Future policy benefits (Tables)

12 Months Ended

Dec. 31, 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 Premiums	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,806	$	2,308	$	10,711	$	42	$	14,867
Beginning balance at original discount rate	1,867		2,361		11,258		43		15,529
Effect of changes in cash flow assumptions	22		40		(820)		2		(756)
Effect of actual variances from expected experience	(9)		88		(84)		—		(5)
Adjusted beginning of period balance	1,880		2,489		10,354		45		14,768
Consolidation of Huatai Group	3		1,690		145		12		1,850
Issuances	190		318		1,653		9		2,170
Interest accrual	71		87		531		2		691
Net premiums collected (1)	(255)		(585)		(1,457)		(23)		(2,320)
Other (including foreign exchange)	103		(54)		(534)		19		(466)
Ending balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in discount rate assumptions	(402)		5		(260)		—		(657)
Balance – end of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036

(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 Benefits	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,321	$	5,696	$	15,038	$	269	$	23,324
Beginning balance at original discount rate	2,447		5,874		15,855		280		24,456
Effect of changes in cash flow assumptions	15		44		(858)		4		(795)
Effect of actual variances from expected experience	(4)		98		(78)		(1)		15
Adjusted beginning of period balance	2,458		6,016		14,919		283		23,676
Consolidation of Huatai Group	17		3,659		163		233		4,072
Issuances	190		318		1,653		9		2,170
Interest accrual	90		252		672		9		1,023
Benefits payments	(238)		(333)		(1,551)		(13)		(2,135)
Other (including foreign exchange)	232		79		(785)		(29)		(503)
Ending balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in discount rate assumptions	(495)		72		(421)		3		(841)
Balance – end of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462

Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	664	$	6,113	$	4,218	$	431	$	11,426
Deferred profit liability	267		804		165		17		1,253
Net liability for future policy benefits, before reinsurance recoverable	931		6,917		4,383		448		12,679
Less: Reinsurance recoverable on future policy benefits	82		45		106		—		233
Net liability for future policy benefits, after reinsurance recoverable	$	849	$	6,872	$	4,277	$	448	$	12,446
Weighted average duration (years)	10.5		25.8		10.4		15.0		19.4

Present Value of Expected Net Premiums	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	422	$	1,343	$	2,520	$	30	$	4,315
Beginning balance at original discount rate	397		1,245		2,323		28		3,993
Effect of changes in cash flow assumptions	35		3		(25)		—		13
Effect of actual variances from expected experience	(35)		69		(129)		—		(95)
Adjusted beginning of period balance	397		1,317		2,169		28		3,911
Acquisition of Cigna	1,361		1,082		9,105		23		11,571
Issuances	169		230		639		6		1,044
Interest accrual	71		55		309		1		436
Net premiums collected (1)	(185)		(273)		(859)		(15)		(1,332)
Other (including foreign exchange)	54		(50)		(105)		—		(101)
Ending balance at original discount rate	1,867		2,361		11,258		43		15,529
Effect of changes in discount rate assumptions	(61)		(53)		(547)		(1)		(662)
Balance – end of period	$	1,806	$	2,308	$	10,711	$	42	14,867

(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 Benefits	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	832	$	4,493	$	4,935	$	127	$	10,387
Beginning balance at original discount rate	775		3,540		4,585		119		9,019
Effect of changes in cash flow assumptions	34		5		(37)		15		17
Effect of actual variances from expected experience	(36)		72		(138)		—		(102)
Adjusted beginning of period balance	773		3,617		4,410		134		8,934
Acquisition of Cigna	1,593		2,278		11,441		135		15,447
Issuances	169		230		639		6		1,044
Interest accrual	83		176		401		4		664
Benefits payments	(176)		(248)		(855)		(6)		(1,285)
Other (including foreign exchange)	5		(179)		(181)		7		(348)
Ending balance at original discount rate	2,447		5,874		15,855		280		24,456
Effect of changes in discount rate assumptions	(126)		(178)		(817)		(11)		(1,132)
Balance – end of period	$	2,321	$	5,696	$	15,038	$	269	$	23,324

Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2022
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	515	$	3,388	$	4,327	$	227	$	8,457
Deferred profit liability	201		531		126		11		869
Net liability for future policy benefits, before reinsurance recoverable	716		3,919		4,453		238		9,326
Less: Reinsurance recoverable on future policy benefits	93		49		109		—		251
Net liability for future policy benefits, after reinsurance recoverable	$	623	$	3,870	$	4,344	$	238	$	9,075
Weighted average duration (years)	9.2		25.1		10.7		14.0		17.5

