v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company’s reporting segments are Annuities, P&C and Corporate and Other. As a result of our acquisition of Just and the strategic repositioning of our life insurance business, we reorganized and changed our internal segments in a manner that caused the composition of our reporting segments to change in the second quarter of 2026. Previously, our reporting segments included Life Insurance. We have restated all applicable comparative information.
These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and assessing its performance. The Company’s CODM has been identified as the Chief Executive Officer and the Chief Financial Officer.
The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities, P&C and Corporate and Other segments.
DOE is calculated as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments.
The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
FOR THE THREE MONTHS ENDED JUN. 30, 2026
US$ MILLIONS		AnnuitiesP&CCorporate & OtherTotal
Net premiums and other policy related revenues$1,368 $538 $— 
Net investment income, including reinsurance funds withheld2,101 103 57 
Segment revenues(1)(2)
3,469 641 57 $4,167 
Policyholder benefits, net(1,867)(345)— 
Interest sensitive contract benefits, excluding index credits(635)— — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired(207)(96)— 
Other insurance and reinsurance expenses(3)
(91)— — 
Operating expenses, excluding transaction costs(125)(89)(34)
Interest expense— — (141)
Income tax expense, net— — (73)
Segment DOE$544 $111 $(191)$464 
Other DOE(4)
24 
Depreciation and amortization expenses(50)
Deferred income tax recovery relating to basis and other changes38 
Transaction costs(109)
Mark-to-market losses on investments, including reinsurance funds withheld(102)
Mark-to-market losses on insurance contracts and other net assets(116)
Net income$149 
__________________________
(1)For the three months ended June 30, 2026, there were no significant intersegment revenues.
(2)Our consolidated revenues in the statements of operations principally represent the sum of “Segment revenues” and “Mark-to-market losses on investments, including reinsurance funds withheld” in the tables above, as well as net premiums and other policy related revenues from other insurance businesses that do not meet the definition of reportable segments under ASC 280.
(3)“Other insurance and reinsurance expenses” primarily represent “Change in fair value of market risk benefits” excluding the effect of changes in market risks (e.g., interest rates, equity markets and equity index volatility) on the statements of operations.
(4)Other includes DOE related to businesses that do not meet the definition of reportable segments under ASC 280, including the Life Insurance business.
FOR THE THREE MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesP&CCorporate & OtherTotal
Net premiums and other policy related revenues$493 $633 $— 
Net investment income, including reinsurance funds withheld1,345 109 71 
Segment revenues(1)(2)
1,838 742 71 $2,651 
Policyholder benefits, net(442)(474)— 
Interest sensitive contract benefits, excluding index credits(500)— — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired(225)(127)— 
Other insurance and reinsurance expenses(3)
(122)— — 
Operating expenses, excluding transaction costs(139)(76)(19)
Interest expense— — (82)
Income tax expense, net— — (87)
Segment DOE$410 $65 $(117)$358 
Other DOE(4)
40 
Depreciation and amortization expenses(52)
Deferred income tax expense relating to basis and other changes(4)
Transaction costs(14)
Mark-to-market gains on investments, including reinsurance funds withheld237 
Mark-to-market losses on insurance contracts and other net assets(49)
Net income$516 
FOR THE SIX MONTHS ENDED JUN. 30, 2026
US$ MILLIONS		AnnuitiesP&CCorporate & OtherTotal
Net premiums and other policy related revenues$1,628 $1,061 $— 
Net investment income, including reinsurance funds withheld3,588 206 115 
Segment revenues(1)(2)
5,216 1,267 115 $6,598 
Policyholder benefits, net(2,136)(681)— 
Interest sensitive contract benefits, excluding index credits(1,235)— — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired(393)(171)— 
Other insurance and reinsurance expenses(3)
(200)— — 
Operating expenses, excluding transaction costs(252)(180)(66)
Interest expense— — (233)
Income tax expense, net— — (169)
Segment DOE$1,000 $235 $(353)$882 
Other DOE(4)
44 
Depreciation and amortization expenses(103)
Deferred income tax recovery relating to basis and other changes174 
Transaction costs(155)
Mark-to-market losses on investments, including reinsurance funds withheld(997)
Mark-to-market losses on insurance contracts and other net assets(298)
Net loss$(453)
__________________________
(1)For the three months ended June 30, 2025 and six months ended June 30, 2026, there were no significant intersegment revenues.
