XML 52 R42.htm IDEA: XBRL DOCUMENT v3.24.2.u1
PRIVATE LOANS (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Credit Ratings For Private Loans The amortized cost of mortgage loans by year of origination by property-type are shown below:
AS OF JUN. 30, 2024
US$ MILLIONS		Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
Commercial mortgage loans:
Current$353 $393 $2,463 $1,293 $983 $3,866 $9,351 
30-59 days past due— — — — — 24 24 
60-89 days past due— 2 50 — — 42 94 
Non-accrual— 3 — 11 — 105 119 
Residential mortgage loans:
Current65 1,030 1,193 251 127 17 2,683 
30-59 days past due3 16 41 10 5 — 75 
60-89 days past due— 14 21 7 4 1 47 
Non-accrual— 36 50 20 9 2 117 
Total mortgage loans on real estate$421 $1,494 $3,818 $1,592 $1,128 $4,057 $12,510 
Allowance for credit losses(66)
Total, net of allowance$12,444 
AS OF DEC. 31, 2023
US$ MILLIONS		Amortized Cost Basis by Origination Year
20232022202120202019PriorTotal
Commercial mortgage loans:
Current$305 $1,750 $731 490 $493 $2,115 $5,884 
30-59 days past due— 26 — — — 26 52 
60-89 days past due— 50 9 — — 13 72 
Non-accrual— — — — — 14 14 
Total mortgage loans on real estate$305 $1,826 $740 $490 $493 $2,168 $6,022 
Allowance for credit losses(60)
Total, net of allowance$5,962 
The following table summarizes the credit ratings for private loans:
AS OF
US$ MILLIONS
June 30, 2024December 31, 2023
A or higher $1,170 $20 
BBB72 29 
BB and below788 272 
Unrated1
841 877 
Total$2,871 $1,198 
1.Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on our investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Schedule of Allowance for Credit Losses The rollforward of the allowance for credit losses for mortgage loans is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS
20242023
Commercial mortgage loans
Residential mortgage loans
Commercial mortgage loansResidential mortgage loans
Balance as of January 1$(60)$— $(41)$— 
Recovery (provision)(1)— (11)— 
Balance as of March 31$(61)$— $(52)$— 
Recovery (provision)(5)— 5 — 
Balance at June 30$(66)$— $(47)$— 
The rollforward of the allowance for credit losses for private loans is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		20242023
Balance as of January 1$(44)$(28)
Recoveries2 1 
Write-offs charged against the allowance1 — 
Balance as of March 31$(41)$(27)
Provision(15)(3)
Balance as of June 30$(56)$(30)