The company said that on September 2023, it launched Prismic Life Reinsurance, Ltd. (Prismic Re) together with Warburg Pincus and a group of institutional investors, and made an initial investment of about $200 million (20% stake) through Corporate and Other. In the same month, it reinsured approximately $9 billion (70%) of reserves related to structured settlement annuities to Prismic Re.

10-KAnnual reportFiled Feb 21, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said that on September 2023, it launched Prismic Life Reinsurance, Ltd. (Prismic Re) together with Warburg Pincus and a group of institutional investors, and made an initial investment of about $200 million (20% stake) through Corporate and Other. In the same month, it reinsured approximately $9 billion (70%) of reserves related to structured settlement annuities to Prismic Re.
The company said it recorded a restructuring charge of $200 million in Q4 2023 as part of changes to its organizational structure. It said it expects these actions to create operating efficiencies and reinvestment capacity.
The company said income before income taxes and equity in earnings of operating joint ventures for the Closed Block division decreased $82 million annually in 2023. Policyholder dividend obligation was recorded as a reduction of $335 million in 2023 and a reduction of $1,180 million in 2022.
The company said its effective tax rates for fiscal 2023, 2022 and 2021 were 20.0%, 14.7% and 18.4%, respectively. Its U.S. dollar-denominated investments in its Japan insurance business had a book value of $86.5 billion as of December 31, 2023, an increase of $9.0 billion from December 31, 2022.

Key figures

Fiscal year ended December 31, 2023

Revenue: $54.0B
Net income: $2.5B
EPS: $6.74
Operating cash flow: $6.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Prismic Re launch and structured settlement annuity reinsurance

The company said that on September 2023, it launched Prismic Life Reinsurance, Ltd. (Prismic Re) together with Warburg Pincus and a group of institutional investors, and made an initial investment of about $200 million (20% stake) through Corporate and Other. In the same month, it reinsured approximately $9 billion (70%) of reserves related to structured settlement annuities to Prismic Re.

Source · Based on the MD&A text of the filing

Q4 2023 restructuring charge of $200 million

The company said it recorded a restructuring charge of $200 million in Q4 2023 as part of changes to its organizational structure. It said it expects these actions to create operating efficiencies and reinvestment capacity.

Source · Based on the MD&A text of the filing

Closed Block division pretax income decline and policyholder dividend obligation reduction

The company said income before income taxes and equity in earnings of operating joint ventures for the Closed Block division decreased $82 million annually in 2023. Policyholder dividend obligation was recorded as a reduction of $335 million in 2023 and a reduction of $1,180 million in 2022.

Source · Based on the MD&A text of the filing

Effective tax rates and U.S. dollar investments in Japan insurance business

The company said its effective tax rates for fiscal 2023, 2022 and 2021 were 20.0%, 14.7% and 18.4%, respectively. Its U.S. dollar-denominated investments in its Japan insurance business had a book value of $86.5 billion as of December 31, 2023, an increase of $9.0 billion from December 31, 2022.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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