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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure of operating segments [abstract]

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	Reinsurance1		Pension Risk Transfer2		Direct Insurance3		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	Reinsurance1		Pension Risk Transfer2		Direct Insurance3		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		Other1		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		Other1		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.