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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Results

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						Annuities						P&C						Life Insurance						Corporate & Other						Total
Net premiums and other policy related revenues						$	493					$	633					$	103					$	—
Net investment income, including reinsurance funds withheld						1,345						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 withheld																														237
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						Annuities						P&C						Life Insurance						Corporate & Other						Total
Net premiums and other policy related revenues						$	773					$	750					$	193					$	—
Net investment income, including reinsurance funds withheld						924						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 changes																														343
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						Annuities						P&C						Life Insurance						Corporate & Other						Total
Net premiums and other policy related revenues						$	1,045					$	1,281					$	204					$	—
Net investment income, including reinsurance funds withheld						2,666						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 changes																														179
Transaction costs																														(55)
Mark-to-market gains on investments, including reinsurance funds withheld																														27
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						Annuities						P&C						Life Insurance						Corporate & Other						Total
Net premiums and other policy related revenues						$	1,425					$	1,541					$	393					$	—
Net investment income, including reinsurance funds withheld						1,387						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 changes																														328
Transaction costs																														(149)
Mark-to-market gains on investments, including reinsurance funds withheld																														178
Mark-to-market losses on insurance contracts and other net assets																														(272)
Net income																														$	606

__________________________

(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.

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						Annuities						P&C						Life Insurance						Corporate & Other						Total
Assets						$	117,709					$	13,214					$	9,089					$	8,881					$	148,893
Liabilities						109,792						9,600						7,695						5,967						133,054
Equity						7,917						3,614						1,394						2,914						15,839

AS OF DEC. 31, 2024 US$ MILLIONS						Annuities						P&C						Life Insurance						Corporate & Other						Total
Assets						$	112,931					$	14,269					$	7,708					$	5,045					$	139,953
Liabilities						105,724						9,574						6,510						5,069						126,877
Equity						7,207						4,695						1,198						(24)						13,076

Schedule of Segment Non-current Assets

The following table shows the breakdown of total assets by jurisdiction.

AS OF US$ MILLIONS						June 30, 2025						December 31, 2024
United States						$	135,421					$	130,051
Canada						5,469						5,238
Bermuda						3,743						4,202
Other						4,260						462
Total assets						$	148,893					$	139,953

Schedule of Total Revenue by Jurisdiction

The breakdown of total revenue by jurisdiction follows.

FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS						Three Months Ended												Six Months Ended
						2025						2024						2025						2024
United States						$	2,570					$	1,977					$	5,087					$	4,022
Canada						61						278						155						394
Bermuda						105						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%.

X

- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

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Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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