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COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net premiums earned $ 4,137 $ 3,011 $ 1,016
Other policy revenue 413 224 0
Net investment income 1,809 978 76
Investment related gains (losses) 534 (185) (55)
Net investment results from funds withheld 127 281 4
Total revenues 7,020 4,309 1,041
Policyholder benefits and claims incurred (3,939) (2,852) (1,065)
Interest sensitive contract benefits (1,097) (357) (60)
Commissions for acquiring and servicing policies (755) (413) 0
Net change in deferred policy acquisition costs 670 339 30
Change in fair value of market risk benefit 72 127 (12)
Other reinsurance expenses (107) (78) (11)
Operating expenses (801) (439) (35)
Interest expense (249) (104) (1)
Total benefits and expenses (6,206) (3,777) (1,154)
Net income (loss) before income taxes 814 532 (113)
Income tax recovery (expense) (17) (31) 1
Net income (loss) for the year 797 501 (112)
Attributable to:      
Non-controlling interests 1 2 0
Net income (loss) $ 797 $ 501 $ (112)
Net income per class C share, Basic (in dollars per share) $ 10.51 $ 13.75 $ (4.92)
Brookfield Corporation      
Attributable to:      
Net income [1] $ 0 $ 0 $ (17)
Class A exchangeable, Class A-1 exchangeable and Class B shareholders      
Attributable to:      
Net income [2] 5 6 3
Class C shareholders      
Attributable to:      
Net income [2] $ 791 $ 493 $ (98)
[1] For the period prior to June 28, 2021. See Note 1(b).
[2] For the periods June 28, 2021 onward. See Note 1(b)