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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting
27. Segment Reporting
Management organizes the business into three reporting segments:
–Annuities - consists of fixed, fixed index, and variable annuity products as well as PRT contracts. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents.
–Property and Casualty (“P&C”) - consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. There are also small amounts of Health insurance, consisting of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters.
–Life Insurance - consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels.
Corporate and other consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations.
These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The Company’s CODM has been identified as the BWS Chief Executive Officer and the BWS Chief Financial Officer.
The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities, P&C, and Life Insurance segments.
DOE is calculated as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments. The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
Year Ended December 31, 2024
Successor
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$3,681 $1,876 $657 
Net investment income, including reinsurance funds withheld3,139 177 362 
Segment revenues (1)(2)6,820 2,053 1,019 $9,892 
Policyholder benefit, net3,559 1,286 493 
Interest sensitive contract benefits, excluding index credits1,208 — 53 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired486 405 48 
Other insurance and reinsurance expenses (3)157 — — 
Operating expenses, excluding transactions costs265 215 219 
Interest expense— — — 
Income tax expense (recovery), net72 (4)12 
Segment DOE$1,073 $151 $194 1,418 
Corporate and other DOE(182)
Depreciation and amortization expenses(76)
Deferred income tax recovery (expense) relating to basis and other changes364 
Transaction costs(189)
Mark-to-market gains (losses) on investments, including reinsurance funds withheld(472)
Mark-to-market gains (losses) on insurance contracts and other net assets(167)
Net income$696 
Year Ended December 31, 2023
Successor
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$1,052 $2,090 $876 
Net investment income, including reinsurance funds withheld983 162 281 
Segment revenues (1)(2)2,035 2,252 1,157 $5,444 
Policyholder benefit, net1,118 1,529 622 
Interest sensitive contract benefits, excluding index credits455 — 66 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired20 461 44 
Other insurance and reinsurance expenses (3)(30)— — 
Operating expenses, excluding transactions costs80 236 222 
Interest expense— — — 
Income tax expense (recovery), net(8)7 5 
Segment DOE$400 $19 $198 617 
Corporate and other DOE(38)
Depreciation and amortization expenses(19)
Deferred income tax recovery (expense) relating to basis and other changes(56)
Transaction costs(12)
Mark-to-market gains (losses) on investments, including reinsurance funds withheld(124)
Mark-to-market gains (losses) on insurance contracts and other net assets24 
Net income$392 
Period From May 25, 2022 to December 31, 2022
Successor
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$31 $1,185 $488 
Net investment income, including reinsurance funds withheld383 100 171 
Segment revenues (1)(2)414 1,285 659 $2,358 
Policyholder benefit, net76 794 313 
Interest sensitive contract benefits, excluding index credits156 — 39 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired3 276 43 
Other insurance and reinsurance expenses (3)— — 
Operating expenses, excluding transactions costs45 133 116 
Interest expense— — — 
Income tax expense (recovery), net— — — 
Segment DOE$134 $82 $148 364 
Corporate and other DOE30 
Depreciation and amortization expenses(12)
Deferred income tax recovery (expense) relating to basis and other changes(53)
Transaction costs(13)
Mark-to-market gains (losses) on investments, including reinsurance funds withheld(90)
Mark-to-market gains (losses) on insurance contracts and other net assets98 
Net income$324 
(1)For the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022 there were no significant intersegment revenues.
(2)Our consolidated revenues in the Consolidated Statements of Operations principally represent the sum of “Segment revenues” and “Unrealized net investment gains (losses), 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). See Note 19 - Market Risk Benefits for the details of market risk benefits.
The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuities segment for the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022 were primarily from PRT transactions with institutions in the United States and United Kingdom. Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums.
Our P&C segment provides a broad range of P&C products through American National, which include coverage for property, casualty, specialty and other. Total earned premiums within this segment for the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022 were primarily from transactions with U.S.-based individuals and institutions.
The Company’s Life Insurance business is principally provided by American National. Total premium revenues recorded within this segment for the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022 were primarily from transactions with U.S. retail customers.
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.
AnnuitiesP&CLife
Insurance		Total (1)
(Dollars in millions)
As of December 31, 2024
Assets$107,208 $4,742 $9,232 $121,182 
Liabilities98,851 2,544 6,396 107,791 
Equity8,357 2,198 2,836 13,391 
As of December 31, 2023
Assets$20,250 $4,931 $9,272 $34,453 
Liabilities16,922 4,120 7,747 28,789 
Equity3,328 811 1,525 5,664 
(1)Table excludes amounts related to Corporate and other which is not a reportable segment for ANGI.
There are no material assets held in jurisdictions outside of the United States as of December 31, 2024 and December 31, 2023. A subsidiary of American National generated $1.3 billion of revenue from a transaction with a customer domiciled in the United Kingdom. See Note 12 - Reinsurance for the details. Other than that transaction, there was no material revenue generated in jurisdictions outside of the United States for the years ended December 31, 2024 and December 31, 2023, and the period from May 25, 2022 to December 31, 2022.