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Business Combination (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

(In millions, except exchange ratio and share price data)			Consideration
AHL common shares purchased			138
Exchange ratio			1.149
Shares of common stock issued in exchange			158
AGM Class A shares closing price			$	72.43
Total merger consideration at closing			$	11,455
Fair value of estimated RSUs, options and warrants assumed and other equity consideration			699
Effective settlement of pre-existing relationships			896
Total merger consideration			13,050
Fair value of AHL common shares previously held by Apollo and other adjustments			4,554
Total AHL equity value held by AGM			17,604
Fair value of preferred stock			2,666
Noncontrolling interests			2,276
Total AHL equity value			$	22,546

The following represents the calculation of goodwill and fair value amounts recognized:

(In millions)			Fair value and goodwill calculation
Merger consideration			$	13,050
Fair value of AHL common shares previously held by Apollo and other adjustments			4,554
Total AHL equity value held by AGM			17,604
Assets
Investments			$	176,015
Cash and cash equivalents			9,479
Restricted cash			796
Investment in related parties			33,863
Reinsurance recoverable			4,977
VOBA			3,372
Other assets			6,115
Assets of consolidated variable interest entities			3,635
Estimated fair value of total assets acquired by AGM			238,252
Liabilities
Interest sensitive contract liabilities			160,241
Future policy benefits			41,482
Market risk benefits			4,813
Debt			3,295
Payables for collateral on derivatives and securities to repurchase			7,044
Other liabilities			2,443
Liabilities of consolidated variable interest entities			461
Estimated fair value of total liabilities assumed by AGM			219,779
Identifiable net assets			18,473
Less: Fair value of preferred stock			2,666
Less: Fair value of noncontrolling interests			2,276
Estimated fair value of net assets acquired by AGM, excluding goodwill			13,531
Goodwill attributable to AHL			$	4,073

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following:

			Fair value (in millions)						Weighted average useful life (in years)
VOBA			$	3,372					7
Distribution channels			1,870						18
Trade name			160						20
Insurance licenses			26						Indefinite
Total			$	5,428

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- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

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