
	For the Year Ended December 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	276		339		413		1,028
Policy charges (1)	(136)		—		(11)		(147)
Surrenders and withdrawals	(122)		(39)		(278)		(439)
Benefit payments (4)	(60)		(139)		(78)		(277)

Interest credited	50		41		68		159
Other (including foreign exchange)	(75)		(28)		(262)		(365)
Balance – end of period	$	1,809	$	2,585	$	2,354	$	6,748
Unearned revenue liability							711
Other (5)							557
Policyholders' account liability, per consolidated balance sheet							$	8,016


	For the Year Ended December 31, 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	268		133		231		632
Policy charges (1)	(132)		—		(10)		(142)
Surrenders and withdrawals	(115)		(19)		(192)		(326)
Benefit payments (4)	(12)		(58)		(62)		(132)

Interest credited	43		31		39		113
Other (including foreign exchange)	23		(1)		35		57
Balance – end of period	$	1,876	$	2,411	$	2,502	$	6,789
Unearned revenue liability							673
Policyholders' account liability, per consolidated balance sheet							$	7,462



	December 31
	2024									2023
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.8		%	1.7		%	3.0		%	3.0		%	2.6		%	1.9		%
Net amount at risk (2)	$	12,369		$	—		$	425		$	11,828		$	—		$	559
Cash Surrender Value	$	1,649		$	1,678		$	2,060		$	1,628		$	1,526		$	2,192

(2)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:


	December 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%	$	427	$	—	$	46	$	114	$	587
2.01% – 4.00%	245		615		349		—		1,209
Greater than 4.00%	13		—		—		—		13
Total	$	685	$	615	$	395	$	114	$	1,809


	December 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%	$	475	$	—	$	29	$	36	$	540
2.01% – 4.00%	82		319		894		19		1,314
Greater than 4.00%	22		—		—		—		22
Total	$	579	$	319	$	923	$	55	$	1,876


	December 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%	$	80	$	—	$	1,628	$	46	$	1,754
2.01% – 4.00%	831		—		—		—		831
Greater than 4.00%	—		—		—		—		—
Total	$	911	$	—	$	1,628	$	46	$	2,585


	December 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%	$	723	$	—	$	1,579	$	—	$	2,302
2.01% – 4.00%	109		—		—		—		109
Greater than 4.00%	—		—		—		—		—
Total	$	832	$	—	$	1,579	$	—	$	2,411


	December 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%	$	367	$	6	$	182	$	431	$	986
2.01% – 4.00%	1,318		50		—		—		1,368
Greater than 4.00%	—		—		—		—		—
Total	$	1,685	$	56	$	182	$	431	$	2,354


	December 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%	$	782	$	—	$	228	$	546	$	1,556
2.01% – 4.00%	373		540		28		—		941
Greater than 4.00%	5		—		—		—		5
Total	$	1,160	$	540	$	256	$	546	$	2,502

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.


	For the Years Ended
	December 31
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	5,573	$	5,190
Premiums and deposits	1,629		995
Policy charges	(158)		(138)
Surrenders and withdrawals	(910)		(601)
Benefit payments	(430)		(381)
Investment performance	630		611

Other (including foreign exchange)	(103)		(103)
Balance – end of period	$	6,231	$	5,573
Cash surrender value (1)	$	5,853	$	5,398

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 into income 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:


	For the Years Ended December 31
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	673	$	567
Deferred revenue	144		134
Amortization	(73)		(67)

Other (including foreign exchange)	(33)		39
Balance – end of period	$	711	$	673

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:


	For the Years Ended December 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	(130)		26
Effect of market movements (1)	(125)		(195)
Effect of changes in volatilities	1		20
Actual policyholder behavior different from expected behavior	55		18
Effect of changes in future expected policyholder behavior	87		89

Effect of timing and all other	(45)		15
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	592	$	749
Effect of changes in the instrument-specific credit risk	15		22
Balance – end of period	$	607	$	771
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,520	$	1,872

(2)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 $(297) million and $(334) million for the years ended December 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.

In the third quarter of 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. These refinements resulted in a net increase of approximately $87 million to the MRB fair value, recognized as a Market risk benefits loss.

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

December 31, 2024

December 31, 2023

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

0.5% – 30.0%

4.0

Annuitization rate

0% – 100%

4.5

0% – 100%

4.5

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. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

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. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. Chubb does not yet have fully credible annuitization experience for all clients.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities.