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MARKET RISK BENEFITS (Tables) | 6 Months Ended
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Jun. 30, 2025
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 |  | 2025 |  | 2024 |  |
Balance, beginning of period |  | $ | 2,799 |  |  | $ | 55 |  |  |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk |  | 2,549 |  |  | 39 |  |  |
Acquisition from business combination(1) |  | — |  |  | 2,376 |  |  |
Derecognition(2) |  | — |  |  | (129) |  |  |
Issuance |  | (6) |  |  | 3 |  |  |
Interest accrual |  | 70 |  |  | 24 |  |  |
Attributed fees collected |  | 121 |  |  | 52 |  |  |
Benefits payments |  | — |  |  | — |  |  |
Effect of changes in interest rates |  | 51 |  |  | 138 |  |  |
Effect of changes in equity markets |  | 98 |  |  | (24) |  |  |
Effect of changes in equity index volatility |  | (43) |  |  | (24) |  |  |
Effect of changes in future expected policyholder behavior |  | 68 |  |  | (8) |  |  |
Effect of changes in other future expected assumptions |  | 7 |  |  | 67 |  |  |
Balance, end of period, before the effect of changes in the instrument-specific credit risk |  | 2,915 |  |  | 2,514 |  |  |
Effect of changes in the ending instrument-specific credit risk |  | 278 |  |  | 58 |  |  |
Balance, end of period |  | 3,193 |  |  | 2,572 |  |  |
Less: Reinsured MRB, end of period |  | (576) |  |  | (618) |  |  |
Balance, end of period, net of reinsurance |  | $ | 2,617 |  |  | $ | 1,954 |  |  |
Net amount at risk(3) |  | $ | 12,460 |  |  | $ | 12,051 |  |  |
Weighted-average attained age of contract holders (years) |  | 71 |  | 71 |  |
__________________________ (1)The difference between the amount shown in the table above and the market risk benefits liability balance included in Note 16 represents $45 million of measurement period adjustments that was recorded in the third quarter of 2024. See Note 16 for the details. (2)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain market risk benefit balances. (3)Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF US$ MILLIONS |  | June 30, 2025 |  | December 31, 2024
| Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Market risk benefits |  | $ | 1,034 |  |  | $ | (4,227) |  |  | $ | (3,193) |  |  | $ | 856 |  |  | $ | (3,655) |  |  | $ | (2,799) |

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- Definition Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-7B + Details
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