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Unpaid losses and loss expenses, and Future policy benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Schedule of Unpaid Losses And Loss Expenses Roll Forward [Table Text Block]
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20242023
Gross unpaid losses and loss expenses – beginning of period$80,122 $75,747 
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)
(17,884)(17,086)
Net unpaid losses and loss expenses – beginning of period62,238 58,661 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year20,302 18,604 
Prior years (2)
(761)(667)
Total19,541 17,937 
Net losses and loss expenses paid in respect of losses occurring in:
Current year5,005 4,853 
Prior years10,074 10,158 
Total15,079 15,011 
Consolidation of Huatai Group— 405 
Foreign currency revaluation and other(5)(95)
Net unpaid losses and loss expenses – end of period66,695 61,897 
Reinsurance recoverable on unpaid losses and loss expenses (1)
17,631 17,808 
Gross unpaid losses and loss expenses – end of period$84,326 $79,705 
(1)    Net of valuation allowance for uncollectible reinsurance.
(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 $118 million and $71 million for the nine months ended September 30, 2024 and 2023, respectively.
Prior Period Development, by Segment [Table Text Block] The following table summarizes (favorable) and adverse PPD by segment:
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2024
North America Commercial P&C Insurance$125 $(164)$(39)$79 $(310)$(231)
North America Personal P&C Insurance— (189)(189)— (305)(305)
North America Agricultural Insurance— (6)(6)— (34)(34)
Overseas General Insurance(61)1 (60)(26)(184)(210)
Global Reinsurance(5)— (5)— (20)(20)
Corporate55 — 55 157 — 157 
Total$114 $(358)$(244)$210 $(853)$(643)
2023
North America Commercial P&C Insurance$107 $(191)$(84)$(23)$(279)$(302)
North America Personal P&C Insurance— (119)(119)— (135)(135)
North America Agricultural Insurance— (9)(9)— (12)(12)
Overseas General Insurance(52)3 (49)(52)(201)(253)
Global Reinsurance— — — 7 (32)(25)
Corporate61 — 61 131 — 131 
Total$116 $(316)$(200)$63 $(659)$(596)
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 PremiumsNine Months Ended September 30, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions(140)160 394 (4)410 
Effect of actual variances from expected experience6 9 (126)(1)(112)
Adjusted beginning of period balance1,858 4,114 10,960 59 16,991 
Issuances161 942 1,717 53 2,873 
Interest accrual45 91 424 3 563 
Net premiums collected (1)
(183)(852)(1,105)(27)(2,167)
Other (including foreign exchange)(10)14 (158)14 (140)
Ending balance at original discount rate1,871 4,309 11,838 102 18,120 
Effect of changes in discount rate assumptions(287)94 136 1 (56)
Balance – end of period$1,584 $4,403 $11,974 $103 $18,064 
(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 BenefitsNine Months Ended September 30, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions(137)181 348 (5)387 
Effect of actual variances from expected experience13 21 (127)— (93)
Adjusted beginning of period balance2,625 10,193 15,292 487 28,597 
Issuances161 942 1,717 53 2,873 
Interest accrual59 240 519 11 829 
Benefits payments(173)(260)(1,186)(14)(1,633)
Other (including foreign exchange)27 55 (188)41 (65)
Ending balance at original discount rate2,699 11,170 16,154 578 30,601 
Effect of changes in discount rate assumptions(390)739 65 41 455 
Balance – end of period$2,309 $11,909 $16,219 $619 $31,056 


