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

3 Months Ended

Mar. 31, 2026

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

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

	Three Months Ended March 31, 2026
(in millions of U.S. dollars)	Universal Life		Annuities (4)		Other investment contracts (5)		Total
Balance – beginning of period	$	1,899	$	2,801	$	2,531	$	7,231
Premiums received	61		80		246		387
Policy charges (1)	(23)		—		(2)		(25)
Surrenders and withdrawals	(33)		(8)		(50)		(91)
Benefit payments (2)	(95)		(69)		(16)		(180)
Interest credited	12		13		18		43
Other (including foreign exchange)	10		79		(37)		52
Balance – end of period	$	1,831	$	2,896	$	2,690	$	7,417
Unearned revenue liability							762
Other (3)							603
Policyholders' account liability, per consolidated balance sheet							$	8,782

(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 payments for survival and 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.

	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (4)		Other investment contracts (5)		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 (2)	(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 (3)							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)Includes payments for survival and 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.

	March 31
	2026								2025
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities (3)		Other			Universal Life			Annuities (3)		Other
Weighted-average crediting rate (1)	3.4		%	N/A		3.1		%	3.5		%	N/A		3.4		%
Net amount at risk (2)	$	10,753		$	64	$	336		$	12,079		$	—	$	407
Cash Surrender Value	$	1,705		$	1,928	$	2,381		$	1,659		$	1,728	$	2,095

(1)Calculated using actual interest credited for the three months ended March 31, 2026 and 2025, 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.

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

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, 2026
(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%	$	—	$	35	$	16	$	217	$	268
2.01% – 4.00%	444		289		340		—		1,073
Greater than 4.00%	18		—		—		—		18
Fixed rate or no guarantee									472
Total	$	462	$	324	$	356	$	217	$	1,831

	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%	$	3	$	—	$	47	$	123	$	173
2.01% – 4.00%	245		589		355		—		1,189
Greater than 4.00%	12		—		—		—		12
Fixed rate or no guarantee									438
Total	$	260	$	589	$	402	$	123	$	1,812

Other policyholders' account balances

	March 31, 2026
(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%	$	2	$	66	$	38	$	59	$	165
2.01% – 4.00%	1,148		53		—		—		1,201
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,324
Total	$	1,150	$	119	$	38	$	59	$	2,690

	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%	$	6	$	5	$	130	$	25	$	166
2.01% – 4.00%	1,017		51		—		—		1,068
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,154
Total	$	1,023	$	56	$	130	$	25	$	2,388

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)	2026		2025
Cash and cash equivalents	$	156	$	131
Mutual funds	6,493		6,081
Fixed maturities	69		73
Total	$	6,718	$	6,285

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)	2026		2025
Balance – beginning of period	$	6,925	$	6,231
Premiums and deposits	367		490
Policy charges	(44)		(33)
Surrenders and withdrawals	(337)		(243)
Benefit payments	(125)		(113)
Investment performance	23		5
Other (including foreign exchange)	(91)		(52)
Balance – end of period	$	6,718	$	6,285
Cash surrender value (1)	$	6,239	$	5,898

(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)	2026		2025
Balance – beginning of period	$	758	$	711
Deferred revenue	30		34
Amortization	(20)		(18)
Other (including foreign exchange)	(6)		(8)
Balance – end of period	$	762	$	719