v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets    
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $1 and $4, respectively; amortized cost of $96,172 and $63,157, respectively) $ 96,657 $ 64,209
Equity securities, at fair value 6,924 7,972
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $132 and $113, respectively) 14,021 11,231
Private loans, at amortized cost (net of allowance for credit losses of $130 and $181, respectively) 9,407 8,415
Investment real estate, at cost (net of accumulated depreciation of $231 and $238, respectively) 3,251 3,000
Real estate partnerships 4,949 4,241
Investment funds 12,421 8,962
Policy loans 238 234
Short-term investments, at estimated fair value 612 475
Derivative assets 171 63
Other invested assets 9,261 1,242
Total investments 157,912 110,044
Cash and cash equivalents 12,609 13,014
Accrued investment income 1,419 892
Deferred policy acquisition costs, deferred sales inducements and value of business acquired 11,905 11,683
Reinsurance funds withheld 1,559 1,435
Premiums due and other receivables 787 620
Ceded unearned premiums 296 352
Deferred tax asset 962 687
Reinsurance recoverables and deposit assets 11,513 12,151
Property and equipment (net of accumulated depreciation of $187 and $400, respectively) 317 290
Intangible assets (net of accumulated amortization of $421 and $237, respectively) 1,614 1,625
Goodwill 1,398 783
Other assets 2,539 2,783
Separate account assets 874 822
Total assets 205,704 157,181
Liabilities    
Future policy benefits 53,020 16,249
Policyholders’ account balances 97,420 94,411
Policy and contract claims 6,887 7,277
Market risk benefits 4,751 4,536
Unearned premium reserve 1,419 1,272
Other policyholder funds 361 360
Notes payable 206 205
Corporate borrowings 2,652 628
Non-recourse borrowings 6,978 4,857
Funds withheld for reinsurance liabilities 2,938 3,157
Derivative liabilities 576 37
Payables under repurchase agreements 4,386 0
Separate account liabilities 874 822
Total liabilities 187,853 139,264
Commitments and contingencies (Note 28)
Equity    
Retained earnings 2,354 2,820
Accumulated other comprehensive income 102 1,121
Non-controlling interests 337 331
Total equity 17,851 17,917
Total liabilities and equity 205,704 157,181
Class A Exchangeable and Class B    
Equity    
Common stock, carrying amount 1,333 1,334
Class C Shares    
Equity    
Common stock, carrying amount 13,725 12,311
Related Party    
Assets    
Total investments 12,200 13,400
Liabilities    
Due to related parties 949 819
Nonrelated Party    
Liabilities    
Other liabilities $ 4,436 $ 4,634