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FUTURE POLICY BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Schedule of Changes in the Liability for Future Policy Benefits
The reconciliation of the balances described in the table below to the “Future policy benefits” in the statements of financial position is as follows.
AS OF
US$ MILLIONS		June 30, 2025December 31, 2024
Future policy benefits:
Annuities$11,287 $10,287 
Life Insurance1,895 1,816 
Deferred profit liability:
Annuities252 242 
Life Insurance86 76 
Other contracts and VOBA liability1,684 1,667 
Total future policy benefits$15,204 $14,088 
The balances and changes in the liability for future policy benefits are as follows:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Present value of expected net premiums:
Balance, beginning of period$— $2,353 $2,353 
Beginning balance at original discount rate— 2,507 2,507 
Effect of changes in cash flow assumptions— 65 65 
Effect of actual variances from expected experience(1)(55)(56)
Adjusted beginning of period balance(1)2,517 2,516 
Issuances742 5 747 
Interest accrual5 48 53 
Net premiums collected(749)(148)(897)
Derecognitions (lapses and withdrawals)3 — 3 
Ending balance at original discount rate— 2,422 2,422 
Effect of changes in discount rate assumptions— (114)(114)
Balance, end of period$— $2,308 $2,308 
Present value of expected future policy benefits:
Balance, beginning of period$10,287 $4,169 $14,456 
Beginning balance at original discount rate10,518 4,601 15,119 
Effect of changes in cash flow assumptions(1)
15 77 92 
Effect of actual variances from expected experience(43)(56)(99)
Adjusted beginning of period balance10,490 4,622 15,112 
Issuances745 5 750 
Interest accrual238 89 327 
Benefit payments(436)(153)(589)
Derecognitions (lapses and withdrawals)28 — 28 
Foreign currency translation384 — 384 
Ending balance at original discount rate11,449 4,563 16,012 
Effect of changes in discount rate assumptions(162)(360)(522)
Balance, end of period$11,287 $4,203 $15,490 
Net liability for future policy benefits11,287 1,895 13,182 
Less: Reinsurance recoverables(12)(1,311)(1,323)
Net liability for future policy benefits, after reinsurance recoverable$11,275 $584 $11,859 
Weighted average liability duration of future policy benefits (years)714
Weighted average interest accretion rate5 %5 %
Weighted average current discount rate5 %6 %
__________________________
(1)For the three months and six months ended June 30, 2025, the Company recognized liability remeasurement losses of $11 million and $31 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the statements of operations.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Present value of expected net premiums:
Balance, beginning of period$— $3,145 $3,145 
Beginning balance at original discount rate— 3,253 3,253 
Effect of changes in cash flow assumptions— (62)(62)
Effect of actual variances from expected experience6 (34)(28)
Adjusted beginning of period balance6 3,157 3,163 
Issuances1,280 32 1,312 
Interest accrual9 62 71 
Net premiums collected(1,295)(162)(1,457)
Derecognitions (lapses and withdrawals)— 1 1 
Ending balance at original discount rate— 3,090 3,090 
Effect of changes in discount rate assumptions— (235)(235)
Balance, end of period$— $2,855 $2,855 
Present value of expected future policy benefits:
Balance, beginning of period$5,731 $5,040 $10,771 
Beginning balance at original discount rate5,909 5,277 11,186 
Effect of changes in cash flow assumptions(1)
12 74 86 
Effect of actual variances from expected experience19 (33)(14)
Adjusted beginning of period balance5,940 5,318 11,258 
Acquisition from business combination311 — 311 
Issuances1,287 32 1,319 
Interest accrual144 101 245 
Benefit payments(312)(228)(540)
Derecognitions (lapses and withdrawals)1 1 2 
Foreign currency translation(114)— (114)
Ending balance at original discount rate7,257 5,224 12,481 
Effect of changes in discount rate assumptions(353)(505)(858)
Balance, end of period$6,904 $4,719 $11,623 
Net liability for future policy benefits6,904 1,864 8,768 
Less: Reinsurance recoverables(35)(46)(81)
Net liability for future policy benefits, after reinsurance recoverable$6,869 $1,818 $8,687 
Weighted average liability duration of future policy benefits (years)816
Weighted average interest accretion rate5 %5 %
Weighted average current discount rate5 %6 %
__________________________
(1)For the three months and six months ended June 30, 2024, the Company recognized liability remeasurement losses of $48 million and $60 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the statements of operations.
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
AS OF JUN. 30
US$ MILLIONS		20252024
UndiscountedDiscountedUndiscountedDiscounted
Annuities:
Expected future benefit payments$18,614 $11,262 $11,414 $6,877 
Expected future gross premiums— — — — 
Life Insurance:
Expected future benefit payments$8,675 $4,203 $10,375 $4,799 
Expected future gross premiums5,482 3,259 14,649 8,507 
Total:
Expected future benefit payments$27,289 $15,465 $21,789 $11,676 
Expected future gross premiums5,482 3,259 14,649 8,507 
The amount of revenue and interest recognized in the statements of operations follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Three Months EndedSix Months Ended
Gross Premiums or AssessmentsInterest ExpenseGross Premiums or AssessmentsInterest Expense
20252024202520242025202420252024
Annuities$338 $1,313 $105 $137 $761 $2,005 $221 $203 
Life Insurance101 222 21 39 206 335 41 59