XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.2
Other Income and Expense
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Other Income and Expense Disclosure Other income and expense
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2025202420252024
Equity in net income (loss) of partially-owned entities$657 $94 $739 $278 
Gains (losses) from fair value changes in separate account assets(12)11 (22)21 
Asset management and performance fee revenue57 57 113 110 
Asset management and performance fee expense(39)(35)(72)(68)
Federal excise and capital taxes(6)(5)(11)(9)
Other(2)(12)(9)(31)
Total$655 $110 $738 $301 

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of
$540 million and $513 million for the three and six months ended June 30, 2025, respectively, and $4 million and $107 million, respectively, for the prior year periods.
Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.
Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.
Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.