revenue $9.15B, net income $989.0M. Deployable capital falls; organic inflows down 11%

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Deployable capital decreased to $6.1B, driven by excess equity capital falling from up to $3.1B to $1.4B. Revocation of ACRA's Bermuda CIT election triggered a $1.7B valuation allowance against deferred tax assets, reducing stockholder equity and untapped leverage capacity.

  MD&A: Deployable Capital & Bermuda CIT verify on EDGAR →
• high

  Gross organic inflows declined 11% to $3.2 billion for the six months ended June 30, 2026, reversing prior year's 27% growth. Funding agreement issuances fell 38% to $14.2B amid challenging market conditions, with FABN issuances down sharply to $3.2B.

  MD&A: Organic Inflows & Funding Agreements verify on EDGAR →
• high

  Net flows for the six months ended June 30, 2026 declined 33% to $20.9B, as lower gross inflows (down 11%) combined with higher gross outflows (up 34%). Rising outflows driven by funding agreement maturities and retail annuity withdrawals pressure liquidity and reinvestment capacity.

  MD&A: Net Flows verify on EDGAR →