株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: August 2025
Commission File Number: 001-40509

BROOKFIELD WEALTH SOLUTIONS LTD.
(Name of Registrant)
 

Ideation House, First Floor
94 Pitts Bay Road
Pembroke, HM08
Bermuda
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x
Form 40-F ☐
The information contained in Exhibit 99.1 of this Form 6-K is incorporated by reference into the registrant’s registration statement on Form F-3 (File No. 333-276533).




INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Exhibit Index
Exhibit Description of Exhibit


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BROOKFIELD WEALTH SOLUTIONS LTD.

Date: August 11, 2025
 

By:
  /s/ Thomas Corbett
Name:    Thomas Corbett
Title:      Chief Financial Officer


Exhibit 99.1









UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF
BROOKFIELD WEALTH SOLUTIONS LTD.
AS OF JUNE 30, 2025 AND DECEMBER 31, 2024
AND FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2025 AND 2024


INDEX
Page


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF
US$ MILLIONS, EXCEPT SHARE DATA		 Note June 30, 2025 December 31, 2024
Assets
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $3 and $27, respectively; amortized cost of $55,653 and $53,651, respectively)
 3 $ 56,222  $ 53,802 
Equity securities, at fair value 4 7,530  3,854 
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $153 and $158, respectively)
 5 11,469  12,426 
Private loans, at amortized cost (net of allowance for credit losses of $115 and $97, respectively)
 6 6,752  5,204 
Investment real estate, at cost (net of accumulated depreciation of $256 and $232, respectively)
 7 2,593  2,366 
Real estate partnerships 7 4,205  3,438 
Investment funds 8 6,421  6,111 
Policy loans 11 257  276 
Short-term investments, at estimated fair value 11 4,454  4,400 
Other invested assets 11 1,062  1,089 
Total investments 100,965  92,966 
Cash and cash equivalents 11 13,091  12,243 
Accrued investment income 810  860 
Deferred policy acquisition costs, deferred sales inducements and value of business acquired 14 11,126  10,696 
Reinsurance funds withheld 11 1,473  1,517 
Premiums due and other receivables 706  647 
Ceded unearned premiums 475  520 
Deferred tax asset 22 752  760 
Reinsurance recoverables and deposit assets 17, 19, 20 12,772  13,195 
Property and equipment (net of accumulated depreciation of $395 and $377, respectively)
 268  272 
Intangible assets (net of accumulated amortization of $173 and $106, respectively)
 15 1,682  1,690 
Goodwill 783  783 
Other assets 11, 19 2,668  2,461 
Separate account assets 13 1,322  1,343 
Total assets 148,893  139,953 
Liabilities
Future policy benefits 17 15,204  14,088 
Policyholders’ account balances
 18 86,933  83,079 
Policy and contract claims 20 7,520  7,659 
Deposit liabilities 1,464  1,502 
Market risk benefits 19 4,227  3,655 
Unearned premium reserve 1,604  1,843 
Due to related parties 26 2,018  684 
Other policyholder funds 397  347 
Notes payable 8, 11 200  189 
Corporate borrowings 21 1,184  1,022 
Subsidiary borrowings 21 3,327  3,329 
Funds withheld for reinsurance liabilities 11 3,241  3,392 
Other liabilities 4,413  4,745 
Separate account liabilities 13 1,322  1,343 
Total liabilities 133,054  126,877 
Equity
Class A exchangeable and Class B ($32.92 and $33.10 par value, respectively; 43,515,520 and 43,460,516 issued, respectively; 41,437,496 and 41,460,516 outstanding, respectively)(1)
 23 1,435  1,442 
Class C ($1 par value; 242,786,723 and 201,116,647 issued and outstanding, respectively)
 23 10,736  8,526 
Retained earnings 2,229  2,054 
Accumulated other comprehensive income 24 673  204 
Non-controlling interests 766  850 
Total equity 15,839  13,076 
Total liabilities and equity $ 148,893  $ 139,953 
    
__________________________
(1)2,078,024 Class A exchangeable shares were held in treasury as of June 30, 2025 (December 31, 2024 – 2,000,000 Class A exchangeable shares).

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Page 1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS, EXCEPT PER SHARE AMOUNTS		 Three Months Ended Six Months Ended
Note 2025 2024 2025 2024
Net premiums 12 $ 1,029  $ 1,516  $ 2,151  $ 3,047 
Other policy revenue 12 200  200  379  312 
Net investment income 10 1,470  1,118  2,883  1,692 
Investment related gains (losses) 10 328  (114) 225  (70)
Net investment results from reinsurance funds withheld 10  182  17  406 
Total revenues 3,037  2,902  5,655  5,387 
Policyholder benefits and claims incurred 12, 17, 20 (1,079) (1,515) (2,186) (2,929)
Interest sensitive contract benefits 12, 18 (497) (422) (1,021) (607)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 14 (363) (276) (702) (501)
Change in fair value of insurance-related derivatives and embedded derivatives 9 (131) 13  (331) 57 
Change in fair value of market risk benefits 12, 19 46  (168) (315) (199)
Other reinsurance expenses (1) (7) (2) (14)
Operating expenses (323) (461) (705) (694)
Interest expense (82) (95) (155) (167)
Total benefits and expenses (2,430) (2,931) (5,417) (5,054)
Net income (loss) before income taxes 607  (29) 238  333 
Income tax recovery (expense) 22 (91) 298  (4) 273 
Net income $ 516  $ 269  $ 234  $ 606 
Attributable to:
Class A exchangeable and Class B shareholders(1)
 $ 4  $ 3  $ 8  $ 6 
Class C shareholder
 497  261  167  593 
Non-controlling interests 15  5  59  7 
$ 516  $ 269  $ 234  $ 606 
Net income per Class C share:
Basic 25 $ 2.44  $ 1.95  $ 0.83  $ 4.85 
__________________________
(1)On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Page 2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
Note 2025 2024 2025 2024
Net income $ 516  $ 269  $ 234  $ 606 
Other comprehensive income (loss), net of tax:
Change in net unrealized investment gains 78  345  396  239 
Foreign currency translation 131  (13) 169  (27)
Change in discount rate for future policy benefits 17 (8) 90  (66) 249 
Change in instrument-specific credit risk for market risk benefits 19 (74) 60  (25) 22 
Defined benefit pension plan adjustment (2) 16  (5) 19 
Total other comprehensive income 24 125  498  469  502 
Comprehensive income $ 641  $ 767  $ 703  $ 1,108 
Attributable to:
Class A exchangeable and Class B shareholders(1)
 $ 4  $ 3  $ 8  $ 6 
Class C shareholder
 622  759  636  1,095 
Non-controlling interests 15  5  59  7 
$ 641  $ 767  $ 703  $ 1,108 
__________________________
(1)On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Page 3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Class A exchangeable and Class B shareholders Class C shareholder
FOR THE PERIODS ENDED JUN. 30, 2025
US$ MILLIONS		 Share capital Retained earnings Total Share capital Retained earnings Accumulated other comprehensive income Total Non-controlling interests Total equity
Balance as of January 1, 2025 $ 1,442  $ 28  $ 1,470  $ 8,526  $ 2,026  $ 204  $ 10,756  $ 850  $ 13,076 
Net income (loss) —  4  4  —  (330) —  (330) 44  (282)
Other comprehensive income —  —  —  —  —  344  344  —  344 
Comprehensive income (loss) —  4  4  —  (330) 344  14  44  62 
Other items:
 Equity issuances, net —  —  —  —  —  —  —  (90) (90)
 Distributions(1)
 (4) —  (4) —  —  —  —  (33) (37)
 Acquisition of treasury shares, net (1) —  (1) —  —  —  —  —  (1)
Total change in period (5) 4  (1) —  (330) 344  14  (79) (66)
Balance as of March 31, 2025 $ 1,437  $ 32  $ 1,469  $ 8,526  $ 1,696  $ 548  $ 10,770  $ 771  $ 13,010 
Net income —  4  4  —  497  —  497  15  516 
Other comprehensive income —  —  —  —  —  125  125  —  125 
Comprehensive income —  4  4  —  497  125  622  15  641 
Other items:
 Equity issuances, net 2  —  2  2,210  —  —  2,210  (5) 2,207 
 Distributions(1)
 (4) —  (4) —  —  —  —  (15) (19)
Total change in period (2) 4  2  2,210  497  125  2,832  (5) 2,829 
Balance as of June 30, 2025 $ 1,435  $ 36  $ 1,471  $ 10,736  $ 2,193  $ 673  $ 13,602  $ 766  $ 15,839 
__________________________
(1)The Company distributed $0.09 in the form of a return of capital per each Class A exchangeable and Class B share in the first and second quarters of 2025.
Page 4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

Class A exchangeable, Class A-1 exchangeable and Class B shareholders Class C shareholder
FOR THE PERIODS ENDED JUN. 30, 2024
US$ MILLIONS		 Share capital Retained earnings Total Share capital Retained earnings Accumulated other comprehensive income (loss) Total Non-controlling interests Total equity
Balance as of January 1, 2024 $ 1,577  $ 14  $ 1,591  $ 3,607  $ 931  $ (120) $ 4,418  $ 146  $ 6,155 
Net income —  3  3  —  332  —  332  2  337 
Other comprehensive income —  —  —  —  —  4  4  —  4 
Comprehensive income —  3  3  —  332  4  336  2  341 
Other items:
Distributions and redeemable preferred share dividends(1)
 (3) —  (3) —  (28) —  (28) (3) (34)
Total change in period (3) 3  —  —  304  4  308  (1) 307 
Balance as of March 31, 2024 $ 1,574  $ 17  $ 1,591  $ 3,607  $ 1,235  $ (116) $ 4,726  $ 145  $ 6,462 
Net income —  3  3  —  261  —  261  5  269 
Other comprehensive income —  —  —  —  —  498  498  —  498 
Comprehensive income —  3  3  —  261  498  759  5  767 
Other items:
Equity issuances —  —  —  1,119  —  —  1,119  —  1,119 
Non-controlling interest assumed on acquisition —  —  —  —  —  —  —  713  713 
Distributions and redeemable preferred share dividends(1)
 (3) —  (3) —  (28) —  (28) (15) (46)
Total change in period (3) 3  —  1,119  233  498  1,850  703  2,553 
Balance as of June 30, 2024 $ 1,571  $ 20  $ 1,591  $ 4,726  $ 1,468  $ 382  $ 6,576  $ 848  $ 9,015 
__________________________
(1)The Company distributed $0.08 in the form of a return of capital per each Class A exchangeable, Class A-1 exchangeable and Class B share in the first and second quarters of 2024.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Page 5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Operating activities
Net income $ 234  $ 606 
Adjustments to reconcile net income to net cash from operating activities:
Other policy revenue (379) (312)
Accretion on investments (449) 118 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 702  501 
Deferral of policy acquisition costs (784) (575)
Gains on investments and derivatives (67) (335)
Provisions for credit losses 8  20 
Income from real estate partnerships, investment funds and corporations (392) (256)
Distributions from real estate partnerships, investment funds and corporations 243  190 
Interest credited to policyholders’ account balances 1,000  655 
Change in fair value of embedded derivatives... 241  52 
Depreciation and amortization 107  93 
Deferred income taxes (10) (328)
Changes in operating assets and liabilities:
Insurance-related liabilities 605  1,349 
Deposit liabilities (96) (46)
Funds withheld under reinsurance (123) (216)
Reinsurance recoverables and deposit assets 593  87 
Accrued investment income 20  (88)
Working capital and other (413) (76)
Cash flows from operating activities 1,040  1,439 
Investing activities
Acquisition of subsidiary, net of cash acquired —  10,843 
Purchase of investments:
Available-for-sale fixed maturity securities (7,056) (6,422)
Equity securities (64) (70)
Mortgage loans on real estate (581) (634)
Private loans (1,434) (1,912)
Investment real estate and real estate partnerships (1,044) (1,399)
Investment funds (1,161) (174)
Short-term investments (11,623) (10,970)
Other invested assets (25) (141)
Proceeds from sales and maturities of investments:
Available-for-sale fixed maturity securities 5,903  3,729 
Equity securities 198  32 
Mortgage loans on real estate 1,615  734 
Private loans 747  344 
Investment real estate and real estate partnerships 69  201 
Investment funds 244  458 
Short-term investments 11,426  12,007 
Other invested assets 200  38 
Purchases of derivatives (465) (177)
Proceeds from sales and maturities of derivatives 549  236 
Purchase of intangibles and property and equipment (30) (31)
Proceeds from sales of intangibles and property and equipment —  27 
Change in collateral held for derivatives (306) 261 
Other 24  (50)
Cash flows from investing activities (2,814) 6,930 
Page 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Financing activities
Return of capital to common stockholders (8) (6)
Borrowings from related parties —  1,988 
Repayment of borrowings to related parties (65) (1,838)
Borrowings from external parties 1,635  3,098 
Repayment of borrowings to external parties (1,462) (2,576)
Repayment of borrowings issued to reinsurance entities (8) — 
Policyholders’ account deposits 7,417  4,052 
Policyholders’ account withdrawals (4,751) (3,041)
Debt issuance costs (6) (4)
Proceeds from repurchase agreement 33  136 
Repayments of repurchase agreement (33) (129)
Redemption of capital with non-controlling interests, net (95) — 
Distributions to non-controlling interests (48) (18)
Cash flows from financing activities 2,609  1,662 
Cash and cash equivalents
Cash and cash equivalents, beginning of period 12,243  4,308 
Net change during the period 835  10,031 
Foreign exchange on cash balances held in foreign currencies 13  (4)
Cash and cash equivalents, end of period $ 13,091  $ 14,335 
Supplementary cash flow disclosure
Cash taxes paid (net of refunds received) $ 73  $ (32)
Cash interest paid 114  177 
Non-cash transactions:
Investments received in connection with pension risk transfer transactions —  462 
Investments received in relation to the issuance of common stock
 3,535  1,119 
Investments received in connection with the sale of investment funds 786  — 
Equity securities transferred as consideration paid for acquisition of a subsidiary
 —  (1,111)
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Page 7


NOTE 1. NATURE OF OPERATIONS
Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions”) is a Bermuda corporation incorporated on December 10, 2020 and governed by the laws of Bermuda. References in these financial statements to “we”, “our”, “us” or “the Company” refer to Brookfield Wealth Solutions and its subsidiaries, whereas references to “Brookfield” refer to Brookfield Corporation and its subsidiaries. The Company’s class A exchangeable shares are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbol “BNT”. Our operations are located primarily in Bermuda, the United States (“U.S.”), Canada, the Cayman Islands and the United Kingdom (“U.K.”). The Company’s registered head office address is Ideation House, First Floor, 94 Pitts Bay Road, Pembroke, HM08, Bermuda.
Our company is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Through our direct 100% ownership interest in BAM Re Holdings Ltd. (“BAM Re Holdings”), we hold the interest in our operating subsidiaries, which are: American National Group Inc. (“ANGI”), Argo Group International Holdings, Inc. (“Argo”), Blumont Annuity Company (“BAC Canada”), Blumont Annuity Company UK Ltd. (“BAC UK”), North End Re Ltd. (“NER Ltd.”) and North End Re (Cayman) SPC (“NER SPC”). The Company’s reporting segments are Annuities, Property and Casualty (“P&C”), Life Insurance and Corporate and Other. For segment information, refer to Note 27.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The unaudited condensed consolidated financial statements (“financial statements”) and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2024 audited consolidated financial statements of the Company and accompanying notes and financial statement schedules included on the Form 20-F, filed with the SEC on March 27, 2025. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2025. These financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with GAAP.
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are fair value of certain financial assets, derivatives, allowances for credit losses, deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”), reinsurance funds withheld, goodwill and other intangibles, market risk benefits (“MRB”), future policy benefits (“FPB”), policyholders’ account balances (“PAB”) including the fair value of embedded derivatives, policy and contract claims, income taxes including the recoverability of deferred tax assets, and the potential effects of resolving litigated matters. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.
Basis of Consolidation
These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest either by holding a majority voting interest or as the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
The consolidation assessment depends on the specific facts and circumstances for each entity and requires judgment. Refer to Note 2 of the Company’s December 31, 2024 audited consolidated financial statements for a further description of the Company’s accounting policies regarding consolidation.
Page 8

Adoption of New Accounting Standards
In the current period, the Company did not adopt any Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that were material in presentation or amount.
Recently issued accounting pronouncements
The Company continues to assess the impacts of the following ASUs issued but not yet adopted as of June 30, 2025 on the financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.
ASU 2023-09 – On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU aim to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. Among other things, it requires, on an annual basis, the disclosure of the following: (i) specific categories in the rate reconciliation; (ii) additional information for reconciling items that meet a quantitative threshold; (iii) the amount of income taxes paid disaggregated by federal, state, and foreign taxes; and (iv) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. This ASU will be effective for annual reporting periods beginning after December 15, 2024 to be applied prospectively with an option for retrospective application, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our financial statements.
ASU 2024-03 – On November 4, 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, to be applied on either a retrospective or prospective basis subject to certain exceptions, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

NOTE 3. AVAILABLE-FOR-SALE FIXED MATURITY SECURITIES
The amortized cost and fair value of available-for-sale fixed maturity securities are shown below:
AS OF JUN. 30, 2025
US$ MILLIONS
 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
U.S. treasury and government $ 403  $ 4  $ (42) $ —  $ 365 
U.S. state and municipal 3,152  65  (35) —  3,182 
Foreign governments 1,903  21  (35) —  1,889 
Corporate debt securities 39,073  818  (396) (2) 39,493 
Residential mortgage-backed securities 1,158  40  (2) —  1,196 
Commercial mortgage-backed securities 3,796  120  (39) —  3,877 
Collateralized debt securities 6,168  115  (62) (1) 6,220 
Total fixed maturity securities $ 55,653  $ 1,183  $ (611) $ (3) $ 56,222 
Page 9

AS OF DEC. 31, 2024
US$ MILLIONS
 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
U.S. treasury and government $ 410  $ 2  $ (43) $ —  $ 369 
U.S. state and municipal 3,280  39  (30) —  3,289 
Foreign governments 2,082  11  (51) —  2,042 
Corporate debt securities 37,312  571  (477) (26) 37,380 
Residential mortgage-backed securities 1,288  28  (5) (1) 1,310 
Commercial mortgage-backed securities 3,259  91  (30) —  3,320 
Collateralized debt securities 6,020  103  (31) —  6,092 
Total fixed maturity securities $ 53,651  $ 845  $ (667) $ (27) $ 53,802 
The amortized cost and fair value, by contractual maturity, of available-for-sale fixed maturity securities are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.
AS OF JUN. 30, 2025
US$ MILLIONS		 Amortized Cost Fair Value
Due in one year or less $ 1,962  $ 1,967 
Due after one year through five years 17,482  17,773 
Due after five years through ten years 6,963  7,123 
Due after ten years 18,124  18,066 
44,531  44,929 
Residential mortgage-backed securities 1,158  1,196 
Commercial mortgage-backed securities 3,796  3,877 
Collateralized debt securities 6,168  6,220 
Total $ 55,653  $ 56,222 
Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS
 Three Months Ended Six Months Ended
2025 2024 2025 2024
Proceeds from sales of available-for-sale fixed maturity securities $ 3,853  $ 2,617  $ 5,903  $ 3,729 
Gross realized gains 13  9  19  24 
Gross realized losses (65) (31) (68) (37)
The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $9.6 billion and $8.9 billion as of June 30, 2025 and December 31, 2024, respectively.
In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $183 million and $213 million as of June 30, 2025 and December 31, 2024, respectively. There are no restrictions on these assets.
Page 10

