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DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of DAC, deferred sales inducements (“DSI”) and value of business acquired (“VOBA asset”) for the periods indicated:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 886 |  |  | $ | 184 |  |  | $ | 306 |  |  | $ | 1,376 |
Additions |  | 511 |  |  | 228 |  |  | 45 |  |  | 784 |
Amortization |  | (47) |  |  | (229) |  |  | (16) |  |  | (292) |
Net change |  | 464 |  |  | (1) |  |  | 29 |  |  | 492 |
Balance, end of period |  | $ | 1,350 |  |  | $ | 183 |  |  | $ | 335 |  |  | $ | 1,868 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 393 |  |  | $ | — |  |  | $ | — |  |  | $ | 393 |
Additions |  | 348 |  |  | — |  |  | — |  |  | 348 |
Amortization |  | (19) |  |  | — |  |  | — |  |  | (19) |
Net change |  | 329 |  |  | — |  |  | — |  |  | 329 |
Balance, end of period |  | $ | 722 |  |  | $ | — |  |  | $ | — |  |  | $ | 722 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 8,838 |  |  | $ | 27 |  |  | $ | 62 |  |  | $ | 8,927 |
Amortization |  | (381) |  |  | (8) |  |  | (2) |  |  | (391) |
Net change |  | (381) |  |  | (8) |  |  | (2) |  |  | (391) |
Balance, end of period |  | $ | 8,457 |  |  | $ | 19 |  |  | $ | 60 |  |  | $ | 8,536 |
Total DAC, DSI and VOBA asset |  | $ | 10,529 |  |  | $ | 202 |  |  | $ | 395 |  |  | $ | 11,126 |
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuities |  | P&C |  | Life Insurance |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,314 |  |  | $ | 171 |  |  | $ | 217 |  |  | $ | 1,702 |
Additions |  | 257 |  |  | 261 |  |  | 57 |  |  | 575 |
Derecognition(1) |  | (1,129) |  |  | — |  |  | — |  |  | (1,129) |
Amortization |  | (36) |  |  | (235) |  |  | (10) |  |  | (281) |
Net change |  | (908) |  |  | 26 |  |  | 47 |  |  | (835) |
Balance, end of period |  | $ | 406 |  |  | $ | 197 |  |  | $ | 264 |  |  | $ | 867 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 257 |  |  | $ | — |  |  | $ | — |  |  | $ | 257 |
Additions |  | 96 |  |  | — |  |  | — |  |  | 96 |
Derecognition(1) |  | (246) |  |  | — |  |  | — |  |  | (246) |
Amortization |  | (5) |  |  | — |  |  | — |  |  | (5) |
Net change |  | (155) |  |  | — |  |  | — |  |  | (155) |
Balance, end of period |  | $ | 102 |  |  | $ | — |  |  | $ | — |  |  | $ | 102 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 40 |  |  | $ | 168 |  |  | $ | 301 |  |  | $ | 509 |
Acquisition of business combination(2) |  | 9,276 |  |  | — |  |  | — |  |  | 9,276 |
Amortization |  | (134) |  |  | (70) |  |  | (11) |  |  | (215) |
Net change |  | 9,142 |  |  | (70) |  |  | (11) |  |  | 9,061 |
Balance, end of period |  | $ | 9,182 |  |  | $ | 98 |  |  | $ | 290 |  |  | $ | 9,570 |
Total DAC, DSI and VOBA asset |  | $ | 9,690 |  |  | $ | 295 |  |  | $ | 554 |  |  | $ | 10,539 |
__________________________ (1)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of DAC and DSI. (2)The difference between the amount shown in the table and the value of business acquired in Note 16 represents $45 million of measurement period adjustments recorded in the third quarter of 2024. See Note 16 for the details.
Schedule of Projected VOBA Asset Amortization Expenses | The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2025:
Years |  | US$ MILLIONS
2025(1) |  | $ | 376 |
2026 |  | 705 |
2027 |  | 645 |
2028 |  | 598 |
2029 |  | 552 |
Thereafter |  | 5,660 |
Total amortization expense |  | $ | 8,536 |
__________________________ (1)Expected amortization for the remainder of 2025.

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