(2)Our consolidated revenues in the 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, as well as net premiums and other policy related revenues from other insurance businesses that do not meet the definition of reportable segments under ASC 280.
(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) on the statements of operations.
(4)Other includes DOE related to businesses that do not meet the definition of reportable segments under ASC 280, including the Life Insurance business.
FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesP&CCorporate & OtherTotal
Net premiums and other policy related revenues$1,045 $1,281 $— 
Net investment income, including reinsurance funds withheld2,666 213 141 
Segment revenues(1)(2)
3,711 1,494 141 $5,346 
Policyholder benefits, net(973)(910)— 
Interest sensitive contract benefits, excluding index credits(984)— — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired(447)(237)— 
Other insurance and reinsurance expenses(3)
(214)— — 
Operating expenses, excluding transaction costs(261)(164)(48)
Interest expense— — (162)
Income tax recovery (expense), net— — (183)
Segment DOE$832 $183 $(252)$763 
Other DOE(4)
72 
Depreciation and amortization expenses(116)
Deferred income tax recovery relating to basis and other changes179 
Transaction costs(55)
Mark-to-market gains on investments, including reinsurance funds withheld27 
Mark-to-market losses on insurance contracts and other net assets(636)
Net income$234 
__________________________
(1)For the six months ended June 30, 2025, there were no significant intersegment revenues.
(2)Our consolidated revenues in the statements of operations principally represent the sum of “Segment revenues” and “Mark-to-market gains on investments, including reinsurance funds withheld” in the tables above, as well as net premiums and other policy related revenues from other insurance businesses that do not meet the definition of reportable segments under ASC 280.
(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) on the statements of operations.
(4)Other includes DOE related to businesses that do not meet the definition of reportable segments under ASC 280, including the Life Insurance business.
The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within the Annuities segment for the three and six months ended June 30, 2026 and 2025 were primarily from PRT transactions with institutions in the U.S., the U.K. and Canada and included certain retail annuities from Just. Premiums received from retail annuities in the U.S. are generally recorded as deposits and are not included in net premiums.
Our P&C segment provides a broad range of P&C products through Clearbrook, which include coverage for property, casualty, specialty and other. Total earned premiums within this segment for the three and six months ended June 30, 2026 and 2025 were primarily from transactions with U.S.-based individuals and institutions.
Lastly, the Corporate and Other segment’s revenue is mainly from investment income earned on investments warehoused by the Company prior to their transfer into its insurance investment portfolios, net of associated borrowing costs.
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.
AS OF JUN. 30, 2026
US$ MILLIONS		AnnuitiesP&CCorporate
& Other
Segment Total(1)
Assets$172,625 $12,294 $12,169 $197,088 
Liabilities160,190 8,302 11,944 180,436 
Equity12,435 3,992 225 16,652 
AS OF DEC. 31, 2025
US$ MILLIONS		AnnuitiesP&CCorporate
& Other
Segment Total(1)
Assets$125,612 $12,780 $10,053 $148,445 
Liabilities116,549 8,936 6,171 131,656 
Equity9,063 3,844 3,882 16,789 
__________________________
(1)The difference from our consolidated total assets, liabilities and equity represents balances attributable to businesses that do not meet the definition of reportable segments under ASC 280, including the Life Insurance business.
The following table shows the breakdown of total assets by jurisdiction.
AS OF
US$ MILLIONS		June 30, 2026December 31, 2025
U.S.$143,145 $141,613 
U.K.46,245 264 
Canada8,530 5,582 
Bermuda and others7,784 9,722 
Total assets$205,704 $157,181 
The breakdown of total revenue by jurisdiction follows.
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Three Months EndedSix Months Ended
2026202520262025
U.S.$2,331 $2,570 $4,603 $5,087 
U.K.1,313 3 1,327 2 
Bermuda32 105 86 84 
Canada436 61 502 155 
Other
105 298 (645)327 
Total revenue$4,217 $3,037 $5,873 $5,655