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:
Less than 12 months 12 months or more Total
AS OF JUN. 30, 2025
US$ MILLIONS, EXCEPT NUMBER OF ISSUES
 Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value
U.S. treasury and government 4  $ (8) $ 18  21  $ (34) $ 101  25  $ (42) $ 119 
U.S. state and municipal 140  (17) 788  93  (18) 222  233  (35) 1,010 
Foreign governments 37  (16) 702  28  (19) 91  65  (35) 793 
Corporate debt securities 803  (149) 5,550  480  (247) 4,053  1,283  (396) 9,603 
Residential mortgage-backed securities 38  (1) 138  4  (1) 21  42  (2) 159 
Commercial mortgage-backed securities 47  (26) 481  25  (13) 164  72  (39) 645 
Collateralized debt securities 124  (27) 1,406  20  (35) 474  144  (62) 1,880 
Total 1,193  $ (244) $ 9,083  671  $ (367) $ 5,126  1,864  $ (611) $ 14,209 
Less than 12 months 12 months or more Total
AS OF DEC. 31, 2024
US$ MILLIONS, EXCEPT NUMBER OF ISSUES
 Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value
U.S. treasury and government 6  $ (7) $ 54  19  $ (36) $ 87  25  $ (43) $ 141 
U.S. state and municipal 174  (20) 851  190  (10) 280  364  (30) 1,131 
Foreign governments 30  (38) 1,520  28  (13) 49  58  (51) 1,569 
Corporate debt securities 1,669  (172) 7,199  590  (305) 4,949  2,259  (477) 12,148 
Residential mortgage-backed securities 95  (4) 227  16  (1) 61  111  (5) 288 
Commercial mortgage-backed securities 104  (25) 667  9  (5) 27  113  (30) 694 
Collateralized debt securities 179  (29) 1,182  15  (2) 35  194  (31) 1,217 
Total 2,257  $ (295) $ 11,700  867  $ (372) $ 5,488  3,124  $ (667) $ 17,188 
The unrealized losses as of June 30, 2025 and December 31, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available as of those dates. Approximately 96% and 89% of the fair value of fixed maturity securities shown above as of June 30, 2025 and December 31, 2024, respectively, are rated investment grade.
The Company expects to recover the amortized cost on all securities except for those securities on which it recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, the Company did not write down these investments to fair value through the statements of operations.
Page 11

Allowance for Credit Losses
Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities where an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2025 and December 31, 2024.
The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2025 and 2024:
FOR THE PERIODS ENDED JUN. 30, 2025
US$ MILLIONS		 Corporate Debt Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total
Balance as of January 1, 2025 $ (26) $ (1) $ —  $ —  $ (27)
Credit losses recognized on securities for which credit losses were not previously recorded (7) —  —  (1) (8)
Reductions for securities sold during the period 15  —  —  —  15 
Changes in previously recorded allowance 8  —  —  —  8 
Balance as of March 31, 2025 $ (10) $ (1) $ —  $ (1) $ (12)
Credit losses recognized on securities for which credit losses were not previously recorded (3) —  —  (1) (4)
Changes in previously recorded allowance 11  1  —  1  13 
Balance as of June 30, 2025 $ (2) $ —  $ —  $ (1) $ (3)
FOR THE PERIODS ENDED JUN. 30, 2024
US$ MILLIONS		 Corporate Debt Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total
Balance as of January 1, 2024 $ (19) $ (1) $ (6) $ (4) $ (30)
Credit losses recognized on securities for which credit losses were not previously recorded (12) —  —  —  (12)
Reductions for securities sold during the period 1  —  —  —  1 
Changes in previously recorded allowance 6  1  —  2  9 
Balance as of March 31, 2024 $ (24) $ —  $ (6) $ (2) $ (32)
Credit losses recognized on securities for which credit losses were not previously recorded (14) —  —  —  (14)
Changes in previously recorded allowance 3  —  —  —  3 
Balance as of June 30, 2024 $ (35) $ —  $ (6) $ (2) $ (43)
No accrued interest receivables were written off as of June 30, 2025 and December 31, 2024.
Page 12

NOTE 4. EQUITY SECURITIES
The net gains (losses) on equity securities recognized in “Investment related gains (losses)” on the statements of operations are shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Unrealized gains (losses) on equity securities $ 477  $ (144) $ 217  $ (124)
Net gains (losses) on equity securities sold (7) 172  71  172 
Net gains on equity securities $ 470  $ 28  $ 288  $ 48 
Equity securities by market sector distribution are shown below, based on carrying value:
AS OF June 30, 2025 December 31, 2024
Consumer goods 1  % 5  %
Education 4  % 7  %
Energy and utilities 7  % 5  %
Finance 75  % 62  %
Healthcare 1  % 3  %
Industrials 6  % 7  %
Information technology 5  % 10  %
Other 1  % 1  %
Total 100  % 100  %

NOTE 5. MORTGAGE LOANS ON REAL ESTATE
The Company disaggregates its mortgage loan investments into two portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Commercial mortgage loans $ 9,057  $ 9,891 
Residential mortgage loans 2,565  2,693 
Total 11,622  12,584 
Allowance for credit losses (153) (158)
Total, net of allowance $ 11,469  $ 12,426 
Page 13

The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The geographic categories come from the U.S. Census Bureau’s “Census Regions and Divisions of the United States”. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		 June 30, 2025 December 31, 2024
Amount Percentage Amount Percentage
Geographic distribution:
Pacific $ 2,077  23  % $ 2,126  21  %
Mountain 1,445  16  % 1,687  17  %
West North Central 296  3  % 302  3  %
West South Central 1,405  15  % 1,480  15  %
East North Central 894  10  % 1,084  11  %
East South Central 138  2  % 146  1  %
Middle Atlantic 619  7  % 677  7  %
South Atlantic 1,783  19  % 2,029  21  %
New England 158  2  % 149  2  %
Other (multi-region, non-US) 242  3  % 211  2  %
Total $ 9,057  100  % $ 9,891  100  %
Allowance for credit losses (140) (149)
Total, net of allowance $ 8,917  $ 9,742 
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		 June 30, 2025 December 31, 2024
Amount Percentage Amount Percentage
Property type distribution:
Agricultural $ 446  5  % $ 447  5  %
Apartment 2,387  26  % 2,533  25  %
Hotel 1,057  12  % 1,251  13  %
Industrial 1,741  19  % 1,930  20  %
Office 1,294  14  % 1,418  13  %
Parking 251  3  % 297  3  %
Retail 1,514  17  % 1,633  17  %
Storage 152  2  % 181  2  %
Other 215  2  % 201  2  %
Total $ 9,057  100  % $ 9,891  100  %
Allowance for credit losses (140) (149)
Total, net of allowance $ 8,917  $ 9,742 
There was $1 million and no interest income recognized on loans in non-accrual status for the six months ended June 30, 2025 and 2024, respectively. Impaired loans were not significant for any of the periods presented.
Page 14

Allowance for Credit Losses
The Company establishes a valuation allowance to provide for the risk of credit losses inherent in its mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. The Company does not measure a credit loss allowance on accrued interest receivable, and any uncollectible accrued interest receivable balances are written off to net investment income in a timely manner. The Company has written off $5 million and no uncollectible accrued interest receivable on its commercial or residential mortgage loan portfolios for the six months ended June 30, 2025 and 2024, respectively. The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2025 and 2024 is shown below:

 2025 2024
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Commercial mortgage loans Residential mortgage loans Commercial mortgage loans Residential mortgage loans
Balance as of January 1 $ (149) $ (9) $ (60) $ — 
Provision (12) (1) (1) — 
Writeoffs charged against the allowance 3  —  —  — 
Balance as of March 31 $ (158) $ (10) $ (61) $ — 
Recovery (provision) 18  (3) (5) — 
Balance as of June 30 $ (140) $ (13) $ (66) $ — 
Credit Quality Indicators
Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination by aging category are shown below:
AS OF JUN. 30, 2025
US$ MILLIONS		 Amortized Cost Basis by Origination Year
2025 2024 2023 2022 2021 Prior Total
Commercial mortgage loans:
Current $ 240  $ 430  $ 590  $ 2,268  $ 1,141  $ 4,034  $ 8,703 
30-59 days past due —  82  —  10  —  15  107 
60-89 days past due —  —  —  —  —  42  42 
Non-accrual —  —  12  8  53  132  205 
Residential mortgage loans:
Current 208  329  572  843  203  123  2,278 
30-59 days past due 3  6  20  32  6  4  71 
60-89 days past due —  1  8  29  4  2  44 
Non-accrual —  1  78  72  12  9  172 
Total mortgage loans on real estate $ 451  $ 849  $ 1,280  $ 3,262  $ 1,419  $ 4,361  $ 11,622 
Allowance for credit losses (153)
Total, net of allowance $ 11,469 
Page 15

AS OF DEC. 31, 2024
US$ MILLIONS		 Amortized Cost Basis by Origination Year
2024 2023 2022 2021 2020 Prior Total
Commercial mortgage loans:
Current $ 569  $ 607  $ 2,428  $ 1,280  $ 961  $ 3,735  $ 9,580 
30-59 days past due —  25  4  —  10  48  87 
60-89 days past due —  —  50  30  —  —  80 
Non-accrual —  8  42  40  6  48  144 
Residential mortgage loans:
Current 291  790  970  222  121  7  2,401 
30-59 days past due 3  41  45  2  4  —  95 
60-89 days past due —  7  20  2  4  5  38 
Non-accrual 3  51  76  18  8  3  159 
Total mortgage loans on real estate $ 866  $ 1,529  $ 3,635  $ 1,594  $ 1,114  $ 3,846  $ 12,584 
Allowance for credit losses (158)
Total, net of allowance $ 12,426 
Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. It is the Company’s policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. As of June 30, 2025, 322 mortgage loans were past due over 90 days or in non-accrual status (December 31, 2024 – 266 mortgage loans).
The Company’s commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-significant delay or a term extension. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into the Company’s allowance methodology. However, if the Company grants a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. The carrying amount of mortgage loans experiencing financial difficulty, for which modifications have been granted, was $89 million and $85 million for the six months ended June 30, 2025 and 2024, respectively.
Page 16

NOTE 6. PRIVATE LOANS
The following table summarizes the credit ratings of our private loans:
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
A or higher $ 2,341  $ 1,595 
BBB 822  692 
BB and below 2,458  875 
Unrated(1)
 1,131  2,042 
Total $ 6,752  $ 5,204 
__________________________
(1)Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Allowance for Credit Losses
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Balance as of January 1 $ (97) $ (44)
Recovery (provision)
 (8) 2 
Writeoffs charged against the allowance —  1 
Balance as of March 31 $ (105) $ (41)
Provision (10) (15)
Balance as of June 30 $ (115) $ (56)
The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the six months ended June 30, 2025 and 2024, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty. Impaired loans were not significant for any of the periods presented.
Page 17

NOTE 7. INVESTMENT REAL ESTATE AND REAL ESTATE PARTNERSHIPS
The carrying amounts of investment real estate, net of accumulated depreciation, and real estate partnerships by property-type are as follows:
AS OF JUN. 30, 2025
US$ MILLIONS, EXCEPT FOR PERCENTAGES
Investment real estate(1)
 Real estate partnerships
Amount Percentage Amount Percentage
Hotel $ 135  5  % $ 97  2  %
Industrial 58  2  % 77  2  %
Land 492  19  % 37  1  %
Office 305  12  % 1,924  45  %
Retail 211  8  % 1,497  36  %
Apartments 46  2  % 411  10  %
Single family residential 1,330  51  % —  —  %
Other 16  1  % 162  4  %
Total $ 2,593  100  % $ 4,205  100  %

AS OF DEC. 31, 2024
US$ MILLIONS, EXCEPT FOR PERCENTAGES
Investment real estate(1)
 Real estate partnerships
Amount Percentage Amount Percentage
Hotel $ 135  6  % $ 108  3  %
Industrial 14  1  % 83  2  %
Land 288  11  % 35  1  %
Office 338  14  % 2,090  61  %
Retail 186  8  % 705  21  %
Apartments 47  2  % 267  8  %
Single family residential 1,343  57  % —  —  %
Other 15  1  % 150  4  %
Total $ 2,366  100  % $ 3,438  100  %
__________________________
(1)Investment real estate for single family residential property is fair valued as a result of consolidation of investment company VIE in accordance with ASC 946.
As of June 30, 2025, $13 million of real estate investments met the criteria as held-for-sale (December 31, 2024 – $12 million).
Page 18

NOTE 8. VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
Through its investment activities, the Company regularly invests in various entities including limited partnerships (“LPs”) and limited liability companies (“LLCs”) and frequently participates in the design with their sponsors, but in most cases, its involvement is limited to financing. Some of these entities have been determined to be VIEs. In certain instances, in addition to an economic interest in the entity, the Company holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The Company consolidates all VIEs for which it is the primary beneficiary. The assets of consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as its obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these consolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2025 and December 31, 2024.
In addition to investment activities, certain of the Company’s subsidiaries are deemed VIEs. The Company is the primary beneficiary and consolidates these entities in the same manner as other entities in which the Company has a controlling financial interest by holding a majority voting interest.
(a)Consolidated Variable Interest Entities
The assets and liabilities relating to the consolidated VIEs from the Company’s investment activities included in the financial statements are as follows:
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Available-for-sale fixed maturity securities $ 347  $ 127 
Equity securities 438  576 
Mortgages on real estate, net of allowance 212  189 
Private loans, net of allowance 1,711  1,384 
Investment real estate 2,277  1,798 
Real estate partnerships 3,715  2,885 
Investment funds 5,619  4,804 
Other invested assets 206  144 
Cash and cash equivalents 165  218 
Other assets 301  404 
Total assets of consolidated VIEs $ 14,991  $ 12,529 
Notes payable 200  189 
Other liabilities 431  363 
Total liabilities of consolidated VIEs $ 631  $ 552 
Page 19

(b)Unconsolidated Variable Interest Entities
For certain of the Company’s investments in various entities that are determined to be VIEs, the Company is not the primary beneficiary as it does not take an active role in the management of these investments. Such investments are reported in certain investment line items on the statements of financial position, including “Available-for-sale fixed maturity securities, at fair value” and “Investment funds”. In some instances, a consolidated VIE involves one or more underlying entities for which the Company is not the primary beneficiary because it does not have the power to direct the most significant activities of these entities. These unconsolidated VIEs that are part of consolidated VIEs are reported primarily in “Real estate partnerships” on the statements of financial position. Creditors or beneficial interest holders of the unconsolidated VIEs have no recourse to the general credit of the Company, as its obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these unconsolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2025 and December 31, 2024.
The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss
Available-for-sale fixed maturity securities $ 1,222  $ 1,334  $ 2,142  $ 3,003 
Equity securities 862  862  466  466 
Mortgages on real estate, net of allowance 615  617  716  731 
Private loans, net of allowance 105  105  —  — 
Real estate partnerships 3,410  3,414  2,548  2,579 
Investment funds 4,363  5,023  1,989  2,153 
Short-term investments 446  446  99  99 
Other invested assets 175  203  173  189 
Total $ 11,198  $ 12,004  $ 8,133  $ 9,220 
(c)Equity Method Investments
Our investments in investment funds, real estate partnerships and other partnerships, of which substantially all are LPs or LLCs, are accounted for using the equity method of accounting, except for certain investments that are fair valued due to the application of fair value option under ASC 825 or the consolidation of investment company VIE under ASC 946. As of June 30, 2025 and December 31, 2024, the Company’s equity method investments were $7.8 billion and $7.5 billion, respectively. Balance as of June 30, 2025 includes $1.0 billion of equity method investments in common stock for which a quoted market price is available (December 31, 2024 – $901 million). The aggregate value of such investments based on the quoted market price as of June 30, 2025 was $1.1 billion (December 31, 2024 – $1.0 billion).
We generally recognize our share of earnings in our equity method investments within “Net investment income” using a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from our reporting period.
Page 20

NOTE 9. DERIVATIVE INSTRUMENTS
The Company manages risks associated with certain assets and liabilities by using derivative instruments. Derivative instruments are financial contracts whose value is derived from underlying interest rates, exchange rates or other financial instruments. The Company does not invest in derivatives for speculative purposes.
Foreign exchange forwards, options and swaps are over-the-counter contractual agreements negotiated between counterparties. The Company purchases equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. Futures contracts are traded in an organized market and are contractual obligations to buy or sell a financial instrument at a predetermined future time at a given price.
The notional principal represents the amount to which a rate or price is applied to determine the cash flows to be exchanged periodically and does not represent credit exposure. Maximum credit risk is the estimated cost of replacing derivative instruments which have a positive value, should the counterparty default.
Derivatives, except for embedded derivatives, are included in “Other invested assets” or “Other liabilities”, at fair value in the statements of financial position. Embedded derivatives on Modco arrangements, embedded derivatives on indexed annuity and variable annuity products and embedded derivatives on funds withheld arrangements are included in the statements of financial position within the “Reinsurance funds withheld”, “Policyholders’ account balances” and “Funds withheld for reinsurance liabilities” lines respectively, at fair value.
The notional amounts and fair values of freestanding derivative instruments are shown below:
AS OF
US$ MILLIONS		 Primary underlying risk June 30, 2025 December 31, 2024
Notional Amount
Fair Value(1)
 Notional Amount
Fair Value(1)
Assets Liabilities Assets Liabilities
Derivatives designated as hedging instruments:
Foreign exchange forwards Foreign currency $ 1,188  $ —  $ (57) $ 1,625  $ 21  $ (18)
Cross currency swaps Foreign currency 1,891  56  —  1,330  9  (16)
Interest rate swaps Interest rate 900  18  —  —  —  — 
Derivatives not designated as hedging instruments:
Equity-indexed options Equity $ 46,394  $ 1,118  $ (3) $ 46,374  $ 1,311  $ (5)
Equity total return swaps Equity 470  19  (4) 18  1  — 
Foreign exchange forwards Foreign currency 3,060  12  (165) 3,684  34  (9)
Cross currency swaps Foreign currency 416  —  (19) 38  —  — 
Interest rate swaps Interest rate 1,030  21  (5) 985  15  (9)
$ 55,349  $ 1,244  $ (253) $ 54,054  $ 1,391  $ (57)
__________________________
(1)The asset and liability balances are presented on a gross basis. Amounts are reported in “Other invested assets” and “Other liabilities” in the statements of financial position after the evaluation for rights of offset. See “Derivative Exposure” section of this note for further details.
Page 21

Derivatives Designated as Hedging Instruments
The Company has designated and accounted for certain foreign exchange forwards and cross currency swaps (together “foreign currency derivatives”) as fair value hedges to protect a portion of the available-for-sale fixed maturity securities against changes in fair value due to changes in exchange rates. The Company has also designated and accounted for certain interest rate swaps (“interest rate derivatives”) as fair value hedges to convert a portion of PAB from a fixed rate liability to a floating rate liability.
For derivative instruments that were designated and qualified as fair value hedges, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in the same line item in the statements of operations. The unrealized gain or loss attributable to changes in exchange rates on the available-for-sale fixed maturity securities that were designated as part of the hedge are reclassified out of other comprehensive income (“OCI”) into “Investment related gains (losses)” in the statements of operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged remains as a component of OCI. The gains (losses) on interest rate derivatives designated as hedging instruments for certain PAB are included in “Interest sensitive contract benefits” in the statements of operations.
The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedges:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Foreign currency derivatives:
Hedged items $ (67) $ 15  $ (32) $ 56 
Derivatives designated as hedging instruments 58  (14) 23  (55)
Interest rate derivatives:
Hedged items 8  —  18  — 
Derivatives designated as hedging instruments (8) —  (18) — 
Gains (losses) on fair value hedges $ (9) $ 1  $ (9) $ 1 
The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges:
AS OF
US$ MILLIONS
Carrying Amount of the Hedged Assets (Liabilities)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedge Assets (Liabilities)
Location in the statements of financial position
 June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
Policyholders’ account balances
 $ (912) $ —  $ (18) $ — 
Page 22

