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SEGMENT REPORTING (Tables) | 6 Months Ended
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Jun. 30, 2022
Disclosure of operating segments [abstract] |
Segment results | The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
FOR THE THREE MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | Reinsurance 1 |  | Pension Risk Transfer 2 |  | Direct Insurance 3 |  | Total
Net premiums |  | $ | 221 |  |  | $ | 1,010 |  |  | $ | 223 |  |  | $ | 1,454 |
Other net investment income, including funds withheld |  | 49 |  |  | 24 |  |  | 101 |  |  | 174 |
Segment revenues |  | 270 |  |  | 1,034 |  |  | 324 |  |  | 1,628 |
Proportionate share of equity accounted investment adjusted earnings |  | 15 |  |  | — |  |  | — |  |  | 15 |
Benefits paid on insurance contracts, net |  | (69) |  |  | (34) |  |  | (181) |  |  | (284) |
Changes in insurance reserves, net |  | (210) |  |  | (992) |  |  | (1) |  |  | (1,203) |
Changes in deferred acquisition costs |  | 35 |  |  | — |  |  | 17 |  |  | 52 |
Interest credited to other policyholder account balances |  | — |  |  | — |  |  | (5) |  |  | (5) |
Other reinsurance expenses |  | (28) |  |  | — |  |  | (62) |  |  | (90) |
Operating expenses excluding transactions costs |  | (2) |  |  | (3) |  |  | (44) |  |  | (49) |
Interest expense |  | (5) |  |  | — |  |  | (5) |  |  | (10) |
Current income tax recovery |  | — |  |  | — |  |  | 1 |  |  | 1 |
Segment DOE |  | 6 |  |  | 5 |  |  | 44 |  |  | 55 |
Corporate expenses |  |  |  |  |  |  |  | (9) |
Interest expense on junior preferred shares |  |  |  |  |  |  |  | (11) |
Depreciation expense |  |  |  |  |  |  |  | (3) |
Income tax expenses |  |  |  |  |  |  |  | (7) |
Transaction costs |  |  |  |  |  |  |  | (20) |
Other mark-to-market on investments and derivatives |  |  |  |  |  |  |  | (38) |
Other corporate activities |  |  |  |  |  |  |  | — |
Less: Proportionate share of equity accounted investment adjusted earnings |  |  |  |  |  |  |  | (15) |
Add: Income from equity accounted investments |  |  |  |  |  |  |  | 49 |
Net income |  |  |  |  |  |  |  | $ | 1 |
1.Net premiums in our Reinsurance segment are attributed to insurance contracts assumed from other companies. 2.Net premiums in our PRT segment include $1 million of insurance contracts ceded to other counterparties. 3.Net premiums in our Direct Insurance segment include $81 million of insurance contracts ceded to other counterparties.
FOR THE SIX MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | Reinsurance 1 |  | Pension Risk Transfer 2 |  | Direct Insurance 3 |  | Total
Net premiums |  | $ | 426 |  |  | $ | 1,119 |  |  | $ | 223 |  |  | $ | 1,768 |
Other net investment income, including funds withheld |  | 86 |  |  | 58 |  |  | 101 |  |  | 245 |
Segment revenues |  | 512 |  |  | 1,177 |  |  | 324 |  |  | 2,013 |
Proportionate share of equity accounted investment adjusted earnings |  | 31 |  |  | — |  |  | — |  |  | 31 |
Benefits paid on insurance contracts, net |  | (173) |  |  | (64) |  |  | (181) |  |  | (418) |
Changes in insurance reserves, net |  | (346) |  |  | (1,101) |  |  | (1) |  |  | (1,448) |
Changes in deferred acquisition costs |  | 59 |  |  | — |  |  | 17 |  |  | 76 |
Interest credited to other policyholder account balances |  | — |  |  | — |  |  | (5) |  |  | (5) |
Other reinsurance expenses |  | (55) |  |  | — |  |  | (62) |  |  | (117) |
Operating expenses excluding transactions costs |  | (7) |  |  | (6) |  |  | (44) |  |  | (57) |
Interest expense |  | (11) |  |  | — |  |  | (5) |  |  | (16) |
Current income tax recovery |  | — |  |  | — |  |  | 1 |  |  | 1 |
Segment DOE |  | 10 |  |  | 6 |  |  | 44 |  |  | 60 |
Corporate expenses |  |  |  |  |  |  |  | (13) |
Interest expense on junior preferred shares |  |  |  |  |  |  |  | (11) |
Depreciation expense |  |  |  |  |  |  |  | (3) |
Income tax expenses |  |  |  |  |  |  |  | (12) |
Transaction costs |  |  |  |  |  |  |  | (24) |
Other mark-to-market on investments and derivatives |  |  |  |  |  |  |  | 90 |
Other corporate activities |  |  |  |  |  |  |  | 11 |
Less: Proportionate share of equity accounted investment adjusted earnings |  |  |  |  |  |  |  | (31) |
Add: Income from equity accounted investments |  |  |  |  |  |  |  | 62 |
Net income |  |  |  |  |  |  |  | $ | 129 |
1.Net premiums in our Reinsurance segment are attributed to insurance contracts assumed from other companies. 2.Net premiums in our PRT segment include $1 million of insurance contracts ceded to other counterparties. 3.Net premiums in our Direct Insurance segment include $81 million of insurance contracts ceded to other counterparties.
