XML 72 R62.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Results | 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, 2024 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 773 |  |  | $ | 193 |  |  | $ | 750 |  |  | $ | — |  |  | $ | 1,716 |
Other net investment income, including reinsurance funds withheld |  | 924 |  |  | 110 |  |  | 128 |  |  | 35 |  |  | 1,197 |
Segment revenues |  | 1,697 |  |  | 303 |  |  | 878 |  |  | 35 |  |  | 2,913 |
Policyholder benefits, net |  | (740) |  |  | (128) |  |  | (599) |  |  | — |  |  | (1,467) |
Other insurance and reinsurance expenses |  | (562) |  |  | (38) |  |  | (118) |  |  | — |  |  | (718) |
Operating expenses excluding transactions costs |  | (79) |  |  | (62) |  |  | (128) |  |  | (21) |  |  | (290) |
Interest expense |  | — |  |  | — |  |  | — |  |  | (95) |  |  | (95) |
Current income tax (expense) recovery |  | (46) |  |  | (12) |  |  | 4 |  |  | 9 |  |  | (45) |
Segment DOE |  | $ | 270 |  |  | $ | 63 |  |  | $ | 37 |  |  | $ | (72) |  |  | $ | 298 |
Depreciation expense |  | (34) |
Deferred income tax recovery |  | 343 |
Transaction costs |  | (137) |
Net investments losses, including reinsurance funds withheld |  | (5) |
Unrealized mark to market losses within insurance contracts |  | (196) |
Net income |  | $ | 269 |
FOR THE THREE MONTHS ENDED JUN. 30, 2023 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 508 |  |  | $ | 196 |  |  | $ | 498 |  |  | $ | — |  |  | $ | 1,202 |
Other net investment income, including reinsurance funds withheld |  | 385 |  |  | 93 |  |  | 92 |  |  | 35 |  |  | 605 |
Segment revenues |  | 893 |  |  | 289 |  |  | 590 |  |  | 35 |  |  | 1,807 |
Policyholder benefit, net |  | (542) |  |  | (151) |  |  | (424) |  |  | — |  |  | (1,117) |
Other insurance and reinsurance expenses |  | (164) |  |  | (41) |  |  | (94) |  |  | — |  |  | (299) |
Operating expenses excluding transactions costs |  | (34) |  |  | (56) |  |  | (71) |  |  | (9) |  |  | (170) |
Interest expense |  | — |  |  | — |  |  | — |  |  | (60) |  |  | (60) |
Current income tax expense |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Segment DOE |  | $ | 153 |  |  | $ | 41 |  |  | $ | 1 |  |  | $ | (35) |  |  | $ | 160 |
Depreciation expense |  | (5) |
Deferred income tax expense |  | (11) |
Transaction cost |  | (5) |
Net investments gains, including reinsurance funds withheld |  | 289 |
Unrealized mark to market losses within insurance contracts |  | (68) |
Net income |  | $ | 360 |
FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 1,425 |  |  | $ | 393 |  |  | $ | 1,541 |  |  | $ | — |  |  | $ | 3,359 |
Other net investment income, including reinsurance funds withheld |  | 1,387 |  |  | 221 |  |  | 231 |  |  | 83 |  |  | 1,922 |
Segment revenues |  | 2,812 |  |  | 614 |  |  | 1,772 |  |  | 83 |  |  | 5,281 |
Policyholder benefit, net |  | (1,479) |  |  | (292) |  |  | (1,139) |  |  | — |  |  | (2,910) |
Other insurance and reinsurance expenses |  | (742) |  |  | (71) |  |  | (243) |  |  | — |  |  | (1,056) |
Operating expenses excluding transactions costs |  | (120) |  |  | (119) |  |  | (256) |  |  | (21) |  |  | (516) |
Interest expense |  | — |  |  | — |  |  | — |  |  | (167) |  |  | (167) |
Current income tax (expense) recovery |  | (46) |  |  | (12) |  |  | 2 |  |  | 1 |  |  | (55) |
Segment DOE |  | $ | 425 |  |  | $ | 120 |  |  | $ | 136 |  |  | $ | (104) |  |  | $ | 577 |
Depreciation expense |  | (56) |
Deferred income tax recovery |  | 328 |
Transaction costs |  | (149) |
Net investments gains, including reinsurance funds withheld |  | 178 |
Unrealized mark to market losses within insurance contracts |  | (272) |
Net income |  |  |  | $ | 606 |
FOR THE SIX MONTHS ENDED JUN. 30 2023 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 686 |  |  | $ | 396 |  |  | $ | 1,017 |  |  | $ | — |  |  | $ | 2,099 |
Other net investment income, including reinsurance funds withheld |  | 696 |  |  | 180 |  |  | 130 |  |  | 75 |  |  | 1,081 |
Segment revenues |  | 1,382 |  |  | 576 |  |  | 1,147 |  |  | 75 |  |  | 3,180 |
Policyholder benefits, net |  | (725) |  |  | (305) |  |  | (790) |  |  | — |  |  | (1,820) |
Other insurance and reinsurance expenses |  | (309) |  |  | (77) |  |  | (208) |  |  | — |  |  | (594) |
Operating expenses excluding transactions costs |  | (73) |  |  | (111) |  |  | (139) |  |  | (14) |  |  | (337) |
Interest expense |  | — |  |  | — |  |  | — |  |  | (120) |  |  | (120) |
Current income tax expense |  | — |  |  | — |  |  | — |  |  | (4) |  |  | (4) |
Segment DOE |  | $ | 275 |  |  | $ | 83 |  |  | $ | 10 |  |  | $ | (63) |  |  | $ | 305 |
Depreciation expense |  | (10) |
Deferred income tax recovery |  | 2 |
Transaction costs |  | (9) |
Net investments gains, including reinsurance funds withheld |  | 126 |
Unrealized mark to market losses within insurance contracts |  | (147) |
Net income |  | $ | 267 |
For the purpose of monitoring segment performance and allocating resources between segments, the CODM also monitors the assets, including investments accounted for using the equity method, liabilities and mezzanine and common equity attributable to each segment.
AS OF JUN. 30, 2024 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Assets |  | $ | 104,419 |  |  | $ | 8,725 |  |  | $ | 13,478 |  |  | $ | 3,911 |  |  | $ | 130,533 |
Liabilities |  | 96,813 |  |  | 6,564 |  |  | 10,027 |  |  | 5,363 |  |  | 118,767 |
Equity and other |  | 7,606 |  |  | 2,161 |  |  | 3,451 |  |  | (1,452) |  |  | 11,766 |
AS OF DEC. 31, 2023 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Corporate & Other |  | Total
Assets |  | $ | 34,784 |  |  | $ | 9,101 |  |  | $ | 13,431 |  |  | $ | 4,327 |  |  | $ | 61,643 |
Liabilities |  | 32,188 |  |  | 6,078 |  |  | 10,443 |  |  | 4,085 |  |  | 52,794 |
Equity and other |  | 2,596 |  |  | 3,023 |  |  | 2,988 |  |  | 242 |  |  | 8,849 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration