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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at July 1, 2022.
Assets acquired and liabilities assumed from Cigna's business in Asia | July 1
(in millions of U.S. dollars) | 2022
Assets |
Investments and Cash | $ | 5,274 |
Accrued investment income | 33 |
Insurance and reinsurance balances receivable | 52 |
Reinsurance recoverable on losses and loss expenses | 3 |
Reinsurance recoverable on future policy benefits | 85 |
Value of business acquired | 3,633 |
Goodwill and intangible assets | 1,486 |
Other assets | 648 |
Total assets | $ | 11,214 |
Liabilities |
Unpaid losses and loss expenses | $ | 12 |
Unearned premiums | 60 |
Future policy benefits | 3,856 |
Insurance and reinsurance balances payable | 115 |
Accounts payable, accrued expenses, and other liabilities | 926 |
Deferred tax liabilities | 886 |
Total liabilities | $ | 5,855 |
Net acquired assets, including goodwill | 5,359 |
Total | $ | 11,214 |
Business Acquisition, Pro Forma Information | The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.
|  |  | Three Months Ended |  |  |  | Six Months Ended
Pro forma: |  |  | June 30 |  |  |  | June 30
(in millions of U.S. dollars) |  |  | 2022 |  |  |  | 2022
Net premiums earned |  |  | $ | 10,299 |  |  |  |  | $ | 19,811 |
Total revenues |  |  | $ | 10,620 |  |  |  |  | $ | 21,037 |
Net income |  |  | $ | 1,276 |  |  |  |  | $ | 3,335 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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