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Future policy benefits (Tables)
 6 Months Ended
Jun. 30, 2023
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 PremiumsSix Months Ended June 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$818 $2,301 $9,863 $42 $13,024 
Beginning balance at original discount rate879 2,354 10,409 43 13,685 
Effect of changes in cash flow assumptions15 (1)(771)1 (756)
Effect of actual variances from expected experience(4)(7)(35)— (46)
Adjusted beginning of period balance890 2,346 9,603 44 12,883 
Issuances62 157 564 3 786 
Interest accrual37 35 226 1 299 
Net premiums collected (1)
(86)(171)(654)(10)(921)
Other (including foreign exchange)17 23 118 (1)157 
Ending balance at original discount rate920 2,390 9,857 37 13,204 
Effect of changes in discount rate assumptions(56)(21)(347)— (424)
Balance – end of period$864 $2,369 $9,510 $37 $12,780 
(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 BenefitsSix Months Ended June 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,427 $6,048 $14,206 $239 $21,920 
Beginning balance at original discount rate1,555 6,225 15,022 250 23,052 
Effect of changes in cash flow assumptions17 (1)(780)2 (762)
Effect of actual variances from expected experience(3)(3)(30)— (36)
Adjusted beginning of period balance1,569 6,221 14,212 252 22,254 
Issuances62 158 562 3 785 
Interest accrual43 105 289 3 440 
Benefits payments(84)(130)(708)(5)(927)
Other (including foreign exchange)71 400 (178)6 299 
Ending balance at original discount rate1,661 6,754 14,177 259 22,851 
Effect of changes in discount rate assumptions(130)(76)(574)(4)(784)
Balance – end of period$1,531 $6,678 $13,603 $255 $22,067 


June 30, 2023
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$667 $4,309 $4,093 $218 $751 $10,038 
Deferred profit liability225 638 149 14 — 1,026 
Net liability for future policy benefits, per consolidated balance sheet892 4,947 4,242 232 751 11,064 
Less: Reinsurance recoverable on future policy benefits110 41 126 — 38 315 
Net liability for future policy benefits, after reinsurance recoverable$782 $4,906 $4,116 $232 $713 $10,749 
Weighted average duration (years)9.325.010.614.04.816.4
Present Value of Expected Net PremiumsSix Months Ended June 30, 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(27)(11)(75)1 (112)
Adjusted beginning of period balance370 1,230 2,248 29 3,877 
Issuances66 71 67 2 206 
Interest accrual31 21 72 — 124 
Net premiums collected (1)
(51)(80)(127)(5)(263)
Other (including foreign exchange)(12)(30)(17)(1)(60)
Ending balance at original discount rate404 1,212 2,243 25 3,884 
Effect of changes in discount rate assumptions(24)(27)(104)— (155)
Balance – end of period$380 $1,185 $2,139 $25 $3,729 
(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 BenefitsSix Months Ended June 30, 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(25)(9)(79)1 (112)
Adjusted beginning of period balance828 3,822 4,510 134 9,294 
Issuances69 71 67 2 209 
Interest accrual35 74 100 — 209 
Benefits payments(44)(95)(167)— (306)
Other (including foreign exchange)(32)(77)(49)— (158)
Ending balance at original discount rate856 3,795 4,461 136 9,248 
Effect of changes in discount rate assumptions(68)76 (204)(7)(203)
Balance – end of period$788 $3,871 $4,257 $129 $9,045 
June 30, 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$408 $2,686 $2,118 $104 $748 $6,064 
Deferred profit liability165 415 104 8 — 692 
Net liability for future policy benefits, per consolidated balance sheet573 3,101 2,222 112 748 6,756 
Less: Reinsurance recoverable on future policy benefits108 33 58 — 43 242 
Net liability for future policy benefits, after reinsurance recoverable$465 $3,068 $2,164 $112 $705 $6,514 
Weighted average duration (years)9.319.510.327.55.214.1
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:

June 30June 30
(in millions of U.S. dollars)20232022
Term Life
Undiscounted expected future benefit payments$2,381 $1,266 
Undiscounted expected future gross premiums2,701 1,382 
Discounted expected future benefit payments1,531 788 
Discounted expected future gross premiums1,805 1,045 
Whole Life
Undiscounted expected future benefit payments16,890 9,799 
Undiscounted expected future gross premiums6,971 3,457 
Discounted expected future benefit payments6,678 3,871 
Discounted expected future gross premiums5,455 2,499 
A&H
Undiscounted expected future benefit payments22,461 5,903 
Undiscounted expected future gross premiums33,371 8,752 
Discounted expected future benefit payments13,603 4,257 
Discounted expected future gross premiums20,339 5,683 
Other
Undiscounted expected future benefit payments374 216 
Undiscounted expected future gross premiums94 72 
Discounted expected future benefit payments255 129 
Discounted expected future gross premiums$84 $64 
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
Six Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2023202220232022
Life Insurance
Term Life$339 $172 $6 $4 
Whole Life487 173 70 53 
A&H1,409 533 63 28 
Other32 134 2 — 
Overseas General Insurance
A&H768 705 — — 
Total$3,035 $1,717 $141 $85 
Weighted-average interests
The following table presents the weighted-average interest rates:
Interest Accretion RateCurrent Discount Rate
June 30June 30
2023202220232022
Life Insurance
Term Life2.9 %2.4 %5.8 %4.9 %
Whole Life4.0 %4.4 %5.3 %6.0 %
A&H3.8 %3.9 %6.3 %5.0 %
Other3.8 %3.3 %5.1 %4.4 %