
	Three Months Ended
	March 31
(in millions of U.S. dollars)	2024		2023

Gross unpaid losses and loss expenses – beginning of period	$	80,122	$	75,747
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,884)		(17,086)
Net unpaid losses and loss expenses – beginning of period	62,238		58,661
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,980		5,336
Prior years (2)	(253)		(188)
Total	5,727		5,148
Net losses and loss expenses paid in respect of losses occurring in:
Current year	767		805
Prior years	4,055		3,911
Total	4,822		4,716

Foreign currency revaluation and other	35		(196)
Net unpaid losses and loss expenses – end of period	63,178		58,897
Reinsurance recoverable on unpaid losses (1)	17,163		16,520
Gross unpaid losses and loss expenses – end of period	$	80,341	$	75,417

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $46 million and $(8) million for the three months ended March 31, 2024 and 2023, respectively.

Net unpaid losses and loss expenses increased $940 million for the three months ended March 31, 2024, principally reflecting underlying exposure growth and the impact of a reinsurance commutation in connection with a large structured transaction during the quarter, partially offset by the impact of favorable prior period development and crop activity.

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:


	Three Months Ended March 31
(in millions of U.S. dollars)	Long-tail		Short-tail		Total
2024
North America Commercial P&C Insurance	$	96	$	(144)	$	(48)
North America Personal P&C Insurance	—		(52)		(52)
North America Agricultural Insurance	—		(28)		(28)
Overseas General Insurance	(1)		(88)		(89)
Global Reinsurance	—		1		1
Corporate	9		—		9
Total	$	104	$	(311)	$	(207)
2023
North America Commercial P&C Insurance	$	9	$	(81)	$	(72)
North America Personal P&C Insurance	—		17		17
North America Agricultural Insurance	—		—		—
Overseas General Insurance	—		(143)		(143)
Global Reinsurance	—		(8)		(8)
Corporate	10		—		10
Total	$	19	$	(215)	$	(196)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance. Net favorable development for the three months ended March 31, 2024, included $74 million in surety lines and $62 million in property and marine lines due to lower-than-expected loss development. The favorable development was partially offset by net adverse development of $102 million in commercial excess and umbrella lines, driven by higher-than-expected loss development.

Net favorable development for the three months ended March 31, 2023, was $72 million favorable with $81 million favorable in short-tail lines and $9 million adverse in long-tail lines. The short tail development was primarily in surety and A&H, partially offset by adverse development in property and marine due to the net impact of positive development from Hurricane Ian and negative development from Winter Storm Elliott. The long-tail development was the net of favorable developments in specialty casualty and workers comp due to lower than expected paid and reported loss activity offset by adverse development in general liability and certain financial lines due to higher-than-expected development.

Overseas General Insurance. Net favorable development for the three months ended March 31, 2024, was $89 million, which included $58 million in property lines driven by favorable development across all regions, primarily in accident years 2020 through 2023.

Net favorable development for the three months ended March 31, 2023 included $85 million in property lines, driven by lower-than-expected catastrophe loss development activity of $43 million in accident year 2022, and non-catastrophe loss emergence in Continental Europe and the U.K.


Present Value of Expected Net Premiums	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		109		—		185
Effect of actual variances from expected experience	(1)		22		(37)		—		(16)
Adjusted beginning of period balance	1,997		4,037		10,764		64		16,862

Issuances	65		295		697		2		1,059
Interest accrual	14		27		133		—		174
Net premiums collected (1)	(57)		(310)		(363)		(7)		(737)

Other (including foreign exchange)	(5)		(4)		82		—		73
Ending balance at original discount rate	2,014		4,045		11,313		59		17,431
Effect of changes in discount rate assumptions	(407)		18		(295)		—		(684)
Balance – end of period	$	1,607	$	4,063	$	11,018	$	59	$	16,747


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		86		100		—		194
Effect of actual variances from expected experience	3		27		(36)		—		(6)
Adjusted beginning of period balance	2,760		10,104		15,135		492		28,491

Issuances	65		295		697		2		1,059
Interest accrual	19		74		164		3		260
Benefits payments	(59)		(87)		(398)		(6)		(550)

Other (including foreign exchange)	30		(2)		114		21		163
Ending balance at original discount rate	2,815		10,384		15,712		512		29,423
Effect of changes in discount rate assumptions	(516)		184		(487)		18		(801)
Balance – end of period	$	2,299	$	10,568	$	15,225	$	530	$	28,622


