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ACQUISITION (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed

The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:

			US$ MILLIONS
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
Total			$	3,992
Assets acquired:
Investments			$	42,960
Cash and cash equivalents			13,367
Accrued investment income			414
Value of business acquired			9,276
Reinsurance recoverables and deposit assets			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

The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:

			US$ MILLIONS
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 asset			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

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

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