CORPORATE AND NON-RECOURSE BORROWINGS (Tables)

The following is a summary of our corporate and non-recourse borrowings:


AS OF US$ MILLIONS	June 30, 2026				December 31, 2025
	Principal Balance		Carrying Amount		Principal Balance		Carrying Amount
Corporate borrowings:
Bilateral revolving credit facilities(1)	$	663	$	663	$	628	$	628
Term loan due April 2031(2)	1,989		1,989		—		—
Total corporate borrowings	2,652		2,652		628		628
Non-recourse borrowings:
364-day revolving credit facility due October 2026(3)	617		617		912		912
Secured loan due April 2027(4)	1,000		1,000		—		—
Term loan due May 2027(2)	100		99		100		98
5.00% senior notes due June 2027	500		494		500		490
Term loan due September 2028(2)	750		749		750		749
5.75% senior notes due October 2029	600		597		600		596
6.14% senior notes due June 2032	500		497		500		497
6.00% senior notes due July 2035	700		692		700		692
5.00% subordinated notes due June 2047	100		84		100		84
7.00% junior subordinated notes due December 2055(5)	500		494		500		494
Junior subordinated debentures(6)	266		247		265		245
5.00% perpetual restricted notes (Tier 1)(7)	431		375		—		—
Subordinated notes (Tier 2)(8)	1,035		1,033		—		—
Total non-recourse borrowings	$	7,099	$	6,978	$	4,927	$	4,857

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(1)Represent bilateral revolving credit facilities backed by third-party financial institutions, which bear interest at the specified SOFR, Prime or bankers’ acceptance rate plus a spread. As of June 30, 2026, the total borrowing capacity on these credit facilities was $2.3 billion (December 31, 2025 – $1.3 billion).

(2)Interest on the amount borrowed is tied to specified SONIA or SOFR plus a spread and is reset and paid quarterly.

(3)The 364-day revolving credit facility, which bears interest at the specified SOFR, Prime or bankers’ acceptance rate plus a spread, is for the purpose of temporarily warehousing investments that will ultimately be transferred into its insurance investment portfolios in the near term. The facility borrowings are generally secured by the underlying investments related to the credit facility drawings. The Company pledged investments totaling $588 million as collateral as of June 30, 2026, consisting of $235 million of investment funds, $4 million of cash and cash equivalents and $349 million of real estate partnerships. As of December 31, 2025, investments totaling $761 million were pledged as collateral consisting of $260 million of investment funds, $9 million of cash and cash equivalents and $492 million of real estate partnerships. As of June 30, 2026, the total borrowing capacity on these credit facilities was $1.0 billion (December 31, 2025 – $1.0 billion).

(4)The fair value of the collateral pledged was $2.9 billion as of June 30, 2026.

(5)Represents junior subordinated notes due December 2055 that are first callable at the issuer’s option beginning in the three-month period prior to December 2030, and thereafter on any interest payment date.

(6)Represent a series of junior subordinated debentures due between May 2033 and September 2037 issued to our subsidiary trusts that are not consolidated.

(7)Represents perpetual debt with no stated contractual maturity that is first callable at the issuer’s option in March 2031.

(8)Represent a series of subordinated notes (Tier 2) due between October 2029 and September 2037 at a fixed rate ranging from 6.50% to 9.00%.