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MARKET RISK BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Schedule of Market Risk Benefits
The net balance of market risk benefit assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts follows.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		20242023
Balance, beginning of period
$55 $114 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk39 112 
Acquisition from business combination2,376 — 
Derecognition1
(129)— 
Issuance3 35 
Interest accrual24 3 
Attributed fees collected52 21 
Benefits payments— — 
Effect of changes in interest rates138 (14)
Effect of changes in equity markets(24)6 
Effect of changes in equity index volatility(24)(31)
Effect of changes in future expected policyholder behavior(8)(7)
Effect of changes in other future expected assumptions67 (21)
Balance, end of period, before the effect of changes in the instrument-specific credit risk2,514 104 
Effect of changes in the ending instrument-specific credit risk58 14 
Balance, end of period2,572 118 
Less: Reinsured MRB, end of period(618)— 
Balance, end of period, net of reinsurance$1,954 $118 
Net amount at risk2
$12,051 $806 
Weighted average attained age of contract holders (years)
7165
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain market risk benefit balances.
2.Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF
US$ MILLIONS		June 30, 2024December 31, 2023
AssetLiabilityNetAssetLiabilityNet
Annuity$704 $(3,276)$(2,572)$34 $(89)$(55)