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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Changes in Accumulated Other Comprehensive Income | The componen ts of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  |  |  | Change in Net Unrealized Investment Gains (Losses) |  | Change in Discount Rate for Future Policy Benefits |  | Change in Instrument-Specific Credit Risk for Market Risk Benefits |  | Defined Benefit Pension Plan Adjustment |  | Foreign Currency Translation |  | Total
Balance as of January 1, 2024 |  |  |  | $ | (438) |  |  | $ | 239 |  |  | $ | (15) |  |  | $ | 85 |  |  | $ | 9 |  |  | $ | (120) |
Other comprehensive income (loss) before reclassifications |  |  |  | (133) |  |  | 206 |  |  | (40) |  |  | 4 |  |  | (14) |  |  | 23 |
Amounts reclassified to (from) net income |  |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |
Deferred income tax benefit (expense) |  |  |  | 33 |  |  | (47) |  |  | 2 |  |  | (1) |  |  | — |  |  | (13) |
Balance as of March 31, 2024 |  |  |  | $ | (544) |  |  | $ | 398 |  |  | $ | (53) |  |  | $ | 88 |  |  | $ | (5) |  |  | $ | (116) |
Other comprehensive income (loss) before reclassifications |  |  |  | 449 |  |  | 114 |  |  | (3) |  |  | 20 |  |  | (11) |  |  | 569 |
Amounts reclassified to (from) net income |  |  |  | (8) |  |  | — |  |  | 67 |  |  | — |  |  | — |  |  | 59 |
Deferred income tax benefit (expense) |  |  |  | (96) |  |  | (24) |  |  | (4) |  |  | (4) |  |  | (2) |  |  | (130) |
Balance as of June 30, 2024 |  |  |  | $ | (199) |  |  | $ | 488 |  |  | $ | 7 |  |  | $ | 104 |  |  | $ | (18) |  |  | $ | 382 |
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2023 US$ MILLIONS |  |  |  | Change in Net Unrealized Investment Gains (Losses) |  | Change in Discount Rate for Future Policy Benefits |  | Change in Instrument-Specific Credit Risk for Market Risk Benefits |  | Defined Benefit Pension Plan Adjustment |  | Foreign Currency Translation |  | Total
Balance as of January 1, 2023 |  |  |  | $ | (1,017) |  |  | $ | 507 |  |  | $ | (7) |  |  | $ | — |  |  | $ | (6) |  |  | $ | (523) |
Other comprehensive income (loss) before reclassifications |  |  |  | 408 |  |  | (204) |  |  | 12 |  |  | — |  |  | (2) |  |  | 214 |
Amounts reclassified to (from) net income |  |  |  | 20 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 21 |
Deferred income tax benefit (expense) |  |  |  | (21) |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Balance as of March 31, 2023 |  |  |  | $ | (610) |  |  | $ | 329 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | (8) |  |  | $ | (283) |
Other comprehensive income (loss) before reclassifications |  |  |  | (303) |  |  | 86 |  |  | (22) |  |  | 2 |  |  | 1 |  |  | (236) |
Amounts reclassified to (from) net income |  |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Deferred income tax benefit (expense) |  |  |  | 14 |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | 8 |
Balance as of June 30, 2023 |  |  |  | $ | (889) |  |  | $ | 409 |  |  | $ | (17) |  |  | $ | 3 |  |  | $ | (7) |  |  | $ | (501) |

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