XML 72 R62.htm IDEA: XBRL DOCUMENT
v3.25.2

SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
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, 2025 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 493 |  |  | $ | 633 |  |  | $ | 103 |  |  | $ | — |  |  |
Net investment income, including reinsurance funds withheld |  | 1,345 |  |  | 109 |  |  | 57 |  |  | 71 |  |  |
Segment revenues(1)(2) |  | 1,838 |  |  | 742 |  |  | 160 |  |  | 71 |  |  | $ | 2,811 |
Policyholder benefits, net |  | (442) |  |  | (474) |  |  | (78) |  |  | — |  |  |
Interest sensitive contract benefits, excluding index credits |  | (500) |  |  | — |  |  | (6) |  |  | — |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired |  | (225) |  |  | (127) |  |  | (11) |  |  | — |  |  |
Other insurance and reinsurance expenses(3) |  | (122) |  |  | — |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs |  | (139) |  |  | (76) |  |  | (25) |  |  | (19) |  |  |
Interest expense |  | — |  |  | — |  |  | — |  |  | (82) |  |  |
Income tax expense, net |  | — |  |  | — |  |  | — |  |  | (87) |  |  |
Segment DOE |  | $ | 410 |  |  | $ | 65 |  |  | $ | 40 |  |  | $ | (117) |  |  | $ | 398 |
Depreciation and amortization expenses |  | (52) |
Deferred income tax expense relating to basis and other changes |  | (4) |
Transaction costs |  | (14) |
Mark-to-market gains on investments, including reinsurance funds withheld |  | 237 |
Mark-to-market losses on insurance contracts and other net assets |  | (49) |
Net income |  | $ | 516 |
FOR THE THREE MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 773 |  |  | $ | 750 |  |  | $ | 193 |  |  | $ | — |  |  |
Net investment income, including reinsurance funds withheld |  | 924 |  |  | 128 |  |  | 110 |  |  | 35 |  |  |
Segment revenues(1)(2) |  | 1,697 |  |  | 878 |  |  | 303 |  |  | 35 |  |  | $ | 2,913 |
Policyholder benefits, net |  | (747) |  |  | (599) |  |  | (129) |  |  | — |  |  |
Interest sensitive contract benefits, excluding index credits |  | (311) |  |  | — |  |  | (26) |  |  | — |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired |  | (148) |  |  | (117) |  |  | (11) |  |  | — |  |  |
Other insurance and reinsurance expenses(3) |  | (46) |  |  | — |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs |  | (129) |  |  | (129) |  |  | (62) |  |  | (21) |  |  |
Interest expense |  | — |  |  | — |  |  | — |  |  | (95) |  |  |
Income tax recovery (expense), net |  | (46) |  |  | 4 |  |  | (12) |  |  | 9 |  |  |
Segment DOE |  | $ | 270 |  |  | $ | 37 |  |  | $ | 63 |  |  | $ | (72) |  |  | $ | 298 |
Depreciation and amortization expenses |  | (34) |
Deferred income tax recovery relating to basis and other changes |  | 343 |
Transaction costs |  | (137) |
Mark-to-market losses on investments, including reinsurance funds withheld |  | (5) |
Mark-to-market losses on insurance contracts and other net assets |  | (196) |
Net income |  | $ | 269 |
FOR THE SIX MONTHS ENDED JUN. 30, 2025 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 1,045 |  |  | $ | 1,281 |  |  | $ | 204 |  |  | $ | — |  |  |
Net investment income, including reinsurance funds withheld |  | 2,666 |  |  | 213 |  |  | 108 |  |  | 141 |  |  |
Segment revenues(1)(2) |  | 3,711 |  |  | 1,494 |  |  | 312 |  |  | 141 |  |  | $ | 5,658 |
Policyholder benefits, net |  | (973) |  |  | (910) |  |  | (163) |  |  | — |  |  |
Interest sensitive contract benefits, excluding index credits |  | (984) |  |  | — |  |  | (13) |  |  | — |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired |  | (447) |  |  | (237) |  |  | (18) |  |  | — |  |  |
Other insurance and reinsurance expenses(3) |  | (214) |  |  | — |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs |  | (261) |  |  | (164) |  |  | (46) |  |  | (48) |  |  |
Interest expense |  | — |  |  | — |  |  | — |  |  | (162) |  |  |
Income tax expense, net |  | — |  |  | — |  |  | — |  |  | (183) |  |  |
Segment DOE |  | $ | 832 |  |  | $ | 183 |  |  | $ | 72 |  |  | $ | (252) |  |  | $ | 835 |
Depreciation and amortization expenses |  | (116) |
Deferred income tax recovery relating to basis and other changes |  | 179 |
Transaction costs |  | (55) |
Mark-to-market gains on investments, including reinsurance funds withheld |  | 27 |
Mark-to-market losses on insurance contracts and other net assets |  | (636) |
