Brookfield Wealth Solutions Ltd 6-K, filed Nov 15, 2022

Brookfield Wealth Solutions Ltd. (BNT)

6-K 2022-11-15 For: 2022-09-30

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Added on April 08, 2026

About this 6-K

Brookfield Wealth Solutions Ltd filed this 6-K on November 15, 2022.

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Exhibit									Description of Exhibit
99.1									Brookfield Asset Management Reinsurance Partners Ltd.’s interim report for the quarter ended September 30, 2022
99.2									Certification of Sachin Shah, Chief Executive Officer, Brookfield Asset Management Reinsurance Partners Ltd., pursuant to Canadian law
99.3									Certification of Thomas Corbett, Chief Financial Officer, Brookfield Asset Management Reinsurance Partners Ltd., pursuant to Canadian law


			Page
Unaudited Interim Condensed Combined Consolidated Statements of Financial Position			2
Unaudited Interim Condensed Combined Consolidated Statements of Operations			3
Unaudited Interim Condensed Combined Consolidated Statements of Comprehensive Income (Loss)			4
Unaudited Interim Condensed Combined Consolidated Statements of Changes in Equity			5
Unaudited Interim Condensed Combined Consolidated Statement s of Cash Flows			7
Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements			9
Management's Discussion and Analysis of Financial Condition and Results of Operations			47


AS AT SEP. 30 2022 AND DEC. 31, 2021 US$ MILLIONS	Note	2022		2021
Assets
Cash and cash equivalents	4	$	3,153	$	393
Investments	4	25,761		4,943
Accrued investment income		259		21
Reinsurance recoverable		38		—
Premiums due and other receivables		440		—
Reinsurance funds withheld	4	5,323		4,650
Derivative assets	4	75		146
Deferred tax asset		591		20
Property and equipment		186		2
Prepaid pension		154		—
Equity accounted investments	6	1,622		344
Deferred acquisition costs	8	1,215		776
Reinsurance assets	9	593		169
Investment properties	7	563		—
Other assets		235		29
Goodwill	3,11	176		—
Separate account assets	5	1,003		—
Total assets		41,387		11,493
Liabilities
Future policy benefits	9	14,965		8,497
Policyholders' account balances	9	14,249		—
Policy and contract claims	9	1,780		—
Unearned premium reserve		1,112		—
Due to related parties	14	347		467
Reinsurance payable		83		75
Derivative liabilities	4	75		1
Other policyholder funds		306		—
Notes payable	4	151		—
Corporate borrowings	10	1,627		693
Subsidiary borrowings	10	1,492		—
Deferred revenue		77		82
Liabilities issued to reinsurance entities		229		167
Funds withheld liabilities	4	10		12
Preferred shares	12	2,459		—
Other liabilities		759		64
Separate account liabilities	5	1,003		—
Total liabilities		40,724		10,058
Equity
Class A exchangeable and Class B		539		539
Class C		116		896
Non-controlling interests		8		—
Total equity		663		1,435
Total liabilities and equity		$	41,387	$	11,493


		Three Months Ended				Nine Months Ended
FOR THE PERIODS ENDED SEP. 30 US$ MILLIONS, EXCEPT PER SHARE AMOUNTS	Note	2022		2021		2022		2021
Premiums
Gross		$	2,137	$	2,230	$	3,956	$	2,282
Ceded		(685)		—		(767)		(1)
Net premiums		1,452		2,230		3,189		2,281
Other policy revenue		96		—		127		—
Net investment income (loss)		271		(14)		13		(37)
Net investment results from funds withheld		142		56		215		56
Total revenues		1,961		2,272		3,544		2,300

Income (loss) from equity accounted investments	6	62		(6)		148		(6)

