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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING As a result of the AEL acquisition, diversification in insurance offerings and overall strategic shift, the Company has decided to reorganize and change its internal segments in a manner that caused the composition of its reporting segments to change. The Company’s reporting segments have been realigned in the second quarter of 2024 to: Annuity, Life, Property and Casualty (“P&C”) and Corporate and Other. Previously, the Company reported its operations under the following segments: Direct Insurance, Reinsurance, and Pension Risk Transfer. The Company has restated all applicable comparative information. These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments. 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 |
The Company’s Annuity business offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuity segment for the three and six months ended June 30, 2024 and 2023 were primarily from pension risk transfer transactions with U.S. and Canadian institutions. Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums. The Company’s Life business is principally provided by American National. Total premium revenues recorded within this segment for the three and six months ended June 30, 2024 and 2023 were primarily from transactions with U.S. retail customers. Property and Casualty segment provides a broad range of property and casualty products through American National and Argo, which include coverage for personal, agribusiness and certain commercial and specialty exposures. Total earned premiums within this segment for the three and six months ended June 30, 2024 and 2023 were primarily from transactions with U.S.-based individuals and institutions. Lastly, Corporate and Other segment’s revenue is mainly from investment income earned on investments warehoused by the Company prior to their transfer into its insurance investment portfolios, net of associated borrowing costs. 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 |

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