FOR THE THREE MONTHS ENDED JUN. 30 2021 US$ MILLIONS |  | Reinsurance |  | Pension Risk Transfer |  | Direct Insurance |  | Total
Net premiums |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |
Other net investment income, including funds withheld |  | — |  |  | 9 |  |  | — |  |  | 9 |
Segment revenues |  | — |  |  | 59 |  |  | — |  |  | 59 |
Benefits paid on insurance contracts, net |  | — |  |  | (15) |  |  | — |  |  | (15) |
Changes in insurance reserves, net |  | — |  |  | (39) |  |  | — |  |  | (39) |
Other reinsurance expenses |  | — |  |  | — |  |  | — |  |  | — |
Operating expenses excluding transactions costs |  | — |  |  | (6) |  |  | — |  |  | (6) |
Segment DOE |  | — |  |  | (1) |  |  | — |  |  | (1) |
Income tax expense |  |  |  |  |  |  |  | — |
Other mark-to-market on investments and derivatives |  |  |  |  |  |  |  | 3 |
Net income |  |  |  |  |  |  |  | $ | 2 |
FOR THE SIX MONTHS ENDED JUN. 30 2021 US$ MILLIONS |  | Reinsurance |  | Pension Risk Transfer |  | Direct Insurance |  | Total
Net premiums |  | $ | — |  |  | $ | 52 |  |  | $ | — |  |  | $ | 52 |
Other net investment income, including funds withheld |  | — |  |  | 20 |  |  | — |  |  | 20 |
Segment revenues |  | — |  |  | 72 |  |  | — |  |  | 72 |
Benefits paid on insurance contracts, net |  | — |  |  | (26) |  |  | — |  |  | (26) |
Changes in insurance reserves, net |  | — |  |  | (40) |  |  | — |  |  | (40) |
Other reinsurance expenses |  | — |  |  | — |  |  | — |  |  | — |
Operating expenses excluding transactions costs |  | — |  |  | (9) |  |  | — |  |  | (9) |
Segment DOE |  | — |  |  | (3) |  |  | — |  |  | (3) |
Income tax expense |  |  |  |  |  |  |  | — |
Transaction costs |  |  |  |  |  |  |  | 1 |
Other mark-to-market on investments and derivatives |  |  |  |  |  |  |  | 7 |
Net income |  |  |  |  |  |  |  | $ | 5 |
For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, liabilities and common equity attributable to each segment.
AS AT JUN.30, 2022 US$ MILLIONS |  | Reinsurance |  | Pension Risk Transfer |  | Direct Insurance |  | Other 1 |  | Total
Assets |  | $ | 7,782 |  |  | $ | 3,119 |  |  | $ | 28,912 |  |  | $ | 1,206 |  |  | $ | 41,019 |
Liabilities |  | 6,806 |  |  | 2,828 |  |  | 25,359 |  |  | 4,718 |  |  | 39,711 |
Equity |  | 976 |  |  | 291 |  |  | 3,553 |  |  | (3,512) |  |  | 1,308 |
AS AT DEC.31, 2021 US$ MILLIONS |  | Reinsurance |  | Pension Risk Transfer |  | Direct Insurance |  | Other 1 |  | Total
Assets |  | $ | 7,921 |  |  | $ | 2,473 |  |  | $ | — |  |  | $ | 1,099 |  |  | $ | 11,493 |
Liabilities |  | 6,803 |  |  | 2,269 |  |  | — |  |  | 986 |  |  | 10,058 |
Equity |  | 1,118 |  |  | 204 |  |  | — |  |  | 113 |  |  | 1,435 |
1 .Other represents assets, liabilities and common equity attributable to other activities that do not constitute a segment.

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