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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed
The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:
(Dollars in millions)
Fair value of consideration transferred:
Cash
$2,525 
BAM Shares transferred by the Company
1,111 
Fair value of the Company’s pre-existing interest in AEL
897 
Total consideration
$4,533 
Assets acquired:
Investments
$42,960 
Cash and cash equivalents
13,367 
Accrued investment income
414 
Value of business acquired
7,194 
Reinsurance recoverables and deposit assets
14,963 
Property and equipment
42 
Intangible assets
1,580 
Other assets
670 
Total assets acquired
$81,190 
Liabilities assumed:
Future policy benefits
$310 
Policyholders’ account balances
61,473 
Market risk benefits
2,978 
Notes payable
768 
Subsidiary borrowings
84 
Funds withheld for reinsurance liabilities
8,601 
Other liabilities
2,360 
Total liabilities assumed
76,574 
Less: Fair value of AEL preferred stock
685 
Less: Non-controlling interest
28 
Net assets acquired
3,903 
Goodwill
$630