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

3 Months Ended

Mar. 31, 2025

Policyholder Account Balance [Abstract]

Policyholders' account balances

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


	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	53		101		94		248
Policy charges (1)	(29)		—		(2)		(31)
Surrenders and withdrawals	(29)		(9)		(51)		(89)
Benefit payments (4)	(17)		(48)		(22)		(87)

Interest credited	12		10		16		38
Other (including foreign exchange)	13		5		(1)		17
Balance – end of period	$	1,812	$	2,644	$	2,388	$	6,844
Unearned revenue liability							719
Other (5)							566
Policyholders' account liability, per consolidated balance sheet							$	8,129

(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.


	Three Months Ended March 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	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

(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.



	March 31
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.7		%	1.6		%	2.7		%	2.9		%	2.6		%	2.5		%
Net amount at risk (2)	$	12,079		$	—		$	407		$	12,014		$	—		$	499
Cash Surrender Value	$	1,659		$	1,728		$	2,095		$	1,623		$	1,605		$	2,239

(1)Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, 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


	March 31, 2025
(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%	$	433	$	—	$	47	$	131	$	611
2.01% – 4.00%	245		589		355		—		1,189
Greater than 4.00%	12		—		—		—		12
Total	$	690	$	589	$	402	$	131	$	1,812


	March 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%	$	482	$	—	$	39	$	49	$	570
2.01% – 4.00%	67		461		728		—		1,256
Greater than 4.00%	14		—		—		—		14
Total	$	563	$	461	$	767	$	49	$	1,840

Annuities


	March 31, 2025
(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%	$	90	$	—	$	1,637	$	56	$	1,783
2.01% – 4.00%	861		—		—		—		861
Greater than 4.00%	—		—		—		—		—
Total	$	951	$	—	$	1,637	$	56	$	2,644


	March 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%	$	720	$	—	$	1,624	$	1	$	2,345
2.01% – 4.00%	139		—		—		—		139
Greater than 4.00%	—		—		—		—		—
Total	$	859	$	—	$	1,624	$	1	$	2,484

Other policyholders' account balances


	March 31, 2025
(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%	$	363	$	5	$	153	$	438	$	959
2.01% – 4.00%	1,378		51		—		—		1,429
Greater than 4.00%	—		—		—		—		—
Total	$	1,741	$	56	$	153	$	438	$	2,388


	March 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%	$	789	$	—	$	243	$	533	$	1,565
2.01% – 4.00%	378		613		—		—		991
Greater than 4.00%	—		—		—		—		—
Total	$	1,167	$	613	$	243	$	533	$	2,556

Fair Value, Separate Account Investment

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


	March 31		March 31
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	76

Mutual funds	6,081		5,699

Fixed maturities	73		89

Total	$	6,285	$	5,864

Separate Account, Liability

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


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	490		264
Policy charges	(33)		(43)
Surrenders and withdrawals	(243)		(210)
Benefit payments	(113)		(105)
Investment performance	5		375

Other (including foreign exchange)	(52)		10
Balance – end of period	$	6,285	$	5,864
Cash surrender value (1)	$	5,898	$	5,655

(1)Cash surrender value represents the amount of the policyholder'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:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	34		34
Amortization	(18)		(18)

Other (including foreign exchange)	(8)		(9)
Balance – end of period	$	719	$	680