Net income |  | $ | 234 |
FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Net premiums and other policy related revenues |  | $ | 1,425 |  |  | $ | 1,541 |  |  | $ | 393 |  |  | $ | — |  |  |
Net investment income, including reinsurance funds withheld |  | 1,387 |  |  | 231 |  |  | 221 |  |  | 83 |  |  |
Segment revenues(1)(2) |  | 2,812 |  |  | 1,772 |  |  | 614 |  |  | 83 |  |  | $ | 5,281 |
Policyholder benefits, net |  | (1,426) |  |  | (1,139) |  |  | (316) |  |  | — |  |  |
Interest sensitive contract benefits, excluding index credits |  | (467) |  |  | — |  |  | (26) |  |  | — |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired |  | (175) |  |  | (305) |  |  | (21) |  |  | — |  |  |
Other insurance and reinsurance expenses(3) |  | (69) |  |  | — |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs |  | (204) |  |  | (194) |  |  | (119) |  |  | (21) |  |  |
Interest expense |  | — |  |  | — |  |  | — |  |  | (167) |  |  |
Income tax recovery (expense), net |  | (46) |  |  | 2 |  |  | (12) |  |  | 1 |  |  |
Segment DOE |  | $ | 425 |  |  | $ | 136 |  |  | $ | 120 |  |  | $ | (104) |  |  | $ | 577 |
Depreciation and amortization expenses |  | (56) |
Deferred income tax recovery relating to basis and other changes |  | 328 |
Transaction costs |  | (149) |
Mark-to-market gains on investments, including reinsurance funds withheld |  | 178 |
Mark-to-market losses on insurance contracts and other net assets |  | (272) |
Net income |  | $ | 606 |
__________________________ (1)For the three and six months ended June 30, 2025 and 2024, there were no significant intersegment revenues. (2)Our consolidated revenues in the statements of operations principally represent the sum of “Segment revenues” and “Mark-to-market gains (losses) on investments, including reinsurance funds withheld” in the tables above. (3)“Other insurance and reinsurance expenses” primarily represent “Change in fair value of market risk benefits” excluding the effect of changes in market risks (e.g., interest rates, equity markets and equity index volatility) and are inclusive of “Other reinsurance expenses” arising from our reinsurance assumed business on the statements of operations. See Note 19 for the details of market risk benefits and Note 12 for the details of our reinsurance assumed business. In addition to DOE, the CODM also monitors the assets, including investments accounted for using the equity method, liabilities and equity attributable to each segment.
AS OF JUN. 30, 2025 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Assets |  | $ | 117,709 |  |  | $ | 13,214 |  |  | $ | 9,089 |  |  | $ | 8,881 |  |  | $ | 148,893 |
Liabilities |  | 109,792 |  |  | 9,600 |  |  | 7,695 |  |  | 5,967 |  |  | 133,054 |
Equity |  | 7,917 |  |  | 3,614 |  |  | 1,394 |  |  | 2,914 |  |  | 15,839 |
AS OF DEC. 31, 2024 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Corporate & Other |  | Total
Assets |  | $ | 112,931 |  |  | $ | 14,269 |  |  | $ | 7,708 |  |  | $ | 5,045 |  |  | $ | 139,953 |
Liabilities |  | 105,724 |  |  | 9,574 |  |  | 6,510 |  |  | 5,069 |  |  | 126,877 |
Equity |  | 7,207 |  |  | 4,695 |  |  | 1,198 |  |  | (24) |  |  | 13,076 |
Schedule of Segment Non-current Assets | The following table shows the breakdown of total assets by jurisdiction.
AS OF US$ MILLIONS |  | June 30, 2025 |  | December 31, 2024 |  |
United States |  | $ | 135,421 |  |  | $ | 130,051 |  |  |
Canada |  | 5,469 |  |  | 5,238 |  |  |
Bermuda |  | 3,743 |  |  | 4,202 |  |  |
Other |  | 4,260 |  |  | 462 |  |  |
Total assets |  | $ | 148,893 |  |  | $ | 139,953 |  |  |
Schedule of Total Revenue by Jurisdiction | The breakdown of total revenue by jurisdiction follows.
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | Three Months Ended |  | Six Months Ended |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
United States |  | $ | 2,570 |  |  | $ | 1,977 |  |  | $ | 5,087 |  |  | $ | 4,022 |  |  |
Canada |  | 61 |  |  | 278 |  |  | 155 |  |  | 394 |  |  |
Bermuda |  | 105 |  |  | 30 |  |  | 84 |  |  | 149 |  |  |
Other(1) |  | 301 |  |  | 617 |  |  | 329 |  |  | 822 |  |  |
Total revenue |  | $ | 3,037 |  |  | $ | 2,902 |  |  | $ | 5,655 |  |  | $ | 5,387 |  |  |
__________________________ (1)No other country greater than 10%.

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration