XML 60 R49.htm IDEA: XBRL DOCUMENT v3.23.2
General and significant accounting policies (ASU 2018-12 Transition) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 01, 2021
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Reinsurance recoverable on losses and loss expenses [1]   $ (18,398)   $ (18,398)   $ (18,859)    
Reinsurance recoverable on policy benefits [1]   (315)   (315)   (302)    
Deferred policy acquisition costs   6,666   6,666   6,031    
Value of business acquired   (3,575)   (3,575)   (3,702)    
Prepaid reinsurance premiums   (3,599)   (3,599)   (3,136)    
Investments in partially-owned insurance companies   (3,542)   (3,542)   (2,507)    
Unpaid losses and loss expenses   (76,480) $ (73,448) (76,480) $ (73,448) (75,747) $ (72,330)  
Unearned premiums   (21,860)   (21,860)   (19,713)    
Future policy benefits $ 7,652 11,064 6,756 11,064 6,756 10,476    
Market risk benefits   722   722   800    
Insurance and reinsurance balances payable   (8,429)   (8,429)   (7,780)    
Deferred tax liabilities   (533)   (533)   (377)    
Retained earnings   (49,467)   (49,467)   (48,305)    
Accumulated other comprehensive income (loss) (AOCI)   (9,822)   (9,822)   (10,185)    
Net premiums written   (11,951) (10,293) (22,661) (19,482)      
Net premiums earned   (10,999) (9,549) (21,141) (18,286)      
Net realized (gains) losses   304 503 381 480      
Market risk benefits gains (losses)   7 33 122 (16)      
Losses and loss expenses   (5,683) (5,206) (10,831) (9,770)      
Policy benefits   (830) (361) (1,627) (734)      
Policy acquisition costs   (2,016) (1,726) (3,964) (3,445)      
Other (income) expense   (100) 101 (396) (211)      
Income Tax (Expense) Benefit   (392) (291) (776) (644)      
Net income (loss)   (1,793) (1,190) (3,685) (3,143)      
Current discount rate on future policy benefits   (35) 632 (186) 1,067      
Instrument-specific credit risk on market risk benefits   11 17 8 40      
Other Comprehensive Income (Loss), Tax   28 183 (104) 962      
Comprehensive income (loss)   866 (3,073) 4,048 (4,449)      
Net Cash Provided by (Used in) Operating Activities       4,766 5,166      
Net Cash Provided by (Used in) Financing Activities       (2,312) (725)      
Liability for Future Policy Benefit, Remeasurement Gain (Loss)   5 0 4 6      
Equity in net income of partially-owned entities [2]   (120) 72 (460) (291)      
Increase (Decrease) in Deferred Income Taxes       43 108      
Unpaid losses and loss expenses       561 1,949      
Unearned premiums       1,913 1,554      
Future policy benefits       351 99      
Accounts payable, accrued expenses, and other liabilities       (388) 67      
Reinsurance recoverable       455 (642)      
Increase (Decrease) in Deferred Policy Acquisition Costs       (546) (232)      
Increase (Decrease) in Other Operating Assets and Liabilities, Net       39 (370)      
Net cash flows used for investing activities       (2,262) 1,125      
Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net premiums written   (1,270) (562) (2,563) (1,138)      
Net premiums earned   (1,256) (539) (2,520) (1,081)      
Losses and loss expenses   (35) (27) (67) (51)      
Policy benefits   (705) (298) (1,417) (609)      
Policy acquisition costs   (277) (138) (550) (271)      
Other (income) expense   (26) (12) (41) (42)      
Overseas General Insurance [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net premiums written   (2,885) (2,640) (6,148) (5,719)      
Net premiums earned   (2,908) (2,696) (5,694) (5,324)      
Losses and loss expenses   (1,267) (1,143) (2,504) (2,439)      
Policy benefits   (137) (81) (247) (174)      
Policy acquisition costs   (746) (697) (1,459) (1,376)      
Other (income) expense   (10) 3 (19) 5      
Term Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Deferred policy acquisition costs   356 283 356 283 320 246  
Future policy benefits 454 892 573 892 573      
Policy acquisition costs       (49) (36)      
Whole Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Deferred policy acquisition costs   456 336 456 336 395 334  
Future policy benefits 3,767 4,947 3,101 4,947 3,101      
Policy acquisition costs       (11) (9)      
Accident and Health Insurance Product Line [Member] | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Deferred policy acquisition costs   1,081 740 1,081 740 902 745  
Future policy benefits 2,569 4,242 2,222 4,242 2,222      
Policy acquisition costs       (63) (47)      
Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits 773 751 748 751 748      
Insurance, Other | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Deferred policy acquisition costs   118 118 118 118 121 $ 108  
Future policy benefits 89 $ 232 112 232 112      
Policy acquisition costs       $ (10) (10)      
Variable Annuity                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Market risk benefits 1,163              
Previously Reported                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Reinsurance recoverable on losses and loss expenses           (18,901)    
Reinsurance recoverable on policy benefits           (303)    
Deferred policy acquisition costs           5,788    
Value of business acquired           (3,596)    
Prepaid reinsurance premiums           (3,140)    
Investments in partially-owned insurance companies           (2,877)    
Unpaid losses and loss expenses           (76,323)    
Unearned premiums           (20,360)    
Future policy benefits           10,120   $ 6,065 [3]
Market risk benefits           0    
Insurance and reinsurance balances payable           (7,795)    
Deferred tax liabilities           (292)    
Retained earnings           (48,334)    
Accumulated other comprehensive income (loss) (AOCI)           (10,193)    
Net premiums written     (10,302)   (19,501)      
Net premiums earned     (9,557)   (18,303)      
Net realized (gains) losses     504   403      
Market risk benefits gains (losses)     0   0      
Losses and loss expenses     (5,408)   (10,195)      
Policy benefits     (159)   (304)      
Policy acquisition costs     (1,739)   (3,476)      
Other (income) expense     101   (209)      
Income Tax (Expense) Benefit     (293)   (648)      
Net income (loss)     (1,215)   (3,189)      
Current discount rate on future policy benefits     0   0      
Instrument-specific credit risk on market risk benefits     0   0      
Other Comprehensive Income (Loss), Tax     (245)   (1,057)      
Comprehensive income (loss)     (3,656)   (5,436)      
Net Cash Provided by (Used in) Operating Activities         5,160      
Net Cash Provided by (Used in) Financing Activities         (719)      
Previously Reported | Term Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits [3]               391
Previously Reported | Whole Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits [3]               2,578
Previously Reported | Accident and Health Insurance Product Line [Member] | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits [3]               2,270
Previously Reported | Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits [3]               754
Previously Reported | Insurance, Other | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Future policy benefits [3]               72
Previously Reported | Variable Annuity                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Market risk benefits               $ 1,138
Effect of Modified Retrospective Application Accounting Standards Update 2018-12                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Reinsurance recoverable on losses and loss expenses           (42)    
Reinsurance recoverable on policy benefits           (1)    
Deferred policy acquisition costs           243    
Value of business acquired           (106)    
Prepaid reinsurance premiums           (4)    
Investments in partially-owned insurance companies           (370)    
Unpaid losses and loss expenses           (576)    
Unearned premiums           (647)    
Future policy benefits           356    
Market risk benefits           800    
Insurance and reinsurance balances payable           (15)    
Deferred tax liabilities           (85)    
Retained earnings (52)         (29)    
Accumulated other comprehensive income (loss) (AOCI) 1,800         $ 8    
Net premiums written     (9)   (19)      
Net premiums earned     (8)   (17)      
Net realized (gains) losses     1   (77)      
Market risk benefits gains (losses)     (33)   16      
Losses and loss expenses     (202)   (425)      
Policy benefits     202   430      
Policy acquisition costs     (13)   (31)      
Other (income) expense     0   (2)      
Income Tax (Expense) Benefit     (2)   (4)      
Net income (loss)     (25)   (46)      
Current discount rate on future policy benefits     632   1,067      
Instrument-specific credit risk on market risk benefits     17   40      
Other Comprehensive Income (Loss), Tax     62   95      
Comprehensive income (loss)     $ 583   987      
Net Cash Provided by (Used in) Operating Activities         6      
Net Cash Provided by (Used in) Financing Activities         $ (6)      
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 1,587              
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax 77              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Term Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 63              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Whole Life Insurance | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 1,189              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Accident and Health Insurance Product Line [Member] | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 299              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 19              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Insurance, Other | Segment Life [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, Remeasurement Gain (Loss) 17              
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Guaranteed Minimum Death Benefit                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Market risk benefits gains (losses) 59              
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), before Adjustments and Tax [4] $ 84              
[1] Net of valuation allowance for uncollectible reinsurance.
[2] Equity in net income (loss) of partially-owned entities includes mark-to-market gains (losses) on private equities where we own more than three percent of $(3) million and $239 million for the three and six months ended June 30, 2023, respectively, and $(134) million and $121 million, respectively, for the prior year periods. This line item also includes net income of $22 million and $36 million attributable to our investments in Huatai for the three and six months ended June 30, 2023, respectively, compared to $15 million and $55 million, respectively, for the prior year periods.
[3] Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.
[4] Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.