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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
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.
| Three Months Ended June 30, 2025
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 445 |  |  | $ | 402 |  |  | $ | 103 |  |  |
Net investment income, including reinsurance funds withheld | 1,238 |  |  | 38 |  |  | 56 |  |  |
Segment revenues (1)(2) | 1,683 |  |  | 440 |  |  | 159 |  |  | $ | 2,282 |
Policyholder benefits, net | 349 |  |  | 318 |  |  | 78 |  |  |
Interest sensitive contract benefits, excluding index credits | 488 |  |  | — |  |  | 6 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 223 |  |  | 100 |  |  | 9 |  |  |
Other insurance and reinsurance expenses (3) | 120 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 131 |  |  | 26 |  |  | 26 |  |  |
Segment DOE | $ | 372 |  |  | $ | (4) |  |  | $ | 40 |  |  | $ | 408 |
Corporate and other DOE |  |  |  |  |  |  | (97) |
Depreciation and amortization expenses |  |  |  |  |  |  | (38) |
Deferred income tax recovery relating to basis and other changes |  |  |  |  |  |  | 30 |
Transaction costs |  |  |  |  |  |  | (5) |
Unrealized net investment gains (losses), including reinsurance funds withheld |  |  |  |  |  |  | (121) |
Mark-to-market gains (losses) within insurance contracts and other net assets |  |  |  |  |  |  | (36) |
Net income |  |  |  |  |  |  | $ | 141 |
| Three Months Ended June 30, 2024
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 536 |  |  | $ | 461 |  |  | $ | 192 |  |  |
Net investment income, including reinsurance funds withheld | 725 |  |  | 44 |  |  | 113 |  |  |
Segment revenues (1)(2) | 1,261 |  |  | 505 |  |  | 305 |  |  | $ | 2,071 |
Policyholder benefits, net | 467 |  |  | 391 |  |  | 121 |  |  |
Interest sensitive contract benefits, excluding index credits | 279 |  |  | — |  |  | 26 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 114 |  |  | 69 |  |  | 16 |  |  |
Other insurance and reinsurance expenses (3) | 23 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 60 |  |  | 69 |  |  | 67 |  |  |
Income tax expense, net | 72 |  |  | (4) |  |  | 12 |  |  |
Segment DOE | $ | 246 |  |  | $ | (20) |  |  | $ | 63 |  |  | $ | 289 |
Corporate and other DOE |  |  |  |  |  |  | (36) |
Depreciation and amortization expenses |  |  |  |  |  |  | (17) |
Deferred income tax recovery relating to basis and other changes |  |  |  |  |  |  | 355 |
Transaction costs |  |  |  |  |  |  | (131) |
Unrealized net investment gains (losses), including reinsurance funds withheld |  |  |  |  |  |  | 361 |
Mark-to-market gains (losses) within insurance contracts and other net assets |  |  |  |  |  |  | (577) |
Net income |  |  |  |  |  |  | $ | 244 |
| Six Months Ended June 30, 2025
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 973 |  |  | $ | 840 |  |  | $ | 204 |  |  |
Net investment income, including reinsurance funds withheld | 2,476 |  |  | 82 |  |  | 107 |  |  |
Segment revenues (1)(2) | 3,449 |  |  | 922 |  |  | 311 |  |  | $ | 4,682 |
Policyholder benefits, net | 810 |  |  | 606 |  |  | 163 |  |  |
Interest sensitive contract benefits, excluding index credits | 960 |  |  | — |  |  | 13 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 445 |  |  | 189 |  |  | 16 |  |  |
Other insurance and reinsurance expenses (3) | 213 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 242 |  |  | 67 |  |  | 47 |  |  |
Segment DOE | $ | 779 |  |  | $ | 60 |  |  | $ | 72 |  |  | $ | 911 |
Corporate and other DOE |  |  |  |  |  |  | (208) |
Depreciation and amortization expenses |  |  |  |  |  |  | (90) |
Deferred income tax recovery (expense) relating to basis and other changes |  |  |  |  |  |  | 172 |
Transaction costs |  |  |  |  |  |  | (37) |
Mark-to-market gains (losses) on investments, including reinsurance funds withheld |  |  |  |  |  |  | (225) |
Mark-to-market gains (losses) on insurance contracts and other net assets |  |  |  |  |  |  | (618) |
Net income (loss) |  |  |  |  |  |  | $ | (95) |
| Six Months Ended June 30, 2024
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 1,115 |  |  | $ | 938 |  |  | $ | 392 |  |  |
Net investment income, including reinsurance funds withheld | 1,022 |  |  | 88 |  |  | 224 |  |  |
Segment revenues (1)(2) | 2,137 |  |  | 1,026 |  |  | 616 |  |  | $ | 3,779 |
Policyholder benefits, net | 1,078 |  |  | 711 |  |  | 308 |  |  |
Interest sensitive contract benefits, excluding index credits | 405 |  |  | — |  |  | 26 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 119 |  |  | 215 |  |  | 26 |  |  |
Other insurance and reinsurance expenses (3) | 27 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 85 |  |  | 75 |  |  | 124 |  |  |
Income tax expense (recovery), net | 72 |  |  | (4) |  |  | 12 |  |  |
Segment DOE | $ | 351 |  |  | $ | 29 |  |  | $ | 120 |  |  | $ | 500 |
Corporate and other DOE |  |  |  |  |  |  | (48) |
Depreciation and amortization expenses |  |  |  |  |  |  | (23) |
Deferred income tax recovery (expense) relating to basis and other changes |  |  |  |  |  |  | 327 |
Transaction costs |  |  |  |  |  |  | (132) |
Mark-to-market gains (losses) on investments, including reinsurance funds withheld |  |  |  |  |  |  | 365 |
Mark-to-market gains (losses) on insurance contracts and other net assets |  |  |  |  |  |  | (632) |
Net income (loss) |  |  |  |  |  |  | $ | 357 |
(1)For the three and six months ended June 30, 2025 and 2024, there were no material intersegment revenues. (2)Our consolidated revenues in the Consolidated Statements of Operations principally represent the sum of “Segment revenues” and “Mark-to-market gains (losses) on investments, 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 June 30, 2025 |  |  |  |  |  |  |
Assets | $ | 112,272 |  |  | $ | 4,497 |  |  | $ | 9,352 |  |  | $ | 126,121 |
Liabilities | 102,812 |  |  | 2,683 |  |  | 7,222 |  |  | 112,717 |
Equity | 9,460 |  |  | 1,814 |  |  | 2,130 |  |  | 13,404 |
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 |
(1)Table excludes amounts related to Corporate and other which is not a reportable segment for ANGI.

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- 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 + Details
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