Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

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

	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,199	$	—	$	1,374	$	2,573
Consolidation of Huatai Group	602		2,325		1,087		4,014
Premiums received	268		133		231		632
Policy charges (1)	(132)		—		(10)		(142)
Surrenders and withdrawals	(115)		(19)		(192)		(326)
Benefit payments (4)	(12)		(58)		(62)		(132)
Interest credited	43		31		39		113
Other (including foreign exchange)	23		(1)		35		57
Balance – end of period	$	1,876	$	2,411	$	2,502	$	6,789
Unearned revenue liability							673
Policyholders' account liability, per consolidated balance sheet							$	7,462

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

(2)Relates to Huatai Life.

(3)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	875	$	1,388	$	2,263
Acquisition of Cigna	348		7		355
Premiums received	232		101		333
Policy charges (1)	(136)		(15)		(151)
Surrenders and withdrawals	(50)		(84)		(134)
Benefit payments (3)	(6)		(27)		(33)
Interest credited	27		20		47
Other (including foreign exchange)	(91)		(16)		(107)
Balance – end of period	$	1,199	$	1,374	$	2,573
Unearned revenue liability					567
Policyholders' account liability, per consolidated balance sheet					$	3,140

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

(2)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(3)Includes benefit payments upon maturity as well as death benefits.

	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	813	$	1,352	$	2,165
Premiums received	228		120		348
Policy charges (1)	(138)		(18)		(156)
Surrenders and withdrawals	(51)		(66)		(117)
Benefit payments (3)	(17)		(26)		(43)
Interest credited	27		22		49
Other (including foreign exchange)	13		4		17
Balance – end of period	$	875	$	1,388	$	2,263
Unearned revenue liability					503
Policyholders' account liability, per consolidated balance sheet					$	2,766

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

(2)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(3)Includes benefit payments upon maturity as well as death benefits.

	December 31
	2023									2022						2021
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.0		%	2.6		%	1.9		%	2.5		%	1.7		%	3.4		%	1.9		%
Net amount at risk (1)	$	11,828		$	—		$	559		$	11,472		$	182		$	10,749		$	180
Cash Surrender Value	$	1,628		$	1,526		$	2,192		$	1,001		$	1,257		$	680		$	1,247

(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

	December 31, 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%	$	475	$	—	$	29	$	36	$	540
2.01% – 4.00%	82		319		894		19		1,314
Greater than 4.00%	22		—		—		—		22
Total	$	579	$	319	$	923	$	55	$	1,876

	December 31, 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%	$	451	$	—	$	37	$	5	$	493
2.01% – 4.00%	77		343		261		—		681
Greater than 4.00%	25		—		—		—		25
Total	$	553	$	343	$	298	$	5	$	1,199

	December 31, 2021
(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%	$	166	$	—	$	42	$	4	$	212
2.01% – 4.00%	66		386		175		—		627
Greater than 4.00%	36		—		—		—		36
Total	$	268	$	386	$	217	$	4	$	875

Annuities

	December 31, 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%	$	723	$	—	$	1,579	$	—	$	2,302
2.01% – 4.00%	109		—		—		—		109
Total	$	832	$	—	$	1,579	$	—	$	2,411

Other policyholders' account balances

	December 31, 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%	$	782	$	—	$	228	$	546	$	1,556
2.01% – 4.00%	373		540		28		—		941
Greater than 4.00%	5		—		—		—		5
Total	$	1,160	$	540	$	256	$	546	$	2,502

	December 31, 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%	$	534	$	—	$	217	$	196	$	947
2.01% – 4.00%	382		41		—		—		423
Greater than 4.00%	4		—		—		—		4
Total	$	920	$	41	$	217	$	196	$	1,374

	December 31, 2021
(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%	$	525	$	—	$	234	$	220	$	979
2.01% – 4.00%	171		201		32		—		404
Greater than 4.00%	5		—		—		—		5
Total	$	701	$	201	$	266	$	220	$	1,388

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:

	December 31
(in millions of U.S. dollars)	2023		2022		2021
Cash and cash equivalents	$	65	$	141	$	165
Mutual funds	5,417		4,960		5,296
Fixed maturities	91		89		99
Total	$	5,573	$	5,190	$	5,560

The following table presents a roll-forward of separate account liabilities:

	For the Years Ended
	December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance – beginning of period	$	5,190	$	5,560	$	4,488
Acquisition of Cigna	—		301		—
Premiums and deposits	995		1,453		2,086
Policy charges	(138)		(127)		(128)
Surrenders and withdrawals	(601)		(503)		(720)
Benefit payments	(381)		(381)		(318)
Investment performance	611		(848)		312
Other (including foreign exchange)	(103)		(265)		(160)
Balance – end of period	$	5,573	$	5,190	$	5,560
Cash surrender value (1)	$	5,398	$	4,989	$	5,309

(1) Cash surrender value represents the amount of the contract holder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:

	For the Years Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance – beginning of period	$	567	$	503	$	393
Deferred revenue	134		142		144
Amortization	(67)		(50)		(38)
Other (including foreign exchange)	39		(28)		4
Balance – end of period	$	673	$	567	$	503