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

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Policyholder Account Balances

Policyholders' account balances

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

	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

(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.

(5)Primarily comprises unpaid dividends on certain participating policies.

	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

(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.

	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

(1)Calculated using actual interest credited for the twelve months ended December 31, 2024 and 2023, respectively.

(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.

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

	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

Annuities

	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

Other policyholders' account balances

	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

Fair Value, Separate Account Investment

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

	December 31
(in millions of U.S. dollars)	2024		2023
Cash and cash equivalents	$	234	$	65
Mutual funds	5,931		5,417
Fixed maturities	66		91
Total	$	6,231	$	5,573

Separate Account, Liability

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

	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

(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:

	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