
	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789


Premiums received	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

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

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


	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	1,199	$	1,374	$	2,573


Premiums received	50		18		68
Policy charges (1)	(30)		(4)		(34)
Surrenders and withdrawals	(15)		(8)		(23)
Benefit payments (3)	(4)		(6)		(10)

Interest credited	8		8		16
Other (including foreign exchange)	—		3		3
Balance – end of period	$	1,208	$	1,385	$	2,593
Unearned revenue liability					585
Policyholders' account liability, per consolidated balance sheet					$	3,178

(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.



	March 31
	2024									2023
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Other
Weighted-average crediting rate	2.9		%	2.6		%	2.5		%	2.6		%	3.0		%
Net amount at risk (1)	$	12,014		$	—		$	499		$	11,394		$	156
Cash Surrender Value	$	1,623		$	1,605		$	2,239		$	1,005		$	1,075

(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:


	March 31, 2024
(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%	$	482	$	—	$	39	$	49	$	570
2.01% – 4.00%	67		461		728		—		1,256
Greater than 4.00%	14		—		—		—		14
Total	$	563	$	461	$	767	$	49	$	1,840


	March 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%	$	455	$	—	$	32	$	7	$	494
2.01% – 4.00%	69		345		280		—		694
Greater than 4.00%	20		—		—		—		20
Total	$	544	$	345	$	312	$	7	$	1,208


	March 31, 2024
(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%	$	720	$	—	$	1,624	$	1	$	2,345
2.01% – 4.00%	139		—		—		—		139
Greater than 4.00%	—		—		—		—		—
Total	$	859	$	—	$	1,624	$	1	$	2,484


	March 31, 2024
(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%	$	789	$	—	$	243	$	533	$	1,565
2.01% – 4.00%	378		613		—		—		991
Greater than 4.00%	—		—		—		—		—
Total	$	1,167	$	613	$	243	$	533	$	2,556


	March 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%	$	446	$	—	$	212	$	295	$	953
2.01% – 4.00%	384		43		—		—		427
Greater than 4.00%	5		—		—		—		5
Total	$	835	$	43	$	212	$	295	$	1,385

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.


	March 31		March 31
(in millions of U.S. dollars)	2024		2023
Cash and cash equivalents	$	76	$	116

Mutual funds	5,699		5,082

Fixed maturities	89		102

Total	$	5,864	$	5,300


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	5,573	$	5,190

Premiums and deposits	264		266
Policy charges	(43)		(35)
Surrenders and withdrawals	(210)		(111)
Benefit payments	(105)		(99)
Investment performance	375		110

Other (including foreign exchange)	10		(21)
Balance – end of period	$	5,864	$	5,300
Cash surrender value (1)	$	5,655	$	5,030

(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 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:


	Three Months Ended March 31
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	673	$	567
Deferred revenue	34		32
Amortization	(18)		(14)

Other (including foreign exchange)	(9)		—
Balance – end of period	$	680	$	585

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:


	Three Months Ended March 31
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	771	$	800
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	749		776



Interest rate changes	(57)		63
Effect of changes in equity markets	(77)		(75)
Effect of changes in volatilities	(20)		57
Actual policyholder behavior different from expected behavior	30		(2)


Effect of timing and all other	(31)		(16)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	594	$	803
Effect of changes in the instrument-specific credit risk	17		27
Balance – end of period	$	611	$	830
Weighted-average age of policyholders (years)	74		73
Net amount at risk (1)	$	1,683	$	2,296

(1) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB gains (losses) of $(134) million and $(89) million for the three months ended March 31, 2024 and 2023, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

March 31, 2024

March 31, 2023

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 30.0%

4.3

0.5% – 30.4%

4.0

Annuitization rate

0% – 100%

4.2

0% – 100%

4.4

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.