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ACQUISITION (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed | The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:
| US$ MILLIONS
Fair value of consideration transferred: |
Cash | $ | 2,525 |
BAM Shares transferred by the Company | 1,111 |
Fair value of the Company’s pre-existing reinsurance agreement effectively settled | (541) |
Fair value of the Company’s pre-existing interest in AEL | 897 |
Total | $ | 3,992 |
Assets acquired: |
Investments | $ | 42,960 |
Cash and cash equivalents | 13,367 |
Accrued investment income | 414 |
Value of business acquired | 9,276 |
Reinsurance recoverables and deposit assets | 6,851 |
Property and equipment | 42 |
Intangible assets | 1,580 |
Other assets | 668 |
Total assets acquired | 75,158 |
Liabilities assumed: |
Future policy benefits | 310 |
Policyholders’ account balances | 61,473 |
Market risk benefits | 2,978 |
Notes payable | 768 |
Subsidiary borrowings | 84 |
Funds withheld for reinsurance liabilities | 3,371 |
Other liabilities | 2,099 |
Total liabilities assumed | 71,083 |
Less: Non-controlling interest | 713 |
Net assets acquired | 3,362 |
Goodwill | $ | 630 |
The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:
| US$ MILLIONS
Cash consideration transferred | $ | 1,059 |
Assets acquired: |
Investments | $ | 3,460 |
Cash and cash equivalents | 713 |
Accrued investment income | 17 |
Value of business acquired | 176 |
Reinsurance funds withheld | 20 |
Premiums due and other receivables | 332 |
Ceded unearned premiums | 388 |
Deferred tax asset | 54 |
Reinsurance recoverables | 2,982 |
Property and equipment | 85 |
Intangible assets | 186 |
Other assets | 166 |
Total assets acquired | 8,579 |
Liabilities assumed: |
Policy and contract claims | 5,526 |
Unearned premium reserve | 986 |
Subsidiary borrowings | 369 |
Other liabilities | 451 |
Total liabilities assumed | 7,332 |
Less: Non-controlling interest | 137 |
Net assets acquired | 1,110 |
Deferred gain on bargain purchase | $ | 51 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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