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DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED (Tables)
 6 Months Ended
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		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$886 $184 $306 $1,376 
Additions511 228 45 784 
Amortization(47)(229)(16)(292)
Net change464 (1)29 492 
Balance, end of period$1,350 $183 $335 $1,868 
DSI:
Balance, beginning of period$393 $— $— $393 
Additions348 — — 348 
Amortization(19)— — (19)
Net change329 — — 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		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$1,314 $171 $217 $1,702 
Additions257 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 
Additions96 — — 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 change9,142 (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 
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(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 $45 million of measurement period adjustments recorded in the third quarter of 2024. See Note 16 for the details.
Schedule of Projected VOBA Asset Amortization Expenses
The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2025:
YearsUS$ MILLIONS
2025(1)
$376 
2026705 
2027645 
2028598 
2029552 
Thereafter5,660 
Total amortization expense$8,536 
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(1)Expected amortization for the remainder of 2025.