Benefits and claims paid on insurance contracts	9
Gross		1,052		81		1,567		119
Ceded		(425)		(3)		(521)		(15)
Change in future policy benefits	9
Gross		750		2,167		1,633		2,134
Ceded		1		15		41		34
Interest credited to policyholders' account balances		27		—		32		—
Commissions for acquiring and servicing policies		183		—		245		—
Changes in deferred acquisition costs	8	(91)		—		(167)		—
Other reinsurance expenses		23		2		78		2
Operating expenses		168		12		266		22

Interest expense		70		—		113		—
Total benefits and expenses		1,758		2,274		3,287		2,296
Net income (loss) before income taxes		265		(8)		405		(2)
Income tax recovery (expense)		(42)		2		(53)		1

Net income (loss) for the period		$	223	$	(6)	$	352	$	(1)
Attributable to:
Brookfield Asset Management Inc.1		—		—		—		5
Class A exchangeable and Class B shareholders2		2		1		5		1
Class C shareholders2		217		(7)		345		(7)
Non-controlling interests		4		—		2		—
		$	223	$	(6)	$	352	$	(1)
Net income (loss) per class C share
Basic	13	$	6.29	$	(0.42)	$	12.06	$	(0.42)


	Three Months Ended				Nine Months Ended
FOR THE PERIODS ENDED SEP. 30 US$ MILLIONS	2022		2021		2022		2021
Net income (loss)	$	223	$	(6)	$	352	$	(1)
Other comprehensive income (loss) that will be reclassified to net income (loss)
Equity accounted other comprehensive income (loss)	(255)		51		(571)		51
Net unrealized loss on available for sale securities	(738)		(16)		(1,192)		(17)
Net realized gain on derivatives	21		—		21		—
Income tax expense	130		—		200		—
Foreign currency translation	(22)		(3)		(27)		—
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Defined benefit pension plan adjustment	1		—		(8)		—
Income tax expense	2		—		2		—
Total other comprehensive (loss) income	(861)		32		(1,575)		34
Comprehensive (loss) income	$	(638)	$	26	$	(1,223)	$	33

Attributable to:
Brookfield Asset Management Inc.1	—		—		—		6
Class A & B Shareholders2	2		—		5		—
Class C Shareholders2	(644)		26		(1,230)		27
Non-controlling interests	4		—		2		—
	$	(638)	$	26	$	(1,223)	$	33



For the month of: November 2022						Commission File Number: 001-40509


	Class A exchangeable and Class B shareholders						Class C shareholders
AS AT AND FOR THE NINE MONTHS ENDED SEP. 30 2022 US$ MILLIONS	Share Capital		Accumulated Surplus		Accumulated Other Comprehensive Income (Loss)		Class A exchangeable and Class B shareholders		Share Capital		Accumulated Surplus (Deficit)		Accumulated Other Comprehensive Loss		Class C shareholders		Non-controlling interests		Total Equity
Balance as at January 1, 2022	$	536	$	3	$	—	$	539	$	963	$	(51)	$	(16)	$	896	$	—	$	1,435
Changes in period:
Net income	—		5		—		5		—		345		—		345		2		352
Other comprehensive income (loss)	—		—		—		—		—		—		(1,575)		(1,575)				(1,575)
Distributions	—		—		—		—		—		—		—		—		(5)		(5)
Comprehensive income (loss)	—		5		—		5		—		345		(1,575)		(1,230)		(3)		(1,228)
Other items
Equity issuances	—		—		—		—		450		—		—		450		11		461
Return of capital1	(5)		—		—		(5)		—		—		—		—		—		(5)


Total change in period	(5)		5		—		—		450		345		(1,575)		(780)		8		(772)
Balance as at September 30, 2022	$	531	$	8	$	—	$	539	$	1,413	$	294	$	(1,591)	$	116	$	8	$	663


	Brookfield Asset Management Inc.						Class A exchangeable and Class B shareholders						Class C shareholders						Non-controlling interests
AS AT AND FOR THE NINE MONTHS ENDED SEP. 30 2021 US$ MILLIONS	Share Capital		Accumulated Surplus		Accumulated Other Comprehensive Income		Brookfield Asset Management Inc.		Share Capital		Accumulated Surplus		Accumulated Other Comprehensive Income		Class A exchangeable and Class B shareholders		Share Capital		Accumulated Surplus (Deficit)		Accumulated Other Comprehensive Income		Class C shareholders		Non-controlling interests		Total Equity
Balance as at January 1, 2021	$	78	$	1	$	4	$	83	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	83
Changes in period:
Net income (loss)	—		5		—		5		—		1		—		1		—		(7)		—		(7)		—		(1)
Other comprehensive income	—		—		1		1		—		—		—		—		—		—		33		33		—		34
Comprehensive income	—		5		1		6		—		1		—		1		—		(7)		33		26		—		33
Other items
Equity issuances / Reorganization1	(78)		—		—		(78)		539		—		—		539		712		—		—		712		—		1,173
Return of capital2	—		—		—		—		(1)		—		—		(1)		—		—		—		—		—		(1)
Common control transaction adjustments	—		(6)		(5)		(11)		—		—		—		—		—		1		—		1		—		(10)
Total change in period	(78)		(1)		(4)		(83)		538		1		—		539		712		(6)		33		739		—		1,195
Balance as at September 30, 2021	$	—	$	—	$	—	$	—	$	538	$	1	$	—	$	539	$	712	$	(6)	$	33	$	739	$	—	$	1,278


FOR THE NINE MONTHS ENDED SEP. 30 US$ MILLIONS	2022		2021
Operating activities
Net income	$	352	$	(1)
Non-cash items affecting net income
Premiums received in kind	(1,097)		—
Amortization and accretion on investments	(12)		—
Depreciation	15		—
Unrealized losses on investments and derivatives	496		76
Effect of foreign exchange rates	11		—
Income tax expense (recovery)	49		(1)
Income from equity accounted investments	(148)		6
Interest credited to policyholders’ account balances	32		—
Net capitalized interest on policy loans and mortgage loans	(9)		—
Realized gain on derivatives	22		—
Changes in non-cash balances related to operations
Changes in accrued investment income	(141)		—
Changes in premiums due and other receivables	(3)		—
Changes in reinsurance funds withheld	(674)		(1,650)
Changes in deferred tax asset	(3)		(19)
Changes in prepaid pension	(13)		—
Changes in deferred acquisition costs	(166)		—
Changes in reinsurance assets	41		34
Changes in taxes recoverable	4		—
Changes in future policy benefits	1,831		2,134
Charges to policyholders’ account balances	(127)		—
Changes in funds withheld liabilities	(2)		—
Changes in working capital and other	322		100
Operating activities affecting cash
Income tax paid	(52)		—
Realized gains on investments and derivatives	(45)		—
Purchase of derivatives	(48)		—
Sales of derivatives	40		—
Dividend and interest income received	(299)		—

Cash flows from operating activities	376		679
Investing activities
Acquisition of subsidiary, net of cash acquired	(4,086)		—
Dividends and interest received	299		—
Purchase of investments
Corporate bonds	(2,175)		(48)
Government and treasuries	(3,217)		(1,700)

Common equity	(386)		(669)
Preferred shares	(75)		—
Private equity and other	(231)		—
Asset-backed securities	(351)		(24)
Mortgages	(686)		(10)
Private loans	(778)		(5)


Purchase of short term investments	(5,119)		—
Proceeds from sales and maturities of investments
Corporate bonds	2,455		—
Government and treasuries	4,890		993
Private debt	176		—
Common equity	129		—

Private equity and other	73		—
Asset-backed securities	20		—
Mortgages	464		—
Private loans	16		—
Proceeds from disposal of short term investments	5,666		—
Distributions from equity accounted investments	169		—
Change in collateral held for derivatives	(14)		—
Purchase of equity accounted investments	(467)		—
Purchase of investment properties	(31)		—
Proceeds of sale from investment properties	4		—
Proceeds from disposal of derivative instruments	123		—

Purchase of intangibles and property and equipment	(13)		(2)

Cash flows from investing activities	(3,145)		(1,465)
Financing activities
Issuance of common equity	450		1,160
Issuance of preferred equity	2,459		—
Return of capital	(5)		(6)
Borrowings from related parties	260		582
Repayments of borrowings to related parties	(580)		(582)
Borrowings from external parties	4,102		—
Repayment of borrowings to external parties	(1,667)		—
Borrowings issued to reinsurance entities	62		—
Policyholders’ account deposits	905		—
Policyholders’ account withdrawals	(485)		—
Debt issuance costs	(10)		—
Payments to non-controlling interests	(5)		—
Proceeds from repurchase agreement	327		254
Repayments of repurchase agreement	(279)		(254)

Cash flows from financing activities	5,534		1,154
Cash and cash equivalents
Cash and cash equivalents, beginning of period	393		35
Net change during the period	2,765		368
Foreign exchange on cash balances held in foreign currencies	(5)		3
Cash and cash equivalents, end of period	$	3,153	$	406





Total consideration transferred for the acquisition	$	5,107
Assets acquired
Cash and cash equivalents	1,021
Investments	22,518
Accrued investment income	101
Reinsurance recoverables	45
Premiums due and other receivables	437
Deferred tax assets	389
Property and equipment	175
Prepaid pension	149
Equity accounted investment	1,402
Deferred acquisition costs	273
Reinsurance assets	386
Investment properties	541
Other assets	198
Separate account assets	1,123
Total assets acquired	28,758
Liabilities assumed
Future policy benefits	5,034
Policyholders' account balances	13,940
Policy and contract claims	1,706
Unearned premium reserve	1,073
Other policyholder funds	334
Notes payable	158
Other liabilities	449
Separate account liabilities	1,123
Total liabilities assumed	23,817
Less: Non-controlling interest	(10)
Net assets acquired	4,931
Goodwill	$	176


	2022
AS AT SEP. 30 US$ MILLIONS	FVTPL1		AFS		Amortized Cost		Total
Cash and cash equivalents
Cash	$	—	$	—	$	559	$	559
Cash equivalents	—		—		2,594		2,594
Total cash and cash equivalents2	—		—		3,153		3,153

Derivatives
Foreign exchange forwards	4		—		—		4
Cross currency swaps	1		—		—		1
Interest rate swaps	1		—		—		1
Bond futures	52		—		—		52
Warrants	2		—		—		2
Options	15		—		—		15

Total derivative assets	75		—		—		75

Debt securities
Bonds
Government and municipal	422		2,023		—		2,445
Corporate	2,071		11,176		—		13,247
Asset-backed securities	194		783		—		977
Private debt	—		426		—		426


Total debt securities	2,687	14,408	—	17,095

Equity
Common shares	—	436	—	436
Preferred shares	31	69	—	100
Private equity and other	—	242	—	242
Total equity	31	747	—	778

Loans and receivables
Mortgage loans	—	—	5,659	5,659
Private loans	—	—	804	804
Other loans	—	—	375	375
Total loans and receivables	—	—	6,838	6,838

Short term investments
Time deposit	—	—	52	52
Commercial paper	—	—	844	844
Total short term investments	—	—	896	896

Separately managed accounts	—	126	—	126
Other invested assets	—	14	14	28
Total investments	2,718	15,295	7,748	25,761

Separate account assets	—	1,003	—	1,003

Reinsurance funds withheld	5,323	—	—	5,323

Derivative liabilities
Foreign exchange forwards	(75)	—	—	(75)



Total derivative liabilities	(75)	—	—	(75)

Funds withheld liabilities	(10)	—	—	(10)

Separate account liabilities	—	(1,003)	—	(1,003)

Notes payable	—	—	(151)	(151)


	2021
AS AT DEC. 31 US$ MILLIONS	FVTPL1		AFS		Amortized Cost		Total
Cash and cash equivalents
Cash	$	—	$	—	$	320	$	320
Cash equivalents	—		—		73		73
Total cash and cash equivalents	—		—		393		393