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	692	$	6,505	$	4,207	$	471	$	11,875
Deferred profit liability	254		904		174		19		1,351
Net liability for future policy benefits, before reinsurance recoverable	946		7,409		4,381		490		13,226
Less: Reinsurance recoverable on future policy benefits	107		45		113		1		266
Net liability for future policy benefits, after reinsurance recoverable	$	839	$	7,364	$	4,268	$	489	$	12,960
Weighted average duration (years)	10.2		25.6		10.1		15.1		19.3


Present Value of Expected Net Premiums	Three Months Ended March 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	17		(1)		(786)		1		(769)
Effect of actual variances from expected experience	(6)		(8)		(89)		(1)		(104)
Adjusted beginning of period balance	1,878		2,352		10,383		43		14,656

Issuances	36		69		288		1		394
Interest accrual	28		18		125		—		171
Net premiums collected (1)	(44)		(82)		(327)		(6)		(459)


Other (including foreign exchange)	35		8		(139)		1		(95)
Ending balance at original discount rate	1,933		2,365		10,330		39		14,667
Effect of changes in discount rate assumptions	(48)		(8)		(263)		—		(319)
Balance – end of period	$	1,885	$	2,357	$	10,067	$	39	$	14,348


Present Value of Expected Future Policy Benefits	Three Months Ended March 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	20		(1)		(798)		3		(776)
Effect of actual variances from expected experience	(3)		(7)		(87)		(1)		(98)
Adjusted beginning of period balance	2,464		5,866		14,970		282		23,582

Issuances	36		69		288		1		394
Interest accrual	32		52		156		2		242
Benefit payments	(46)		(65)		(362)		(3)		(476)

Other (including foreign exchange)	72		28		(153)		(14)		(67)
Ending balance at original discount rate	2,558		5,950		14,899		268		23,675
Effect of changes in discount rate assumptions	(118)		(42)		(463)		—		(623)
Balance – end of period	$	2,440	$	5,908	$	14,436	$	268	$	23,052


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	555	$	3,551	$	4,369	$	229	$	8,704
Deferred profit liability	223		581		135		13		952
Net liability for future policy benefits, before reinsurance recoverable	778		4,132		4,504		242		9,656
Less: Reinsurance recoverable on future policy benefits	105		33		112		—		250
Net liability for future policy benefits, after reinsurance recoverable	$	673	$	4,099	$	4,392	$	242	$	9,406
Weighted average duration (years)	9.4		25.3		10.7		14.5		17.7

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


	March 31
(in millions of U.S. dollars)	2024		2023
Net liability for future policy benefits, Life Insurance segment	$	11,875	$	8,704
Other (1)	1,149		1,126
Deferred profit liability	1,351		952
Liability for future policy benefits, per consolidated balance sheet	$	14,375	$	10,782


	March 31		March 31
(in millions of U.S. dollars)	2024		2023

Term Life
Undiscounted expected future benefit payments	$	4,358	$	4,041
Undiscounted expected future gross premiums	7,291		6,452
Discounted expected future benefit payments	2,299		2,440
Discounted expected future gross premiums	3,909		3,773
Whole Life
Undiscounted expected future benefit payments	24,834		16,446
Undiscounted expected future gross premiums	9,593		6,895
Discounted expected future benefit payments	10,568		5,908
Discounted expected future gross premiums	7,774		5,398
A&H
Undiscounted expected future benefit payments	26,475		23,186
Undiscounted expected future gross premiums	39,002		33,809
Discounted expected future benefit payments	15,225		14,436
Discounted expected future gross premiums	22,975		20,766
Other
Undiscounted expected future benefit payments	901		342
Undiscounted expected future gross premiums	94		97
Discounted expected future benefit payments	530		268
Discounted expected future gross premiums	$	83	$	87


	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2024		2023		2024		2023
Life Insurance
Term Life	$	167	$	160	$	5	$	4

Whole Life	530		230		47		34
A&H	753		733		31		31
Other	20		17		3		2
Total	$	1,470	$	1,140	$	86	$	71


	Interest Accretion Rate				Current Discount Rate

	March 31				March 31
	2024		2023		2024		2023
Life Insurance
Term Life	2.9	%	2.8	%	5.7	%	5.7	%

Whole Life	3.2	%	4.0	%	4.5	%	5.2	%
A&H	3.7	%	3.8	%	6.3	%	6.2	%
Other	2.6	%	3.8	%	3.8	%	4.8	%