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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Total
Class A exchangeable and Class B shareholders
Total
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Total
Class C shareholder
Share capital
Class A exchangeable and Class B shareholders
Share capital
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Share capital
Class C shareholder
Retained earnings
Class A exchangeable and Class B shareholders
Retained earnings
Class A exchangeable, Class A-1 exchangeable and Class B shareholders
Retained earnings
Class C shareholder
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)
Class C shareholder
Non-controlling interests
Beginning balance at Dec. 31, 2023 $ 6,155   $ 1,591 $ 4,418   $ 1,577 $ 3,607   $ 14 $ 931 $ (120) $ (120) $ 146
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 337   3 332         3 332     2
Other comprehensive income 4     4               4  
Comprehensive income 341   3 336         3 332   4 2
Distributions and redeemable preferred share dividends [1] (34)   (3) (28)   (3)       (28)     (3)
Total change in period 307   0 308   (3) 0   3 304   4 (1)
Ending balance at Mar. 31, 2024 6,462   1,591 4,726   1,574 3,607   17 1,235 (116) (116) 145
Beginning balance at Dec. 31, 2023 6,155   1,591 4,418   1,577 3,607   14 931 (120) (120) 146
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 606                        
Other comprehensive income 502                        
Comprehensive income 1,108                        
Ending balance at Jun. 30, 2024 9,015   1,591 6,576   1,571 4,726   20 1,468 382 382 848
Beginning balance at Mar. 31, 2024 6,462   1,591 4,726   1,574 3,607   17 1,235 (116) (116) 145
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 269   3 261         3 261     5
Other comprehensive income 498     498               498  
Comprehensive income 767   3 759         3 261   498 5
Equity issuances, net 1,119     1,119     1,119            
Non-controlling interest assumed on acquisition 713                       713
Distributions and redeemable preferred share dividends [1] (46)   (3) (28)   (3)       (28)     (15)
Total change in period 2,553   0 1,850   (3) 1,119   3 233   498 703
Ending balance at Jun. 30, 2024 9,015   $ 1,591 6,576   $ 1,571 4,726   $ 20 1,468 382 382 848
Beginning balance at Dec. 31, 2024 13,076 $ 1,470   10,756 $ 1,442   8,526 $ 28   2,026 204 204 850
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (282) 4   (330)       4   (330)     44
Other comprehensive income 344     344               344  
Comprehensive income 62 4   14       4   (330)   344 44
Equity issuances, net (90)                       (90)
Distributions and redeemable preferred share dividends [2] (37) (4)     (4)               (33)
Acquisition of treasury shares, net (1) (1)     (1)                
Total change in period (66) (1)   14 (5)     4   (330)   344 (79)
Ending balance at Mar. 31, 2025 13,010 1,469   10,770 1,437   8,526 32   1,696 548 548 771
Beginning balance at Dec. 31, 2024 13,076 1,470   10,756 1,442   8,526 28   2,026 204 204 850
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 234                        
Other comprehensive income 469                        
Comprehensive income 703                        
Ending balance at Jun. 30, 2025 15,839 1,471   13,602 1,435   10,736 36   2,193 673 673 766
Beginning balance at Mar. 31, 2025 13,010 1,469   10,770 1,437   8,526 32   1,696 548 548 771
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 516 4   497       4   497     15
Other comprehensive income 125     125               125  
Comprehensive income 641 4   622       4   497   125 15
Equity issuances, net 2,207 2   2,210 2   2,210           (5)
Distributions and redeemable preferred share dividends [2] (19) (4)     (4)               (15)
Total change in period 2,829 2   2,832 (2)   2,210 4   497   125 (5)
Ending balance at Jun. 30, 2025 $ 15,839 $ 1,471   $ 13,602 $ 1,435   $ 10,736 $ 36   $ 2,193 $ 673 $ 673 $ 766
[1] The Company distributed $0.08 in the form of a return of capital per each Class A exchangeable, Class A-1 exchangeable and Class B share in the first and second quarters of 2024.
[2] The Company distributed $0.09 in the form of a return of capital per each Class A exchangeable and Class B share in the first and second quarters of 2025.