v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net premiums $ 1,787 $ 1,029 $ 2,474 $ 2,151
Other policy revenue 221 200 406 379
Net investment income 2,141 1,470 3,597 2,883
Investment related gains (losses) 59 328 (637) 225
Net investment results from reinsurance funds withheld 9 10 33 17
Total revenues 4,217 3,037 5,873 5,655
Policyholder benefits and claims incurred (2,302) (1,079) (2,957) (2,186)
Interest sensitive contract benefits (777) (497) (1,333) (1,021)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (366) (363) (711) (702)
Change in fair value of insurance-related derivatives and embedded derivatives 232 (131) 93 (331)
Change in fair value of market risk benefits (108) 46 (247) (315)
Operating expenses (558) (324) (928) (707)
Interest expense (154) (82) (248) (155)
Total benefits and expenses (4,033) (2,430) (6,331) (5,417)
Net income (loss) before income taxes 184 607 (458) 238
Income tax recovery (expense) (35) (91) 5 (4)
Net income (loss) 149 516 (453) 234
Attributable to:        
Non-controlling interests 6 15 13 59
Net income (loss) 149 516 (453) 234
Class A exchangeable and Class B shareholders        
Attributable to:        
Net income (loss) 5 4 10 8
Class C shareholder        
Attributable to:        
Net income (loss) $ 138 $ 497 $ (476) $ 167
Net income (loss) per Class C share:        
Basic (in dollars per share) $ 0.47 $ 2.44 $ (1.68) $ 0.83