Present Value of Expected Net Premiums	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	371	$	1,395	$	2,782	$	35	$	4,583
Beginning balance at original discount rate	322		1,201		2,398		32		3,953
Effect of changes in cash flow assumptions	(4)		(24)		(4)		(1)		(33)
Effect of actual variances from expected experience	(82)		2		(89)		—		(169)
Adjusted beginning of period balance	236		1,179		2,305		31		3,751
Issuances	183		229		135		6		553
Interest accrual	97		51		164		—		312
Net premiums collected (1)	(107)		(161)		(270)		(5)		(543)
Other (including foreign exchange)	(12)		(53)		(11)		(4)		(80)
Ending balance at original discount rate	397		1,245		2,323		28		3,993
Effect of changes in discount rate assumptions	25		98		197		2		322
Balance – end of period	$	422	$	1,343	$	2,520	$	30	4,315

(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 Benefits	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	739	$	4,886	$	5,351	$	124	$	11,100
Beginning balance at original discount rate	630		3,503		4,668		104		8,905
Effect of changes in cash flow assumptions	(7)		(24)		(4)		(1)		(36)
Effect of actual variances from expected experience	(73)		(2)		(90)		(1)		(166)
Adjusted beginning of period balance	550		3,477		4,574		102		8,703
Issuances	183		229		135		6		553
Interest accrual	105		152		221		2		480
Benefits payments	(102)		(174)		(337)		—		(613)
Other (including foreign exchange)	39		(144)		(8)		9		(104)
Ending balance at original discount rate	775		3,540		4,585		119		9,019
Effect of changes in discount rate assumptions	57		953		350		8		1,368
Balance – end of period	$	832	$	4,493	$	4,935	$	127	$	10,387

Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2021
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	410	$	3,150	$	2,415	$	97	$	6,072
Deferred profit liability	128		387		94		4		613
Net liability for future policy benefits, before reinsurance recoverable	538		3,537		2,509		101		6,685
Less: Reinsurance recoverable on future policy benefits	119		51		40		—		210
Net liability for future policy benefits, after reinsurance recoverable	$	419	$	3,486	$	2,469	$	101	$	6,475
Weighted average duration (years)	10.6		21.5		10.5		26.3		17.1

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

	December 31		December 31		December 31
(in millions of U.S. dollars)	2023		2022		2021
Net liability for future policy benefits, Life Insurance segment	$	11,426	$	8,457	$	6,072
Other (1)	1,209		1,150		1,152
Deferred profit liability	1,253		869		613
Liability for future policy benefits, per consolidated balance sheet	13,888		10,476		7,837

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

Undiscounted expected gross premiums and expected future policy benefit payments

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:

	December 31		December 31		December 31
(in millions of U.S. dollars)	2023		2022		2021
Term Life
Undiscounted expected future benefit payments	$	4,073	$	3,914	$	1,163
Undiscounted expected future gross premiums	7,075		6,823		1,334
Discounted expected future benefit payments	2,254		2,321		832
Discounted expected future gross premiums	4,703		4,555		1,041
Whole Life
Undiscounted expected future benefit payments	23,990		16,224		9,898
Undiscounted expected future gross premiums	9,469		6,912		3,583
Discounted expected future benefit payments	10,063		5,696		4,493
Discounted expected future gross premiums	7,658		5,398		2,656
A&H
Undiscounted expected future benefit payments	25,118		25,617		6,271
Undiscounted expected future gross premiums	36,869		37,765		9,029
Discounted expected future benefit payments	14,650		15,038		4,935
Discounted expected future gross premiums	22,150		22,111		6,457
Other
Undiscounted expected future benefit payments	862		407		114
Undiscounted expected future gross premiums	115		115		45
Discounted expected future benefit payments	495		269		127
Discounted expected future gross premiums	$	103	$	100	$	38

Gross premiums and interest accretion recognized in statement of operations

The following table presents the amount of revenue and interest recognized in the Consolidated statement of operations for the Life Insurance segment:

	Gross Premiums or Assessments						Interest Accretion
	For the Years Ended						For the Years Ended
	December 31						December 31
(in millions of U.S. dollars)	2023		2022		2021		2023		2022		2021
Life Insurance
Term Life	$	641	$	472	$	375	$	19	$	12	$	8
Whole Life	1,259		651		390		165		121		101
A&H	2,918		1,875		1,068		141		92		57
Other	28		17		10		7		3		2
Total	$	4,846	$	3,015	$	1,843	$	332	$	228	$	168

Weighted-average interests

The following table presents the weighted-average interest rates for the Life Insurance segment:

	Interest Accretion Rate							Current Discount Rate
	December 31							December 31
	2023		2022		2022	2021		2023		2022		2021
Life Insurance
Term Life	2.8	%	2.5	%		2.4	%	5.2	%	5.6	%	2.4	%
Whole Life	3.2	%	3.9	%		4.3	%	4.6	%	5.4	%	4.2	%
A&H	3.7	%	3.6	%		4.0	%	6.2	%	6.3	%	3.5	%
Other	2.6	%	3.7	%		3.4	%	4.1	%	5.6	%	2.7	%