Derivatives
Foreign exchange forwards	10		—		—		10


Bond futures	9		—		—		9

Options	127		—		—		127

Total derivative assets	146		—		—		146

Debt securities
Bonds
Government and municipal	377		1,287		—		1,664
Corporate	1,471		253		—		1,724
Asset-backed securities	115		53		—		168
Private debt	—		208		—		208
Total debt securities	1,963		1,801		—		3,764

Equity
Common shares	—		275		—		275
Preferred shares	4		14		—		18
Private equity and other	—		247		—		247
Total equity	4		536		—		540

Loans and receivables
Mortgage loans	—		—		23		23
Private loans	—		—		616		616
Total loans and receivables	—		—		639		639

Total investments	1,967		2,337		639		4,943



Reinsurance funds withheld	4,650		—		—		4,650

Derivative liabilities


Interest rate swaps	(1)		—		—		(1)

Total derivative liabilities	(1)		—		—		(1)

Funds withheld liabilities	(12)		—		—		(12)


	2022
AS AT SEP. 30 US$ MILLIONS	Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss:
Bonds	$	—	$	2,493	$	—	$	2,493
Asset-backed securities	—		194		—		194


Preferred shares	31		—		—		31

Derivative assets	50		25		—		75
Reinsurance funds withheld	—		5,323		—		5,323



Available for sale:
Bonds	38		12,245		916		13,199
Asset-backed securities	—		663		120		783
Private debt	—		—		426		426
Common shares	374		60		2		436
Preferred shares	27		3		39		69
Private equity and other	12		—		230		242

Other invested assets	—		14		—		14
Separate account assets	297		676		30		1,003
Separately managed accounts	—		—		126		126
Total financial assets	$	829	$	21,696	$	1,889	$	24,414

Financial liabilities
Fair value through profit or loss:
Derivative liabilities	—		(75)		—		(75)
Funds withheld liabilities	—		(10)		—		(10)


Available for sale:

Separate account liabilities	(297)		(676)		(30)		(1,003)
Total financial liabilities	$	(297)	$	(761)	$	(30)	$	(1,088)


Form 20-F ☒						Form 40-F ☐


Type of Financial Instruments			Valuation Techniques and Key Inputs
Bonds and other equities			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. The Company 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 the 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.

Derivative assets/Derivative 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.

			Valuation model is based on interest rate contracts—discounted cash flow model—forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate.



Reinsurance funds withheld			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.

Separate account assets and liabilities			The separate account assets included in the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Short-term investments and fixed maturity securities are classified as Level 2 measurements. The classifications for separate assets reflect the fair value methodologies of the underlying asset and liability fair value methodologies listed above.

Funds withheld liabilities			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.


Type of Asset	Valuation Techniques	Significant Unobservable Inputs	Significant unobservable inputs and relationship of unobservable inputs to fair value


Equity-index Option	Heston and Black-Scholes Valuation models	• Interest rate (risk-free rate assumptions) • Underlying equity quoted index prices	• Increases (decreases) in interest rate assumptions decrease (increase) fair value • Increases (decreases) in underlying equity index prices increase (decrease) fair value
Separately managed accounts	Common Stock and Warrants • Guideline public company method uses price multiples from data on comparable public companies. • Option pricing method • Current Value Method ("CVM")	Common Stock and Warrants • Next Calendar Year Multiple • Next Calendar Year +1 Earnings before interest, tax, depreciation and amortization ("EBITDA") Multiple •Last Twelve Months Revenue Multiple valuation metric shows revenue for the past 12 month period. • Last Twelve Months EBITDA Multiple valuation metric shows earnings before interest, taxes, depreciation and amortization adjustments for the past 12 month period. • Term • Volatility • Discount for lack of marketability ("DLOM")	• Increases (decreases) in Next Calendar Year Multiple increase (decrease) fair value • Increases (decreases) in Next Calendar Year EBITDA Multiple increase (decrease) fair value • Increases (decreases) in Last Twelve Months Revenue Multiple increase (decrease) fair value • Increases (decreases) in Last Twelve Months EBITDA Multiple increase (decrease) fair value • Increases (decreases) in term increase (decrease) fair value • Increases (decreases) in volatility increase (decrease) fair value • Increases (decreases) in DLOM decrease (increase) fair value • Increases (decreases) in discount rate decrease (increase) fair value


	Preferred Stock • Guideline public company method uses price multiples from data on comparable public companies. • CVM	Preferred Stock • Next Calendar Year Revenue Multiple • Next Calendar Year +1 EBITDA Multiple • Last Twelve Months Revenue Multiple valuation metric shows revenue for the past 12 month period. • Last Twelve Months EBITDA Multiple valuation metric shows earnings before interest, taxes, depreciation and amortization adjustments for the past 12 month period.	• Increases (decreases) in Next Calendar Year Revenue Multiple increase (decrease) fair value • Increases (decreases) in Next Calendar Year EBITDA Multiple increase (decrease) fair value • Increases (decreases) in Last Twelve Months Revenue Multiple increase (decrease) fair value • Increases (decreases) in Last Twelve Months EBITDA Multiple valuation increase (decrease) fair value
	Fixed Income • Discounted cash flows (yield analysis) • market transactions approach • CVM • Cost	Fixed Income • Discount rate • Next Calendar Year EBITDA	• Increases (decreases) in discount rate decrease (increase) fair value • Increases (decreases) in Next Calendar Year EBITDA increase (decrease) fair value
Separate account assets and liabilities	Equity method	• Proportionate share of net income of the underlying investment fund • Proportionate share of other comprehensive income of the underlying investment fund • Proportionate share of distribution received from the underlying investment fund	• Increases (decreases) in proportionate share of net income of the underlying investment fund increase (decrease) fair value • Increases (decreases) in proportionate share of other comprehensive income of the underlying investment fund increase (decrease) fair value • Increases (decreases) in proportionate share of distribution received from the underlying investment fund decrease (increase) fair value


AS AT AND FOR THE NINE MONTHS ENDED SEP. 30 US$ MILLIONS	2022
Cash and cash equivalent	$	4
Bonds	119
Equity securities	848
Accrued investment income	1
Investment funds	30
Other assets	1
Total	$	1,003


AS AT AND FOR THE NINE MONTHS ENDED SEP. 30 US$ MILLIONS	2022
Balance, beginning of period	$	—
Additions (deductions)
Acquisition from business combination	1,123
Policyholder deposits	26
Net investment income	9
Net realized capital gains on investments	(108)
Policyholder benefits & withdrawals	(39)
Net transfer to or from separate account	(5)
Policy charges	(3)
Total	$	1,003
Balance, end of period	$	1,003


AS AT SEP. 30, 2022 AND DEC. 31, 2021 US$ MILLIONS	2022		2021
Gross	$	30,994	$	8,497
Reinsurance assets	(593)		(169)
Total insurance reserves	$	30,401	$	8,328


Future Policy Benefits
FOR THE THREE MONTHS ENDED SEP. 30 2022 US$ MILLIONS	Life		Annuities		Health		Gross reserves		Reinsurance assets		Net
Beginning of period	$	3,224	$	11,140	$	46	$	14,410	$	246	$	14,164
Changes during the period
Acquisition from business combination	—		—		—		—		—		—
New business	10		821		—		831		—		831
Normal changes	4		(84)		(2)		(82)		(5)		(77)
Management actions and changes in assumptions	—		16		—		16		—		16
	14		753		(2)		765		(5)		770
Impact of foreign exchange1	—		(210)		—		(210)		(9)		(201)
Balance at end of period	$	3,238	$	11,683	$	44	$	14,965	$	232	$	14,733


