| Schedule of Segment Results |
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 | | Annuities | | P&C | | Corporate & Other | | Total | | Net premiums and other policy related revenues | | $ | 1,368 | | | $ | 538 | | | $ | — | | | | | Net investment income, including reinsurance funds withheld | | 2,101 | | | 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 changes | | 38 | | | 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 | | Annuities | | P&C | | Corporate & Other | | Total | | Net premiums and other policy related revenues | | $ | 493 | | | $ | 633 | | | $ | — | | | | | Net investment income, including reinsurance funds withheld | | 1,345 | | | 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 withheld | | 237 | | | 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 | | Annuities | | P&C | | Corporate & Other | | Total | | Net premiums and other policy related revenues | | $ | 1,628 | | | $ | 1,061 | | | $ | — | | | | | Net investment income, including reinsurance funds withheld | | 3,588 | | | 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 changes | | 174 | | | 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 | | Annuities | | P&C | | Corporate & Other | | Total | | Net premiums and other policy related revenues | | $ | 1,045 | | | $ | 1,281 | | | $ | — | | | | | Net investment income, including reinsurance funds withheld | | 2,666 | | | 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 changes | | 179 | | | Transaction costs | | (55) | | | Mark-to-market gains on investments, including reinsurance funds withheld | | 27 | | | 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.
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| Schedule of Segment Assets, Liabilities and Equity |
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 | | Annuities | | P&C | | Corporate
& Other | | Segment Total(1) | | Assets | | $ | 172,625 | | | $ | 12,294 | | | $ | 12,169 | | | $ | 197,088 | | | Liabilities | | 160,190 | | | 8,302 | | | 11,944 | | | 180,436 | | | Equity | | 12,435 | | | 3,992 | | | 225 | | | 16,652 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | AS OF DEC. 31, 2025
US$ MILLIONS | | Annuities | | P&C | | Corporate
& Other | | Segment Total(1) | | Assets | | $ | 125,612 | | | $ | 12,780 | | | $ | 10,053 | | | $ | 148,445 | | | Liabilities | | 116,549 | | | 8,936 | | | 6,171 | | | 131,656 | | | Equity | | 9,063 | | | 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.
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