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

6 Months Ended

Jun. 30, 2025

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

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

	Six Months Ended June 30, 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	105		159		211		475
Policy charges (1)	(56)		—		(5)		(61)
Surrenders and withdrawals	(57)		(17)		(94)		(168)
Benefit payments (4)	(19)		(77)		(46)		(142)
Interest credited	24		24		33		81
Other (including foreign exchange)	34		22		25		81
Balance – end of period	$	1,840	$	2,696	$	2,478	$	7,014
Unearned revenue liability							753
Other (5)							577
Policyholders' account liability, per consolidated balance sheet							$	8,344

(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.

	Six Months Ended June 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	139		208		217		564
Policy charges (1)	(65)		—		(5)		(70)
Surrenders and withdrawals	(65)		(20)		(153)		(238)
Benefit payments (4)	(56)		(81)		(1)		(138)
Interest credited	25		30		27		82
Other (including foreign exchange)	(76)		(27)		(274)		(377)
Balance – end of period	$	1,778	$	2,521	$	2,313	$	6,612
Unearned revenue liability							675
Other (5)							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

(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.

	June 30
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.6		%	1.8		%	2.9		%	2.8		%	2.5		%	2.9		%
Net amount at risk (2)	$	11,571		$	10		$	378		$	11,987		$	—		$	454
Cash Surrender Value	$	1,695		$	1,774		$	2,175		$	1,611		$	1,618		$	2,013

(1)Calculated using actual interest credited for the six months ended June 30, 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

	June 30, 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%	$	454	$	—	$	49	$	153	$	656
2.01% – 4.00%	247		573		352		—		1,172
Greater than 4.00%	12		—		—		—		12
Total	$	713	$	573	$	401	$	153	$	1,840

	June 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%	$	436	$	—	$	42	$	68	$	546
2.01% – 4.00%	77		424		717		—		1,218
Greater than 4.00%	14		—		—		—		14
Total	$	527	$	424	$	759	$	68	$	1,778

Annuities

	June 30, 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%	$	103	$	—	$	1,647	$	66	$	1,816
2.01% – 4.00%	880		—		—		—		880
Greater than 4.00%	—		—		—		—		—
Total	$	983	$	—	$	1,647	$	66	$	2,696

	June 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%	$	732	$	—	$	1,638	$	1	$	2,371
2.01% – 4.00%	150		—		—		—		150
Greater than 4.00%	—		—		—		—		—
Total	$	882	$	—	$	1,638	$	1	$	2,521

Other policyholders' account balances

	June 30, 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%	$	377	$	5	$	157	$	435	$	974
2.01% – 4.00%	1,452		52		—		—		1,504
Greater than 4.00%	—		—		—		—		—
Total	$	1,829	$	57	$	157	$	435	$	2,478

	June 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%	$	574	$	—	$	227	$	513	$	1,314
2.01% – 4.00%	381		618		—		—		999
Greater than 4.00%	—		—		—		—		—
Total	$	955	$	618	$	227	$	513	$	2,313

Fair Value, Separate Account Investment

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

	June 30		June 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	100
Mutual funds	6,268		5,649
Fixed maturities	82		85
Total	$	6,481	$	5,834

Separate Account, Liability

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

	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573
Premiums and deposits	802		576
Policy charges	(79)		(80)
Surrenders and withdrawals	(494)		(426)
Benefit payments	(225)		(208)
Investment performance	(265)		502
Other (including foreign exchange)	511		(103)
Balance – end of period	$	6,481	$	5,834
Cash surrender value (1)	$	6,101	$	5,625

(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:

	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	69		69
Amortization	(38)		(36)
Other (including foreign exchange)	11		(31)
Balance – end of period	$	753	$	675