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SEGMENT REPORTING
 6 Months Ended
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		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Net premiums and other policy related revenues$493 $633 $103 $— 
Net investment income, including reinsurance funds withheld1,345 109 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 withheld237 
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		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Net premiums and other policy related revenues$773 $750 $193 $— 
Net investment income, including reinsurance funds withheld924 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 changes343 
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		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Net premiums and other policy related revenues$1,045 $1,281 $204 $— 
Net investment income, including reinsurance funds withheld2,666 213 108 141 
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 changes179 
Transaction costs(55)
Mark-to-market gains on investments, including reinsurance funds withheld27 
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		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Net premiums and other policy related revenues$1,425 $1,541 $393 $— 
Net investment income, including reinsurance funds withheld1,387 231 221 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 changes328 
Transaction costs(149)
Mark-to-market gains on investments, including reinsurance funds withheld178 
Mark-to-market losses on insurance contracts and other net assets(272)
Net income$606 
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(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		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Assets$117,709 $13,214 $9,089 $8,881 $148,893 
Liabilities109,792 9,600 7,695 5,967 133,054 
Equity7,917 3,614 1,394 2,914 15,839 
AS OF DEC. 31, 2024
US$ MILLIONS		AnnuitiesP&CLife InsuranceCorporate & OtherTotal
Assets$112,931 $14,269 $7,708 $5,045 $139,953 
Liabilities105,724 9,574 6,510 5,069 126,877 
Equity7,207 4,695 1,198 (24)13,076 
The following table shows the breakdown of total assets by jurisdiction.
AS OF
US$ MILLIONS		June 30, 2025December 31, 2024
United States$135,421 $130,051 
Canada5,469 5,238 
Bermuda3,743 4,202 
Other4,260 462 
Total assets$148,893 $139,953 
The breakdown of total revenue by jurisdiction follows.
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Three Months EndedSix Months Ended
2025202420252024
United States$2,570 $1,977 $5,087 $4,022 
Canada61 278 155 394 
Bermuda105 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%.