Derivatives Not Designated as Hedging Instruments
The following represents the amount of gains (losses) related to the derivatives not designated as hedging instruments, recognized in “Investment related gains (losses)” on the statements of operations, except for equity-indexed options which are recognized in “Change in fair value of insurance-related derivatives and embedded derivatives”:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Equity-indexed options $ 232  $ 285  $ (102) $ 385 
Equity total return swaps 20  —  33  — 
Foreign exchange forwards (234) (6) (281) (2)
Cross currency swaps (14) —  (15) — 
Interest rate options —  1  —  1 
Interest rate swaps (2) —  3  (3)
Bond futures —  9  —  5 
Total $ 2  $ 289  $ (362) $ 386 
Derivative Exposure
The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means to mitigating the financial loss from defaults. The minimum credit rating of our counterparties is BBB+ as of June 30, 2025 (December 31, 2024 – BBB+), and all derivatives have been appropriately collateralized by the Company and the counterparties in accordance with the terms of the derivative agreements. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. A right of offset has been applied to cash collateral that supports credit risk and has been recorded in the statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for non-cash and excess collateral. A right of offset has also been applied to derivative assets and liabilities with the same counterparty under the same master netting agreement, and such derivative instruments are presented on a net basis in the statements of financial position.
Page 23

Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:
AS OF JUN. 30, 2025
US$ MILLIONS
Gross amount of derivative instruments(1)
Gross amounts offset in the statements of financial position(2)
 Net amount presented on the statements of financial position
Collateral (received) pledged in cash(3)
Collateral (received) pledged in invested assets(3)
 Exposure net of collateral
Derivative assets:
Equity-indexed options $ 1,118  $ (65) $ 1,053  $ (987) $ (21) $ 45 
Equity total return swaps 19  —  19  —  —  19 
Foreign exchange forwards 12  (12) —  —  —  — 
Cross currency swaps 56  (2) 54  —  —  54 
Interest rate swaps 39  (5) 34  —  —  34 
Total derivative assets $ 1,244  $ (84) $ 1,160  $ (987) $ (21) $ 152 
Derivative liabilities:
Equity-indexed options $ (3) $ 3  $ —  $ —  $ —  $ — 
Equity total return swaps (4) —  (4) —  —  (4)
Foreign exchange forwards (222) 74  (148) —  1  (147)
Cross currency swaps (19) 2  (17) —  —  (17)
Interest rate swaps (5) 5  —  —  —  — 
Total derivative liabilities $ (253) $ 84  $ (169) $ —  $ 1  $ (168)
__________________________
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
(3)Excludes a portion of collaterals held in cash and invested assets that are excess collateral. As of June 30, 2025, the Company held excess collateral of $59 million.
Page 24

AS OF DEC. 31, 2024
US$ MILLIONS
Gross amount of derivative instruments(1)
Gross amounts offset in the statements of financial position(2)
 Net amount presented on the statements of financial position
Collateral (received) pledged in cash(3)
Collateral (received) pledged in invested assets(3)
 Exposure net of collateral
Derivative assets:
Equity-indexed options $ 1,311  $ (5) $ 1,306  $ (1,298) $ —  $ 8 
Equity total return swaps 1  —  1  —  —  1 
Foreign exchange forwards 55  (1) 54  —  —  54 
Cross currency swaps 9  (9) —  —  —  — 
Interest rate swaps 15  (15) —  —  —  — 
Total derivative assets $ 1,391  $ (30) $ 1,361  $ (1,298) $ —  $ 63 
Derivative liabilities:
Equity-indexed options (5) 5  —  —  $ —  $ — 
Equity total return swaps —  —  —  —  —  — 
Foreign exchange forwards $ (27) $ 7  $ (20) $ —  $ 18  $ (2)
Cross currency swaps (16) 9  (7) —  5  (2)
Interest rate swaps (9) 9  —  —  —  — 
Total derivative liabilities $ (57) $ 30  $ (27) $ —  $ 23  $ (4)
__________________________
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
(3)Excludes a portion of collaterals held in cash and invested assets that are excess collateral. As of December 31, 2024, the Company held excess collateral of $76 million.
Page 25

Embedded Derivatives
The fair values of embedded derivatives that have been separated from their host contracts, presented in the statements of financial position, are shown below:
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Location in the statements
of financial position		 Fair Value Fair Value
Assets Liabilities Assets Liabilities
Modco arrangement Reinsurance funds withheld $ 6  $ —  $ 18  $ — 
Indexed annuity and variable annuity product
Policyholders’ account balances
 —  (6,257) —  (1,123)
Funds withheld arrangement Funds withheld for reinsurance liabilities —  (63) —  (37)
$ 6  $ (6,320) $ 18  $ (1,160)
The following represents the amount of gains (losses) related to embedded derivatives recorded in the statements of operations:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Location in the statements
of operations		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Modco arrangement Net investment results from reinsurance funds withheld $ (2) $ 141  $ (12) $ 276 
Indexed annuity and variable annuity product Change in fair value of insurance-related derivatives and embedded derivatives (355) (237) (200) (294)
Funds withheld arrangement Change in fair value of insurance-related derivatives and embedded derivatives (8) (35) (29) (34)
$ (365) $ (131) $ (241) $ (52)
Page 26

NOTE 10. NET INVESTMENT INCOME AND INVESTMENT RELATED GAINS (LOSSES)
Net investment income is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS
 Three Months Ended Six Months Ended
2025 2024 2025 2024
Available-for-sale fixed maturity securities $ 695  $ 552  $ 1,443  $ 865 
Equity securities 18  21  36  32 
Mortgage loans 204  172  422  255 
Private loans 124  33  240  64 
Investment real estate 23  38  24  43 
Real estate partnerships 3  (6) 42  (12)
Investment funds 214  144  343  187 
Policy loans 6  6  12  12 
Short-term investments 91  61  187  112 
Other invested assets 92  97  134  134 
Total net investment income $ 1,470  $ 1,118  $ 2,883  $ 1,692 
Net unrealized and realized investment gains (losses) are shown below:
FOR THE PERIODS ENDED JUNE. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Available-for-sale fixed maturity securities $ 72  $ (30) $ 93  $ (18)
Equity securities 470  28  288  48 
Mortgage loans (13) (3) (5) (11)
Private loans 21  1  32  5 
Investment real estate 7  —  (1) (17)
Real estate partnerships —  —  5  — 
Investment funds (6) 13  (6) 13 
Short-term investments and other invested assets
 (223) (123) (181) (90)
Total investment related gains (losses) $ 328  $ (114) $ 225  $ (70)
Page 27

NOTE 11. FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amount and fair value of financial instruments are shown below:
June 30, 2025 December 31, 2024
AS OF
US$ MILLIONS		 Carrying Amount Fair Value Carrying Amount Fair Value
Financial assets
Available-for-sale fixed maturity securities $ 56,222  $ 56,222  $ 53,802  $ 53,802 
Equity securities
 7,530  7,530  3,854  3,854 
Mortgage loans on real estate, net of allowance 11,469  11,392  12,426  12,240 
Private loans, net of allowance 6,752  6,767  5,204  5,320 
Real estate partnerships(1)
 2,295  2,295  1,487  1,487 
Policy loans 257  257  276  276 
Short-term investments(2)
 4,454  4,454  4,400  4,400 
Other invested assets:
Derivative assets 1,160  1,160  1,361  1,361 
Separately managed accounts 61  61  71  71 
Other(3)(4)
 846  846  956  958 
Cash and cash equivalents 13,091  13,091  12,243  12,243 
Reinsurance funds withheld – embedded derivative 6  6  18  18 
Other assets – market risk benefit assets 1,034  1,034  856  856 
Separate account assets(5)
 1,322  1,322  1,343  1,343 
Total financial assets $ 106,499  $ 106,437  $ 98,297  $ 98,229 
Financial liabilities
Policyholders’ account balances – embedded derivative $ 6,257  $ 6,257  $ 1,123  $ 1,123 
Market risk benefits 4,227  4,227  3,655  3,655 
Notes payable 200  200  189  189 
Corporate and subsidiary borrowings 4,511  4,566  4,351  4,371 
Funds withheld for reinsurance liabilities – embedded derivative 63  63  37  37 
Other liabilities – derivative liabilities 169  169  27  27 
Separate account liabilities(5)
 1,322  1,322  1,343  1,343 
Total financial liabilities $ 16,749  $ 16,804  $ 10,725  $ 10,745 
__________________________
(1)Represents financial assets that are fair valued in accordance with ASC 825.
(2)Balance includes $400 million of amounts loaned under reverse repurchase agreements as of June 30, 2025 (December 31, 2024 – $400 million). The fair value of the collateral received under these agreements was $1.0 billion as of June 30, 2025 (December 31, 2024 – $783 million).
(3)Balance includes $649 million of other invested assets not subject to the fair value hierarchy as of June 30, 2025 (December 31, 2024 – $637 million).
(4)Balance excludes $1.0 billion of derivative collaterals that are recorded as an offset to “Other invested assets” in the statements of financial position and are also not included in the fair value hierarchy as of June 30, 2025 (December 31, 2024 – $1.3 billion). Refer to “Derivative Exposure” section of Note 9 for details.
(5)Balance include $30 million of assets, and corresponding liabilities, that are not subject to the fair value hierarchy as of June 30, 2025 (December 31, 2024 – $31 million).
Page 28

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:
Level 1
Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2
Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3
Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation
Valuation Techniques for Assets and Liabilities Recorded at Fair Value
Available-for-sale fixed maturity securities — The Company utilizes pricing services to estimate fair value measurements. The fair value for available-for-sale fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most available-for-sale fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for available-for-sale fixed maturity securities that have quoted prices in active markets. Since available-for-sale fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios.
The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.
The Company has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. The Company does not adjust quotes received from the pricing service. The pricing service utilized by the Company has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available.
The Company holds a small amount of private placement debt and available-for-sale fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, the Company includes these fair value estimates in Level 3.
For securities priced using a quote from an independent pricing source, such as certain available-for-sale fixed maturity securities, the Company uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly.
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Equity securities — For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for available-for-sale fixed maturity securities. If applicable, these estimates are disclosed as Level 2 or Level 3 measurements, depending on the use of at least one significant unobservable input. The Company tests the accuracy of the information provided by reference to other services annually.
Short-term investments — Short-term investments include fixed maturity securities with original maturities of over 90 days and less than one year at the date of acquisition, some of which are disclosed as Level 1 measurements as their fair values are based on unadjusted quoted market prices for identical assets that are readily available in an active market. Short-term investments also include commercial paper rated A2 or P2 or better by Standard & Poor’s and Moody’s, respectively, as well as certain private loans with original maturities of less than one year at the date of acquisition and amounts loaned under reverse repurchase agreements. Commercial paper, short-term private loans and amounts loaned under reverse repurchase agreements are carried at amortized cost which approximates fair value. These investments are classified as Level 2 or Level 3 measurements, depending on the use of at least one significant unobservable input.
Investment real estate and real estate partnerships — The fair values of residential real estate investments held through consolidation of investment company VIEs are initially recorded based on the cost to purchase the properties and subsequently recorded at fair value on a recurring basis and falls within Level 3 of the fair value hierarchy. The fair value of the residential real estate properties was determined using broker price opinions (“BPO”). A BPO is an appraisal methodology commonly used in the industry to estimate net proceeds from the sale of a home. The significant inputs into the valuation include market comparable home sales, age and size of the home, location and property conditions.
For certain of the Company’s interest in unconsolidated variable interest entities, the Company elected the fair value option in accordance with ASC 825. The fair value of such interest is derived using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy.
Certain of the Company’s consolidated variable interest entities that are fair valued on a recurring basis invest in LLCs that invest in operating entities which hold multi-family real estate properties. The fair value of the LLCs is obtained from a third party and is based on the fair value of the underlying real estate held by the various operating entities. The real estate is initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology. Such investments are classified as Level 3 measurements.
Investment funds — The Company owns certain investments in infrastructure LLCs through a consolidated VIE that is measured at fair value on a recurring basis. We initially recorded the investment at the cost to purchase the investment and subsequently recorded based on a discounted cash flow methodology. Investment funds that are fair valued are classified as Level 3 measurements. Certain LP funds are measured at estimated fair value using net asset value (“NAV”) as a practical expedient.
Other invested assets — The Company holds interest in an investment company limited partnership, which invests in residual tranche investments, and is a consolidated VIE. We also hold residual tranche investments to which we applied the fair value option in accordance with ASC 825. These investments were initially recorded at cost and are subsequently recorded at fair value using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy.
Separate account assets and liabilities — The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and available-for-sale fixed maturity. Equity securities are classified as Level 1 measurements. Short-term investments and available-for-sale fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not included in the quantitative disclosures of fair value hierarchy table.
Reinsurance funds withheld – embedded derivatives — Valuation model is based on quoted prices of similar, traded securities in active markets. For example, interest rates and yield curves observed at commonly quoted intervals, implied volatility, credit spread and market-corroborated inputs.
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Market risk benefits — MRBs are valued using stochastic models that incorporate a spread reflecting our non-performance risk. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The following significant unobservable inputs are used for measuring the fair value:
•Utilization – The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the rate.
•Option budget – The option budget assumption represents the expected cost of annual call options we will purchase in the future.
•Non-performance risk – The non-performance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes the Company’s own credit risk based on the current market credit spreads for debt-like instruments the Company has issued and are available in the market. Additionally, the non-performance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating.
•Mortality rates – The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender.
•Lapse rates – The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges.
Derivative assets and liabilities:
•Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period); discounted at a credit adjusted rate.
•Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate.
•Equity-index options – valued using industry accepted valuation models and are adjusted for the non-performance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The non-performance risk for each counterparty is based upon its credit default swap rate. The Company has no performance obligations related to the equity-index options purchased to fund its fixed index annuity and equity-indexed universal life policy liabilities. Certain equity-index options are valued based on vendor sourced prices and are classified as Level 3 measurements due to the use of significant unobservable inputs used by the vendor.
Policyholders’ account balances – embedded derivatives — The fair value of the embedded derivative component of the Company’fixed index annuity and equity-indexed universal life policyholder’s account balances is estimated at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for the Company’s non-performance risk related to those liabilities. The following significant unobservable inputs are used for measuring the fair value: (i) Option budget; (ii) Lapse rates; and (iii) Non-performance risk. For the details of these significant unobservable inputs, refer to significant unobservable inputs for “Market risk benefits”.
Funds withheld for reinsurance liabilities – embedded derivatives — The fair value of the embedded derivative is estimated based on the fair value of the assets supporting the funds withheld payable under modified coinsurance and funds withheld coinsurance reinsurance agreements. The fair value of the embedded derivative is classified as Level 3 based on valuation methods used for the assets held supporting the reinsurance agreements.
Separately managed accounts — The separately managed account manager uses the mid-point of a range from a third-party to price these securities. Discounted cash flows (yield analysis) and market transactions approach are used in the valuation. They use discount rates which is considered an unobservable input.
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The fair value hierarchy measurements of the assets and liabilities recorded at fair value are shown below:
AS OF JUN. 30, 2025
US$ MILLIONS		 Total Fair Value Level 1 Level 2 Level 3
Financial assets
Available-for-sale fixed maturity securities:
U.S. treasury and government $ 365  $ 302  $ 63  $ — 
U.S. state and municipal 3,182  —  3,127  55 
Foreign governments 1,889  —  1,889  — 
Corporate debt securities 39,493  —  38,701  792 
Residential mortgage-backed securities 1,196  —  1,177  19 
Commercial mortgage-backed securities 3,877  —  3,839  38 
Collateralized debt securities 6,220  —  2,867  3,353 
Total available-for-sale fixed maturity securities 56,222  302  51,663  4,257 
Equity securities:
Common stock 7,049  6,641  2  406 
Preferred stock 481  20  23  438 
Total equity securities 7,530  6,661  25  844 
Investment real estate(1)
 1,271  —  —  1,271 
Real estate partnerships(1)(2)
 2,329  —  —  2,329 
Investment funds(1)(3)
 141  —  —  141 
Short-term investments 4,454  2,912  1,060  482 
Other invested assets:
Derivative assets 1,160  —  972  188 
Separately managed accounts 61  —  —  61 
Other(2)
 197  —  4  193 
Cash and cash equivalents 13,091  13,091  —  — 
Reinsurance funds withheld – embedded derivative 6  —  —  6 
Premiums due and other receivables – derivative asset 22  —  22  — 
Other assets – market risk benefit assets 1,034  —  —  1,034 
Separate account assets 1,292  976  316  — 
Total financial assets $ 88,810  $ 23,942  $ 54,062  $ 10,806 
Financial liabilities
Policyholders’ account balances – embedded derivative $ 6,257  $ —  $ —  $ 6,257 
Market risk benefits 4,227  —  —  4,227 
Funds withheld for reinsurance liabilities – embedded derivative 63  —  —  63 
Other liabilities – derivative liabilities 169  —  169  — 
Separate account liabilities 1,292  976  316  — 
Total financial liabilities $ 12,008  $ 976  $ 485  $ 10,547 
__________________________
(1)Balances include financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946.
(2)$2.3 billion of real estate partnerships and $197 million of other invested assets are financial assets that are fair valued in accordance with ASC 825.
(3)Balance for investment funds excludes those measured at estimated fair value using NAV per share as a practical expedient. As of June 30, 2025, the estimated fair values of investment funds measured at NAV as a practical expedient were $375 million.
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AS OF DEC. 31, 2024
US$ MILLIONS		 Total Fair Value Level 1 Level 2 Level 3
Financial assets
Available-for-sale fixed maturity securities:
U.S. treasury and government $ 369  $ 310  $ 59  $ — 
U.S. state and municipal 3,289  —  3,233  56 
Foreign governments 2,042  —  2,042  — 
Corporate debt securities 37,380  —  34,696  2,684 
Residential mortgage-backed securities 1,310  —  1,291  19 
Commercial mortgage-backed securities 3,320  —  3,245  75 
Collateralized debt securities 6,092  —  3,447  2,645 
Total available-for-sale fixed maturity securities 53,802  310  48,013  5,479 
Equity securities:
Common stock 3,412  2,858  2  552 
Preferred stock 438  36  12  390 
Private equity and other 4  —  —  4 
Total equity securities 3,854  2,894  14  946 
Investment real estate(1)
 1,283  —  —  1,283 
Real estate partnerships(1)(2)
 1,529  —  —  1,529 
Investment funds(1)(3)
 124  —  —  124 
Short-term investments 4,400  3,213  834  353 
Other invested assets:
Derivative assets 1,361  —  1,138  223 
Separately managed accounts 71  —  —  71 
Other(2)
 319  —  11  308 
Cash and cash equivalents 12,243  12,243  —  — 
Reinsurance funds withheld – embedded derivative 18  —  —  18 
Premiums due and other receivables – derivative asset 22  —  22  — 
Other assets – market risk benefit assets 856  —  —  856 
Separate account assets 1,312  258  1,054  — 
Total financial assets $ 81,194  $ 18,918  $ 51,086  $ 11,190 
Financial liabilities
Policyholders’ account balances – embedded derivative $ 1,123  $ —  $ —  $ 1,123 
Market risk benefits 3,655  —  —  3,655 
Funds withheld for reinsurance liabilities – embedded derivative 37  —  —  37 
Other liabilities – derivative liabilities 27  —  27  — 
Separate account liabilities 1,312  258  1,054  — 
Total financial liabilities $ 6,154  $ 258  $ 1,081  $ 4,815 
__________________________
(1)Balances include financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946.
(2)$1.5 billion of real estate partnerships and $171 million of other invested assets are financial assets that are fair valued in accordance with ASC 825.
(3)Balance for investment funds excludes those measured at estimated fair value using NAV per share as a practical expedient. As of December 31, 2024, the estimated fair values of investment funds measured at NAV as a practical expedient were $380 million.
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Fair Value Information About Financial Instruments Not Recorded at Fair Value
Information about fair value estimates for financial instruments not recorded at fair value is discussed below:
Mortgage loans — The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property-type, lien priority, payment type and current status.
Private loans — The fair value of private loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan.
Policy loans — The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, the carrying value of policy loans approximates fair value.
Other invested assets — The common stock of Federal Home Loan Banks (“FHLB”) is carried at cost which approximates fair value. The fair value of the company owned life insurance (“COLI”) is equal to the cash surrender value of the policies.
Corporate and subsidiary borrowings — Corporate and subsidiary borrowings are carried at outstanding principal balance. Fair values for subordinated debentures are estimated using discounted cash flow calculations principally based on observable inputs including the Company’s incremental borrowing rates, which reflect its credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued.
Notes payable — Notes payable are carried at outstanding principal balance. For a majority of the notes, the carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the reporting date.
Policyholder’s account balances & deposit assets excluding embedded derivative — The fair values of the policyholder’s account balances not involving significant mortality or morbidity risks are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The coinsurance deposits related to the annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly issued immediate annuity contracts. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data.
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The carrying amount and estimated fair value of financial instruments not recorded at fair value are shown below. The table below excludes accrued investment income, which is recorded at amortized cost in the statements of financial position, as their carrying amounts approximate the fair values due to their short-term nature.
AS OF JUN. 30, 2025
US$ MILLIONS		 Carrying Amount Fair Value FV Hierarchy Level
Level 1 Level 2 Level 3
Financial assets
Mortgage loans on real estate, net of allowance $ 11,469  $ 11,392  $ —  $ —  $ 11,392 
Private loans, net of allowance 6,752  6,767  —  100  6,667 
Policy loans 257  257  —  1  256 
Deposit assets 5,821  5,703  —  —  5,703 
Other invested assets, excluding derivatives and separately managed accounts 649  649  —  414  235 
Total financial assets $ 24,948  $ 24,768 
Financial liabilities
Policyholders’ account balances – investment contracts, excluding embedded derivative $ 78,057  $ 78,040  —  —  78,040 
Corporate and subsidiary borrowings 4,511  4,566  —  —  4,566 
Notes payable 200  200  —  —  200 
Total financial liabilities $ 82,768  $ 82,806 
AS OF DEC. 31, 2024
US$ MILLIONS		 Carrying Amount Fair Value FV Hierarchy Level
Level 1 Level 2 Level 3
Financial assets
Mortgage loans on real estate, net of allowance $ 12,426  $ 12,240  $ —  $ —  $ 12,240 
Private loans, net of allowance 5,204  5,320  —  153  5,167 
Policy loans 276  276  —  —  276 
Deposit assets 6,165  6,026  —  —  6,026 
Other invested assets, excluding derivatives and separately managed accounts 637  639  —  408  231 
Total financial assets $ 24,708  $ 24,501 
Financial liabilities
Policyholders’ account balances – investment contracts, excluding embedded derivative $ 79,383  $ 79,383  —  —  79,383 
Corporate and subsidiary borrowings 4,351  4,371  —  —  4,371 
Notes payable 189  189  —  —  189 
Total financial liabilities $ 83,923  $ 83,943 
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For financial assets and financial liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below:
Assets Liabilities
FOR THE PERIOD ENDED JUN. 30, 2025
US$ MILLIONS
Invested assets(1)
 Derivative assets Reinsurance funds withheld – embedded derivative Policyholders’ account balances – embedded derivative Funds withheld for reinsurance liabilities – embedded derivative
Balance as of January 1, 2025 $ 10,093  $ 223  $ 18  $ (1,123) $ (37)
Fair value changes in net income (32) (38) (10) 268  (18)
Fair value changes in other comprehensive income 20  —  —  —  — 
Purchases 172  33  —  —  — 
Sales (45) —  —  —  — 
Settlements or maturities (13) (69) —  —  — 
Premiums less benefits —  —  —  (93) — 
Transfers into Level 3 681  —  —  —  — 
Transfers out of Level 3 (67) —  —  —  — 
Balance as of March 31, 2025 $ 10,809  $ 149  $ 8  $ (948) $ (55)
Fair value changes in net income 26  66  (2) (242) (8)
Fair value changes in other comprehensive income (11) —  —  —  — 
Purchases 1,214  34  —  —  — 
Sales (1,537) —  —  —  — 
Settlements or maturities (138) (61) —  —  — 
Premiums less benefits —  —  —  (1) — 
Transfers into Level 3 239  —  —  (5,066) — 
Transfers out of Level 3 (1,024) —  —  —  — 
Balance as of June 30, 2025 $ 9,578  $ 188  $ 6  $ (6,257) $ (63)
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Assets Liabilities
FOR THE PERIOD ENDED JUN. 30, 2024
US$ MILLIONS
Invested assets(1)
 Derivative assets Reinsurance funds withheld – embedded derivative Policyholders’ account balances – embedded derivative Funds withheld for reinsurance liabilities – embedded derivative
Balance as of January 1, 2024 $ 4,447  $ 227  $ (46) $ (872) $ — 
Fair value changes in net income (5) 57  135  (38) 1 
Fair value changes in other comprehensive income 8  —  —  —  — 
Purchases 2,187  35  —  —  — 
Sales (2,056) —  —  —  — 
Settlements or maturities (6) (62) —  —  — 
Premiums less benefits —  —  —  6  — 
Balance as of March 31, 2024 $ 4,575  $ 257  $ 89  $ (904) $ 1 
Acquisition from business combination 4,288  —  —  —  — 
Derecognition(2)
 —  —  (196) —  — 
Fair value changes in net income 162  24  141  (287) (35)
Fair value changes in other comprehensive income 19  —  —  —  — 
Purchases 1,234  39  —  —  — 
Sales (1,260) —  —  —  — 
Settlements or maturities (3) (66) —  30  — 
Premiums less benefits —  —  —  (35) — 
Transfers into Level 3 64  —  —  —  — 
Transfers out of Level 3 (58) —  —  —  — 
Balance as of June 30, 2024 $ 9,021  $ 254  $ 34  $ (1,196) $ (34)
__________________________
(1)Include separately managed accounts.
(2)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of reinsurance funds withheld.
There were no transfers between Level 1 or Level 2 during the periods presented. Transfers into and out of Level 3 for the period ended June 30, 2025 were primarily the result of changes in observable pricing. The Company’s valuation of financial instruments categorized as Level 3 in the fair value hierarchy are based on valuation techniques that use significant inputs that are unobservable or had a decline in market activity that obscured observability. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and discounted cash flow methodology based on spread/yield assumptions.

