Policyholders' account balances

6 Months Ended

Jun. 30, 2023

Policyholder Account Balance [Abstract]

Liability for policyholders' account balance

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:

	Six Months Ended June 30, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance – beginning of period	$	1,719	$	1,421	$	3,140
Premiums received	175		53		228
Policy charges (1)	(89)		(5)		(94)
Surrenders and withdrawals	(41)		(35)		(76)
Benefit payments	(4)		(22)		(26)
Interest credited	22		15		37
Other (including foreign exchange)	19		(13)		6
Balance, end of period	$	1,801	$	1,414	$	3,215

	Six Months Ended June 30, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance – beginning of period	$	1,612	$	1,154	$	2,766
Premiums received	195		58		253
Policy charges (1)	(92)		(5)		(97)
Surrenders and withdrawals	(37)		(35)		(72)
Benefit payments	(3)		(11)		(14)
Interest credited	20		18		38
Other (including foreign exchange)	(36)		(89)		(125)
Balance, end of period	$	1,659	$	1,090	$	2,749

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

	June 30
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.8		%	2.2		%	3.5		%	3.1		%
Net amount at risk (1)	$	10,405		$	1,447		$	10,041		$	507
Cash Surrender Value	$	978		$	1,122		$	876		$	831

(1)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life

	June 30, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	4	$	—	$	382	$	873	$	1,259
2.01% – 4.00%	471		50		—		—		521
Greater than 4.00%	20		—		—		1		21
Total	$	495	$	50	$	382	$	874	$	1,801

	June 30, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	4	$	—	$	410	$	730	$	1,144
2.01% – 4.00%	236		211		37		—		484
Greater than 4.00%	31		—		—		—		31
Total	$	271	$	211	$	447	$	730	$	1,659

Other policyholders' account balances

	June 30, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	430	$	550	$	189	$	235	$	1,404
Greater than 4.00%	10		—		—		—		10
Total	$	440	$	550	$	189	$	235	$	1,414

	June 30, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	120	$	521	$	209	$	236	$	1,086
Greater than 4.00%	4		—		—		—		4
Total	$	124	$	521	$	209	$	236	$	1,090