XML 12 R2.htm IDEA: XBRL DOCUMENT v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $3 and $27, respectively; amortized cost of $55,653 and $53,651, respectively) $ 56,222 $ 53,802
Equity securities, at fair value 7,530 3,854
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $153 and $158, respectively) 11,469 12,426
Private loans, at amortized cost (net of allowance for credit losses of $115 and $97, respectively) 6,752 5,204
Investment real estate, at cost (net of accumulated depreciation of $256 and $232, respectively) 2,593 2,366
Real estate partnerships 4,205 3,438
Investment funds 6,421 6,111
Policy loans 257 276
Short-term investments, at estimated fair value 4,454 4,400
Other invested assets 1,062 1,089
Total investments 100,965 92,966
Cash and cash equivalents 13,091 12,243
Accrued investment income 810 860
Deferred policy acquisition costs, deferred sales inducements and value of business acquired 11,126 10,696
Reinsurance funds withheld 1,473 1,517
Premiums due and other receivables 706 647
Ceded unearned premiums 475 520
Deferred tax asset 752 760
Reinsurance recoverables and deposit assets 12,772 13,195
Property and equipment (net of accumulated depreciation of $395 and $377, respectively) 268 272
Intangible assets (net of accumulated amortization of $173 and $106, respectively) 1,682 1,690
Goodwill 783 783
Other assets 2,668 2,461
Separate account assets 1,322 1,343
Total assets of consolidated VIEs 148,893 139,953
Liabilities    
Future policy benefits 15,204 14,088
Policyholders’ account balances 86,933 83,079
Policy and contract claims 7,520 7,659
Deposit liabilities 1,464 1,502
Market risk benefits 4,227 3,655
Unearned premium reserve 1,604 1,843
Other policyholder funds 397 347
Notes payable 200 189
Corporate borrowings 1,184 1,022
Subsidiary borrowings 3,327 3,329
Funds withheld for reinsurance liabilities 3,241 3,392
Separate account liabilities 1,322 1,343
Total liabilities of consolidated VIEs 133,054 126,877
Equity    
Retained earnings 2,229 2,054
Accumulated other comprehensive income 673 204
Non-controlling interests 766 850
Total equity 15,839 13,076
Total liabilities and equity 148,893 139,953
Class A Exchangeable and Class B    
Equity    
Common stock, carrying amount [1] 1,435 1,442
Class C Shares    
Equity    
Common stock, carrying amount 10,736 8,526
Related Party    
Assets    
Total investments 17,700  
Liabilities    
Due to related parties 2,018 684
Nonrelated Party    
Liabilities    
Other liabilities $ 4,413 $ 4,745
[1] Class A exchangeable shares were held in treasury as of June 30, 2025 (December 31, 2024 – 2,000,000 Class A exchangeable shares).