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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Results

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

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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