Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

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.