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Unpaid losses and loss expenses, and Future policy benefits (Tables)
 3 Months Ended
Mar. 31, 2025
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:
Three Months Ended
March 31
(in millions of U.S. dollars)20252024
Gross unpaid losses and loss expenses – beginning of period$84,004 $80,122 
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)
(17,734)(17,884)
Net unpaid losses and loss expenses – beginning of period66,270 62,238 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year7,133 5,980 
Prior years (2)
(237)(253)
Total6,896 5,727 
Net losses and loss expenses paid in respect of losses occurring in:
Current year1,305 767 
Prior years4,699 4,055 
Total6,004 4,822 
Foreign currency revaluation and other228 35 
Net unpaid losses and loss expenses – end of period67,390 63,178 
Reinsurance recoverable on unpaid losses and loss expenses (1)
18,081 17,163 
Gross unpaid losses and loss expenses – end of period$85,471 $80,341 
(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 $(18) million and $46 million for the three months ended March 31, 2025 and 2024, respectively.
Prior Period Development, by Segment [Table Text Block] The following table summarizes (favorable) and adverse PPD by segment:
Three Months Ended March 31
(in millions of U.S. dollars)Long-tail    Short-tailTotal
2025
North America Commercial P&C Insurance$49 $(163)$(114)
North America Personal P&C Insurance— — — 
North America Agricultural Insurance— (33)(33)
Overseas General Insurance1 (122)(121)
Global Reinsurance(5)5 — 
Corporate13 — 13 
Total$58 $(313)$(255)
2024
North America Commercial P&C Insurance$96 $(144)$(48)
North America Personal P&C Insurance— (52)(52)
North America Agricultural Insurance— (28)(28)
Overseas General Insurance(1)(88)(89)
Global Reinsurance— 1 1 
Corporate9 — 9 
Total$104 $(311)$(207)
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 PremiumsThree Months Ended March 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,523 $4,405 $11,626 $125 $17,679 
Beginning balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in cash flow assumptions— (4)(5)— (9)
Effect of actual variances from expected experience7 23 (93)— (63)
Adjusted beginning of period balance1,826 4,322 11,401 124 17,673 
Issuances65 288 599 208 1,160 
Interest accrual14 32 133 2 181 
Net premiums collected (1)
(59)(311)(370)(61)(801)
Other (including foreign exchange)(6)(19)(86)2 (109)
Ending balance at original discount rate1,840 4,312 11,677 275 18,104 
Effect of changes in discount rate assumptions(295)111 212 1 29 
Balance – end of period$1,545 $4,423 $11,889 $276 $18,133 
(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 BenefitsThree Months Ended March 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,238 $12,057 $15,693 $647 $30,635 
Beginning balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in cash flow assumptions— (10)2 — (8)
Effect of actual variances from expected experience10 24 (95)— (61)
Adjusted beginning of period balance2,657 11,256 15,559 601 30,073 
Issuances65 288 599 208 1,160 
Interest accrual19 90 165 6 280 
Benefit payments(51)(78)(421)(6)(556)
Other (including foreign exchange)(6)(32)(127)3 (162)
Ending balance at original discount rate2,684 11,524 15,775 812 30,795 
Effect of changes in discount rate assumptions(416)905 155 45 689 
Balance – end of period$2,268 $12,429 $15,930 $857 $31,484 
Liability for Future Policy Benefits, Life Insurance SegmentMarch 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$723 $8,006 $4,041 $581 $13,351 
Deferred profit liability291 1,351 202 64 1,908 
Net liability for future policy benefits, before reinsurance recoverable1,014 9,357 4,243 645 15,259 
Less: Reinsurance recoverable on future policy benefits108 45 114 — 267 
Net liability for future policy benefits, after reinsurance recoverable$906 $9,312 $4,129 $645 $14,992 
Weighted average duration (years)10.527.99.923.521.8


Present Value of Expected Net PremiumsThree Months Ended March 31, 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 assumptions6 70 109 — 185 
Effect of actual variances from expected experience(1)22 (37)— (16)
Adjusted beginning of period balance1,997 4,037 10,764 64 16,862 
Issuances65 295 697 2 1,059 
Interest accrual14 27 133 — 174 
Net premiums collected (1)
(57)(310)(363)(7)(737)
Other (including foreign exchange)(5)(4)82 — 73 
Ending balance at original discount rate2,014 4,045 11,313 59 17,431 
Effect of changes in discount rate assumptions(407)18 (295)— (684)
Balance – end of period$1,607 $4,063 $11,018 $59 $16,747 
(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 BenefitsThree Months Ended March 31, 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 assumptions8 86 100 — 194 
Effect of actual variances from expected experience3 27 (36)— (6)
Adjusted beginning of period balance2,760 10,104 15,135 492 28,491 
Issuances65 295 697 2 1,059 
Interest accrual19 74 164 3 260 
Benefit payments(59)(87)(398)(6)(550)
Other (including foreign exchange)30 (2)114 21 163 
Ending balance at original discount rate2,815 10,384 15,712 512 29,423 
Effect of changes in discount rate assumptions(516)184 (487)18 (801)
Balance – end of period$2,299 $10,568 $15,225 $530 $28,622 


Liability for Future Policy Benefits, Life Insurance SegmentMarch 31, 2024
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$692 $6,505 $4,207 $471 $11,875 
Deferred profit liability254 904 174 19 1,351 
Net liability for future policy benefits, before reinsurance recoverable946 7,409 4,381 490 13,226 
Less: Reinsurance recoverable on future policy benefits107 45 113 1 266 
Net liability for future policy benefits, after reinsurance recoverable$839 $7,364 $4,268 $489 $12,960 
Weighted average duration (years)10.225.610.115.119.3

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
March 31
(in millions of U.S. dollars)20252024
Net liability for future policy benefits, Life Insurance segment$13,351 $11,875 
Other (1)
1,431 1,149 
Deferred profit liability 1,908 1,351 
Liability for future policy benefits, per consolidated balance sheet$16,690 $14,375 
(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:
March 31March 31
(in millions of U.S. dollars)20252024
Term Life
Undiscounted expected future benefit payments$4,266 $4,358 
Undiscounted expected future gross premiums6,595 7,291 
Discounted expected future benefit payments2,268 2,299 
Discounted expected future gross premiums4,460 3,909 
Whole Life
Undiscounted expected future benefit payments29,099 24,834 
Undiscounted expected future gross premiums10,390 9,593 
Discounted expected future benefit payments12,429 10,568 
Discounted expected future gross premiums8,518 7,774 
A&H
Undiscounted expected future benefit payments26,695 26,475 
Undiscounted expected future gross premiums39,108 39,002 
Discounted expected future benefit payments15,930 15,225 
Discounted expected future gross premiums23,346 22,975 
Other
Undiscounted expected future benefit payments1,556 901 
Undiscounted expected future gross premiums478 94 
Discounted expected future benefit payments857 530 
Discounted expected future gross premiums$437 $83 

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
Three Months EndedThree Months Ended
March 31March 31
(in millions of U.S. dollars)2025202420252024
Life Insurance
Term Life$170 $167 $5 $5 
Whole Life563 530 58 47 
A&H752 753 32 31 
Other89 20 4 3 
Total$1,574 $1,470 $99 $86 
The following table presents the weighted-average interest rates for the Life Insurance segment:
Interest Accretion RateCurrent Discount Rate
March 31March 31
2025202420252024
Life Insurance
Term Life3.0 %2.9 %5.6 %5.7 %
Whole Life3.5 %3.2 %4.0 %4.5 %
A&H4.1 %3.7 %5.7 %6.3 %
Other3.2 %2.6 %3.6 %3.8 %