Deferred acquisition costs

3 Months Ended

Mar. 31, 2024

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred acquisition costs

Deferred acquisition costs comprise capitalized costs on short-duration contracts of $3,510 million and $3,003 million and long-duration contracts of $4,027 million and $3,293 million at March 31, 2024, and 2023, respectively.

The following tables present a roll-forward of deferred acquisitions costs on long-duration contracts included in the Life Insurance segment:

	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185
Capitalizations	47		33		85		158		16		339
Amortization expense	(28)		(20)		(8)		(41)		(7)		(104)
Other (including foreign exchange)	(8)		1		(3)		3		(2)		(9)
Balance - end of period	$	413	$	688	$	608	$	1,421	$	281	$	3,411
Overseas General Insurance segment excluded from table											616
Total deferred acquisition costs on long-duration contracts											$	4,027

	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	324	$	639	$	392	$	891	$	268	$	2,514
Capitalizations	42		25		28		123		4		222
Amortization expense	(24)		(19)		(5)		(30)		(6)		(84)
Other (including foreign exchange)	7		(1)		9		(15)		(1)		(1)
Balance - end of period	$	349	$	644	$	424	$	969	$	265	$	2,651
Overseas General Insurance segment excluded from table											642
Total deferred acquisition costs on long-duration contracts											$	3,293