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

12 Months Ended

Dec. 31, 2025

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, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (4)		Other (5)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748
Premiums received	215		268		364		847
Policy charges (1)	(105)		—		(9)		(114)
Surrenders and withdrawals	(124)		(34)		(188)		(346)
Benefit payments (2)	(26)		(136)		(86)		(248)
Interest credited	47		48		68		163
Other (including foreign exchange)	83		70		28		181
Balance – end of period	$	1,899	$	2,801	$	2,531	$	7,231
Unearned revenue liability							758
Other (3)							587
Policyholders' account liability, per consolidated balance sheet							$	8,576

(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)Includes benefit payments upon maturity as well as death benefits.

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

(4)Relates to Huatai Life.

(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

	For the Year Ended December 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (4)		Other (5)		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 (2)	(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 (3)							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)Includes benefit payments upon maturity as well as death benefits.

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

(4)Relates to Huatai Life.

(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

	December 31
	2025								2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities (1)		Other			Universal Life			Annuities (1)		Other
Weighted-average crediting rate (2)	3.4		%	N/A		3.3		%	3.7		%	N/A		3.1		%
Net amount at risk (3)	$	11,115		$	31	$	342		$	12,369		$	—	$	425
Cash Surrender Value	$	1,771		$	1,864	$	2,241		$	1,649		$	1,678	$	2,060

(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.

(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.

(3)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, 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%	$	—	$	—	$	51	$	198	$	249
2.01% – 4.00%	491		311		346		—		1,148
Greater than 4.00%	18		—		—		—		18
Fixed rate or no guarantee									484
Total	$	509	$	311	$	397	$	198	$	1,899

	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%	$	4	$	—	$	46	$	106	$	156
2.01% – 4.00%	245		615		349		—		1,209
Greater than 4.00%	13		—		—		—		13
Fixed rate or no guarantee									431
Total	$	262	$	615	$	395	$	106	$	1,809

Other policyholders' account balances

	December 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%	$	3	$	6	$	90	$	65	$	164
2.01% – 4.00%	1,095		53		—		—		1,148
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,219
Total	$	1,098	$	59	$	90	$	65	$	2,531

	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%	$	8	$	6	$	158	$	2	$	174
2.01% – 4.00%	987		50		—		—		1,037
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,143
Total	$	995	$	56	$	158	$	2	$	2,354

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)	2025		2024
Cash and cash equivalents	$	73	$	234
Mutual funds	6,785		5,931
Fixed maturities	67		66
Total	$	6,925	$	6,231

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)	2025		2024
Balance – beginning of period	$	6,231	$	5,573
Premiums and deposits	1,394		1,629
Policy charges	(164)		(158)
Surrenders and withdrawals	(997)		(910)
Benefit payments	(466)		(430)
Investment performance	739		630
Other (including foreign exchange)	188		(103)
Balance – end of period	$	6,925	$	6,231
Cash surrender value (1)	$	6,371	$	5,853

(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:

	For the Years Ended December 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	130		144
Amortization	(77)		(73)
Other (including foreign exchange)	(6)		(33)
Balance – end of period	$	758	$	711