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Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
25. 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 three and six months ended June 30, 2025 the Company’s insurance subsidiaries paid investment management fees pursuant to investment management agreements with an affiliate of BAM of $52 million and $99 million, respectively. For the three and six months ended June 30, 2024 the Company paid investment management fees of $32 million and $45 million, respectively.
Reinsurance Agreements
AEILIC had a coinsurance agreement with North End Re (Cayman) SPC, a wholly-owned subsidiary of Brookfield Wealth Solutions, to reinsure a portion of fixed indexed annuity product liabilities, 70% on a modified coinsurance (“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. Below is a table showing a summary of the impact of the reinsurance agreement prior to recapture:
June 30, 2024
(Dollars in millions)
Total assets$8,082 
Total liabilities5,564 
Three Months Ended
June 30, 2024
(Dollars in millions)
Net (loss) $(78)
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%.
ANICO also has modified coinsurance agreements with Freestone. Pursuant to such agreements, ANICO has ceded to Freestone 80% of inforce and future flow PRT business, 70% of in-force 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 six months ended June 30, 2025 and 2024, the Company and its subsidiaries, in aggregate, purchased related party investments of $2.1 billion and $1.2 billion, respectively. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.
As of June 30, 2025 and December 31, 2024, we held investments in related parties of $10.7 billion and $9.6 billion, respectively.
American National and its subsidiaries entered into deposit agreements with BAMR US Holdings LLC, an indirect wholly-owned subsidiary of Brookfield Wealth Solutions. The balances at June 30, 2025 and December 31, 2024 were $274 million and $464 million, respectively. These deposits are considered a cash and cash equivalent in the Company's Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, Freestone had a deposit of $260 million and $254 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 three and six months ended June 30, 2025, the Company earned interest income of $3 million and $6 million, respectively, and $2 million for the three and six months ended June 30, 2024, respectively.