XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.25.2

Acquisitions | 6 Months Ended
--- | ---
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | 16. Acquisitions On May 2, 2024, in conjunction with the Merger, Brookfield Wealth Solutions indirectly acquired all of AEL’s issued and outstanding common stock not already owned for a consideration of approximately $2.5 billion in cash and 28,803,599 shares of class A limited voting shares of BAM (“BAM Shares”). Following the Merger, on May 7, 2024, American National and AEL completed the Post-Effective Merger and subsequent Reincorporation. The Post-Effective Merger has been accounted for as a common control transaction as if the parent, American National, acquired the shares of its subsidiary, AEL, similar to that of a reverse acquisition without a change in basis for the assets acquired and liabilities assumed. American National is therefore regarded as the predecessor reporting entity from an accounting perspective even though AEL is the surviving legal entity. The business operations of AEL, which are now part of ANGI, contributed revenues of $564 million and a net loss of $15 million to the Company for the period from May 2, 2024 to June 30, 2024. Had the Merger occurred on January 1, 2024, the consolidated unaudited pro forma revenue and net profit would be (i) $3.1 billion and $610 million income, respectively, for the three months ended June 30, 2024; and (ii) $7.0 billion and $1.8 billion, respectively, for the six months ended June 30, 2024. The pro forma amounts have been calculated using the subsidiary’s results and adjusting them for the revised depreciation and amortization that would have been charged assuming the fair value adjustments to investments, property and equipment and intangible assets had applied from January 1, 2024, together with the consequential tax effects. As part of re-assessing the final valuation of certain assets, such as intangible assets and goodwill, and certain liabilities, the Company recognized measurement period adjustments to reflect new information obtained about facts and circumstances that existed as of the acquisition date. This resulted in a $45 million increase in both the VOBA asset and market risk benefits liability. In addition, discount rate and tax assumptions relating to intangible assets were updated, resulting in a $40 million decrease in intangible assets, $8 million increase to deferred tax asset and a $32 million increase in goodwill. Final valuation of the assets acquired and liabilities assumed and the completion of the purchase price allocation occurred in the second quarter of 2025. Goodwill recognized is not deductible for income tax purposes. In conjunction with the Merger and Post-Effective Merger, Brookfield Wealth Solutions agreed to indemnify ANGI for certain liabilities that could arise as a result of merger-related activities, including tax liabilities. 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 Brookfield Wealth Solutions | 1,111 |
Fair value of the Brookfield Wealth Solutions’ 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 | 7,239 |
Reinsurance recoverables and deposit assets | 14,963 |
Property and equipment | 42 |
Intangible assets | 1,540 |
Other assets | 671 |
Total assets acquired | $ | 81,196 |
Liabilities assumed: |
Future policy benefits | $ | 311 |
Policyholders’ account balances | 61,473 |
Market risk benefits | 3,023 |
Notes payable | 768 |
Subsidiary borrowings | 84 |
Funds withheld for reinsurance liabilities | 8,601 |
Other liabilities | 2,352 |
Total liabilities assumed | 76,612 |
Less: Fair value of AEL preferred stock | 685 |
Less: Non-controlling interest | 28 |
Net assets acquired | 3,871 |
Goodwill | $ | 662 |
Acquisition-related costs of $126 million incurred during the second quarter of 2024 were recorded as “Operating expenses” in the Consolidated Statements of Operations for that period.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration