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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
26. Related Party Transactions
The Company has entered into recurring transactions and agreements with certain related parties. The impact on the Consolidated Financial Statements of significant related party transactions is discussed below.
Investment Management
For the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022, the Company’s insurance subsidiaries paid investment management fees pursuant to investment managements with an affiliate of BAM of $112 million, $43 million, and $24 million, respectively.
Reinsurance Agreements
AEILIC had a coinsurance agreement with North End Re (Cayman) SPC, a wholly-owned subsidiary Brookfield Wealth Solutions, to reinsure a portion of fixed indexed annuity product liabilities, 70% on a Modco basis and 30% on a coinsurance basis. AEILIC and North End Re entered into a recapture agreement which terminated this coinsurance agreement, effective December 1, 2024. See Note 12 - Reinsurance for the impacts of the recapture agreement.
AEILIC and Eagle have modified coinsurance agreements with Freestone, an affiliated Bermuda reinsurer wholly owned by the Company, to reinsure a quota share of in-force fixed rate, fixed indexed and payout annuities at 50% and ongoing flow fixed rate and fixed indexed annuities at 70%.
ANCIO also has modified coinsurance agreements with Freestone. Pursuant to such agreements, ANICO has ceded to Freestone 80% of in-force (at June 30, 2024) and future flow PRT business, and 70% of in-force (at June 30, 2024) and future flow single premium immediate annuity business, 100% of fixed deferred and equity-indexed annuity business issued up to December 31, 2021, and 70% of fixed deferred and equity-indexed annuity business in 2022 and later.
Other Related Party Transactions
For the years ended December 31, 2024 and 2023, the Company purchased related party investments totaling $4.7 billion and $4.0 billion, respectively. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.
On November 8, 2022 American National and BAMR US Holdings LLC, an indirect wholly-owned subsidiary of Brookfield Wealth Solutions, entered into a demand deposit agreement. The balance at December 31, 2024 and 2023 was $272 million and $294 million, respectively. The deposit is considered a cash and cash equivalent in the Company's Consolidated Statements of Financial Position as of December 31, 2024 and 2023.
On August 17, 2023 ANTAC, LLC (a subsidiary of the Company) and Brookfield Wealth Solutions entered into a deposit agreement. The balance at December 31, 2024 and 2023 was $192 million and $181 million, respectively. The deposit is considered a cash and cash equivalent in the Company's Consolidated Statements of Financial Position as of December 31, 2024 and 2023.
As of December 31, 2024 and 2023, Freestone had a deposit of $254 million and $250 million, respectively, with the Brookfield Treasury Management Inc., a subsidiary of Brookfield Corporation. This amount is included in cash and cash equivalents in the Company's Consolidated Statements of Financial Position. For the years ended December 31, 2024 and December 31, 2023, the Company earned interest income of $15 million and $3 million, respectively.