Liability for Future Policy Benefits, Life Insurance SegmentSeptember 30, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$725 $7,506 $4,245 $516 $12,992 
Deferred profit liability276 1,120 194 32 1,622 
Net liability for future policy benefits, before reinsurance recoverable1,001 8,626 4,439 548 14,614 
Less: Reinsurance recoverable on future policy benefits109 45 112 — 266 
Net liability for future policy benefits, after reinsurance recoverable$892 $8,581 $4,327 $548 $14,348 
Weighted average duration (years)10.227.89.817.621.1
Present Value of Expected Net PremiumsNine Months Ended September 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,806 $2,308 $10,711 $42 $14,867 
Beginning balance at original discount rate1,867 2,361 11,258 43 15,529 
Effect of changes in cash flow assumptions36 40 (813)2 (735)
Effect of actual variances from expected experience(15)77 (170)(1)(109)
Adjusted beginning of period balance1,888 2,478 10,275 44 14,685 
Consolidation of Huatai Group3 1,690 145 12 1,850 
Issuances90 223 1,026 5 1,344 
Interest accrual45 62 421 1 529 
Net premiums collected (1)
(127)(376)(998)(15)(1,516)
Other (including foreign exchange)78 (72)(592)(1)(587)
Ending balance at original discount rate1,977 4,005 10,277 46 16,305 
Effect of changes in discount rate assumptions(69)(62)(496)(1)(628)
Balance – end of period$1,908 $3,943 $9,781 $45 $15,677 
(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 BenefitsNine Months Ended September 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,321 $5,696 $15,038 $269 $23,324 
Beginning balance at original discount rate2,447 5,874 15,855 280 24,456 
Effect of changes in cash flow assumptions32 44 (849)3 (770)
Effect of actual variances from expected experience(12)86 (168)(1)(95)
Adjusted beginning of period balance2,467 6,004 14,838 282 23,591 
Consolidation of Huatai Group17 3,659 163 233 4,072 
Issuances90 223 1,026 5 1,344 
Interest accrual54 176 514 6 750 
Benefit payments(120)(212)(1,064)(9)(1,405)
Other (including foreign exchange)227 30 (1,062)154 (651)
Ending balance at original discount rate2,735 9,880 14,415 671 27,701 
Effect of changes in discount rate assumptions(149)(274)(790)(11)(1,224)
Balance – end of period$2,586 $9,606 $13,625 $660 $26,477 
Liability for Future Policy Benefits, Life Insurance SegmentSeptember 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$678 $5,663 $3,844 $615 $10,800 
Deferred profit liability244 709 156 14 1,123 
Net liability for future policy benefits, before reinsurance recoverable922 6,372 4,000 629 11,923 
Less: Reinsurance recoverable on future policy benefits111 47 103 21 282 
Net liability for future policy benefits, after reinsurance recoverable$811 $6,325 $3,897 $608 $11,641 
Weighted average duration (years)10.226.510.315.119.6

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
September 30
(in millions of U.S. dollars)20242023
Net liability for future policy benefits, Life Insurance segment$12,992 $10,800 
Other (1)
1,389 1,186 
Deferred profit liability 1,622 1,123 
Liability for future policy benefits, per consolidated balance sheet$16,003 $13,109 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.
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:
September 30September 30
(in millions of U.S. dollars)20242023
Term Life
Undiscounted expected future benefit payments$4,188 $4,043 
Undiscounted expected future gross premiums6,669 6,588 
Discounted expected future benefit payments2,309 2,586 
Discounted expected future gross premiums4,504 3,741 
Whole Life
Undiscounted expected future benefit payments28,111 23,454 
Undiscounted expected future gross premiums10,363 9,478 
Discounted expected future benefit payments11,909 9,606 
Discounted expected future gross premiums8,404 7,654 
A&H
Undiscounted expected future benefit payments27,423 23,914 
Undiscounted expected future gross premiums40,183 35,029 
Discounted expected future benefit payments16,219 13,625 
Discounted expected future gross premiums23,655 21,241 
Other
Undiscounted expected future benefit payments1,046 774 
Undiscounted expected future gross premiums200 104 
Discounted expected future benefit payments619 660 
Discounted expected future gross premiums$177 $92 

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:
Gross Premiums or AssessmentsInterest Accretion
Nine Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2024202320242023
Life Insurance
Term Life$509 $484 $14 $9 
Whole Life1,504 864 149 114 
A&H2,250 2,182 95 93 
Other42 28 8 5 
Total$4,305 $3,558 $266 $221 
The following table presents the weighted-average interest rates for the Life Insurance segment:
Interest Accretion RateCurrent Discount Rate
September 30September 30
2024202320242023
Life Insurance
Term Life3.0 %2.9 %5.2 %6.0 %
Whole Life3.2 %3.2 %4.1 %4.7 %
A&H3.8 %3.7 %5.8 %6.7 %
Other2.7 %2.6 %3.8 %4.3 %