v3.26.1
FUTURE POLICY BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Changes in the Liability for Future Policy Benefits
The reconciliation of the balances described in the table below to the “Future policy benefits” in the statements of financial position is as follows.
AS OF
US$ MILLIONS		June 30, 2026December 31, 2025
Future policy benefits:
Annuities$48,519 $12,277 
Life Insurance1,934 1,917 
Deferred profit liability:
Annuities585 226 
Life Insurance101 99 
Other contracts and VOBA liability(1)
1,881 1,730 
Total future policy benefits$53,020 $16,249 
__________________________
(1)Balance as of June 30, 2026 includes VOBA liability of $139 million from our acquisition of Just.
The balances and changes in the liability for future policy benefits are as follows:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2026
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Present value of expected net premiums:
Balance, beginning of period$— $2,183 $2,183 
Beginning balance at original discount rate— 2,302 2,302 
Effect of changes in cash flow assumptions— (17)(17)
Effect of actual variances from expected experience2 (7)(5)
Adjusted beginning of period balance2 2,278 2,280 
Issuances1,179 12 1,191 
Interest accrual4 46 50 
Net premiums collected(1,188)(158)(1,346)
Derecognitions (lapses and withdrawals)3 — 3 
Ending balance at original discount rate— 2,178 2,178 
Effect of changes in discount rate assumptions— (107)(107)
Balance, end of period$— $2,071 $2,071 
Present value of expected future policy benefits
Balance, beginning of period$12,277 $4,100 $16,377 
Beginning balance at original discount rate12,425 4,459 16,884 
Effect of changes in cash flow assumptions(1)
(143)(53)(196)
Effect of actual variances from expected experience(120)11 (109)
Adjusted beginning of period balance12,162 4,417 16,579 
Acquisition from business combination, net(2)
35,374 — 35,374 
Issuances1,226 12 1,238 
Interest accrual793 90 883 
Benefit payments(1,332)(177)(1,509)
Derecognitions (lapses and withdrawals)9 — 9 
Foreign currency translation(118)— (118)
Ending balance at original discount rate48,114 4,342 52,456 
Effect of changes in discount rate assumptions381 (337)44 
Effect of foreign currency translation on the effect of changes in discount rate assumptions24 — 24 
Balance, end of period$48,519 $4,005 $52,524 
Net liability for future policy benefits48,519 1,934 50,453 
Less: Reinsurance recoverables82 (1,266)(1,184)
Net liability for future policy benefits, after reinsurance recoverables$48,601 $668 $49,269 
Weighted average liability duration of future policy benefits (years)913
Weighted average interest accretion rate6 %5 %
Weighted average current discount rate6 %6 %
__________________________
(1)For the three and six months ended June 30, 2026, the Company recognized liability remeasurement losses of $35 million and $60 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the statements of operations.
(2)Net of $1.2 billion derecognition as a result of the effective settlement of a reinsurance arrangement in relation to our acquisition of Just. See Note 16 for further details.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesLife InsuranceTotal
Present value of expected net premiums
Balance, beginning of period$— $2,353 $2,353 
Beginning balance at original discount rate— 2,507 2,507 
Effect of changes in cash flow assumptions— 65 65 
Effect of actual variances from expected experience(1)(55)(56)
Adjusted beginning of period balance(1)2,517 2,516 
Issuances742 5 747 
Interest accrual5 48 53 
Net premiums collected(749)(148)(897)
Derecognitions (lapses and withdrawals)3 — 3 
Ending balance at original discount rate— 2,422 2,422 
Effect of changes in discount rate assumptions— (114)(114)
Balance, end of period$— $2,308 $2,308 
Present value of expected future policy benefits
Balance, beginning of period$10,287 $4,169 $14,456 
Beginning balance at original discount rate10,518 4,601 15,119 
Effect of changes in cash flow assumptions(1)
15 77 92 
Effect of actual variances from expected experience(43)(56)(99)
Adjusted beginning of period balance10,490 4,622 15,112 
Issuances745 5 750 
Interest accrual238 89 327 
Benefit payments(436)(153)(589)
Derecognitions (lapses and withdrawals)28 — 28 
Foreign currency translation384 — 384 
Ending balance at original discount rate11,449 4,563 16,012 
Effect of changes in discount rate assumptions(162)(360)(522)
Balance, end of period$11,287 $4,203 $15,490 
Net liability for future policy benefits11,287 1,895 13,182 
Less: Reinsurance recoverables(12)(1,311)(1,323)
Net liability for future policy benefits, after reinsurance recoverables$11,275 $584 $11,859 
Weighted average liability duration of future policy benefits (years)714
Weighted average interest accretion rate5 %5 %
Weighted average current discount rate5 %6 %
__________________________
(1)For the three and six months ended June 30, 2025, the Company recognized liability remeasurement losses of $11 million and $31 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the statements of operations.
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
AS OF JUN. 30
US$ MILLIONS		20262025
UndiscountedDiscountedUndiscountedDiscounted
Annuities:
Expected future benefit payments$95,082 $48,519 $18,614 $11,262 
Expected future gross premiums— — — — 
Life Insurance:
Expected future benefit payments$8,161 $4,005 $8,675 $4,203 
Expected future gross premiums4,978 2,938 5,482 3,259 
Total:
Expected future benefit payments$103,243 $52,524 $27,289 $15,465 
Expected future gross premiums4,978 2,938 5,482 3,259 
The amount of revenue and interest recognized in the statements of operations follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Three Months EndedSix Months Ended
Gross Premiums or AssessmentsInterest ExpenseGross Premiums or AssessmentsInterest Expense
20262025202620252026202520262025
Annuities$1,206 $338 $660 $105 $1,333 $761 $791 $221 
Life Insurance93 101 23 21 185 206 44 41