $— $— $— $— 
As of December 31, 2023
Derivative assets
Equity-indexed options$227 $— $227 $(205)$(21)$1 
Foreign exchange forwards— — — — — — 
Total derivative assets$227 $— $227 $(205)$(21)$1 
Derivative liabilities
Equity-indexed options$— $— $— $— $— $— 
Foreign exchange forwards— — — — — — 
Total derivative liabilities$— $— $— $— $— $— 
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
(3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of December 31, 2024 and 2023, the Company held excess collateral of $76 million and $4 million, respectively.
Schedule of Derivative Liabilities and Effects of Rights of Offset
Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:
Gross Amount
of Derivative
Instruments
(1)		Gross Amount
Offset in the
Consolidated
Statements of
Financial Position (2)		Net Amount
Presented in the
Consolidated
Statements of
Financial Position		Collateral
(Received)
Pledged
in Cash
(3)		Collateral
(Received)
Pledged in
Invested Assets
(3)		Exposure
of Net
Collateral
(Dollars in millions)
As of December 31, 2024
Derivative assets
Equity-indexed options$1,303 $(5)$1,298 $(1,298)$— $— 
Foreign exchange forwards43 — 43 — — 43 
Total derivative assets$1,346 $(5)$1,341 $(1,298)$— $43 
Derivative liabilities
Equity-indexed options$(5)$5 $— $— $— $— 
Foreign exchange forwards— — — — — — 
Total derivative liabilities$(5)$5 $— $— $— $— 
As of December 31, 2023
Derivative assets
Equity-indexed options$227 $— $227 $(205)$(21)$1 
Foreign exchange forwards— — — — — — 
Total derivative assets$227 $— $227 $(205)$(21)$1 
Derivative liabilities
Equity-indexed options$— $— $— $— $— $— 
Foreign exchange forwards— — — — — — 
Total derivative liabilities$— $— $— $— $— $— 
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
(3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of December 31, 2024 and 2023, the Company held excess collateral of $76 million and $4 million, respectively.