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ACQUISITION - Schedule of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
May 02, 2024
Nov. 16, 2023
Jun. 30, 2024
Dec. 31, 2023
Liabilities assumed        
Goodwill     $ 751 $ 121
AEL        
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      
Cash consideration transferred 3,992      
Assets acquired        
Investments 42,960      
Cash and cash equivalents 13,367      
Accrued investment income 414      
Value of business acquired 9,276      
Reinsurance funds withheld 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   630  
Argo Group International Holdings        
Fair value of consideration transferred:        
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 assets   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 $ 51