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Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Schedule of Market Risk Benefits

The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:

			Successor
			Year Ended December 31,												Period From May 25 to December 31,
			2024						2023						2022
			(Dollars in millions)
Balance, beginning of period			$	—					$	44					$	172
Balance, beginning of period, before effect of changes in the instrument-specific credit risk			1						70						216
Acquisition from business combination (a)			2,420						—						—
Issuances			7						1						2
Interest accrual			100						3						2
Attributed fees collected			146						13						5
Benefits payments			—						—						—
Effect of changes in interest rates			(112)						(117)						49
Effect of changes in equity markets			39						171						—
Effect of changes in equity index volatility			(97)						(46)						46
Actual policyholder behavior different from expected behavior			—						(7)						—
Effect of changes in future expected policyholder behavior			2						—						(4)
Effect of changes in other future expected assumptions			43						(87)						(202)
Balance, end of period, before effect of changes in the instrument-specific credit			2,549						1						114
Effect of changes in the ending instrument-specific credit risk			250						(1)						(70)
Balance, end of period			2,799						—						44
Less: Reinsured MRB, end of period			(526)						—						—
Balance, end of period, net of reinsurance			$	2,273					$	—					$	44
Net amount at risk (b)			$	12,051					$	—					$	453
Weighted average attained age of contract holders (years)			71 years						65 years						64 years

(a)See Note 16 - Acquisitions for the details of the measurement period adjustment to market risk benefits liability included within this amount which was assumed upon the Company’s acquisition of AEL in May 2024.

(b)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.

The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to “Market risk benefits” amount in the Consolidated Statements of Financial Position:

			December 31, 2024
			Asset						Liability						Net Liability
			(Dollars in millions)
Market risk benefits			$	856					$	3,655					$	2,799
Total			$	856					$	3,655					$	2,799
			December 31, 2023
			Asset						Liability						Net Liability
			(Dollars in millions)
Market risk benefits			$	34					$	34					$	—
Total			$	34					$	34					$	—

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- References

No definition available.

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- Definition

Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29G
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29G

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7B

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