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NOTE 12. REINSURANCE
The Company reinsures its business through a diversified group of reinsurers. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances is evaluated by monitoring ratings and the financial strength of its reinsurers. The effect of reinsurance on the applicable line items on our statements of operations are as follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Premiums earned:
Gross amounts, including reinsurance assumed $ 1,386  $ 2,089  $ 2,876  $ 4,150 
Reinsurance ceded (357) (573) (725) (1,103)
Net amount $ 1,029  $ 1,516  $ 2,151  $ 3,047 
Other policy revenue:
Gross amounts, including reinsurance assumed $ 281  $ 203  $ 538  $ 315 
Reinsurance ceded (81) (3) (159) (3)
Net amount $ 200  $ 200  $ 379  $ 312 
Policyholder benefits and claims incurred:
Gross amounts, including reinsurance assumed $ (1,468) $ (2,013) $ (2,877) $ (3,742)
Reinsurance ceded 389  498  691  813 
Net amount $ (1,079) $ (1,515) $ (2,186) $ (2,929)
Interest sensitive contract benefits:
Gross amounts, including reinsurance assumed $ (556) $ (521) $ (1,118) $ (810)
Reinsurance ceded 59  99  97  203 
Net amount $ (497) $ (422) $ (1,021) $ (607)
Change in fair value of market risk benefits:
Gross amounts, including reinsurance assumed $ 25  $ (161) $ (367) $ (192)
Reinsurance ceded 21  (7) 52  (7)
Net amount $ 46  $ (168) $ (315) $ (199)
Following the effective settlement of a reinsurance arrangement between NER SPC and AEL in the second quarter of 2024 (see Note 16 for details), our reinsurance assumed exposure is principally limited to the amounts of reinsurance funds withheld asset and associated deposit liability based on deposit accounting as presented in the statements of financial position, as well as certain future policy benefits liability.
Furthermore, certain of our subsidiaries have intercompany reinsurance agreements with its wholly owned reinsurance companies, some of which are captive reinsurance companies. All intercompany balances arising from such intercompany reinsurance agreements are eliminated in full on consolidation.
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NOTE 13. SEPARATE ACCOUNT ASSETS AND LIABILITIES
The following table presents the change of the Company’s separate account assets and liabilities:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Balance, beginning of period $ 1,343  $ 1,189 
Additions (deductions):
Policyholder deposits 33  35 
Net investment income 32  10 
Net realized capital gains on investments 35  112 
Policyholder benefits and withdrawals (53) (75)
Net transfer from (to) general account (60) 2 
Policy charges (8) (7)
Total changes (21) 77 
Balance, end of period $ 1,322  $ 1,266 
Cash surrender value $ 747  $ 704 

NOTE 14. DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
The following tables present a rollforward of DAC, deferred sales inducements (“DSI”) and value of business acquired (“VOBA asset”) for the periods indicated:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		 Annuities P&C Life Insurance Total
DAC:
Balance, beginning of period $ 886  $ 184  $ 306  $ 1,376 
Additions 511  228  45  784 
Amortization (47) (229) (16) (292)
Net change 464  (1) 29  492 
Balance, end of period $ 1,350  $ 183  $ 335  $ 1,868 
DSI:
Balance, beginning of period $ 393  $ —  $ —  $ 393 
Additions 348  —  —  348 
Amortization (19) —  —  (19)
Net change 329  —  —  329 
Balance, end of period $ 722  $ —  $ —  $ 722 
VOBA asset:
Balance, beginning of period $ 8,838  $ 27  $ 62  $ 8,927 
Amortization (381) (8) (2) (391)
Net change (381) (8) (2) (391)
Balance, end of period $ 8,457  $ 19  $ 60  $ 8,536 
Total DAC, DSI and VOBA asset $ 10,529  $ 202  $ 395  $ 11,126 
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AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		 Annuities P&C Life Insurance Total
DAC:
Balance, beginning of period $ 1,314  $ 171  $ 217  $ 1,702 
Additions 257  261  57  575 
Derecognition(1)
 (1,129) —  —  (1,129)
Amortization (36) (235) (10) (281)
Net change (908) 26  47  (835)
Balance, end of period $ 406  $ 197  $ 264  $ 867 
DSI:
Balance, beginning of period $ 257  $ —  $ —  $ 257 
Additions 96  —  —  96 
Derecognition(1)
 (246) —  —  (246)
Amortization (5) —  —  (5)
Net change (155) —  —  (155)
Balance, end of period $ 102  $ —  $ —  $ 102 
VOBA asset:
Balance, beginning of period $ 40  $ 168  $ 301  $ 509 
Acquisition of business combination(2)
 9,276  —  —  9,276 
Amortization (134) (70) (11) (215)
Net change 9,142  (70) (11) 9,061 
Balance, end of period $ 9,182  $ 98  $ 290  $ 9,570 
Total DAC, DSI and VOBA asset $ 9,690  $ 295  $ 554  $ 10,539 
__________________________
(1)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of DAC and DSI.
(2)The difference between the amount shown in the table and the value of business acquired in Note 16 represents $45 million of measurement period adjustments recorded in the third quarter of 2024. See Note 16 for the details.
The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2025:
Years US$ MILLIONS
2025(1)
 $ 376 
2026 705 
2027 645 
2028 598 
2029 552 
Thereafter 5,660 
Total amortization expense $ 8,536 
__________________________
(1)Expected amortization for the remainder of 2025.
Page 40

NOTE 15. INTANGIBLE ASSETS
The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 for VOBA asset, which is an actuarial intangible asset arising from a business combination.
June 30, 2025 December 31, 2024
AS OF
US$ MILLIONS		 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Definite-lived intangible assets:
Distributor relationships
 $ 1,466  $ (71) $ 1,395  $ 1,466  $ (43) $ 1,423 
Trade name 71  (13) 58  71  (9) 62 
Unpaid claims reserve intangible asset 103  (50) 53  103  (37) 66 
Software and other 148  (39) 109  85  (17) 68 
Total definite-lived intangible assets 1,788  (173) 1,615  1,725  (106) 1,619 
Indefinite-lived intangible assets:
Insurance licenses 67  —  67  71  —  71 
Total $ 1,855  $ (173) $ 1,682  $ 1,796  $ (106) $ 1,690 
No impairment expenses of intangible assets were recognized for the three and six months ended June 30, 2025 and 2024. The Company estimates that its intangible assets do not have any significant residual value in determining their amortization. Amortization expenses were $30 million and $67 million for the three and six months ended June 30, 2025 and $23 million and $35 million for the three and six months ended June 30, 2024, respectively.
The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2025.
Years US$ MILLIONS
2025(1)
 $ 61 
2026 119 
2027 100 
2028 90 
2029 80 
Thereafter 1,165 
Total amortization expense $ 1,615 
__________________________
(1)Expected amortization for the remainder of 2025.
Page 41

NOTE 16. ACQUISITION
Acquisition of American Equity Investment Life Holdings Company in May 2024
On May 2, 2024, the Company, through its subsidiary American National, completed the acquisition of AEL, an Iowa corporation, by acquiring all of AEL’s issued and outstanding common stock not already owned for a total consideration of approximately $4.0 billion comprised of $2.5 billion in cash and $1.1 billion of stock consideration in the form of class A limited voting shares of Brookfield Asset Management Ltd. (“BAM Shares”). The remaining consideration primarily relates to the previously held equity interest in AEL prior to the acquisition as well as the effective settlement of a previously held reinsurance agreement between AEL and NER SPC.
Subsequent to the acquisition, on May 7, 2024, American National completed a downstream merger with AEL and changed its name to American National Group Inc. and reincorporated as a Delaware corporation.
Had the acquisition occurred on January 1, 2023, the consolidated unaudited pro forma revenue and net income would be: (i) $3.1 billion and $610 million, respectively, for the three months ended June 30, 2024; and (ii) $7.0 billion and $1.8 billion, respectively, for the six months ended June 30, 2024. The pro forma amounts have been calculated using the subsidiary’s results and adjusting them for the revised depreciation and amortization that would have been charged assuming the fair value adjustments to investments, property and equipment and intangible assets had applied from January 1, 2023, together with the consequential tax effects.
Accounting for the acquisition of AEL was finalized in the second quarter of 2025. As part of finalizing the valuations of certain assets and liabilities, we recognized measurement period adjustments to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Measurement period adjustments made were: (i) $45 million increase in both the VOBA asset and market risk benefits liability through the inclusion of updated mortality, base lapse and utilization assumptions related to AEL’s market risk benefits liability as part of its annual assumptions review which took place in the third quarter of 2024; and (ii) $40 million decrease in intangible assets, $8 million increase in deferred tax asset and a $32 million increase in goodwill as a result of updating discount rate and tax assumptions relating to intangible assets. Goodwill recognized is not deductible for income tax purposes.
Page 42

The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:
US$ MILLIONS
Fair value of consideration transferred:
Cash $ 2,525 
BAM Shares transferred by the Company
 1,111 
Fair value of the Company’s pre-existing reinsurance agreement effectively settled (541)
Fair value of the Company’s pre-existing interest in AEL
 897 
Total $ 3,992 
Assets acquired:
Investments $ 42,960 
Cash and cash equivalents 13,367 
Accrued investment income 414 
Value of business acquired 9,321 
Reinsurance recoverables and deposit assets
 6,851 
Property and equipment 42 
Intangible assets 1,540 
Other assets 671 
Total assets acquired 75,166 
Liabilities assumed:
Future policy benefits 311 
Policyholders’ account balances 61,473 
Market risk benefits
 3,023 
Notes payable
 768 
Subsidiary borrowings
 84 
Funds withheld for reinsurance liabilities
 3,371 
Other liabilities 2,093 
Total liabilities assumed 71,123 
Less: Non-controlling interest 713 
Net assets acquired 3,330 
Goodwill $ 662 
The Company identified that a reinsurance agreement between AEL and NER SPC constituted a pre-existing relationship in accordance with ASC 805 that would need to be effectively settled as part of the acquisition. The Company recognized an effective settlement loss of $48 million, as a result of derecognizing certain assets and liabilities in relation to the reinsurance agreement, which include deferred policy acquisition costs, deferred sales inducements, reinsurance funds withheld, policyholders’ account balances and market risk benefits liability. The effective settlement loss was included in “Investment related gains (losses)” in the statements of operations in the second quarter of 2024. Concurrently, the Company derecognized NER SPC’s accumulated other comprehensive loss pertaining to market risk benefits liability, recognizing an additional loss of $66 million in “Investment related gains (losses)” in the statements of operations.
The gain on disposal as a result of remeasuring to fair value the pre-existing equity interest in AEL immediately prior to the business combination was approximately $4 million, recognized in “Investment related gains (losses)” in the statements of operations in the second quarter of 2024.
Acquisition-related costs of $127 million incurred were recorded as “Operating expenses” in the statements of operations when incurred in the second quarter of 2024.
Page 43

NOTE 17. 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, 2025 December 31, 2024
Future policy benefits:
Annuities $ 11,287  $ 10,287 
Life Insurance 1,895  1,816 
Deferred profit liability:
Annuities 252  242 
Life Insurance 86  76 
Other contracts and VOBA liability 1,684  1,667 
Total future policy benefits $ 15,204  $ 14,088 
Page 44

The balances and changes in the liability for future policy benefits are as follows:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		 Annuities Life Insurance Total
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 
Issuances 742  5  747 
Interest accrual 5  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 rate 10,518  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 balance 10,490  4,622  15,112 
Issuances 745  5  750 
Interest accrual 238  89  327 
Benefit payments (436) (153) (589)
Derecognitions (lapses and withdrawals) 28  —  28 
Foreign currency translation 384  —  384 
Ending balance at original discount rate 11,449  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 benefits 11,287  1,895  13,182 
Less: Reinsurance recoverables (12) (1,311) (1,323)
Net liability for future policy benefits, after reinsurance recoverable $ 11,275  $ 584  $ 11,859 
Weighted average liability duration of future policy benefits (years) 7 14
Weighted average interest accretion rate 5  % 5  %
Weighted average current discount rate 5  % 6  %
__________________________
(1)For the three months 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.
Page 45

AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		 Annuities Life Insurance Total
Present value of expected net premiums:
Balance, beginning of period $ —  $ 3,145  $ 3,145 
Beginning balance at original discount rate —  3,253  3,253 
Effect of changes in cash flow assumptions —  (62) (62)
Effect of actual variances from expected experience 6  (34) (28)
Adjusted beginning of period balance 6  3,157  3,163 
Issuances 1,280  32  1,312 
Interest accrual 9  62  71 
Net premiums collected (1,295) (162) (1,457)
Derecognitions (lapses and withdrawals) —  1  1 
Ending balance at original discount rate —  3,090  3,090 
Effect of changes in discount rate assumptions —  (235) (235)
Balance, end of period $ —  $ 2,855  $ 2,855 
Present value of expected future policy benefits:
Balance, beginning of period $ 5,731  $ 5,040  $ 10,771 
Beginning balance at original discount rate 5,909  5,277  11,186 
Effect of changes in cash flow assumptions(1)
 12  74  86 
Effect of actual variances from expected experience 19  (33) (14)
Adjusted beginning of period balance 5,940  5,318  11,258 
Acquisition from business combination 311  —  311 
Issuances 1,287  32  1,319 
Interest accrual 144  101  245 
Benefit payments (312) (228) (540)
Derecognitions (lapses and withdrawals) 1  1  2 
Foreign currency translation (114) —  (114)
Ending balance at original discount rate 7,257  5,224  12,481 
Effect of changes in discount rate assumptions (353) (505) (858)
Balance, end of period $ 6,904  $ 4,719  $ 11,623 
Net liability for future policy benefits 6,904  1,864  8,768 
Less: Reinsurance recoverables (35) (46) (81)
Net liability for future policy benefits, after reinsurance recoverable $ 6,869  $ 1,818  $ 8,687 
Weighted average liability duration of future policy benefits (years) 8 16
Weighted average interest accretion rate 5  % 5  %
Weighted average current discount rate 5  % 6  %
__________________________
(1)For the three months and six months ended June 30, 2024, the Company recognized liability remeasurement losses of $48 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.

