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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Results

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						Annuities						P&C						Life Insurance						Total
						(Dollars in millions)
Net premiums and other policy related revenues						$	3,681					$	1,876					$	657
Net investment income, including reinsurance funds withheld						3,139						177						362
Segment revenues (1)(2)						6,820						2,053						1,019						$	9,892
Policyholder benefit, net						3,559						1,286						493
Interest sensitive contract benefits, excluding index credits						1,208						—						53
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired						486						405						48
Other insurance and reinsurance expenses (3)						157						—						—
Operating expenses, excluding transactions costs						265						215						219
Interest expense						—						—						—
Income tax expense (recovery), net						72						(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 changes																								364
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						Annuities						P&C						Life Insurance						Total
						(Dollars in millions)
Net premiums and other policy related revenues						$	1,052					$	2,090					$	876
Net investment income, including reinsurance funds withheld						983						162						281
Segment revenues (1)(2)						2,035						2,252						1,157						$	5,444
Policyholder benefit, net						1,118						1,529						622
Interest sensitive contract benefits, excluding index credits						455						—						66
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired						20						461						44
Other insurance and reinsurance expenses (3)						(30)						—						—
Operating expenses, excluding transactions costs						80						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 assets																								24
Net income																								$	392
						Period From May 25, 2022 to December 31, 2022
Successor						Annuities						P&C						Life Insurance						Total
						(Dollars in millions)
Net premiums and other policy related revenues						$	31					$	1,185					$	488
Net investment income, including reinsurance funds withheld						383						100						171
Segment revenues (1)(2)						414						1,285						659						$	2,358
Policyholder benefit, net						76						794						313
Interest sensitive contract benefits, excluding index credits						156						—						39
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired						3						276						43
Other insurance and reinsurance expenses (3)						—												—
Operating expenses, excluding transactions costs						45						133						116
Interest expense						—						—						—
Income tax expense (recovery), net						—						—						—
Segment DOE						$	134					$	82					$	148					364
Corporate and other DOE																								30
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 assets																								98
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.

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.

			Annuities						P&C						Life Insurance						Total (1)
			(Dollars in millions)
As of December 31, 2024
Assets			$	107,208					$	4,742					$	9,232					$	121,182
Liabilities			98,851						2,544						6,396						107,791
Equity			8,357						2,198						2,836						13,391
As of December 31, 2023
Assets			$	20,250					$	4,931					$	9,272					$	34,453
Liabilities			16,922						4,120						7,747						28,789
Equity			3,328						811						1,525						5,664

(1)Table excludes amounts related to Corporate and other which is not a reportable segment for ANGI.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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