XML 48 R37.htm IDEA: XBRL DOCUMENT

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

9 Months Ended

Sep. 30, 2024

Policyholder Account Balance [Abstract]

Policyholders' account balances

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


	Nine Months Ended September 30, 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	204		294		320		818
Policy charges (1)	(98)		—		(7)		(105)
Surrenders and withdrawals	(95)		(30)		(202)		(327)
Benefit payments (4)	(59)		(116)		(40)		(215)

Interest credited	38		29		41		108
Other (including foreign exchange)	3		20		(223)		(200)
Balance – end of period	$	1,869	$	2,608	$	2,391	$	6,868
Unearned revenue liability							712
Other							556
Policyholders' account liability, per consolidated balance sheet							$	8,136

(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)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.


	Nine Months Ended September 30, 2023
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,199	$	—	$	1,374	$	2,573
Consolidation of Huatai Group	602		2,325		1,087		4,014

Premiums received	174		79		165		418
Policy charges (1)	(96)		—		(8)		(104)
Surrenders and withdrawals	(62)		(8)		(113)		(183)
Benefit payments (4)	(6)		(38)		(43)		(87)

Interest credited	30		16		22		68
Other (including foreign exchange)	(56)		(34)		(35)		(125)
Balance – end of period	$	1,785	$	2,340	$	2,449	$	6,574
Unearned revenue liability							604
Policyholders' account liability, per consolidated balance sheet							$	7,178

(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)Relates to Huatai Life.

(3)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.



	September 30
	2024									2023
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate	2.7		%	1.6		%	2.7		%	3.1		%	2.7		%	1.2		%
Net amount at risk (1)	$	12,648		$	—		$	440		$	11,705		$	—		$	576
Cash Surrender Value	$	1,699		$	1,691		$	2,091		$	1,573		$	1,474		$	2,173

(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


	September 30, 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%	$	464	$	—	$	47	$	92	$	603
2.01% – 4.00%	249		371		633		—		1,253
Greater than 4.00%	13		—		—		—		13
Total	$	726	$	371	$	680	$	92	$	1,869


	September 30, 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%	$	421	$	—	$	30	$	11	$	462
2.01% – 4.00%	80		330		559		333		1,302
Greater than 4.00%	21		—		—		—		21
Total	$	522	$	330	$	589	$	344	$	1,785

Annuities


	September 30, 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%	$	72	$	—	$	1,645	$	47	$	1,764
2.01% – 4.00%	844		—		—		—		844
Greater than 4.00%	—		—		—		—		—
Total	$	916	$	—	$	1,645	$	47	$	2,608


	September 30, 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%	$	693	$	—	$	1,543	$	—	$	2,236
2.01% – 4.00%	104		—		—		—		104
Greater than 4.00%	—		—		—		—		—
Total	$	797	$	—	$	1,543	$	—	$	2,340

Other policyholders' account balances


	September 30, 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%	$	349	$	2	$	214	$	459	$	1,024
2.01% – 4.00%	1,317		50		—		—		1,367
Greater than 4.00%	—		—		—		—		—
Total	$	1,666	$	52	$	214	$	459	$	2,391


	September 30, 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%	$	738	$	—	$	230	$	545	$	1,513
2.01% – 4.00%	373		531		27		—		931
Greater than 4.00%	5		—		—		—		5
Total	$	1,116	$	531	$	257	$	545	$	2,449

Fair Value, Separate Account Investment

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


	September 30		September 30
(in millions of U.S. dollars)	2024		2023
Cash and cash equivalents	$	75	$	88

Mutual funds	5,844		5,129

Fixed maturities	77		89

Total	$	5,996	$	5,306

Separate Account, Liability

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


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	5,573	$	5,190

Premiums and deposits	945		724
Policy charges	(118)		(103)
Surrenders and withdrawals	(666)		(407)
Benefit payments	(320)		(291)
Investment performance	625		382

Other (including foreign exchange)	(43)		(189)
Balance – end of period	$	5,996	$	5,306
Cash surrender value (1)	$	5,790	$	5,285

(1)Cash surrender value represents the amount of the policyholders 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:


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	673	$	567
Deferred revenue	106		96
Amortization	(54)		(44)

Other (including foreign exchange)	(13)		(15)
Balance – end of period	$	712	$	604