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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s reporting segments are Annuities, P&C, Life Insurance and Corporate and Other. These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The Company’s CODM has been identified as the Chief Executive Officer and the Chief Financial Officer. The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities, P&C and Life Insurance segments. DOE is calculated as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments. 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. The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuities segment for the three and six months ended June 30, 2025 and 2024 were primarily from pension risk transfer transactions with institutions in the U.S. and Canada. Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums. Our P&C segment provides a broad range of P&C products through American National and Argo, which include coverage for property, casualty, specialty and other. Total earned premiums within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S.-based individuals and institutions. The Company’s Life Insurance business is principally provided by American National. Total premium revenues recorded within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S. retail customers. Lastly, Corporate and Other segment’s revenue is mainly from investment income earned on investments warehoused by the Company prior to their transfer into its insurance investment portfolios, net of associated borrowing costs. 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 |
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 |  |  |
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%.

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- Definition The entire disclosure for reporting segments including data and tables. 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