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POLICYHOLDERS' ACCOUNT BALANCES
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
POLICYHOLDERS' ACCOUNT BALANCES POLICYHOLDERS’ ACCOUNT BALANCES
Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts.
The reconciliation of the balances described in the table below to the “Policyholders’ account balances” in the statements of financial position is as follows.
AS OF
US$ MILLIONS		June 30, 2025December 31, 2024
Policyholders’ account balances:
Annuities$83,667 $80,046 
Life Insurance2,158 2,107 
Embedded derivative adjustments and other(1)
1,108 926 
Total policyholders’ account balances$86,933 $83,079 
__________________________
(1)“Embedded derivative adjustments and other” line reconciles the account balances as presented in the rollforward within this note to the gross liability as presented in the statements of financial position and includes the fair value of the embedded derivatives.
The balances and changes in policyholders’ account balances follow.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Balance, beginning of period$80,046 $2,107 $82,153 
Issuances7,962 26 7,988 
Premiums received62 218 280 
Policy charges(287)(189)(476)
Surrenders and withdrawals(5,037)(55)(5,092)
Interest credited1,453 51 1,504 
Benefit payments(538)— (538)
Other6 — 6 
Balance, end of period$83,667 $2,158 $85,825 
Weighted average crediting rate3 %5 %
Net amount at risk(1)
$12,907 $38,673 
Cash surrender value$76,292 $1,919 
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Balance, beginning of period$22,456 $1,975 $24,431 
Acquisition from business combination(2)
61,296 — 61,296 
Issuances4,064 36 4,100 
Derecognition(7,402)— (7,402)
Premiums received69 213 282 
Policy charges(143)(187)(330)
Surrenders and withdrawals(3,323)(43)(3,366)
Interest credited808 48 856 
Benefit payments(177)— (177)
Other(195)— (195)
Balance, end of period$77,453 $2,042 $79,495 
Weighted average crediting rate3 %5 %
Net amount at risk(1)
$12,466 $38,365 
Cash surrender value$71,450 $1,796 
__________________________
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
(2)The difference between the amount shown in this table and the policyholders’ account balance included in Note 16 represents $177 million of liabilities relating to supplemental contracts.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
AS OF JUN. 30, 2025
US$ MILLIONS		Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 - 50 Basis Points Above51 - 150 Basis Points Above> 150 Basis Points Above
Other(1)
Total
Annuities
0% - 1%
$3,715 $2,668 $4,170 $4,868 $— $15,421 
1% - 2%
1,569 307 1,008 1,596 — 4,480 
2% - 3%
1,931 373 217 11,323 — 13,844 
Greater than 3%
270 5 6 11 — 292 
Other(1)
— — — — 49,630 49,630 
Total$7,485 $3,353 $5,401 $17,798 $49,630 $83,667 
Life Insurance
1% - 2%
$38 $2 $66 $791 $— $897 
2% - 3%
423 — 221 — — 644 
Greater than 3%
617 — — — — 617 
Total$1,078 $2 $287 $791 $— $2,158 
AS OF JUN. 30, 2024
US$ MILLIONS		Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 - 50 Basis Points Above51 - 150 Basis Points Above> 150 Basis Points Above
Other(1)
Total
Annuities
0% - 1%
$4,296 $2,669 $3,931 $4,679 $— $15,575 
1% - 2%
1,446 393 1,740 1,844 — 5,423 
2% - 3%
1,942 429 111 6,637 — 9,119 
Greater than 3%
306 7 1 5 — 319 
Other(1)
— — — — 47,017 47,017 
Total$7,990 $3,498 $5,783 $13,165 $47,017 $77,453 
Life Insurance
1% - 2%
$34 $2 $54 $667 $— $757 
2% - 3%
421 — 222 — — 643 
Greater than 3%
642 — — — — 642 
Total$1,097 $2 $276 $667 $— $2,042 
__________________________
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
MARKET RISK BENEFITS
The net balance of market risk benefit assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts follows.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		20252024
Balance, beginning of period$2,799 $55 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk2,549 39 
Acquisition from business combination(1)
— 2,376 
Derecognition(2)
— (129)
Issuance(6)3 
Interest accrual70 24 
Attributed fees collected121 52 
Benefits payments— — 
Effect of changes in interest rates51 138 
Effect of changes in equity markets98 (24)
Effect of changes in equity index volatility(43)(24)
Effect of changes in future expected policyholder behavior68 (8)
Effect of changes in other future expected assumptions7 67 
Balance, end of period, before the effect of changes in the instrument-specific credit risk2,915 2,514 
Effect of changes in the ending instrument-specific credit risk278 58 
Balance, end of period3,193 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)7171
__________________________
(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, 2025December 31, 2024
AssetLiabilityNetAssetLiabilityNet
Market risk benefits$1,034 $(4,227)$(3,193)$856 $(3,655)$(2,799)