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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 24, 2022
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Operating activities:        
Net income $ 133 $ 326 $ 680 $ 397
Adjustments to reconcile net income to net cash provided by operating activities:        
Other policy revenue (159) (212) (657) (414)
Accretion on investments 7 (49) (472) (173)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 227 319 939 525
Deferral of policy acquisition costs (268) (442) (1,199) (770)
Losses (gains) on investments and derivatives 171 12 (271) (136)
Other losses (gains) (128) (38) 0 77
Provisions for credit losses (reversals) 15 65 107 27
Income from real estate partnerships, investment funds and corporations (134) (88) (340) (98)
Distributions from real estate partnerships, investment funds and corporations 138 88 390 81
Interest credited to policyholder account balances 150 217 2,144 480
Change in fair value of embedded derivatives 31 (23) 399 36
Depreciation and amortization 16 12 107 51
Deferred income taxes (24) 53 (103) 56
Changes in operating assets and liabilities:        
Insurance-related liabilities 76 124 1,373 1,210
Premiums due and other receivables (55) 1 47 (48)
Funds withheld for reinsurance liabilities 0 0 (452) 0
Reinsurance recoverables and deposit assets 4 8 1,230 17
Accrued investment income 92 (188) (140) 93
Working capital and other (415) (75) (1,260) (225)
Cash flows provided by operating activities (123) 110 2,522 1,186
Investing activities:        
Acquisition of subsidiary, net of cash acquired 0 0 8,015 0
Disposition of subsidiary, net of cash disposed 0 0 653 72
Purchase of investments:        
Fixed maturity, available-for-sale (2,190) (5,079) (8,709) (2,540)
Equity securities (27) (155) (490) (531)
Mortgage loans on real estate (489) (1,254) (1,879) (718)
Private loans 0 0 (2,455) 0
Real estate and real estate partnerships (3) (37) (296) (708)
Investment funds 0 0 (315) 0
Short-term investments (11,353) (6,583) (14,591) (468)
Other invested assets (122) (1,244) (89) (21)
Proceeds from sales and maturities of investments:        
Fixed maturity, available-for-sale 979 5,486 5,683 3,558
Equity securities 67 1 21 109
Mortgage loans on real estate 520 779 2,191 624
Private loans 0 0 845 0
Real estate and real estate partnerships 5 4 333 41
Investment funds 0 0 393 0
Short-term investments 11,837 7,957 12,603 0
Other invested assets 97 103 58 185
Purchases of derivatives 0 0 (605) 0
Proceeds from sales and maturities of derivatives 0 0 1,292 0
Purchase of intangibles and property and equipment (15) (23) (38) (134)
Proceeds from sales of intangibles and property and equipment 0 0 35 0
Purchase of equity accounted investments (125) (443) 0 (739)
Distributions from equity accounted investments 110 146 7 61
Change in collateral held for derivatives (147) 8 (78) 110
Other, net 0 48 (64) (202)
Cash flows provided by (used in) investing activities (856) (286) 2,520 (1,301)
Financing activities:        
Issuance of common equity 0 45 0 0
Dividends paid to stockholders (22) 0 (33) (750)
Borrowings from related parties 0 5 0 0
Repayment of borrowings to related parties 0 0 (239) 0
Borrowings from external parties 12 500 2,500 0
Repayment of borrowings to external parties (3) (508) (887) 0
Repayment of borrowings issued to reinsurance entities 0 0 (201) 0
Policyholders’ account deposits 588 1,407 10,866 4,921
Policyholders’ account withdrawals (506) (895) (8,753) (2,281)
Debt issuance costs 0 (5) (4) 0
Payment related to recapture of reinsurance agreement 0 0 (114) 0
Issuance of equity, noncontrolling interest 0 0 42 0
Distributions to noncontrolling interest 0 (5) (81) 28
Cash flows provided by financing activities 69 544 3,096 1,918
Cash and cash equivalents        
Cash and cash equivalents, beginning of period 1,931 1,021 3,192 1,389
Net change during the period (910) 368 8,138 1,803
Cash and cash equivalents, end of period 1,021 1,389 11,330 3,192
Supplementary disclosures of cash flow information:        
Cash taxes paid (net of refunds received) 361 47 386 64
Cash interest paid 0 42 153 99
Non-cash investing and financing activities:        
Fixed maturity securities, available-for-sale received in connection with pension risk transfer transactions 0 0 1,629 0
Equity securities transferred as consideration paid for acquisition of a subsidiary 0 0 0 2,130
Non-cash deposit on reinsurance 0 0 3,394 0
Transfer of invested assets $ 0 $ 0 $ (1,803) $ 0