Page 46

The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
AS OF JUN. 30
US$ MILLIONS		 2025 2024
Undiscounted Discounted Undiscounted Discounted
Annuities:
Expected future benefit payments $ 18,614  $ 11,262  $ 11,414  $ 6,877 
Expected future gross premiums —  —  —  — 
Life Insurance:
Expected future benefit payments $ 8,675  $ 4,203  $ 10,375  $ 4,799 
Expected future gross premiums 5,482  3,259  14,649  8,507 
Total:
Expected future benefit payments $ 27,289  $ 15,465  $ 21,789  $ 11,676 
Expected future gross premiums 5,482  3,259  14,649  8,507 
The amount of revenue and interest recognized in the statements of operations follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
Gross Premiums or Assessments Interest Expense Gross Premiums or Assessments Interest Expense
2025 2024 2025 2024 2025 2024 2025 2024
Annuities $ 338  $ 1,313  $ 105  $ 137  $ 761  $ 2,005  $ 221  $ 203 
Life Insurance 101  222  21  39  206  335  41  59 

NOTE 18. POLICYHOLDERS’ ACCOUNT BALANCES
Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts.
The reconciliation of the balances described in the table below to the “Policyholders’ account balances” in the statements of financial position is as follows.
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Policyholders’ account balances:
Annuities $ 83,667  $ 80,046 
Life Insurance 2,158  2,107 
Embedded derivative adjustments and other(1)
 1,108  926 
Total policyholders’ account balances $ 86,933  $ 83,079 
__________________________
(1)“Embedded derivative adjustments and other” line reconciles the account balances as presented in the rollforward within this note to the gross liability as presented in the statements of financial position and includes the fair value of the embedded derivatives.
Page 47

The balances and changes in policyholders’ account balances follow.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		 Annuities Life Insurance Total
Balance, beginning of period $ 80,046  $ 2,107  $ 82,153 
Issuances 7,962  26  7,988 
Premiums received 62  218  280 
Policy charges (287) (189) (476)
Surrenders and withdrawals (5,037) (55) (5,092)
Interest credited 1,453  51  1,504 
Benefit payments (538) —  (538)
Other 6  —  6 
Balance, end of period $ 83,667  $ 2,158  $ 85,825 
Weighted average crediting rate 3  % 5  %
Net amount at risk(1)
 $ 12,907  $ 38,673 
Cash surrender value $ 76,292  $ 1,919 
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		 Annuities Life Insurance Total
Balance, beginning of period $ 22,456  $ 1,975  $ 24,431 
Acquisition from business combination(2)
 61,296  —  61,296 
Issuances 4,064  36  4,100 
Derecognition (7,402) —  (7,402)
Premiums received 69  213  282 
Policy charges (143) (187) (330)
Surrenders and withdrawals (3,323) (43) (3,366)
Interest credited 808  48  856 
Benefit payments (177) —  (177)
Other (195) —  (195)
Balance, end of period $ 77,453  $ 2,042  $ 79,495 
Weighted average crediting rate 3  % 5  %
Net amount at risk(1)
 $ 12,466  $ 38,365 
Cash surrender value $ 71,450  $ 1,796 
__________________________
(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
(2)The difference between the amount shown in this table and the policyholders’ account balance included in Note 16 represents $177 million of liabilities relating to supplemental contracts.
Page 48

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
AS OF JUN. 30, 2025
US$ MILLIONS		 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above
Other(1)
 Total
Annuities
0% - 1%
 $ 3,715  $ 2,668  $ 4,170  $ 4,868  $ —  $ 15,421 
1% - 2%
 1,569  307  1,008  1,596  —  4,480 
2% - 3%
 1,931  373  217  11,323  —  13,844 
Greater than 3%
 270  5  6  11  —  292 
Other(1)
 —  —  —  —  49,630  49,630 
Total $ 7,485  $ 3,353  $ 5,401  $ 17,798  $ 49,630  $ 83,667 
Life Insurance
1% - 2%
 $ 38  $ 2  $ 66  $ 791  $ —  $ 897 
2% - 3%
 423  —  221  —  —  644 
Greater than 3%
 617  —  —  —  —  617 
Total $ 1,078  $ 2  $ 287  $ 791  $ —  $ 2,158 
AS OF JUN. 30, 2024
US$ MILLIONS		 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above
Other(1)
 Total
Annuities
0% - 1%
 $ 4,296  $ 2,669  $ 3,931  $ 4,679  $ —  $ 15,575 
1% - 2%
 1,446  393  1,740  1,844  —  5,423 
2% - 3%
 1,942  429  111  6,637  —  9,119 
Greater than 3%
 306  7  1  5  —  319 
Other(1)
 —  —  —  —  47,017  47,017 
Total $ 7,990  $ 3,498  $ 5,783  $ 13,165  $ 47,017  $ 77,453 
Life Insurance
1% - 2%
 $ 34  $ 2  $ 54  $ 667  $ —  $ 757 
2% - 3%
 421  —  222  —  —  643 
Greater than 3%
 642  —  —  —  —  642 
Total $ 1,097  $ 2  $ 276  $ 667  $ —  $ 2,042 
__________________________
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
Page 49

NOTE 19. MARKET RISK BENEFITS
The net balance of market risk benefit assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts follows.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Balance, beginning of period $ 2,799  $ 55 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk 2,549  39 
Acquisition from business combination(1)
 —  2,376 
Derecognition(2)
 —  (129)
Issuance (6) 3 
Interest accrual 70  24 
Attributed fees collected 121  52 
Benefits payments —  — 
Effect of changes in interest rates 51  138 
Effect of changes in equity markets 98  (24)
Effect of changes in equity index volatility (43) (24)
Effect of changes in future expected policyholder behavior 68  (8)
Effect of changes in other future expected assumptions 7  67 
Balance, end of period, before the effect of changes in the instrument-specific credit risk 2,915  2,514 
Effect of changes in the ending instrument-specific credit risk 278  58 
Balance, end of period 3,193  2,572 
Less: Reinsured MRB, end of period (576) (618)
Balance, end of period, net of reinsurance $ 2,617  $ 1,954 
Net amount at risk(3)
 $ 12,460  $ 12,051 
Weighted-average attained age of contract holders (years) 71 71
__________________________
(1)The difference between the amount shown in the table above and the market risk benefits liability balance included in Note 16 represents $45 million of measurement period adjustments that was recorded in the third quarter of 2024. See Note 16 for the details.
(2)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain market risk benefit balances.
(3)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
Asset Liability Net Asset Liability Net
Market risk benefits $ 1,034  $ (4,227) $ (3,193) $ 856  $ (3,655) $ (2,799)
Page 50

NOTE 20. LIABILITY FOR UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES
The liability for unpaid claims and claim adjustment expenses (“unpaid claims”) for property and casualty insurance is included in “Policy and contract claims” in the statements of financial position and is the amount estimated for incurred but not reported claims (“IBNR”) claims and claims that have been reported but not settled (“case reserves”), as well as associated claim adjustment expenses.
Information regarding the liability for unpaid claims is shown below:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Policy and contract claims, beginning $ 7,659  $ 7,288 
Less: Unpaid claims balance, beginning – long-duration 219  198 
Gross unpaid claims balance, beginning – short-duration 7,440  7,090 
Less: Reinsurance recoverables, beginning 3,083  3,045 
Less: Foreign currency translation 1  4 
Net balance, beginning – short-duration 4,356  4,041 
Add: incurred related to
Current accident year 896  1,177 
Prior accident years 20  34 
Total incurred claims 916  1,211 
Less: paid claims related to
Current accident year 296  306 
Prior accident years 655  776 
Total paid claims 951  1,082 
Net unpaid claims balance, ending – short-duration 4,321  4,170 
Add: Foreign currency translation 1  2 
Add: Reinsurance recoverables, ending 2,945  3,026 
Gross unpaid claims balance, ending – short-duration 7,267  7,198 
Add: Unpaid claims balance, ending – long-duration 253  199 
Policy and contract claims, ending $ 7,520  $ 7,397 
The estimates for ultimate incurred claims attributable to insured events of prior years increased by $20 million and increased by $34 million, respectively, for the six months ended June 30, 2025 and 2024. The unfavorable development during the period in 2025 was primarily related to higher-than-anticipated losses within certain casualty lines, which were partially offset by favorable development in our specialty lines. The unfavorable development during the period in 2024 was primarily related to higher-than-anticipated losses within certain run-off lines.
For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims as of June 30, 2025 and December 31, 2024 were $8 million and $7 million, respectively.
Page 51

NOTE 21. CORPORATE AND SUBSIDIARY BORROWINGS
Corporate Borrowings
The Company has 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, 2025, the total available amount on the credit facilities was $1.3 billion (December 31, 2024 – $1.2 billion). These credit facilities mature in June 2030. As of June 30, 2025, $348 million was drawn on the bilateral credit facilities (December 31, 2024 – $17 million).
The Company has a $1.0 billion 364-day revolving credit facility, 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. As of June 30, 2025, the facility had $836 million of borrowings outstanding, maturing in October 2025 (December 31, 2024 – $755 million). The Company pledged investments totaling $851 million as collateral as of June 30, 2025, consisting of $461 million of investment funds and $390 million of real estate partnerships. As of December 31, 2024, investments totaling $653 million were pledged as collateral consisting of $67 million of private loans, $183 million of investment funds, $19 million of cash and cash equivalents and $384 million of real estate partnerships.
The weighted average interest rates on outstanding corporate borrowings that mature within one year are 6.16% and 6.22% as of June 30, 2025 and December 31, 2024, respectively.
Subsidiary Borrowings
Subsidiary borrowings of $3.3 billion relate to debt issued at ANGI and Argo. $1.1 billion matures in 2027, $600 million matures in 2029, and the remaining $1.7 billion matures between 2032 and 2047. Subsidiary borrowings consist of the following:
•$500 million aggregate principal amount of senior unsecured notes due June 2027 (issued in June 2017), which bear interest at a fixed rate of 5.0%, payable semi-annually;
•$600 million aggregate principal amount of senior unsecured notes due October 2029 (issued in October 2024), which bear interest at a fixed rate of 5.75%, payable semi-annually;
•$500 million aggregate principal amount of senior unsecured notes due June 2032 (issued in June 2022), which bear interest at a fixed rate of 6.14%, payable semi-annually;
•$700 million aggregate principal amount of senior unsecured notes due July 2035 (issued in June 2025), which bear interest at a fixed rate of 6.0% payable semi-annually;
•$144 million aggregate principal amount of senior unsecured notes due September 2042 (issued in September 2012), which bear interest at a fixed rate of 6.5%, payable quarterly;
•$600 million principal amount of a term loan maturing in May 2027 (entered into in May 2024), which bear interest tied to SOFR plus a spread, payable quarterly;
•$265 million aggregate principal amount of series of junior subordinated debentures due between May 2033 and September 2037 (issued to its wholly-owned subsidiary trusts that are not consolidated), which bear interest tied to SOFR plus a spread, payable quarterly; and
•$100 million aggregate principal amount of subordinated debentures due June 2047 (issued to its wholly-owned subsidiary trust that is not consolidated), which bear interest at a fixed rate of 5.0%, payable quarterly.
The above noted facilities require the Company and its subsidiaries to maintain minimum net worth covenants. As of June 30, 2025 and December 31, 2024, the Company was in compliance with its financial covenants.

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The following is the maturity by year on corporate and subsidiary borrowings:
Payments due by year
AS OF JUN. 30, 2025
US$ MILLIONS		 Total Unamortized discount and issuance costs Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years
Corporate borrowings $ 1,184  —  836  —  —  —  348  — 
Subsidiary borrowings $ 3,327  (81) —  1,100  —  —  600  1,708 
Payments due by year
AS OF DEC. 31, 2024
US$ MILLIONS		 Total Unamortized discount and issuance costs Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years
Corporate borrowings $ 1,022  —  1,005  —  —  —  17  — 
Subsidiary borrowings $ 3,329  (79) —  —  1,800  —  600  1,008 
Brookfield Credit Agreement
The Company also has a credit facility with Brookfield maturing in June 2026 that, as of June 30, 2025, permitted borrowings of up to $400 million under the Brookfield Credit Agreement. As of June 30, 2025 and December 31, 2024, there were no amounts drawn on the facility.

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NOTE 22. INCOME TAXES
For the three and six months ended June 30, 2025, the effective tax rates on pre-tax income were 15.0% and 1.3%, respectively. The Company’s effective tax rate differed from the statutory tax rate of 21.1% for the same respective periods primarily due to international operations subject to different tax rates.
For the three and six months ended June 30, 2024, the effective tax rates on pre-tax income were 1251.0% and recoveries of 86.0% respectively. The Company’s effective tax rate differed from the statutory tax rate of 23.0% and 20.0%, respectively, primarily due to international operations subject to different tax rates and changes in tax rates and imposition of new tax legislation. As discussed within “Pillar Two and Bermuda Corporate Income Tax Regime” section below, the Company recorded material deferred tax assets related to the passage of the Bermuda Corporate Income Tax Act for the three months ended June 30, 2024. As a result, compared to its consolidated statutory tax rate, the Company recognized a material increase to its consolidated effective tax rate for the three months ended June 30, 2024 and a material decrease to its consolidated effective tax rate for the six months ended June 30, 2024.
Pillar Two and Bermuda Corporate Income Tax Regime
In December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the Organization for Economic Cooperation and Development’s (“OECD”) global minimum tax rules. The Corporate Income Tax Act 2023 came into operation in its entirety on January 1, 2025. The regime applies a 15% CIT to Bermuda businesses that are part of Multinational Enterprise (“MNE”) groups with annual revenue of €750 million or more. The Company has deferred tax assets totaling $357 million as of June 30, 2025 relating to this regime (December 31, 2024 – $399 million).
The Company has foreign operating subsidiaries principally located in Bermuda, the U.S., Canada, the Cayman Islands, Luxembourg, as well as the U.K. The U.K. enacted legislation in July 2023, implementing certain provisions of Pillar Two. Subsequently on March 21, 2025, the U.K. enacted certain amendments to its Pillar Two legislation, introducing the undertaxed payment rule (“UTPR”) for accounting periods beginning on or after December 31, 2024. Under the amended legislation, the UTPR would be applied as additional top-up tax levied directly on U.K. constituent entities in an amount equal to the UTPR top-up tax allocated to the U.K. There was no material top-up tax allocated to the U.K. as a result of the UTPR for the three and six months ended June 30, 2025.
On June 20, 2024, Canada enacted new legislation imposing a 15% global minimum tax on profits. The legislation applies retroactively and implements an income inclusion rule (“IIR”) and a qualified domestic minimum top-up tax (“QDMTT”) for fiscal years beginning on or after December 31, 2023. As of June 30, 2025, Canada has not enacted legislation addressing the UTPR.
Luxembourg implemented the Pillar Two rules in line with the EU Council Directive on December 14, 2022, which introduced an IIR tax (for fiscal years beginning on or after December 31, 2023), a UTPR tax (for fiscal years beginning on or after December 31, 2024) and a QDMTT (for fiscal years beginning on or after December 31, 2023).
The U.S. and Cayman Islands have not yet passed legislation with respect to Pillar Two.
The Company continues to evaluate the impact of the global minimum tax requirements by monitoring the legislative changes and future developments in relation to Pillar Two across jurisdictions in which the Company operates and assessing their impact on our operations and financial statements. Based on our evaluation of the enacted Pillar Two legislation in Canada, Luxembourg and the U.K., we determined that there was no material impact on the effective tax rate for the three and six months ended June 30, 2025.
Other Tax Matters
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures and other changes to the U.S. taxation profits derived from foreign operations. We continue to evaluate the impact the new legislation will have on our estimated annual effective tax rate and cash tax position.
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NOTE 23. SHARE CAPITAL
As of June 30, 2025 and December 31, 2024, the share capital of the Company comprises the following:
AS OF
US$ MILLIONS, EXCEPT FOR PAR VALUE AND SHARE AMOUNTS
 June 30, 2025 December 31, 2024
Par Value Authorized to Issue
Outstanding(1)
 Carrying Amount Par Value Authorized to Issue
Outstanding(1)
 Carrying Amount
Class A Senior Preferred Shares $ 25.00  100,000,000 —  $ —  $ 25.00  100,000,000 —  $ — 
Class B Senior Preferred Shares C$ 25.00  100,000,000 —  —  C$ 25.00  100,000,000 —  — 
Class A Junior Preferred Shares 25.00  1,000,000,000 —  —  25.00  1,000,000,000 —  — 
Class B Junior Preferred Shares C$ 25.00  1,000,000,000 —  —  C$ 25.00  1,000,000,000 —  — 
Class A Exchangeable Shares 32.92  1,000,000,000 41,413,496  1,434  33.10  1,000,000,000 41,436,516  1,441 
Class A-1 Exchangeable Shares 32.92  500,000,000 —  —  33.10  500,000,000 —  — 
Class B Shares 32.92  500,000 24,000  1  33.10  500,000 24,000  1 
Class C Shares 1.00  1,000,000,000 242,786,723  10,736  1.00  1,000,000,000 201,116,647  8,526 
__________________________
(1)The number of issued shares is the same as the number of outstanding shares for all share types, except for Class A exchangeable shares. The number of issued Class A exchangeable shares was 43,491,520 as of June 30, 2025, including 2,078,024 shares held in treasury. The number of issued Class A exchangeable shares as of December 31, 2024 was 43,460,516, including 2,000,000 shares held in treasury.
For the six months ended June 30, 2025, the following events impacted the Company’s share capital position:
•On February 24, 2025, we repurchased 64,656 Class A exchangeable shares, which were held in treasury as of June 30, 2025.
•On June 25, 2025, Brookfield contributed $3.5 billion of BAM shares, in exchange for the issuance of 41,670,076 Class C shares and a promissory note. The promissory note is reported as “Due to related parties” in the statement of financial position.
For the six months ended June 30, 2024, in addition to the conversion of Class A-1 exchangeable shares by certain of its shareholders to Class A exchangeable shares, the following event impacted the Company’s share capital position:
•On May 3, 2024, we issued 26,586,622 Class C shares to Brookfield in exchange for BAM shares purchased from Brookfield which were used as consideration for the acquisition of AEL.
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The movement of shares outstanding is as follows:
2025 2024
AS OF AND FOR THE PERIODS ENDED JUN. 30
SHARE AMOUNTS		 Class A Exchangeable Shares Class B Shares Class C Shares Class A Redeemable Junior Preferred Shares Class A Exchangeable Shares Class A-1 Exchangeable Shares Class B Shares Class C Shares
Outstanding as of January 1 41,436,516  24,000  201,116,647  100,460,280  15,311,749  28,073,777  24,000  102,056,784 
Acquisition of treasury shares, net (64,656) —  —  —  —  —  —  — 
Conversions —  —  —  —  1,523,169  (1,523,169) —  — 
Outstanding as of March 31 41,371,860  24,000  201,116,647  100,460,280  16,834,918  26,550,608  24,000  102,056,784 
Issuances 41,636  —  41,670,076  —  —  —  —  26,586,622 
Conversions —  —  —  —  44,837  (44,837) —  — 
Outstanding as of June 30 41,413,496  24,000  242,786,723  100,460,280  16,879,755  26,505,771  24,000  128,643,406 