Future Policy Benefits
FOR THE NINE MONTHS ENDED SEP. 30 2022 US$ MILLIONS	Life		Annuities		Health		Gross reserves		Reinsurance assets		Net
Beginning of period	$	—	$	8,497	$	—	$	8,497	$	169	$	8,328
Changes during the period
Acquisition from business combination	3,459		1,627		46		5,132		7		5,125
New business	13		2,355		—		2,368		—		2,368
Normal changes	(233)		(583)		(2)		(818)		67		(885)
Management actions and changes in assumptions	—		48		—		48		—		48
	3,239		3,447		44		6,730		74		6,656
Impact of foreign exchange1	—		(262)		—		(262)		(11)		(251)
Balance at end of period	$	3,239	$	11,682	$	44	$	14,965	$	232	$	14,733


Future Policy Benefits
FOR THE THREE MONTHS ENDED SEP. 30 2021 US$ MILLIONS	Life		Annuities		Health		Gross reserves		Reinsurance assets		Net
Beginning of period	$	—	$	1,339	$	—	$	1,339	$	176	$	1,163
Changes during the period
New business	—		2,213		—		2,213		—		2,213
Normal changes	—		(45)		—		(45)		(15)		(30)
Management actions and changes in assumptions	—		(1)		—		(1)		—		(1)
	—		2,167		—		2,167		(15)		2,182
Impact of foreign exchange1	—		(34)		—		(34)		(4)		(30)
Balance at end of period	$	—	$	3,472	$	—	$	3,472	$	157	$	3,315


Future Policy Benefits
FOR THE NINE MONTHS ENDED SEP. 30 2021 US$ MILLIONS	Life		Annuities		Health		Gross reserves		Reinsurance assets		Net
Beginning of period	$	—	$	1,339	$	—	$	1,339	$	190	$	1,149
Changes during the period
New business	—		2,269		—		2,269		—		2,269
Normal changes	—		(139)		—		(139)		(32)		(107)
Management actions and changes in assumptions	—		4		—		4		(2)		6
	—		2,134		—		2,134		(34)		2,168
Impact of foreign exchange1	—		(1)		—		(1)		1		(2)
Balance at end of period	$	—	$	3,472	$	—	$	3,472	$	157	$	3,315


Policyholders' account balances
FOR THE THREE MONTHS ENDED SEP. 30 US$ MILLIONS	2022		2021
Beginning of period	$	13,942	$	—
Changes during the period

Policyholders' account deposits	750		—
Interest credited to policyholders' account balances	26		—
Policyholders' account withdrawals	(373)		—
Charges to policyholders' account balances	(96)		—
Balance at end of period	$	14,249	$	—


	September 30, 2022			December 31, 2021
	Number of shares	Value		Number of shares	Value
Issued
Class A exchangeable shares	10,877,989	$	530	10,877,989	$	535
Class B shares	24,000	1		24,000	1
Class C shares	34,815,014	1,413		23,544,548	963
Class A Junior Preferred shares	98,351,547	2,459		—	—
Share capital		$	4,403		$	1,499


FOR THE THREE MONTHS ENDED SEP. 30 2022 US$ MILLIONS	Reinsurance1		Pension Risk Transfer2		Direct Insurance3		Total
Net premiums	$	491	$	328	$	729	$	1,548

Other net investment income, including funds withheld	55		28		271		354
Segment revenues	546		356		1,000		1,902
Proportionate share of equity accounted investment adjusted earnings	16				—		16
Benefits paid on insurance contracts, net	(73)		(36)		(519)		(628)
Changes in insurance reserves, net	(452)		(311)		13		(750)
Changes in deferred acquisition costs	11		—		81		92
Interest credited to other policyholder account balances	—		—		(27)		(27)
Other insurance and reinsurance expenses	(24)		—		(184)		(208)

Operating expenses excluding transactions costs	(3)		(3)		(142)		(148)
Interest expense	(5)		—		(18)		(23)


