Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

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

	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.

(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.

	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.

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

	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.

Policyholder Account Balance, Guaranteed Minimum Crediting Rates

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

	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

Annuities

	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

Other policyholders' account balances

	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

Fair Value, Separate Account Investment

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

	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

Separate Account, Liability

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

	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

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