\
NOTE 24. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below:
AS OF AND FOR THE PERIODS ENDED JUN. 30, 2025
US$ MILLIONS		 Change in Net Unrealized Investment Gains (Losses) Change in Discount Rate for Future Policy Benefits Change in Instrument-Specific Credit Risk for Market Risk Benefits Defined Benefit Pension Plan Adjustment Foreign Currency Translation Total
Balance as of January 1, 2025 $ (12) $ 362  $ (189) $ 104  $ (61) $ 204 
Other comprehensive income (loss) before reclassifications 410  (83) 68  (4) 46  437 
Amounts reclassified to (from) net income (6) —  —  —  —  (6)
Deferred income tax benefit (expense) (86) 25  (19) 1  (8) (87)
Balance as of March 31, 2025 $ 306  $ 304  $ (140) $ 101  $ (23) $ 548 
Other comprehensive income (loss) before reclassifications 109  6  (99) (3) 152  165 
Amounts reclassified to (from) net income (37) —  —  —  —  (37)
Deferred income tax benefit (expense) 6  (14) 25  1  (21) (3)
Balance as of June 30, 2025 $ 384  $ 296  $ (214) $ 99  $ 108  $ 673 
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AS OF AND FOR THE PERIODS ENDED JUN. 30, 2024
US$ MILLIONS		 Change in Net Unrealized Investment Gains (Losses) Change in Discount Rate for Future Policy Benefits Change in Instrument-Specific Credit Risk for Market Risk Benefit Defined Benefit Pension Plan Adjustment Foreign Currency Translation Total
Balance as of January 1, 2024 $ (438) $ 239  $ (15) $ 85  $ 9  $ (120)
Other comprehensive income (loss) before reclassifications (133) 206  (40) 4  (14) 23 
Amounts reclassified to (from) net income (6) —  —  —  —  (6)
Deferred income tax benefit (expense) 33  (47) 2  (1) —  (13)
Balance as of March 31, 2024 $ (544) $ 398  $ (53) $ 88  $ (5) $ (116)
Other comprehensive income (loss) before reclassifications 449  114  (3) 20  (11) 569 
Amounts reclassified to (from) net income (8) —  67  —  —  59 
Deferred income tax benefit (expense) (96) (24) (4) (4) (2) (130)
Balance as of June 30, 2024 $ (199) $ 488  $ 7  $ 104  $ (18) $ 382 
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NOTE 25. EARNINGS PER SHARE
The components of basic earnings per share are summarized in the following table:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS, EXCEPT PER SHARE AMOUNTS AND SHARES		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Net income for the period $ 516  $ 269  $ 234  $ 606 
Dividends on Class A redeemable junior preferred shares(1)
 —  (28) —  (56)
$ 516  $ 241  $ 234  $ 550 
Attributable to:
Class A exchangeable and Class B shareholders(2)
 $ 4  $ 3  $ 8  $ 6 
Class C shareholder 497  233  167  537 
Non-controlling interests 15  5  59  7 
$ 516  $ 241  $ 234  $ 550 
Earnings per class C share – basic
 $ 2.44  $ 1.95  $ 0.83  $ 4.85 
Weighted average shares – Class C shares
 203,406,212  119,294,264  202,267,754  110,675,524 
__________________________
(1)Our Class A redeemable junior preferred shares were converted to Class C shares by Brookfield on December 6, 2024. Accordingly, no dividends were accrued for the three and six months ended June 30, 2025.
(2)On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.
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NOTE 26. RELATED PARTY TRANSACTIONS
In the normal course of operations, the Company entered into the transactions below with related parties.
(a)Related party transactions under Brookfield agreements
The Company has an outstanding equity commitment in the amount of $2.0 billion from Brookfield to fund future growth, which the Company may draw on from time to time. As of June 30, 2025 and December 31, 2024, there were no amounts drawn under the equity commitment.
The Company has a revolving credit facility with Brookfield under the Brookfield Credit Agreement. Refer to Note 21 for more details.
The following table reflects the related party agreements and transactions involving Brookfield, which includes Brookfield Corporation’s subsidiaries, included in the statements of operations:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Credit agreement fees with Brookfield $ —  $ —  $ —  $ — 
Support agreement fees with Brookfield —  —  —  — 
Rights agreement fees to Brookfield —  —  —  — 
Administration fees with Brookfield 2  1  4  5 
Investment management fees to Brookfield(1)
 55  41  107  62 
Licensing agreement fees to Brookfield —  —  —  — 
__________________________
(1)The Company had $57 million and $39 million of investment management fees payable to Brookfield as of June 30, 2025 and 2024, respectively, which are included in “Due to related parties” on the statements of financial position. The remaining “Due to related parties” balances as of June 30, 2025 and 2024 are primarily related to accounts and loans payable to Brookfield and its subsidiaries.
(b)Other related party transactions
For the six months ended June 30, 2025, the Company and its subsidiaries, in aggregate, purchased related party investments of $5.6 billion (2024 – $4.2 billion). Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.
As of June 30, 2025, we held investments in related parties of $17.7 billion, which include $3.6 billion of BAM shares, $1.7 billion of our investment in a Brookfield real estate private fund, $1.7 billion of real estate partnerships associated with Brookfield office and retail real estate properties and $1.0 billion of our interest in BBU, to which we apply equity method of accounting (December 31, 2024 – $12.5 billion).
The Company had $310 million of cash on deposit with a wholly-owned subsidiary of Brookfield as of June 30, 2025 (December 31, 2024 – $493 million).
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NOTE 27. SEGMENT REPORTING
The Company’s reporting segments are Annuities, P&C, Life Insurance and Corporate and Other. These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The Company’s CODM has been identified as the Chief Executive Officer and the Chief Financial Officer.
The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities, P&C and Life Insurance segments.
DOE is calculated as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments.
The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
FOR THE THREE MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Net premiums and other policy related revenues $ 493  $ 633  $ 103  $ — 
Net investment income, including reinsurance funds withheld 1,345  109  57  71 
Segment revenues(1)(2)
 1,838  742  160  71  $ 2,811 
Policyholder benefits, net (442) (474) (78) — 
Interest sensitive contract benefits, excluding index credits (500) —  (6) — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (225) (127) (11) — 
Other insurance and reinsurance expenses(3)
 (122) —  —  — 
Operating expenses, excluding transactions costs (139) (76) (25) (19)
Interest expense —  —  —  (82)
Income tax expense, net —  —  —  (87)
Segment DOE $ 410  $ 65  $ 40  $ (117) $ 398 
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 
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FOR THE THREE MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Net premiums and other policy related revenues $ 773  $ 750  $ 193  $ — 
Net investment income, including reinsurance funds withheld 924  128  110  35 
Segment revenues(1)(2)
 1,697  878  303  35  $ 2,913 
Policyholder benefits, net (747) (599) (129) — 
Interest sensitive contract benefits, excluding index credits (311) —  (26) — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (148) (117) (11) — 
Other insurance and reinsurance expenses(3)
 (46) —  —  — 
Operating expenses, excluding transactions costs (129) (129) (62) (21)
Interest expense —  —  —  (95)
Income tax recovery (expense), net (46) 4  (12) 9 
Segment DOE $ 270  $ 37  $ 63  $ (72) $ 298 
Depreciation and amortization expenses (34)
Deferred income tax recovery relating to basis and other changes 343 
Transaction costs (137)
Mark-to-market losses on investments, including reinsurance funds withheld (5)
Mark-to-market losses on insurance contracts and other net assets (196)
Net income $ 269 

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FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Net premiums and other policy related revenues $ 1,045  $ 1,281  $ 204  $ — 
Net investment income, including reinsurance funds withheld 2,666  213  108  141 
Segment revenues(1)(2)
 3,711  1,494  312  141  $ 5,658 
Policyholder benefits, net (973) (910) (163) — 
Interest sensitive contract benefits, excluding index credits (984) —  (13) — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (447) (237) (18) — 
Other insurance and reinsurance expenses(3)
 (214) —  —  — 
Operating expenses, excluding transactions costs (261) (164) (46) (48)
Interest expense —  —  —  (162)
Income tax expense, net —  —  —  (183)
Segment DOE $ 832  $ 183  $ 72  $ (252) $ 835 
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 

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FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Net premiums and other policy related revenues $ 1,425  $ 1,541  $ 393  $ — 
Net investment income, including reinsurance funds withheld 1,387  231  221  83 
Segment revenues(1)(2)
 2,812  1,772  614  83  $ 5,281 
Policyholder benefits, net (1,426) (1,139) (316) — 
Interest sensitive contract benefits, excluding index credits (467) —  (26) — 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (175) (305) (21) — 
Other insurance and reinsurance expenses(3)
 (69) —  —  — 
Operating expenses, excluding transactions costs (204) (194) (119) (21)
Interest expense —  —  —  (167)
Income tax recovery (expense), net (46) 2  (12) 1 
Segment DOE $ 425  $ 136  $ 120  $ (104) $ 577 
Depreciation and amortization expenses (56)
Deferred income tax recovery relating to basis and other changes 328 
Transaction costs (149)
Mark-to-market gains on investments, including reinsurance funds withheld 178 
Mark-to-market losses on insurance contracts and other net assets (272)
Net income $ 606 
__________________________
(1)For the three and six months ended June 30, 2025 and 2024, 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.
(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) and are inclusive of “Other reinsurance expenses” arising from our reinsurance assumed business on the statements of operations. See Note 19 for the details of market risk benefits and Note 12 for the details of our reinsurance assumed business.
The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuities segment for the three and six months ended June 30, 2025 and 2024 were primarily from pension risk transfer transactions with institutions in the U.S. and Canada. Premiums received from retail annuities 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 American National and Argo, which include coverage for property, casualty, specialty and other. Total earned premiums within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S.-based individuals and institutions.
The Company’s Life Insurance business is principally provided by American National. Total premium revenues recorded within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S. retail customers.
Lastly, 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.
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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, 2025
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Assets $ 117,709  $ 13,214  $ 9,089  $ 8,881  $ 148,893 
Liabilities 109,792  9,600  7,695  5,967  133,054 
Equity 7,917  3,614  1,394  2,914  15,839 
AS OF DEC. 31, 2024
US$ MILLIONS		 Annuities P&C Life Insurance Corporate & Other Total
Assets $ 112,931  $ 14,269  $ 7,708  $ 5,045  $ 139,953 
Liabilities 105,724  9,574  6,510  5,069  126,877 
Equity 7,207  4,695  1,198  (24) 13,076 
The following table shows the breakdown of total assets by jurisdiction.
AS OF
US$ MILLIONS		 June 30, 2025 December 31, 2024
United States $ 135,421  $ 130,051 
Canada 5,469  5,238 
Bermuda 3,743  4,202 
Other 4,260  462 
Total assets $ 148,893  $ 139,953 
The breakdown of total revenue by jurisdiction follows.
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
United States $ 2,570  $ 1,977  $ 5,087  $ 4,022 
Canada 61  278  155  394 
Bermuda 105  30  84  149 
Other(1)
 301  617  329  822 
Total revenue $ 3,037  $ 2,902  $ 5,655  $ 5,387 
__________________________
(1)No other country greater than 10%.
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NOTE 28. FINANCIAL COMMITMENTS AND CONTINGENCIES
Commitments
As of June 30, 2025, the Company and its subsidiaries, in aggregate, had outstanding commitments to purchase, expand or improve real estate and to fund mortgage loans, private loans and investment funds of $9.7 billion (December 31, 2024 – $10.3 billion).
In addition, the subsidiaries of the Company had outstanding letters of credit in the amount of $40 million as of June 30, 2025 (December 31, 2024 – $437 million). As of June 30, 2025, certain of our subsidiaries had approximately $147 million of future payments, inclusive of office space construction costs, under their long-term operating lease agreements.
Federal Home Loan Bank (“FHLB”) Agreements
Certain of the Company’s subsidiaries have access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of June 30, 2025, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $800 million (December 31, 2024 – $800 million) and commercial mortgage loans of approximately $956 million (December 31, 2024 – $727 million) were on deposit with the FHLB as collateral for borrowing. As of June 30, 2025, the collateral provided borrowing capacity of approximately $1.4 billion (December 31, 2024 – $881 million). The deposited securities and commercial mortgage loans are included in the statements of financial position within “Available-for-sale fixed maturity securities” and “Mortgage loans on real estate”, respectively.
Litigation
Certain of the Company’s subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain lawsuits include claims for compensatory and punitive damages. The Company provides accruals for these items to the extent it deems the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on the statements of financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future.
Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on the Company’s financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to the Company is remote. Accruals for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, an accrual is recorded based on the lowest amount of the range.