Current income tax (expense) recovery	—		—		(32)		(32)
Segment DOE	16		6		172		194
Corporate expenses							(14)
Interest expense on junior preferred shares							(28)
Depreciation expense							(5)
Income tax expense							(10)
Transaction costs							(2)
Other mark-to-market on investments and derivatives							98
Other corporate activities							(23)
Less: Proportionate share of equity accounted investment adjusted earnings							(16)
Add: Income from equity accounted investments							29
Net income							$	223

1.Net premiums in our Reinsurance segment are attributed to insurance contracts assumed from other companies. 2.Net premiums in our PRT segment include $1 million of insurance contracts ceded to other counterparties. 3.Net premiums in our Direct Insurance segment include $684 million of insurance contracts ceded to other counterparties.


FOR THE THREE MONTHS ENDED SEP. 30 2021 US$ MILLIONS	Reinsurance		Pension Risk Transfer		Direct Insurance		Total
Net premiums	$	1,591	$	639	$	—	$	2,230

Other net investment income, including funds withheld	20		15		—		35
Segment revenues	1,611		654		—		2,265


Benefits paid on insurance contracts, net	(59)		(19)		—		(78)
Changes in insurance reserves, net	(1,572)		(628)		—		(2,200)
Other reinsurance expenses	(2)		—		—		(2)

Operating expenses excluding transactions costs	(1)		(1)		—		(2)


Current income tax expense	—		2				2
Segment DOE	(23)		8		—		(15)

Other corporate activities							(8)
Transaction costs							(5)
Other mark-to-market on investments and derivatives							28
Add: income from equity accounted investments							(6)
Net income							$	(6)


AS AT SEP. 30, 2022 US$ MILLIONS	Reinsurance		Pension Risk Transfer		Direct Insurance		Other1		Total
Assets	$	8,186	$	3,360	$	29,022	$	819	$	41,387

Liabilities	7,269		3,075		25,800		4,580		40,724
Equity	917		285		3,222		(3,761)		663


AS AT DEC.31, 2021 US$ MILLIONS	Reinsurance		Pension Risk Transfer		Direct Insurance		Other1		Total
Assets	$	7,921	$	2,473	$	—	$	1,099	$	11,493

Liabilities	6,803		2,269		—		986		10,058
Equity	1,118		204		—		113		1,435


	Three Months Ended				Nine Months Ended
FOR THE PERIODS ENDED SEP. 30 US$, MILLIONS	2022		2021		2022		2021
Total assets	$	41,387	$	4,870	$	41,387	$	4,870

Net income	223		(6)		352		(1)
Adjusted equity1	4,713		1,245		4,713		1,245
Distributable Operating Earnings1,2	159		3		218		9





1.Distributable operating earnings and adjusted equity are Non-IFRS measures. See “Reconciliation of Non-IFRS Measures”. 2.Distributable operating earnings for the three and nine months ended 2022 is inclusive of $37 million and $38 million of net corporate costs relating to activities outside of our three operating segments, respectively.


	Three Months Ended September 30				Nine Months Ended September 30
US$ MILLIONS	2022		2021		2022		2021
DOE	$	172	$	—	$	216	$	—


	Three Months Ended				Nine Months Ended
FOR THE PERIOD ENDED SEP. 30 US$ MILLIONS	2022		2021		2022		2021
Net income	$	223	$	(6)	$	352	$	(1)
Deferred income tax expense	12		(2)		23		(1)
Junior preferred share dividends	28		—		39		—
Transaction costs	2		5		26		5
Equity accounted (income) loss	(13)		6		(47)		6
Depreciation	5		—		8		—
Mark-to-market on investments and reserves	(98)		—		(183)		—
Distributable Operating Earnings	$	159	$	3	$	218	$	9


Date: November 14, 2022 /s/ Sachin Shah
Sachin Shah Chief Executive Officer


Date: November 14, 2022 /s/ Thomas Corbett
Thomas Corbett Chief Financial Officer