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Future policy benefits (Tables)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Liability for Future Policy Benefits Activity [Abstract]    
Liability for Future Policy Benefit, Activity
The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net PremiumsThree Months Ended
March 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$818 $1,546 $10,618 $42 $13,024 
Beginning balance at original discount rate879 1,600 11,163 43 13,685 
Effect of changes in cash flow assumptions17 (1)(786)1 (769)
Effect of actual variances from expected experience(3)(9)(29)— (41)
Adjusted beginning of period balance893 1,590 10,348 44 12,875 
Issuances36 50 312 1 399 
Interest accrual29 15 126 — 170 
Net premiums collected (1)
(44)(60)(349)(6)(459)
Derecognition (lapses)(2)1 (54)(1)(56)
Other (including foreign exchange)— (1)32 1 32 
Ending balance at original discount rate912 1,595 10,415 39 12,961 
Effect of changes in discount rate assumptions(62)(40)(206)(3)(311)
Balance – end of period$850 $1,555 $10,209 $36 $12,650 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.
Present Value of Expected Future Policy BenefitsThree Months Ended
March 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,429 $4,781 $15,457 $253 $21,920 
Beginning balance at original discount rate1,556 4,973 16,259 264 23,052 
Effect of changes in cash flow assumptions20 (1)(798)2 (777)
Effect of actual variances from expected experience(1)(7)(26)1 (33)
Adjusted beginning of period balance1,575 4,965 15,435 267 22,242 
Issuances36 49 309 1 395 
Interest accrual32 48 160 2 242 
Benefits payments(46)(59)(368)(3)(476)
Derecognition (lapses)(2)1 (56)(1)(58)
Other (including foreign exchange)(70)(292)448 (24)62 
Ending balance at original discount rate1,525 4,712 15,928 242 22,407 
Effect of changes in discount rate assumptions(135)(98)(388)(4)(625)
Balance – end of period$1,390 $4,614 $15,540 $238 $21,782 


March 31, 2023
Liability for Future Policy BenefitsLife InsuranceOverseas General InsuranceChubb Consolidated
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherA&HTotal
Net liability for future policy benefits$540 $3,059 $5,331 $202 $713 $9,845 
Deferred profit liability209 555 160 13 — 937 
Net liability for future policy benefits, per consolidated balance sheet749 3,614 5,491 215 713 10,782 
Less: Reinsurance recoverable on future policy benefits143 30 82 — 24 279 
Net liability for future policy benefits, after reinsurance recoverable$606 $3,584 $5,409 $215 $689 $10,503 
Weighted average duration (years)8.021.210.314.55.013.5
Present Value of Expected Net PremiumsThree Months Ended
March 31, 2022
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $422 $1,341 $2,520 $30 $4,313 
Beginning balance at original discount rate397 1,243 2,323 28 3,991 
Effect of changes in cash flow assumptions— (2)— — (2)
Effect of actuarial variances from expected experience(9)(8)(37)— (54)
Adjusted beginning of period balance388 1,233 2,286 28 3,935 
Issuances41 38 33 1 113 
Interest accrual25 11 37 — 73 
Net premiums collected (1)
(27)(41)(64)(3)(135)
Other (including foreign exchange)(2)(6)— — (8)
Ending balance at original discount rate425 1,235 2,292 26 3,978 
Effect of changes in discount rate assumptions6 46 94 1 147 
Balance – end of period$431 $1,281 $2,386 $27 $4,125 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Present Value of Expected Future Policy BenefitsThree Months Ended
March 31, 2022
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$921 $4,785 $4,939 $130 $10,775 
Beginning balance at original discount rate858 3,833 4,589 122 9,402 
Effect of changes in cash flow assumptions(5)(2)— 11 4 
Effect of actuarial variances from expected experience(9)(7)(38)— (54)
Adjusted beginning of period balance844 3,824 4,551 133 9,352 
Issuances42 38 34 — 114 
Interest accrual27 37 51 1 116 
Benefits payments(21)(46)(83)— (150)
Other (including foreign exchange)(9)(27)(6)— (42)
Ending balance at original discount rate883 3,826 4,547 134 9,390 
Effect of changes in discount rate assumptions7 568 162 4 741 
Balance – end of period$890 $4,394 $4,709 $138 $10,131 
March 31, 2022
Liability for Future Policy BenefitsLife InsuranceOverseas General InsuranceChubb Consolidated
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherA&HTotal
Net liability for future policy benefits$459 $3,113 $2,323 $111 $772 $6,778 
Deferred profit liability152 401 98 8 — 659 
Net liability for future policy benefits, per consolidated balance sheet611 3,514 2,421 119 772 7,437 
Less: Reinsurance recoverable on future policy benefits115 33 61 — 33 242 
Net liability for future policy benefits, after reinsurance recoverable$496 $3,481 $2,360 $119 $739 $7,195 
Weighted average duration (years)8.320.110.430.05.314.2
Undiscounted expected gross premiums and expected future policy benefit payments
The following table presents the amount of undiscounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:

March 31March 31
(in millions of U.S. dollars)20232022
Term Life
Undiscounted expected future benefit payments$2,352 $1,309 
Undiscounted expected future gross premiums2,673 1,437 
Discounted expected future benefit payments1,390 890 
Discounted expected future gross premiums1,787 1,122 
Whole Life
Undiscounted expected future benefit payments14,656 9,870 
Undiscounted expected future gross premiums5,375 3,531 
Discounted expected future benefit payments4,614 4,394 
Discounted expected future gross premiums3,994 2,597 
A&H
Undiscounted expected future benefit payments21,563 6,027 
Undiscounted expected future gross premiums31,611 8,914 
Discounted expected future benefit payments15,540 4,709 
Discounted expected future gross premiums18,958 6,209 
Other
Undiscounted expected future benefit payments370 215 
Undiscounted expected future gross premiums97 74 
Discounted expected future benefit payments238 138 
Discounted expected future gross premiums$87 $65 
  
Gross premiums and interest accretion recognized in statement of operations
The following table presents the amount of revenue and interest recognized in the statement of operations:
Gross Premiums or AssessmentsInterest Accretion
Three Months EndedThree Months Ended
March 31March 31
(in millions of U.S. dollars)2023202220232022
Life Insurance
Term Life$170 $49 $3 $2 
Whole Life162 74 33 26 
A&H795 290 34 14 
Other19 82 2 1 
Overseas General Insurance
A&H364 365 — — 
Total$1,510 $860 $72 $43 
  
Weighted-average interests
The following table presents the weighted-average interest rates:
Interest Accretion RateCurrent Discount Rate
Three Months EndedThree Months Ended
March 31March 31
2023202220232022
Life Insurance
Term Life2.9 %2.4 %6.5 %3.6 %
Whole Life4.4 %4.4 %6.1 %4.6 %
A&H4.2 %3.9 %6.7 %4.0 %
Other3.8 %3.7 %4.8 %3.4 %