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NOTE 29. SUBSEQUENT EVENTS
Subsequent to June 30, 2025, the Company’s Board of Directors (the “Board”) approved a three-for-two stock split (the “Stock Split”) of its outstanding Class A exchangeable shares. The stock dividend will be payable on October 9, 2025 to shareholders of record at the close of business on October 3, 2025. Fractional shares will be paid in cash based on the closing price of the Class A exchangeable shares on the TSX and NYSE on the record date. The Board has also approved a concurrent three-for-two split of the Company’s Class B shares. Upon completion of the Stock Split, the Class A exchangeable shares will continue to maintain economic equivalence to class A limited voting shares of Brookfield Corporation.
On July 31, 2025, the Company announced an agreement to acquire the entire issued and to be issued share capital of Just Group plc (“Just”), in an all-cash transaction for approximately £2.4 billion ($3.2 billion). The acquisition is expected to close in the first half of 2026, subject to customary closing conditions.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
This management’s discussion and analysis (“MD&A”) covers the financial position as of June 30, 2025 and December 31, 2024 and the results of operations for the three and six months ended June 30, 2025 and 2024. Unless the context requires otherwise, when used in this MD&A, the terms “we”, “us”, “our”, or the “Company” mean Brookfield Wealth Solutions Ltd., together with all of its subsidiaries and the term “Brookfield” means Brookfield Corporation, its subsidiaries and controlled companies and any investment fund sponsored, managed or controlled by Brookfield Corporation or its subsidiaries, and does not, for greater certainty, include us or Brookfield Oaktree Holdings, LLC and Oaktree Capital Holdings, LLC and its subsidiaries.
In addition to historical information, this MD&A contains forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. See “Forward-Looking Information” within this MD&A.
The information in this MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements (“the financial statements”) prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024, as well as the December 31, 2024 audited consolidated financial statements included within the Form 20-F, filed with the SEC on March 27, 2025. Interim operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected for the entire year.
Overview of Our Business
Our company is an exempted company limited by shares incorporated under the laws of Bermuda on December 10, 2020. The Company holds a direct 100% ownership interest in BWS Holdings Ltd. (“BWS Holdings”, formerly BAM Re Holdings Ltd.), which holds the Company’s interest in its operating subsidiaries, which are: American National Group Inc. (“ANGI”), Argo Group International Holdings, Inc. (“Argo”), Blumont Annuity Company (“BAC Canada”), Blumont Annuity Company UK Ltd. (“BAC UK”), North End Re Ltd. (“NER Ltd.”) and North End Re (Cayman) SPC (“NER SPC”).
In May 2024, American Equity Investment Life Holdings Company (“AEL”) became a wholly-owned subsidiary of BWS Holdings. Following the acquisition of AEL, American National Group, LLC (“American National”) completed a downstream merger with AEL. Subsequently, AEL changed its name to American National Group Inc. Following this merger, American National and AEL generally maintain independent insurance operations while sharing certain corporate and management activities. As such, we continue to make references, where applicable, to the operating results of American National and AEL separately in this MD&A. For further details of the Company’s acquisition of AEL and post-merger reorganization, see Note 16, “Acquisition” in the notes to the financial statements.
Our company is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Our business is presently conducted through our subsidiaries under four reporting segments, which are Annuities, Property and Casualty (“P&C”), Life Insurance and Corporate and Other. The principal operating entities of the Company generally maintain their own independent management and infrastructure. Refer to the “Lines of Business” section within this MD&A for further details on our operating segments’ businesses.
Controls and Procedures
The Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2025. Based on the evaluation conducted, it was concluded that our disclosure controls and procedures were effective. There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Key Financial Data
The following table presents key financial data of the Company:
AS OF AND FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Total assets
 $ 148,893  $ 130,533  $ 148,893  $ 130,533 
Net income 516  269  234  606 
Adjusted Equity(1)
 14,688  10,538  14,688  10,538 
Distributable Operating Earnings(1)
 398  298  835  577 
__________________________
(1)Adjusted Equity and Distributable Operating Earnings are Non-GAAP measures. See “Reconciliation of Non-GAAP Measures”.
Operating Results and Financial Review
CONSOLIDATED RESULTS OF OPERATIONS
The following table summarizes the financial results of our business for the three and six months ended June 30, 2025 and 2024:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Net premiums $ 1,029  $ 1,516  $ 2,151  $ 3,047 
Other policy revenue 200  200  379  312 
Net investment income 1,470  1,118  2,883  1,692 
Investment related gains (losses) 328  (114) 225  (70)
Net investment results from reinsurance funds withheld 10  182  17  406 
Total revenues 3,037  2,902  5,655  5,387 
Policyholder benefits and claims incurred (1,079) (1,515) (2,186) (2,929)
Interest sensitive contract benefits (497) (422) (1,021) (607)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired (363) (276) (702) (501)
Change in fair value of insurance-related derivatives and embedded derivatives (131) 13  (331) 57 
Change in fair value of market risk benefits 46  (168) (315) (199)
Other reinsurance expenses (1) (7) (2) (14)
Operating expenses (323) (461) (705) (694)
Interest expense (82) (95) (155) (167)
Total benefits and expenses (2,430) (2,931) (5,417) (5,054)
Net income (loss) before income taxes 607  (29) 238  333 
Income tax recovery (expense) (91) 298  (4) 273 
Net income 516  269  234  606 
Less: non-controlling interests (15) (5) (59) (7)
Net income attributable to shareholders $ 501  $ 264  $ 175  $ 599 
Comparison of three months ended June 30, 2025 and 2024
For the three months ended June 30, 2025, we reported net income of $516 million, compared to net income of $269 million in the prior year quarter. The increase of $247 million is primarily driven by favorable unrealized fair value movements on our equity securities portfolio coupled with favorable fair value movements in our fixed index annuity reserves due to movements in interest rates and equity markets used in the valuation of these liabilities.
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Net premiums and other policy revenue were $1.2 billion for the three months ended June 30, 2025, compared to $1.7 billion in the prior year quarter. The decrease of $487 million is primarily attributable to lower pension risk transfer (“PRT”) sales in the quarter as compared to the prior year period and the phased withdrawal from non-core businesses in our P&C segment.
Net investment income increased by $352 million for the three months ended June 30, 2025, relative to the prior year quarter. Net investment income is comprised of interest and dividends earned on fixed income and equity investments, as well as other miscellaneous income from equity accounted investments primarily consisting of real estate partnerships and investment funds. The increase from the prior year quarter was driven by the continued rotation into higher yielding investment strategies.
Investment related gains and losses increased by $442 million for the three months ended June 30, 2025, relative to the prior year quarter. The increase is primarily driven by unrealized fair value gains on our equity securities portfolio.
Net investment results from reinsurance funds withheld decreased by $172 million for the three months ended June 30, 2025, compared to the prior year quarter. The decrease is primarily driven by mark-to-market losses on embedded derivatives arising from our modified coinsurance reinsurance agreement, coupled with reduced investment income recognized through reinsurance funds withheld following the deemed settlement of a previously held reinsurance agreement with AEL post our acquisition (See Note 16, “Acquisition” in the notes to the financial statements).
Interest sensitive contract benefits represent interest credited to policyholders’ account balances (“PAB”) from our investment contracts with customers, as well as amortization of deferred revenue. For the three months ended June 30, 2025, the amount increased by $75 million primarily driven by new businesses written within our Annuities segment.
Amortization of deferred policy acquisition costs (“DAC”), deferred sales inducements and value of business acquired (“VOBA”) were $363 million for the three months ended June 30, 2025, compared to $276 million in the prior year quarter. The increase of $87 million was primarily driven by the continued growth of our annuities business.
Change in fair value of insurance-related derivatives and embedded derivatives represents the fair value change of call options used to fund the equity-indexed annuity and universal life contracts as well as the fair value change of embedded derivatives of these contracts. Fair value changes are impacted by the expected and actual performance of the indices the call options relate to as well as interest rates used to estimate our embedded derivatives. The decrease of $144 million is attributable to the change in interest rates used in the valuation of these liabilities.
Change in fair value of market risk benefits represents the mark-to-market movements of our liability based on the protection to the policyholder from capital market risks. The gain of $46 million for the three months ended June 30, 2025 is primarily due to movements in interest rates and equity markets used in the valuation of these liabilities.
Other reinsurance expenses decreased by $6 million. The decrease is due to reduced expenses from our reinsurance assumed businesses as a result of the deemed settlement of a previously held reinsurance agreement with AEL post our acquisition.
Operating expenses were $323 million for the three months ended June 30, 2025, compared to $461 million in the prior year quarter, which represents a decrease of $138 million. The decrease was primarily driven by non-recurring costs associated with the acquisition of AEL included in the prior year quarter.
Interest expense decreased by $13 million for the three months ended June 30, 2025, compared to the prior year period. The decrease is primarily driven by the replacement of a portion of our debt assumed and raised through our acquisition of AEL by senior notes issued at favorable terms.
Distributable operating earnings (“DOE”) increased by $100 million to $398 million for the three months ended June 30, 2025 with every reporting segment contributing favorably. Please refer to the “Segment Review” section for additional details within this MD&A.
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Comparison of six months ended June 30, 2025 and 2024
For the six months ended June 30, 2025, we reported a net income of $234 million, compared to a net income of $606 million in the prior year period. The decrease of $372 million is primarily driven by unfavorable fair value movements in our fixed index annuity reserves due to movements in interest rates and equity market performance used in the valuation of these liabilities, coupled with a non-recurring deferred income tax recovery recognized during the prior year period in relation to the corporate income tax regime in Bermuda.
Net premiums and other policy revenue were $2.5 billion for the six months ended June 30, 2025, compared to $3.4 billion in the prior year period. The decrease of $829 million is primarily driven by lower PRT sales as compared to the prior year period coupled with the phased withdrawal from non-core businesses in our P&C segment.
Net investment income increased by $1.2 billion for the six months ended June 30, 2025, relative to the prior year period. Net investment income is comprised of interest and dividends earned on fixed income and equity investments, as well as other miscellaneous income from equity accounted investments primarily consisting of real estate partnerships and investment funds. The increase from the prior year period was driven by the growth in our investment portfolio due to the contribution from AEL, coupled with the continued rotation into higher yielding investment strategies.
Investment related gains and losses increased by $295 million for the six months ended June 30, 2025, relative to the prior year period. The increase is primarily driven by unrealized fair value gains on our equity securities.
Net investment results from reinsurance funds withheld decreased by $389 million for the six months ended June 30, 2025, compared to the prior year period. The decrease is primarily driven by reduced investment income recognized through reinsurance funds withheld following the deemed settlement of a previously held reinsurance agreement with AEL post our acquisition.
Interest sensitive contract benefits represent interest credited to PAB from our investment contracts with customers, as well as amortization of deferred revenue. For the six months ended June 30, 2025, the amount increased by $414 million primarily due to the assumption of AEL’s PAB liabilities.
Amortization of DAC, deferred sales inducements and VOBA were $702 million for the six months ended June 30, 2025, compared to $501 million in the prior year period. The increase of $201 million was primarily driven by the amortization of VOBA arising from the acquisition of AEL.
Change in fair value of insurance-related derivatives and embedded derivatives represents the fair value change of call options used to fund the equity-indexed annuity and universal life contracts as well as the fair value change of embedded derivatives of these contracts. Fair value changes are impacted by the expected and actual performance of the indices the call options relate to as well as interest rates used to estimate our embedded derivatives. The decrease of $388 million is attributable to the change in interest rates used in the valuation of these liabilities.
Change in fair value of market risk benefits represents the mark-to-market movements of our liability based on the protection to the policyholder from capital market risks. The loss of $315 million for the six months ended June 30, 2025 is primarily due to movements in interest rates and equity markets used in the valuation of these liabilities coupled with the assumption of AEL’s market risk benefit liabilities.
Other reinsurance expenses decreased by $12 million. The decrease is due to reduced expenses from our reinsurance assumed businesses as a result of the deemed settlement of a previously held reinsurance agreement with AEL post our acquisition.
Operating expenses were $705 million for the six months ended June 30, 2025, compared to $694 million in the prior year period, which represents an increase of $11 million. The increase was primarily driven by the contribution of expenses from AEL, as well as additional costs incurred to support the continued growth of our business.
Interest expense decreased by $12 million for the six months ended June 30, 2025, compared to the prior year period. The decrease is primarily driven by the replacement of a portion of our debt assumed and raised through our acquisition of AEL by senior notes issued at favorable terms.
DOE increased by $258 million to $835 million for the six months ended June 30, 2025. The increase was primarily driven by earnings contributions from AEL, coupled with new business wins and higher spread earnings.
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CONSOLIDATED FINANCIAL POSITION
The following table summarizes the financial position as of June 30, 2025 and December 31, 2024:
AS OF
US$ MILLIONS		 Jun. 30, 2025 Dec. 31, 2024
Assets
Investments $ 100,965  $ 92,966 
Cash and cash equivalents 13,091  12,243 
Accrued investment income 810  860 
Deferred policy acquisition costs, deferred sales inducements and value of business acquired 11,126  10,696 
Reinsurance funds withheld 1,473  1,517 
Premiums due and other receivables 706  647 
Ceded unearned premiums 475  520 
Deferred tax asset 752  760 
Reinsurance recoverables and deposit assets 12,772  13,195 
Property and equipment 268  272 
Intangible assets 1,682  1,690 
Goodwill 783  783 
Other assets 2,668  2,461 
Separate account assets 1,322  1,343 
Total assets 148,893  139,953 
Liabilities
Future policy benefits 15,204  14,088 
Policyholders’ account balances
 86,933  83,079 
Policy and contract claims 7,520  7,659 
Deposit liabilities 1,464  1,502 
Market risk benefits 4,227  3,655 
Unearned premium reserve 1,604  1,843 
Due to related parties 2,018  684 
Other policyholder funds 397  347 
Notes payable 200  189 
Corporate borrowings 1,184  1,022 
Subsidiary borrowings 3,327  3,329 
Funds withheld for reinsurance liabilities 3,241  3,392 
Other liabilities 4,413  4,745 
Separate account liabilities 1,322  1,343 
Total liabilities 133,054  126,877 
Equity
Class A exchangeable, Class B and Class C 12,171  9,968 
Retained earnings 2,229  2,054 
Accumulated other comprehensive income 673  204 
Non-controlling interests 766  850 
Total equity 15,839  13,076 
Total liabilities and equity $ 148,893  $ 139,953 
Comparison as of June 30, 2025 and December 31, 2024
Total assets increased by $8.9 billion during the period to $148.9 billion, primarily driven by net annuity inflows, investment purchases and favorable unrealized fair value movements on our equity securities portfolio.
Cash and cash equivalents increased by $848 million from December 31, 2024 to June 30, 2025, primarily driven by annuity sales during the period not yet deployed into our investments. We continue to maintain a strong liquidity position across our segments. For further information, refer to “Liquidity and Capital Resources” section within this MD&A.
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Total investments increased by $8.0 billion from December 31, 2024 to June 30, 2025, primarily driven by the redeployment of cash and cash equivalents into fixed maturity investments, investment purchases and favorable unrealized fair value movements on our equity securities portfolio.
The decrease in reinsurance funds withheld of $44 million from December 31, 2024 to June 30, 2025 was primarily driven by changes in the value of their embedded derivative.
DAC are capitalized costs directly related to writing new policyholder contracts. The VOBA intangible asset arising from business combinations is also included in this line item. The increase from December 31, 2024 to June 30, 2025 was driven by new business written during the period.
Ceded unearned premiums represent a portion of unearned premiums ceded to reinsurers. The decrease of $45 million from December 31, 2024 to June 30, 2025 is primarily driven by the recognition of earned premiums subject to reinsurance.
Reinsurance recoverables and deposit assets are estimated amounts due to the Company from reinsurers or cedants, related to paid and unpaid ceded benefits, claims and expenses and are presented net of reserves for collectability. The decrease of $423 million from December 31, 2024 to June 30, 2025 is driven by a reduction in associated insurance liabilities.
Other assets were $2.7 billion as of June 30, 2025, increasing by $207 million from December 31, 2024. The balance includes current tax assets, market risk benefits asset, prepaid pension assets, as well as other miscellaneous receivables. The increase is primarily driven by the increase in miscellaneous receivables.
Intangible assets decreased by $8 million from December 31, 2024 to June 30, 2025, principally due to the amortization of intangible assets during the period.
Goodwill consists of $662 million arising from the acquisition of AEL in May 2024 as well as $121 million arising from the acquisition of American National in May 2022.
Separate account assets and liabilities both decreased by $21 million from December 31, 2024 to June 30, 2025, principally due to policyholder benefits and withdrawals during the period.
Future policy benefits and PAB increased by $5.0 billion from December 31, 2024 to June 30, 2025, primarily driven by annuity sales coupled with fair value movements on our embedded derivatives during the period.
Policy and contract claims decreased by $139 million from December 31, 2024 to June 30, 2025 driven by favorable loss experience in our P&C segment during the period.
Corporate and subsidiary borrowings increased by $160 million from December 31, 2024 to June 30, 2025 primarily driven by draws on our corporate warehouse facilities to fund investment purchases.
Total equity increased by $2.8 billion from December 31, 2024 to June 30, 2025. The increase was primarily driven by the issuance of incremental Class C shares, coupled with comprehensive income of $641 million recognized during the period.
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SEGMENT REVIEW
The Company’s reporting segments are Annuities, P&C, Life Insurance and Corporate and Other.
We measure operating performance primarily using DOE which measures our ability to acquire net insurance assets at a positive margin, and invest these assets at a return that is greater than the cost of policyholder liabilities.
The following table presents DOE of each of our reporting segments for the three and six months ended June 30, 2025 and 2024:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Annuities $ 410  $ 270  $ 832  $ 425 
P&C 65  37  183  136 
Life Insurance 40  63  72  120 
Corporate and Other (117) (72) (252) (104)
DOE $ 398  $ 298  $ 835  $ 577 
Comparison of three months ended June 30, 2025 and 2024
Annuities – DOE within our annuities business represents contribution from both our retail and institutional platforms. DOE increased by $140 million for the three months ended June 30, 2025 compared to the prior year quarter. The increase was primarily attributable to a full quarter of earnings contributed from AEL as well as increased investment income from our continued deployment into higher yielding investment strategies.
P&C – DOE increased by $28 million for the three months ended June 30, 2025 compared to the prior year quarter. The increase was primarily driven by improvements in our loss experience arising from underwriting actions implemented over the past twelve months.
Life Insurance – DOE decreased by $23 million for the three months ended June 30, 2025 compared to the prior year quarter. The favorable impact of improved investment income from our continued deployment into higher yielding investment strategies was offset by the ANGI reinsurance agreement executed in the third quarter of 2024, whereby several ANGI subsidiaries ceded a diversified block of life business representing approximately $3.3 billion of insurance liabilities.
Corporate and Other – DOE decreased by $45 million for the three months ended June 30, 2025 compared to the prior year quarter. The decrease was primarily driven by increased tax expenses associated with higher DOE generated in the quarter compared to the prior year quarter.
Comparison of six months ended June 30, 2025 and 2024
Annuities – DOE increased by $407 million for the six months ended June 30, 2025 compared to the prior year period. The increase was primarily attributable to earnings contributed from AEL as well as increased investment income from our continued deployment into higher yielding investment strategies.
P&C – DOE increased by $47 million for the six months ended June 30, 2025 compared to the prior year period. The increase was primarily driven by improvements in our loss experience arising from underwriting actions implemented over the past twelve months.
Life Insurance – DOE decreased by $48 million for the six months ended June 30, 2025 compared to the prior year period. The favorable impact of improved investment income from our continued deployment into higher yielding investment strategies was offset by the aforementioned ANGI reinsurance agreement executed in the third quarter of 2024.
Corporate and Other – DOE decreased by $148 million for the six months ended June 30, 2025 compared to the prior year period. The decrease was primarily driven by increased operating and other expenses contributed by AEL coupled with increased tax expenses associated with higher DOE generated in the current period compared to the prior year period.
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Lines of Business
Through our operating subsidiaries, our company offers a range of retirement services, wealth protection products and tailored capital solutions focused on securing the financial futures of individuals and institutions.
Annuities
Fixed Index Annuities – Fixed index annuities allow policyholders to earn index credits based on the performance of a particular index without the risk of loss of their account value. Certain products offer a premium bonus in which the initial annuity deposit on these policies is increased at issuance by a specified premium bonus rate. Generally, the surrender charge and bonus vesting provisions of our policies are structured such that we have comparable protection from early termination between bonus and non-bonus products. The annuity contract value is equal to the sum of premiums paid, premium bonuses and interest credited (“index credits” for funds allocated to an index based strategy), which is based upon an overall limit (or “cap”) or a percentage (the “participation rate”) of the appreciation (based in certain situations on monthly averages or monthly point-to-point calculations) in a recognized index or benchmark. Caps and participation rates limit the amount of interest the policyholder may earn in any one contract year and may be adjusted by us annually subject to stated minimums.
Fixed Rate Annuities – Fixed rate deferred annuities include annual, multi-year rate guaranteed products (“MYGAs”) and single premium deferred annuities (“SPDAs”). Our annual reset fixed rate annuities have an annual interest rate (the “crediting rate”) that is guaranteed for the first policy year. After the first policy year, we have the discretionary ability to change the crediting rate once annually to any rate at or above a guaranteed minimum rate. Our MYGAs and SPDAs are similar to our annual reset products except that the initial crediting rate on MYGAs is guaranteed for a stated period of time before it may be changed at our discretion while the initial crediting rate on SPDAs is guaranteed for either three or five years.
Pension Risk Transfer – Pension Risk Transfer is the transfer by a corporate sponsor of the risks, or some of the risks, associated with the sponsorship and administration of a pension plan, in particular, investment risk and longevity risk. Longevity risk represents the risk of an increase in life expectancy of plan beneficiaries. These risks can be transferred either to an insurer like us through a group annuity transaction commonly referred to as PRT, or to an individual through a lump-sum settlement payment. PRT using insurance typically involves a single premium group annuity contract that is issued to a pension plan by an insurer, permitting the corporate pension plan sponsor to discharge certain pension plan liabilities from its balance sheet.
Funding Agreements – Funding agreements are issued by certain of our insurance subsidiaries to special-purpose unaffiliated trusts in connection with our funding agreement-backed notes (“FABN”) program.
Single Premium Immediate Annuities – A single premium immediate annuity is purchased with one premium payment, providing periodic (usually monthly or annual) payments to the annuitant for a specified period, such as for the remainder of the annuitant’s life. Return of the original deposit may or may not be guaranteed, depending on the terms of the annuity contract.
Variable Annuities – With a variable annuity, the policyholder bears the investment risk because the value of the policyholder’s account balance varies with the investment experience of the separate account investment options selected by the policyholder. Our variable annuity products have no guaranteed minimum withdrawal benefits. This product accounts for less than 1% of our annuities business.
Property and Casualty
Property – Property lines offer policies protecting various personal and commercial properties from man-made and natural disasters, including property insurance for homeowners and renters.
Casualty – Casualty lines include a broad range of primary and excess casualty products, such as specialty casualty, construction defect, general liability, commercial multi-peril, workers compensation, product liability, environmental liability and auto liability. Casualty lines are generally considered long-tailed as it takes a relatively long period of time to finalize and resolve all claims from a given accident year. Some products have long claims reporting lags and/or longer time lags for payment of claims.
Specialty – Specialty lines include niche insurance coverages such as garage and inland marine and offer insurance programs and fronting solutions. Specialty lines are considered generally short-tailed as claims are typically known relatively quickly, although it may take a longer period of time to finalize and resolve all claims from a given year.
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Run-off and Other – Run-off and Other lines primarily consist of discontinued lines previously underwritten by our insurance subsidiaries including professional liability and surety coverages.
Life Insurance
Whole Life – Whole life products provide a guaranteed benefit upon the death of the insured in return for the periodic payment of a fixed premium over a predetermined period. Premium payments may be required for the entire life of the contract, to a specified age or a fixed number of years, and may be level or change in accordance with a predetermined schedule. Whole life insurance includes some policies that provide a participation feature in the form of dividends. Policyholders may receive dividends in cash or apply them to increase death benefits or cash values available upon surrender, or reduce the premiums required to maintain the contract in-force.
Universal Life – Universal life insurance products provide coverage through a contract that gives the policyholder flexibility in premium payments and coverage amounts. Universal life products may allow the policyholder, within certain limits, to increase or decrease the amount of death benefit coverage over the term of the contract and to adjust the frequency and amount of premium payments. Universal life products are interest rate sensitive, and we determine the interest crediting rates during the contract period, subject to policy specific minimums. An equity-indexed universal life product is credited with interest using a return that is based, in part, on changes in an index, such as the Standard & Poor’s 500 Index (“S&P 500”), subject to a specified minimum.
Variable Universal Life – Variable universal life products provide insurance coverage on a similar basis as universal life, except that the policyholder bears the investment risk because the value of the policyholder’s account balance varies with the investment experience of the securities selected by the policyholder held in the separate account.
Corporate and Other
Our Corporate and Other segment performs various corporate and other activities that support our core insurance operations. Such activities include our investment warehousing activities where we temporarily warehouse investments that will ultimately be transferred into our insurance investment portfolios in the near term. We generate investment income from warehoused investments and incur interest expenses on revolving credit facilities utilized to fund these investments. Also included in our Corporate and Other segment activities are certain hedging activities, certain charges and activities that are not attributable to our insurance operating segments and interest expense related to the Company’s corporate and subsidiary borrowings.
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Net Premiums
The breakdown of premiums by product, net of ceded premiums, is as follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Annuities
Retail(1):
Fixed Index $ —  $ —  $ —  $ — 
Fixed Rate 2  2  3  2 
Variable —  —  —  — 
Total Retail Annuities 2  2  3  2 
Institutional:
Pension Risk Transfer(2)
 304  623  705  1,237 
Funding Agreements(1)
 —  —  —  — 
Total Institutional Annuities 304  623  705  1,237 
Total Annuities 306  625  708  1,239 
Whole Life and Others 94  144  174  276 
Property and Casualty
Property 51  92  122  183 
Casualty 505  499  1,008  1,015 
Specialty 65  64  126  131 
Run-off and Other 8  92  13  203 
Total Property and Casualty 629  747  1,269  1,532 
Total Net Premiums $ 1,029  $ 1,516  $ 2,151  $ 3,047 
__________________________
(1)Premiums received from retail annuities and funding agreements are generally recorded as deposits and are not included in net premiums.
(2)Premiums differ from gross annuity sales in PRT, since premiums are recognized as revenue when due while they are included in sales upon deal close, which is confirmed by the counterparty.
Comparison of the three months ended June 30, 2025 and 2024
For the three months ended June 30, 2025, we reported total net premiums of $1.0 billion, compared to $1.5 billion in the prior year quarter. The decrease of $487 million is primarily due to the phased withdrawal from non-core businesses in our P&C segment, reinsurance agreements executed in our Life Insurance segment and seasonality in our PRT business.
Comparison of the six months ended June 30, 2025 and 2024
For the six months ended June 30, 2025, we reported total net premiums of $2.2 billion, compared to $3.0 billion in the prior year quarter. The decrease of $896 million is primarily due to the phased withdrawal from non-core businesses in our P&C segment, reinsurance agreements executed in our Life Insurance segment and seasonality in our PRT business.
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Gross Annuity Sales
Gross annuity sales are comprised of all products’ deposits, which generally are not included in revenues on the statement of operations. Gross annuity sales include directly written business, flow reinsurance assumed as well as premiums and deposits generated from assumed block reinsurance transactions.
The breakdown of gross annuity sales follows:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Retail:
Fixed Index $ 2,513  $ 1,506  $ 4,348  $ 1,694 
Fixed Rate 1,031  1,524  2,080  2,226 
Variable 80  14  126  30 
Total Retail Annuities 3,624  3,044  6,554  3,950 
Institutional:
Pension Risk Transfer(1)
 311  470  719  1,246 
Funding Agreements 400  —  900  — 
Total Institutional Annuities 711  470  1,619  1,246 
Total Gross Annuity Sales $ 4,335  $ 3,514  $ 8,173  $ 5,196 
__________________________
(1)Gross annuity sales differ from premiums in PRT, since premiums are recognized as revenue when due while they are included in sales upon deal close, which is confirmed by the counterparty.
Comparison of the three months ended June 30, 2025 and 2024
For the three months ended June 30, 2025, we reported total gross annuity sales of $4.3 billion, compared to $3.5 billion in the prior year period. The increase of $821 million is mainly driven by our FABN issuance during the quarter, coupled with increased sales activity in our fixed index retail product.
Comparison of the six months ended June 30, 2025 and 2024
For the six months ended June 30, 2025, we reported total gross annuity sales of $8.2 billion, compared to $5.2 billion in the prior year period. The increase of $3.0 billion is primarily due our FABN issuances during the period, coupled with increased sales in our fixed index product contributed from AEL.
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Liquidity and Capital Resources
CAPITAL RESOURCES
We strive to maintain sufficient financial liquidity at all times so that we are able to participate in attractive opportunities as they arise, better withstand sudden adverse changes in economic circumstances within our operating subsidiaries and maintain payments to policyholders, as well as maintain distributions to our shareholders. Our principal sources of liquidity are cash flows from our operations, access to the Company’s third-party credit facilities, and our credit facility and equity commitment with Brookfield. We proactively manage our liquidity position to meet liquidity needs and continue to develop relationships with lenders who provide borrowing capacity at competitive rates, while looking to minimize adverse impacts on investment returns. We look to structure the ownership of our assets to enhance our ability to monetize them to provide additional liquidity, if needed. Our corporate liquidity for the periods noted below consisted of the following:
AS OF
US$ MILLIONS		 Jun. 30, 2025 Dec. 31, 2024
Cash and cash equivalents $ 237  $ 311 
Liquid financial assets —  116 
Undrawn credit facilities 1,492  1,608 
Total Corporate Liquidity(1)
 $ 1,729  $ 2,035 
__________________________
(1)Total Corporate Liquidity is a Non-GAAP measure. See “Performance Measures used by Management”.
As of the date of this MD&A, our liquidity is sufficient to meet our present requirements for the foreseeable future. In June 2021, Brookfield provided to the Company an equity commitment in the amount of $2.0 billion to fund future growth, which the Company may draw on from time to time. The equity commitment may be called by the Company in exchange for the issuance of Class C shares or redeemable junior preferred shares. As of June 30, 2025, there was $2.0 billion of undrawn equity commitment available. In addition, in connection with the Company’s spin-off from Brookfield on June 28, 2021, we entered into a credit agreement with Brookfield as the lender, providing a revolving $400 million credit facility. We have $1.3 billion of revolving bilateral credit facilities with external banks. We use the liquidity provided by our credit facilities for working capital purposes, and we may use the proceeds from the capital commitment to fund growth capital investments and acquisitions. The determination of which of these sources of funding the Company will access in any particular situation is a matter of optimizing needs and opportunities at that time. As of June 30, 2025, there was $348 million drawn on the external bilateral facilities and no amount drawn on the Brookfield facility.
Today, we have significant liquidity within our insurance portfolios, giving us flexibility to secure attractive investment opportunities. In addition to a portfolio of highly liquid financial assets, our operating companies have additional access to liquidity from sources such as the Federal Home Loan Bank (“FHLB”) programs. As of June 30, 2025, the Company had no drawings and a total of $1.4 billion undrawn commitment available related to these programs.
Liquidity within our operating subsidiaries may be restricted from time to time due to regulatory constraints. As of June 30, 2025, the Company’s total liquidity was $56.9 billion, which included $237 million of unrestricted cash and cash equivalents held by non-regulated corporate entities.
AS OF
US$ MILLIONS		 Jun. 30, 2025 Dec. 31, 2024
Cash and cash equivalents $ 13,091  $ 12,243 
Liquid financial assets 42,319  39,195 
Undrawn credit facilities 1,492  1,608 
Total Liquidity(1)
 $ 56,902  $ 53,046 
__________________________
(1)Total Liquidity is a Non-GAAP measure. See “Performance Measures used by Management”.
As of June 30, 2025 and December 31, 2024, 88% and 87% of the Company’s Total Liquidity was held by our U.S. insurance subsidiaries, respectively.
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In addition to the total corporate liquidity and total liquidity, we maintain a strong capital position across our regulated insurance subsidiaries and holding companies to fulfill our commitment to the policyholders and retirees we serve. Our capital position underpins the A financial strength ratings assigned to our life and annuity companies and the investment grade ratings for our life and annuity holding companies.
Comparison of the six months ended June 30, 2025 and 2024
The following table presents a summary of our cash flows and ending cash balances for the six months ended June 30, 2025 and 2024:
FOR THE SIX MONTHS ENDED JUN. 30
US$ MILLIONS		 2025 2024
Operating activities $ 1,040  $ 1,439 
Investing activities (2,814) 6,930 
Financing activities 2,609  1,662 
Cash and cash equivalents:
Cash and cash equivalents, beginning of period 12,243  4,308 
Net change during the period 835  10,031 
Foreign exchange on cash balances held in foreign currencies 13  (4)
Cash and cash equivalents, end of period $ 13,091  $ 14,335 
Operating Activities
For the six months ended June 30, 2025, we generated $1.0 billion of cash from operating activities compared to $1.4 billion generated during the prior year. The decrease is primarily due to seasonality in our PRT business, resulting in lower sales during the period relative to the prior year period.
Investing Activities
During the current period, $2.8 billion of cash outflows from investing activities arose as we continue to deploy cash and cash equivalents into investments, coupled with the continued rotation of our investment portfolio into higher yielding investment strategies, compared to net proceeds received from the sale of investments of $6.9 billion in the prior year period.
Financing Activities
For the six months ended June 30, 2025, we had a net cash inflow of $2.6 billion, which increased from a net cash inflow of $1.7 billion in the prior year period. The increase was primarily driven by deposits received on policyholders’ accounts, partially offset by withdrawals on such accounts.
Financial Instruments
To the extent that we believe it is economic to do so, our strategy is to hedge a portion of our equity investments and/or cash flows exposed to foreign currencies by the Company. The following key principles form the basis of our foreign currency hedging strategy:
•We leverage any natural hedges that may exist within our operations;
•We utilize local currency debt financing to the extent possible; and
•We may utilize derivative contracts to the extent that natural hedges are insufficient.
As of June 30, 2025, our total equity was $15.8 billion. Included in equity was approximately $207 million and $185 million invested in Canadian dollars and British pounds, respectively. As of June 30, 2025, we had a notional $6.6 billion (December 31, 2024 – $6.7 billion) of foreign exchange forward and cross currency forward contracts in place to hedge against foreign currency risk.
For additional information, see Note 9, “Derivative Instruments” in the notes to the financial statements.
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Future Capital Obligations and Requirements
As of June 30, 2025, the Company and its subsidiaries, in aggregate, had total unfunded investment commitments of $9.7 billion (December 31, 2024 – $10.3 billion). These commitments, when funded, are primarily recognized as mortgage loans, private loans, investment funds, investment real estate and other invested assets. For additional information, see Note 28, “Financial Commitments and Contingencies” in the notes to the financial statements.
The following is the maturity by year on corporate and subsidiary borrowings:
Payments due by year
AS OF JUN. 30, 2025
US$ MILLIONS		 Total Unamortized discount and issuance costs Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years
Corporate borrowings $ 1,184  —  836  —  —  —  348  — 
Subsidiary borrowings $ 3,327  (81) —  1,100  —  —  600  1,708 
Payments due by year
AS OF DEC. 31, 2024
US$ MILLIONS		 Total Unamortized discount and issuance costs Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years
Corporate borrowings $ 1,022  —  1,005  —  —  —  17  — 
Subsidiary borrowings $ 3,329  (79) —  —  1,800  —  600  1,008 
For additional information, see Note 21, “Corporate and Subsidiary Borrowings” in the notes to the financial statements.
Capital Management
Capital management is the ongoing process of determining and maintaining the quantity and quality of capital appropriate to take advantage of the Company’s growth opportunities, to support the risks associated with the business and to optimize shareholder returns while fully complying with regulatory capital requirements.
The Company and its subsidiaries take an integrated approach to risk management that involves the Company’s risk appetite and capital requirements. The operating capital levels are determined by each respective operating company’s risk appetite and Own Risk and Solvency Assessment (“ORSA”). Furthermore, additional stress techniques are used to evaluate the Company’s capital adequacy under sustained adverse scenarios.
American National, AEL and certain Argo subsidiaries are required to follow Risk Based Capital (“RBC”) requirements based on guidelines of the National Association of Insurance Commissioners (“NAIC”). RBC is a method of measuring the level of capital appropriate for an insurance company to support its overall business operations, in light of its size and risk profile. It provides a means of assessing capital adequacy, where the degree of risk taken by the insurer is the primary determinant.
Freestone Re Ltd., Argo Re Ltd. and NER Ltd. are required to maintain minimum statutory capital and surplus equal to the minimum solvency margin and the minimum economic capital and surplus equal to the enhanced capital requirement as determined by the Bermuda Monetary Authority (“BMA”). The Enhanced Capital Requirement (“ECR”) is calculated based on the Bermuda Solvency Capital Requirement model, a risk-based model that takes into account the risk characteristics of different aspects of a company’s business.
BAC Canada is subject to Life Insurance Capital Adequacy Test (“LICAT”) as determined by Office of the Superintendent of Financial Institutions (“OSFI”). The LICAT ratio compares the regulatory capital resources of an insurance company to its Base Solvency Buffer or required capital.
BAC UK is subject to the assessment of its capital adequacy under a prudential regulatory framework known as Solvency UK determined by the Prudential Regulatory Authority (“PRA”), which is a new framework introduced to replace the European Union’s Solvency II regime, effective December 31, 2024.
The Company has determined that it is in compliance with all capital requirements as of June 30, 2025 and December 31, 2024.
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Brookfield Operating Results
An investment in the Class A exchangeable shares of the Company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in Brookfield. A summary of Brookfield’s operating results for the three and six months ended June 30, 2025 and 2024 and is provided below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS, EXCEPT PER SHARE AMOUNTS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Revenues $ 18,083  $ 23,050  $ 36,027  $ 45,957 
Net income attributable to Brookfield shareholders 272  43  345  145 
Net income of consolidated business 1,055  (285) 1,270  234 
Net income per share:
Basic 0.15  0.00  0.17  0.04 
Diluted 0.15  0.00  0.17  0.04 
Distributable earnings before realizations 1,253  1,113  2,554  2,114 
For the three and six months ended June 30, 2025, Brookfield’s pro rata share of our DOE represented approximately 31% and 27% of their total distributable earnings before realizations, respectively. For the three and six months ended June 30, 2024, Brookfield’s pro rata share of our DOE represented approximately 32% and 27% of their total distributable earnings before realizations, respectively.
Each exchangeable share has been structured with the intention of providing an economic return equivalent to one Brookfield Class A Share due to each exchangeable share (i) being exchangeable at the option of the holder for one Brookfield Class A Share or its cash equivalent (the form of payment to be determined at the election of Brookfield), subject to certain limitations, and (ii) receiving distributions at the same time and in the same amounts as dividends on the Brookfield Class A Shares. We therefore expect that the market price of the exchangeable shares should be impacted by the market price of Brookfield Class A Shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this MD&A, careful consideration should be made to the disclosure made by Brookfield in its continuous disclosure filings. Copies of the Brookfield’s continuous disclosure filings are available electronically on EDGAR on the SEC’s website at www.sec.gov or on SEDAR+ at www.sedarplus.com.
Industry Trends and Factors Affecting Our Performance
As a financial services business providing capital based solutions to the insurance industry, we are affected by numerous factors, including global economic and financial market conditions. Price fluctuations within equity, credit, commodity and foreign exchange markets, as well as interest rates, which may be volatile and mixed across geographies, can significantly impact the performance of our business. We also monitor factors such as consumer spending, business investment, the volatility of capital markets, interest rates, unemployment and the risk of inflation or deflation, which affect the business and economic environment and, in turn, impact the demand for the type of financial and insurance products offered by our business. Refer to “Industry Trends and Factors Affecting Our Performance” included in the MD&A of our most recent annual report on Form 20-F.
Critical Accounting Policies and Estimates
The preparation of the financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. Refer to “Critical Accounting Policy and Estimates” included in the MD&A of our most recent annual report on Form 20-F.
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Performance Measures Used by Management
To measure performance, we focus on net income and total assets, as well as certain Non-GAAP measures, including DOE, Net Investment Income including Reinsurance Funds Withheld, Cost of Funds, Total Corporate Liquidity, Total Liquidity and Adjusted Equity which we believe are useful to investors to provide additional insights into assets within the business available for redeployment. Refer to the “Segment Review” and “Liquidity and Capital Resources” sections of this MD&A for further discussion on our performance and Non-GAAP measures for the three and six months ended June 30, 2025 and 2024.
Non-GAAP Measures
We regularly monitor certain Non-GAAP measures that are used to evaluate our performance and analyze underlying business performance and trends. We use these measures to establish budgets and operational goals, manage our business and evaluate our performance. We also believe that these measures help investors compare our operating performance with our results in prior years. These Non-GAAP financial measures are provided as supplemental information to the financial measures presented in this MD&A that are calculated and presented in accordance with GAAP. These Non-GAAP measures are not comparable to GAAP and may not be comparable to similarly described Non-GAAP measures reported by other companies, including those within our industry. Consequently, our Non-GAAP measures should not be evaluated in isolation, but rather, should be considered together with the most directly comparable GAAP measure in our financial statements for the periods presented. The Non-GAAP financial measures we present in this MD&A should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.
Distributable Operating Earnings
We use DOE to assess operating results and the performance of our businesses. We define DOE 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 our share of adjusted earnings from our investments in certain associates.
DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP. DOE is therefore unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of DOE also provide investors enhanced comparability of our ongoing performance across years.
Net investment income, including reinsurance funds withheld and Cost of funds form part of DOE and represent net investment income inclusive of certain investment gains and losses and expenses directly attributable to our core insurance operations, respectively, that are not otherwise excluded from DOE.
Adjusted Equity
Adjusted Equity represents the total economic equity of our company through our class A, B and C shares, excluding the impact of accumulated other comprehensive income, non-controlling interest and the accumulated after tax impact of certain adjustments related to mark-to-market gains and losses on investments, derivatives and insurance contracts. Prior to the redesignation of our Class A-1 shares and the conversion of all of our redeemable junior preferred shares by Brookfield to our Class C shares in 2024, Adjusted Equity also included Class A-1 shares and the redeemable junior preferred shares.
We use Adjusted Equity to assess our return on our equity and believe it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. For comparability with peers and to align with our measure of operating performance, we changed the composition of Adjusted Equity in the second quarter of 2025 to exclude non-controlling interest and the accumulated after tax impact of certain investment and insurance reserve gains and losses. We have restated all applicable comparative information.
Page 82


Total Corporate Liquidity and Total Liquidity
Corporate Liquidity is a measure of our liquidity position and includes cash and cash equivalents, undrawn revolving credit facilities and liquid financial assets held by non-regulated corporate entities. Total Liquidity includes liquidity within our regulated insurance entities.
The followings contain further details regarding our use of the Non-GAAP measures, as well as a reconciliation of GAAP consolidated net income and total equity to these measures:
Reconciliation of Non-GAAP Measures
The following table reconciles our net income to DOE:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		 Three Months Ended Six Months Ended
2025 2024 2025 2024
Net income $ 516  $ 269  $ 234  $ 606 
Mark-to-market losses (gains) on investments, including reinsurance funds withheld(1)
 (237) 5  (27) (178)
Mark-to-market losses (gains) on insurance contracts and other net assets(2)(3)
 49  196  636  272 
Deferred income tax expense (recovery) relating to basis and other changes 4  (343) (179) (328)
Transaction costs 14  137  55  149 
Depreciation and amortization expenses 52  34  116  56 
DOE $ 398  $ 298  $ 835  $ 577 
__________________________
(1)“Mark-to-market losses (gains) on investments, including reinsurance funds withheld” primarily represent mark-to-market gains or losses on our investments and reinsurance funds withheld. Mark-to-market gains or losses on our investments are presented as “Investment related gains (losses)” on the statements of operations. See Note 10, “Net Investment Income and Investment Related Gains (Losses)” in the notes to the financial statements for additional details. Mark-to-market gains or losses on reinsurance funds withheld are included in “Net investment results from reinsurance funds withheld” and represent the change in fair value of their embedded derivative during the period. See Note 9, “Derivative Instruments” in the notes to the financial statements for additional details.
(2)“Mark-to-market losses (gains) on insurance contracts and other net assets” principally represents the mark-to-market effect on insurance-related liabilities, net of reinsurance, due to changes in market risks (e.g., interest rates, equity markets and equity index volatility). These mark-to-market effects are primarily included in “Interest sensitive contract benefits”, “Change in fair value of insurance-related derivatives and embedded derivatives” and “Change in fair value of market risk benefits” on the statements of operations. See the following notes to the financial statements for additional information: (i) Note 9, “Derivative Instruments”; (ii) Note 18, “Policyholders’ Account Balances”; and (iii) Note 19, “Market Risk Benefits”.
(3)Included in “Mark-to-market losses (gains) on insurance contracts and other net assets” are “returns on equity invested in certain variable interest entities” and “our share of adjusted earnings from our investments in certain associates” as stated in the definition of DOE. “Returns on equity invested in certain variable interest entities” primarily represent equity-accounted income from our investments in real estate partnerships and investment funds and are included in “Net investment income” on the statements of operations. Additionally, “our share of adjusted earnings from our investments in certain associates” represents our share of DOE from AEL following the announcement of our acquisition in the third quarter of 2023, which is no longer applicable given our acquisition of AEL in May 2024.
Reconciliation of Equity to Adjusted Equity
The following table reconciles our total equity to Adjusted Equity:
AS OF JUN. 30
US$ MILLIONS		 2025 2024
Total equity $ 15,839  $ 9,015 
Add:
Redeemable junior preferred shares —  2,751 
Less:
Accumulated other comprehensive income (673) (382)
Non-controlling interests (766) (848)
Accumulated unrealized mark-to-market losses (gains), net of tax 288  2 
Adjusted Equity
 $ 14,688  $ 10,538 
Page 83


Forward-Looking Information
In addition to historical information, this MD&A contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may relate to the Company and Brookfield’s outlook and anticipated events or results and may include information regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, distributions, plans and objectives of the Company. Particularly, information regarding future results, performance, achievements, prospects or opportunities of the Company, Brookfield’s or the Canadian, U.S. or international markets is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.
We caution that the factors that could cause our actual results to vary from our forward-looking statements described in this MD&A are not exhaustive. The forward-looking statements represent our views as of the date of this MD&A and should not be relied upon as representing our views as of any date subsequent to the date of this MD&A. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent annual report on Form 20-F and other risks and factors that are described therein.
Page 84

EX-99.2 3 exhibit992bwsq22025-certif.htm EX-99.2 Document
Exhibit 99.2

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Sachin Shah, Chief Executive Officer, Brookfield Wealth Solutions Ltd., certify the following:
1,Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Wealth Solution Ltd. (the “issuer”) for the interim period ended June 30, 2025.
2,No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3,Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4,Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5,Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
ii.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2ICFR – material weakness relating to design: N/A
5.3Limitation on Scope of Design: N/A
6,Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: August 11, 2025

/s/ Sachin Shah
Sachin Shah
Chief Executive Officer
EX-99.3 4 exhibit993bwsq22025-certif.htm EX-99.3 Document
Exhibit 99.3

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Thomas Corbett, Chief Financial Officer, Brookfield Wealth Solutions Ltd., certify the following:
1,Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Wealth Solutions Ltd. (the “issuer”) for the interim period ended June 30, 2025.
2,No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3,Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4,Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5,Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
ii.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2ICFR – material weakness relating to design: N/A
5.3Limitation on Scope of Design: N/A
6,Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: August 11, 2025

/s/ Thomas Corbett
Thomas Corbett
Chief Financial Officer