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PRIVATE LOANS (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of Credit Ratings For Private Loans | The amortized cost of mortgage loans by year of origination by aging category are shown below:
AS OF JUN. 30, 2025 US$ MILLIONS |  | Amortized Cost Basis by Origination Year |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Commercial mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 240 |  |  | $ | 430 |  |  | $ | 590 |  |  | $ | 2,268 |  |  | $ | 1,141 |  |  | $ | 4,034 |  |  | $ | 8,703 |
30-59 days past due |  | — |  |  | 82 |  |  | — |  |  | 10 |  |  | — |  |  | 15 |  |  | 107 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | 42 |
Non-accrual |  | — |  |  | — |  |  | 12 |  |  | 8 |  |  | 53 |  |  | 132 |  |  | 205 |
Residential mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 208 |  |  | 329 |  |  | 572 |  |  | 843 |  |  | 203 |  |  | 123 |  |  | 2,278 |
30-59 days past due |  | 3 |  |  | 6 |  |  | 20 |  |  | 32 |  |  | 6 |  |  | 4 |  |  | 71 |
60-89 days past due |  | — |  |  | 1 |  |  | 8 |  |  | 29 |  |  | 4 |  |  | 2 |  |  | 44 |
Non-accrual |  | — |  |  | 1 |  |  | 78 |  |  | 72 |  |  | 12 |  |  | 9 |  |  | 172 |
Total mortgage loans on real estate |  | $ | 451 |  |  | $ | 849 |  |  | $ | 1,280 |  |  | $ | 3,262 |  |  | $ | 1,419 |  |  | $ | 4,361 |  |  | $ | 11,622 |
Allowance for credit losses |  | (153) |
Total, net of allowance |  | $ | 11,469 |
AS OF DEC. 31, 2024 US$ MILLIONS |  | Amortized Cost Basis by Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Commercial mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 569 |  |  | $ | 607 |  |  | $ | 2,428 |  |  | $ | 1,280 |  |  | $ | 961 |  |  | $ | 3,735 |  |  | $ | 9,580 |
30-59 days past due |  | — |  |  | 25 |  |  | 4 |  |  | — |  |  | 10 |  |  | 48 |  |  | 87 |
60-89 days past due |  | — |  |  | — |  |  | 50 |  |  | 30 |  |  | — |  |  | — |  |  | 80 |
Non-accrual |  | — |  |  | 8 |  |  | 42 |  |  | 40 |  |  | 6 |  |  | 48 |  |  | 144 |
Residential mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 291 |  |  | 790 |  |  | 970 |  |  | 222 |  |  | 121 |  |  | 7 |  |  | 2,401 |
30-59 days past due |  | 3 |  |  | 41 |  |  | 45 |  |  | 2 |  |  | 4 |  |  | — |  |  | 95 |
60-89 days past due |  | — |  |  | 7 |  |  | 20 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | 38 |
Non-accrual |  | 3 |  |  | 51 |  |  | 76 |  |  | 18 |  |  | 8 |  |  | 3 |  |  | 159 |
Total mortgage loans on real estate |  | $ | 866 |  |  | $ | 1,529 |  |  | $ | 3,635 |  |  | $ | 1,594 |  |  | $ | 1,114 |  |  | $ | 3,846 |  |  | $ | 12,584 |
Allowance for credit losses |  | (158) |
Total, net of allowance |  | $ | 12,426 |
The following table summarizes the credit ratings of our private loans:
AS OF US$ MILLIONS |  | June 30, 2025 |  | December 31, 2024
A or higher |  | $ | 2,341 |  |  | $ | 1,595 |
BBB |  | 822 |  |  | 692 |
BB and below |  | 2,458 |  |  | 875 |
Unrated(1) |  | 1,131 |  |  | 2,042 |
Total |  | $ | 6,752 |  |  | $ | 5,204 |
__________________________ (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 its 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 for the three and six months ended June 30, 2025 and 2024 is shown below:
|  | 2025 |  | 2024
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | Commercial mortgage loans |  | Residential mortgage loans |  | Commercial mortgage loans |  | Residential mortgage loans
Balance as of January 1 |  | $ | (149) |  |  | $ | (9) |  |  | $ | (60) |  |  | $ | — |
Provision |  | (12) |  |  | (1) |  |  | (1) |  |  | — |
Writeoffs charged against the allowance |  | 3 |  |  | — |  |  | — |  |  | — |
Balance as of March 31 |  | $ | (158) |  |  | $ | (10) |  |  | $ | (61) |  |  | $ | — |
Recovery (provision) |  | 18 |  |  | (3) |  |  | (5) |  |  | — |
Balance as of June 30 |  | $ | (140) |  |  | $ | (13) |  |  | $ | (66) |  |  | $ | — |
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | 2025 |  | 2024
Balance as of January 1 |  | $ | (97) |  |  | $ | (44) |
Recovery (provision) |  | (8) |  |  | 2 |
Writeoffs charged against the allowance |  | — |  |  | 1 |
Balance as of March 31 |  | $ | (105) |  |  | $ | (41) |
Provision |  | (10) |  |  | (15) |
Balance as of June 30 |  | $ | (115) |  |  | $ | (56) |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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