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Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Changes in the Liability for Future Policy Benefits
The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows.
December 31,
20242023
(Dollars in millions)
Future policy benefits:
Annuities$5,532 $2,213 
Life Insurance1,816 1,895 
Deferred profit liability:
Annuities81 64 
Life Insurance76 66 
Other contracts and VOBA liability1,665 1,870 
Total future policy benefits$9,170 $6,108 
The balances and changes in the liability for future policy benefits are as follows:
Year Ended December 31, 2024
Successor
AnnuitiesLife
Insurance		Total
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $3,145 $3,145 
Beginning balance at original discount rate— 3,254 3,254 
Effect of changes in cash flow assumptions (1) — (245)(245)
Effect of actual variances from expected experience11 (343)(332)
Adjusted beginning of period balance11 2,666 2,677 
Acquisition from business combination— — — 
Issuances1,970 48 2,018 
Interest accrual11 112 123 
Net premiums collected(1,992)(320)(2,312)
Derecognitions (lapses and withdrawals)— 1 1 
Ending balance at original discount rate— 2,507 2,507 
Effect of changes in discount rate assumptions— (154)(154)
Balance, end of period$— $2,353 $2,353 
Present Value of Expected Future Policy Benefits:
Balance, beginning of period$2,213 $5,040 $7,253 
Beginning balance at original discount rate2,217 5,277 7,494 
Effect of changes in cash flow assumptions1 (236)(235)
Effect of actual variances from expected experience(5)(369)(374)
Adjusted beginning of period balance2,213 4,672 6,885 
Acquisition of business combination311 — 311 
Issuances3,289 49 3,338 
Interest accrual168 190 358 
Benefit payments(336)(311)(647)
Derecognitions (lapses and withdrawals)23 1 24 
Foreign currency translation— — — 
Ending balance at original discount rate5,668 4,601 10,269 
Effect of changes in discount rate assumptions(136)(432)(568)
Effect of foreign currency translation on the effect of changes in discount rate assumptions— — — 
Balance, end of period$5,532 $4,169 $9,701 
Liability for future policy benefits$5,532 $1,816 $7,348 
Less: Reinsurance recoverables(2)(1,298)(1,300)
Net liability for future policy benefits, after reinsurance recoverable$5,530 $518 $6,048 
Weighted-average liability duration of future policy benefits (years)9 years15 years
Weighted average interest accretion rate5.23 %4.75 %
Weighted average current discount rate5.53 %5.83 %
Year Ended December 31, 2023
Successor
AnnuitiesLife
Insurance		Total
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $3,520 $3,520 
Beginning balance at original discount rate— 3,826 3,826 
Effect of changes in cash flow assumptions (1) — (353)(353)
Effect of actual variances from expected experience2 (59)(57)
Adjusted beginning of period balance2 3,414 3,416 
Acquisition from business combination— — — 
Issuances984 90 1,074 
Interest accrual8 121 129 
Net premiums collected(995)(373)(1,368)
Derecognitions (lapses and withdrawals)1 2 3 
Foreign currency translation— — — 
Ending balance at original discount rate— 3,254 3,254 
Effect of changes in discount rate assumptions— (109)(109)
Balance, end of period$— $3,145 $3,145 
Present Value of Expected Future Policy Benefits:
Balance, beginning of period$1,288 $5,330 $6,618 
Beginning balance at original discount rate1,368 5,875 7,243 
Effect of changes in cash flow assumptions(1)(362)(363)
Effect of actual variances from expected experience(25)(59)(84)
Adjusted beginning of period balance1,342 5,454 6,796 
Acquisition of business combination— — — 
Issuances988 89 1,077 
Interest accrual73 188 261 
Benefit payments(189)(456)(645)
Derecognitions (lapses and withdrawals)3 2 5 
Foreign currency translation— — — 
Ending balance at original discount rate2,217 5,277 7,494 
Effect of changes in discount rate assumptions(4)(237)(241)
Effect of foreign currency translation on the effect of changes in discount rate assumptions— — — 
Balance, end of period$2,213 $5,040 $7,253 
Liability for future policy benefits$2,213 $1,895 $4,108 
Less: Reinsurance recoverables— (45)(45)
Net liability for future policy benefits, after reinsurance recoverable$2,213 $1,850 $4,063 
Weighted-average liability duration of future policy benefits (years)8 years16 years
Weighted average interest accretion rate4.94 %4.60 %
Weighted average current discount rate4.88 %5.03 %
Period From May 25, 2022 to December 31, 2022
Successor
AnnuitiesLife
Insurance		Total
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $3,844 $3,844 
Beginning balance at original discount rate— 3,844 3,844 
Effect of changes in cash flow assumptions (1) — (4)(4)
Effect of actual variances from expected experience3 (15)(12)
Adjusted beginning of period balance3 3,825 3,828 
Acquisition from business combination— — — 
Issuances13 155 168 
Interest accrual— 53 53 
Net premiums collected(16)(207)(223)
Derecognitions (lapses and withdrawals)— — — 
Foreign currency translation— — — 
Ending balance at original discount rate— 3,826 3,826 
Effect of changes in discount rate assumptions— (306)(306)
Balance, end of period$— $3,520 $3,520 
Present Value of Expected Future Policy Benefits:
Balance, beginning of period$1,432 $5,846 $7,278 
Beginning balance at original discount rate1,432 5,846 7,278 
Effect of changes in cash flow assumptions— (4)(4)
Effect of actual variances from expected experience(1)(15)(16)
Adjusted beginning of period balance1,431 5,827 7,258 
Acquisition of business combination— — — 
Issuances13 155 168 
Interest accrual19 80 99 
Benefit payments(95)(187)(282)
Derecognitions (lapses and withdrawals)— — — 
Foreign currency translation— — — 
Ending balance at original discount rate1,368 5,875 7,243 
Effect of changes in discount rate assumptions(80)(545)(625)
Effect of foreign currency translation on the effect of changes in discount rate assumptions— — — 
Balance, end of period$1,288 $5,330 $6,618 
Liability for future policy benefits$1,288 $1,810 $3,098 
Less: Reinsurance recoverables— (54)(54)
Net liability for future policy benefits, after reinsurance recoverable$1,288 $1,756 $3,044 
Weighted-average liability duration of future policy benefits (years)8 years16 years
Weighted average interest accretion rate4.40 %4.50 %
Weighted average current discount rate5.20 %5.40 %
(1)For the year ended December 31, 2024, the Company recognized liability remeasurement losses of $66 million, which were included in “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations. The amounts include the effect of the Company’s annual assumption review which was conducted during the third quarter of 2024. The notable changes to cash flow assumptions resulted in (i) a decrease in the liability for future policy benefits related to annuity products driven by favorable mortality. The change in mortality resulted in an offsetting increase to the deferred profit liability; (ii) a decrease in the liability for future policy benefits for term life products primarily driven by favorable mortality and favorable updates to policyholder lapse behavior assumptions; and (iii) an increase in the future policy benefits liability for universal life products driven by unfavorable updates in policyholder lapse assumptions and unfavorable mortality.
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
December 31,
20242023
UndiscountedDiscountedUndiscountedDiscounted
(Dollars in millions)
Annuities
Expected future benefit payments$9,853 $5,505 $3,466 $2,213 
Expected future gross premiums— — — — 
Life Insurance
Expected future benefit payments8,819 4,169 10,353 5,040 
Expected future gross premiums5,669 3,356 7,541 4,328 
Total
Expected future benefit payments18,672 9,674 13,819 7,253 
Expected future gross premiums5,669 3,356 7,541 4,328 
The amount of revenue and interest recognized in the Consolidated Statements of Operations follows:
Gross Premiums or Assessments
Successor
Year Ended December 31,Period From
May 25 to
December 31,
202420232022
(Dollars in millions)
Annuities$3,299 $1,027 $18 
Life Insurance436 452 265 
Interest Expense
Successor
Year Ended December 31,Period From
May 25 to
December 31,
202420232022
(Dollars in millions)
Annuities$157 $83 $19 
Life Insurance78 95 27