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Unpaid losses and loss expenses, and Future policy benefits (Tables)
 9 Months Ended
Sep. 30, 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:
Nine Months Ended
September 30
(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 year21,342 20,302 
Prior years (2)
(923)(761)
Total20,419 19,541 
Net losses and loss expenses paid in respect of losses occurring in:
Current year5,551 5,005 
Prior years12,135 10,074 
Total17,686 15,079 
Foreign currency revaluation and other1,015 (5)
Net unpaid losses and loss expenses – end of period70,018 66,695 
Reinsurance recoverable on unpaid losses and loss expenses (1)
18,421 17,631 
Gross unpaid losses and loss expenses – end of period$88,439 $84,326 
(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 $58 million and $118 million for the nine months ended September 30, 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 September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2025
North America Commercial P&C Insurance$104 $(130)$(26)$77 $(323)$(246)
North America Personal P&C Insurance— (282)(282)— (403)(403)
North America Agricultural Insurance— (30)(30)— (63)(63)
Overseas General Insurance(66)(18)(84)(30)(252)(282)
Global Reinsurance— — — (5)(10)(15)
Corporate61 — 61 144 — 144 
Total$99 $(460)$(361)$186 $(1,051)$(865)
2024
North America Commercial P&C Insurance$125 $(164)$(39)$79 $(310)$(231)
North America Personal P&C Insurance— (189)(189)— (305)(305)
North America Agricultural Insurance— (6)(6)— (34)(34)
Overseas General Insurance(61)1 (60)(26)(184)(210)
Global Reinsurance(5)— (5)— (20)(20)
Corporate55 — 55 157 — 157 
Total$114 $(358)$(244)$210 $(853)$(643)
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 PremiumsNine Months Ended September 30, 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(56)(65)(389)7 (503)
Effect of actual variances from expected experience5 13 (213)(1)(196)
Adjusted beginning of period balance1,768 4,251 10,897 130 17,046 
Issuances166 1,280 1,542 368 3,356 
Interest accrual43 107 413 8 571 
Net premiums collected (1)
(188)(1,192)(1,145)(115)(2,640)
Other (including foreign exchange)47 170 330 7 554 
Ending balance at original discount rate1,836 4,616 12,037 398 18,887 
Effect of changes in discount rate assumptions(253)154 164 4 69 
Balance – end of period$1,583 $4,770 $12,201 $402 $18,956 
(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 BenefitsNine Months Ended September 30, 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(54)(93)(434)13 (568)
Effect of actual variances from expected experience9 11 (212)— (192)
Adjusted beginning of period balance2,602 11,160 15,006 614 29,382 
Issuances166 1,280 1,542 368 3,356 
Interest accrual58 291 511 20 880 
Benefit payments(170)(243)(1,331)(14)(1,758)
Other (including foreign exchange)74 394 430 25 923 
Ending balance at original discount rate2,730 12,882 16,158 1,013 32,783 
Effect of changes in discount rate assumptions(385)820 101 36 572 
Balance – end of period$2,345 $13,702 $16,259 $1,049 $33,355 


Liability for Future Policy Benefits, Life Insurance SegmentSeptember 30, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$762 $8,932 $4,058 $647 $14,399 
Deferred profit liability309 1,744 231 69 2,353 
Net liability for future policy benefits, before reinsurance recoverable1,071 10,676 4,289 716 16,752 
Less: Reinsurance recoverable on future policy benefits101 48 123 1 273 
Net liability for future policy benefits, after reinsurance recoverable$970 $10,628 $4,166 $715 $16,479 
Weighted average duration (years)10.727.010.025.721.7
Present Value of Expected Net PremiumsNine Months Ended September 30, 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 assumptions(140)160 394 (4)410 
Effect of actual variances from expected experience6 9 (126)(1)(112)
Adjusted beginning of period balance1,858 4,114 10,960 59 16,991 
Issuances161 942 1,717 53 2,873 
Interest accrual45 91 424 3 563 
Net premiums collected (1)
(183)(852)(1,105)(27)(2,167)
Other (including foreign exchange)(10)14 (158)14 (140)
Ending balance at original discount rate1,871 4,309 11,838 102 18,120 
Effect of changes in discount rate assumptions(287)94 136 1 (56)
Balance – end of period$1,584 $4,403 $11,974 $103 $18,064 
(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 BenefitsNine Months Ended September 30, 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 assumptions(137)181 348 (5)387 
Effect of actual variances from expected experience13 21 (127)— (93)
Adjusted beginning of period balance2,625 10,193 15,292 487 28,597 
Issuances161 942 1,717 53 2,873 
Interest accrual59 240 519 11 829 
Benefit payments(173)(260)(1,186)(14)(1,633)
Other (including foreign exchange)27 55 (188)41 (65)
Ending balance at original discount rate2,699 11,170 16,154 578 30,601 
Effect of changes in discount rate assumptions(390)739 65 41 455 
Balance – end of period$2,309 $11,909 $16,219 $619 $31,056 
Liability for Future Policy Benefits, Life Insurance SegmentSeptember 30, 2024
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$725 $7,506 $4,245 $516 $12,992 
Deferred profit liability276 1,120 194 32 1,622 
Net liability for future policy benefits, before reinsurance recoverable1,001 8,626 4,439 548 14,614 
Less: Reinsurance recoverable on future policy benefits109 45 112 — 266 
Net liability for future policy benefits, after reinsurance recoverable$892 $8,581 $4,327 $548 $14,348 
Weighted average duration (years)10.227.89.817.621.1

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
September 30
(in millions of U.S. dollars)20252024
Net liability for future policy benefits, Life Insurance segment$14,399 $12,992 
Other (1)
1,536 1,389 
Deferred profit liability 2,353 1,622 
Liability for future policy benefits, per consolidated balance sheet$18,288 $16,003 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.


In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.
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:
September 30September 30
(in millions of U.S. dollars)20252024
Term Life
Undiscounted expected future benefit payments$4,498 $4,188 
Undiscounted expected future gross premiums6,844 6,669 
Discounted expected future benefit payments2,345 2,309 
Discounted expected future gross premiums4,609 4,504 
Whole Life
Undiscounted expected future benefit payments32,059 28,111 
Undiscounted expected future gross premiums11,115 10,363 
Discounted expected future benefit payments13,702 11,909 
Discounted expected future gross premiums9,180 8,404 
A&H
Undiscounted expected future benefit payments27,189 27,423 
Undiscounted expected future gross premiums40,031 40,183 
Discounted expected future benefit payments16,259 16,219 
Discounted expected future gross premiums24,049 23,655 
Other
Undiscounted expected future benefit payments1,900 1,046 
Undiscounted expected future gross premiums606 200 
Discounted expected future benefit payments1,049 619 
Discounted expected future gross premiums$567 $177 

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
Nine Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2025202420252024
Life Insurance
Term Life$542 $509 $15 $14 
Whole Life2,024 1,504 184 149 
A&H2,314 2,250 98 95 
Other157 42 12 8 
Total$5,037 $4,305 $309 $266 
The following table presents the weighted-average interest rates for the Life Insurance segment:
Interest Accretion RateCurrent Discount Rate
September 30September 30
2025202420252024
Life Insurance
Term Life3.0 %3.0 %5.7 %5.2 %
Whole Life3.4 %3.2 %4.1 %4.1 %
A&H4.2 %3.8 %5.8 %5.8 %
Other3.3 %2.7 %3.5 %3.8 %