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DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA asset”) for the periods indicated:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,314 |  |  | $ | 217 |  |  | $ | 171 |  |  | $ | 1,702 |
Additions |  | 257 |  |  | 57 |  |  | 261 |  |  | 575 |
Derecognition 1 |  | (1,129) |  |  | — |  |  | — |  |  | (1,129) |
Amortization |  | (36) |  |  | (10) |  |  | (235) |  |  | (281) |
Net change |  | (908) |  |  | 47 |  |  | 26 |  |  | (835) |
Balance, end of period |  | $ | 406 |  |  | $ | 264 |  |  | $ | 197 |  |  | $ | 867 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 257 |  |  | $ | — |  |  | $ | — |  |  | $ | 257 |
Additions |  | 96 |  |  | — |  |  | — |  |  | 96 |
Derecognition 1 |  | (246) |  |  | — |  |  | — |  |  | (246) |
Amortization |  | (5) |  |  | — |  |  | — |  |  | (5) |
Net change |  | (155) |  |  | — |  |  | — |  |  | (155) |
Balance, end of period |  | $ | 102 |  |  | $ | — |  |  | $ | — |  |  | $ | 102 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 40 |  |  | $ | 301 |  |  | $ | 168 |  |  | $ | 509 |
Acquisition from business combination |  | 9,276 |  |  | — |  |  | — |  |  | 9,276 |
Amortization |  | (134) |  |  | (11) |  |  | (70) |  |  | (215) |
Net change |  | 9,142 |  |  | (11) |  |  | (70) |  |  | 9,061 |
Balance, end of period |  | $ | 9,182 |  |  | $ | 290 |  |  | $ | 98 |  |  | $ | 9,570 |
Total DAC, DSI and VOBA asset |  | $ | 9,690 |  |  | $ | 554 |  |  | $ | 295 |  |  | $ | 10,539 |
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of DAC and DSI.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2023 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 886 |  |  | $ | 86 |  |  | $ | 124 |  |  | $ | 1,096 |
Additions |  | 253 |  |  | 79 |  |  | 269 |  |  | 601 |
Amortization |  | (34) |  |  | (7) |  |  | (233) |  |  | (274) |
Net change |  | 219 |  |  | 72 |  |  | 36 |  |  | 327 |
Balance, end of period |  | $ | 1,105 |  |  | $ | 158 |  |  | $ | 160 |  |  | $ | 1,423 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 85 |  |  | $ | — |  |  | $ | — |  |  | $ | 85 |
Additions |  | 96 |  |  | — |  |  | — |  |  | 96 |
Amortization |  | (3) |  |  | — |  |  | — |  |  | (3) |
Net change |  | 93 |  |  | — |  |  | — |  |  | 93 |
Balance, end of period |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 26 |  |  | $ | 310 |  |  | $ | 68 |  |  | $ | 404 |
Additions |  | 18 |  |  | 18 |  |  | — |  |  | 36 |
Amortization |  | (1) |  |  | (13) |  |  | (41) |  |  | (55) |
Net change |  | 17 |  |  | 5 |  |  | (41) |  |  | (19) |
Balance, end of period |  | $ | 43 |  |  | $ | 315 |  |  | $ | 27 |  |  | $ | 385 |
Total DAC, DSI and VOBA asset |  | $ | 1,326 |  |  | $ | 473 |  |  | $ | 187 |  |  | $ | 1,986 |
Schedule of Projected VOBA Asset Amortization Expenses | The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2024:
Years |  | US$ MILLIONS
2024 1 |  | $ | 461 |
2025 |  | 776 |
2026 |  | 717 |
2027 |  | 660 |
2028 |  | 616 |
Thereafter |  | 6,340 |
Total amortization expense |  | $ | 9,570 |
1.Expected amortization for the remainder of 2024.

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