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FUTURE POLICY BENEFITS, POLICY AND CONTRACT CLAIMS AND POLICYHOLDERS' ACCOUNT BALANCES (Tables) | 6 Months Ended
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Jun. 30, 2022
Insurance Reserve [Abstract] |
Disclosure of insurance reserves | The Company’s future policy benefits and policy, contract claims and policyholders account balances are as follows:
AS AT JUN. 30, 2022 AND DEC. 31, 2021 US$ MILLIONS |  | 2022 |  | 2021
Gross |  | $ | 30,086 |  |  | $ | 8,497 |
Reinsurance assets |  | (576) |  |  | (169) |
Total insurance reserves |  | $ | 29,510 |  |  | $ | 8,328 |
Disclosure of movement in insurance reserves | The following table summarizes the movement between insurance reserves for the periods ended June 30, 2022 and June 30, 2021 by its major components:
Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |
FOR THE THREE MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | Life |  | Annuities |  | Health |  | Gross reserves |  | Reinsurance assets |  | Net
Beginning of period |  | $ | — |  |  | $ | 8,512 |  |  | $ | — |  |  | $ | 8,512 |  |  | $ | 148 |  |  | $ | 8,364 |
Changes during the period |  |  |  |  |  |  |  |  |  |  |  |
Acquisition from business combination |  | 3,459 |  |  | 1,627 |  |  | 46 |  |  | 5,132 |  |  | 7 |  |  | 5,125 |
New business |  | 1 |  |  | 1,228 |  |  | — |  |  | 1,229 |  |  | — |  |  | 1,229 |
Normal changes |  | (236) |  |  | (169) |  |  | — |  |  | (405) |  |  | 95 |  |  | (500) |
Management actions and changes in assumptions |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
|  | 3,224 |  |  | 2,702 |  |  | 46 |  |  | 5,972 |  |  | 102 |  |  | 5,870 |
Impact of foreign exchange 1 |  | — |  |  | (74) |  |  | — |  |  | (74) |  |  | (4) |  |  | (70) |
Balance at end of period |  | $ | 3,224 |  |  | $ | 11,140 |  |  | $ | 46 |  |  | $ | 14,410 |  |  | $ | 246 |  |  | $ | 14,164 |
Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |
FOR THE SIX MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | Life |  | Annuities |  | Health |  | Gross reserves |  | Reinsurance assets |  | Net
Beginning of period |  | $ | — |  |  | $ | 8,497 |  |  | $ | — |  |  | $ | 8,497 |  |  | $ | 169 |  |  | $ | 8,328 |
Changes during the period |  |  |  |  |  |  |  |  |  |  |  |
Acquisition from business combination |  | 3,459 |  |  | 1,627 |  |  | 46 |  |  | 5,132 |  |  | 7 |  |  | 5,125 |
New business |  | 1 |  |  | 1,535 |  |  | — |  |  | 1,536 |  |  | — |  |  | 1,536 |
Normal changes |  | (236) |  |  | (520) |  |  | — |  |  | (756) |  |  | 73 |  |  | (829) |
Management actions and changes in assumptions |  | — |  |  | 53 |  |  | — |  |  | 53 |  |  | — |  |  | 53 |
|  | 3,224 |  |  | 2,695 |  |  | 46 |  |  | 5,965 |  |  | 80 |  |  | 5,885 |
Impact of foreign exchange 1 |  | — |  |  | (52) |  |  | — |  |  | (52) |  |  | (3) |  |  | (49) |
Balance at end of period |  | $ | 3,224 |  |  | $ | 11,140 |  |  | $ | 46 |  |  | $ | 14,410 |  |  | $ | 246 |  |  | $ | 14,164 |
Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
FOR THE THREE MONTHS ENDED JUN. 30 2021 US$ MILLIONS | Life |  | Annuities |  | Health |  | Gross reserves |  | Reinsurance assets |  | Net
Beginning of period | $ | — |  |  | $ | 1,264 |  |  | $ | — |  |  | $ | 1,264 |  |  | $ | 178 |  |  | $ | 1,086 |
Changes during the period |  |  |  |  |  |  |  |  |  |  |
New business | — |  |  | 52 |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Normal changes | — |  |  | 6 |  |  | — |  |  | 6 |  |  | (4) |  |  | 10 |
Management actions and changes in assumptions | — |  |  | 1 |  |  | — |  |  | 1 |  |  | (1) |  |  | 2 |
| — |  |  | 59 |  |  | — |  |  | 59 |  |  | (5) |  |  | 64 |
Impact of foreign exchange 1 | — |  |  | 16 |  |  | — |  |  | 16 |  |  | 3 |  |  | 13 |
Balance at end of period | $ | — |  |  | $ | 1,339 |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | 176 |  |  | $ | 1,163 |
Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
FOR THE SIX MONTHS ENDED JUN. 30 2021 US$ MILLIONS | Life |  | Annuities |  | Health |  | Gross reserves |  | Reinsurance assets |  | Net
Beginning of period | $ | — |  |  | $ | 1,339 |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | 190 |  |  | $ | 1,149 |
Changes during the period |  |  |  |  |  |  |  |  |  |  |
New business | — |  |  | 55 |  |  | — |  |  | 55 |  |  | — |  |  | 55 |
Normal changes | — |  |  | (94) |  |  | — |  |  | (94) |  |  | (18) |  |  | (76) |
Management actions and changes in assumptions | — |  |  | 5 |  |  | — |  |  | 5 |  |  | (2) |  |  | 7 |
| — |  |  | (34) |  |  | — |  |  | (34) |  |  | (20) |  |  | (14) |
Impact of foreign exchange 1 | — |  |  | 34 |  |  | — |  |  | 34 |  |  | 6 |  |  | 28 |
Balance at end of period | $ | — |  |  | $ | 1,339 |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | 176 |  |  | $ | 1,163 |
Policy and contract claims |  |  |  |  |  |
FOR THE THREE AND SIX MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | Gross reserves |  | Reinsurance assets |  | Net
Beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes during the period |  |  |  |  |  |
Acquisition from business combination |  | 1,706 |  |  | 116 |  |  | 1,590 |
New business |  | — |  |  | — |  |  | — |
Normal changes |  | 12 |  |  | 211 |  |  | (199) |
Management actions and changes in assumptions |  | 16 |  |  | 3 |  |  | 13 |
|  | 1,734 |  |  | 330 |  |  | 1,404 |
Balance at end of period |  | $ | 1,734 |  |  | $ | 330 |  |  | $ | 1,404 |
1.Foreign currency translation reported as a separate component of other comprehensive income.
Schedule of Movement In Policyholders’ Account Balances | The following table presents movement in Policyholders’ account balances:
|  | Three Months Ended |  | Six Months Ended
FOR THE THREE AND SIX MONTHS ENDED JUN. 30 2022 US$ MILLIONS |  | 2022 |  | 2021 |  | 2022 |  | 2021
Beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes during the period |  |  |  |  |  |  |  |
Acquisition from business combination |  | 13,939 |  |  | — |  |  | 13,939 |  |  | — |
Policyholders' account deposits |  | 141 |  |  | — |  |  | 141 |  |  | — |
Interest credited to policyholders' account balances |  | 5 |  |  | — |  |  | 5 |  |  | — |
Policyholders' account withdrawals |  | (112) |  |  | — |  |  | (112) |  |  | — |
Charges to policyholders' account balances |  | (31) |  |  | — |  |  | (31) |  |  | — |
Balance at end of period |  | $ | 13,942 |  |  | $ | — |  |  | $ | 13,942 |  |  | $ | — |

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