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Life and Health Reserves (Tables)
 12 Months Ended
Dec. 31, 2023
Liability for Future Policy Benefits Activity [Abstract]  
Liability for Future Policy Benefit, Activity
The Company's gross and net liability for life and health reserves at December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars):
December 31, 2023December 31, 2022December 31, 2021
Long-term protection$1,432,088 $1,249,661 $1,454,838 
Longevity466,037 304,318 323,489 
Total traditional and limited payment long-duration life and health reserves
$1,898,125 $1,553,979 $1,778,327 
Other long-duration life and health reserves
116,918 127,752 122,532 
Short-term life and health reserves
816,626 795,978 860,997 
Total life and health reserves, net$2,831,669 $2,477,709 $2,761,856 
Reinsurance recoverable
27,588 19,810 23,526 
Life and health reserves, gross
$2,859,257 $2,497,519 $2,785,382 
Traditional and limited payment long-duration contracts
The reconciliation of the beginning and ending net liability for the Company's life and health reserves for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars):
202320222021
Long-term Protection
Longevity
Long-term Protection
Longevity
Long-term Protection
Longevity
Present Value of Expected Net Premiums
Balance, beginning of year$7,181,905 $6,859,347 $8,265,658 $9,450,775 $7,722,807 $8,710,380 
Beginning balance at original discount rate9,912,178 9,468,464 8,929,616 10,101,622 7,832,595 8,417,277 
Effect of changes in cash flow assumptions
(46,073)1,341 124,380 — 132,056 (12,857)
Effect of actual variances from expected experience
129,081 (100,539)495,356 49,882 138,504 (46,910)
Foreign exchange and other
7,693 (77,951)61,698 (1,485)12,107 702 
Adjusted beginning of year balance10,002,879 9,291,315 9,611,050 10,150,019 8,115,262 8,358,212 
Issuances
907,176 3,106,448 1,100,371 813,865 1,271,419 2,249,974 
Interest accrual
249,381 303,087 215,148 189,144 183,835 152,388 
Net premiums collected
(564,741)(1,012,723)(519,987)(668,228)(497,615)(601,195)
Foreign exchange and other
157,390 632,042 (494,404)(1,016,336)(143,285)(57,757)
Ending balance at original discount rate10,752,085 12,320,169 9,912,178 9,468,464 8,929,616 10,101,622 
Effect of changes in discount rate assumptions
(2,238,887)(1,914,504)(2,730,273)(2,609,117)(663,958)(650,847)
Balance, end of year$8,513,198 $10,405,665 $7,181,905 $6,859,347 $8,265,658 $9,450,775 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$8,444,212 $7,167,340 $9,735,516 $9,778,306 $9,197,194 $9,080,355 
Beginning balance at original discount rate11,279,091 9,735,709 10,405,240 10,400,475 9,253,956 8,758,460 
Effect of changes in cash flow assumptions
(29,989)1,671 100,464 — 175,808 (17,855)
Effect of actual variances from expected experience
124,864 (113,205)520,942 47,215 198,217 (46,809)
Foreign exchange and other
24,331 (89,722)67,193 (2,935)11,525 770 
Adjusted beginning of year balance11,398,297 9,534,453 11,093,839 10,444,755 9,639,506 8,694,566 
Issuances
910,154 3,111,518 1,095,566 814,178 1,250,111 2,249,787 
Interest accrual
269,802 308,484 235,775 194,485 207,736 160,408 
Benefit payments
(521,918)(885,792)(542,353)(666,887)(503,727)(643,565)
Foreign exchange and other201,607 656,619 (603,736)(1,050,822)(188,386)(60,721)
Ending balance at original discount rate12,257,942 12,725,282 11,279,091 9,735,709 10,405,240 10,400,475 
Effect of changes in discount rate assumptions
(2,309,437)(1,851,883)(2,834,879)(2,568,369)(669,724)(622,169)
Balance, end of year$9,948,505 $10,873,399 $8,444,212 $7,167,340 $9,735,516 $9,778,306 
Cumulative impact of flooring
$4,037 $1,828 $2,367 $— $194 $819 
Liability for future policy benefits, after flooring adjustment
$1,439,344 $469,562 $1,264,674 $307,993 $1,470,052 $328,350 
Less: reinsurance recoverable7,256 3,525 15,013 3,675 15,214 4,861 
Net liability for future policy benefits, after reinsurance recoverable$1,432,088 $466,037 $1,249,661 $304,318 $1,454,838 $323,489 
Undiscounted Expected Gross Premiums And Expected Future Policy Benefit Payments
The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars):
December 31, 2023December 31, 2022December 31, 2021
Long-term Protection
Undiscounted expected future gross premiums
$22,577,821 $19,982,118 $17,229,187 
Undiscounted expected future benefit payments
$19,981,172 $17,642,176 $15,441,167 
Discounted expected future gross premiums
$10,835,854 $9,162,867 $10,592,914 
Discounted expected future benefit payments
$9,948,505 $8,444,212 $9,735,516 
December 31, 2023December 31, 2022December 31, 2021
Longevity
Undiscounted expected future gross premiums
$17,998,514 $13,032,711 $13,647,768 
Undiscounted expected future benefit payments
$16,929,038 $12,199,575 $12,752,333 
Discounted expected future gross premiums
$11,284,884 $7,485,087 $10,331,411 
Discounted expected future benefit payments
$10,873,399 $7,167,340 $9,778,306 
Gross Premiums And Interest Accretion Recognized In Statement Of Operations
The total gross premiums and interest expense recognized in the Consolidated Statements of Operations for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars):
Gross Premiums
Interest Expense
202320222021202320222021
Long-term protection$744,428 $684,990 $662,496 $20,421 $20,627 $23,901 
Longevity1,094,934 742,542 692,000 5,397 5,341 8,020 
Total$1,839,362 $1,427,532 $1,354,496 $25,818 $25,968 $31,921 
Weighted Average Interest Rates
The weighted-average interest rates for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows:
202320222021
Long-term Protection:
Interest accretion rate2.63 %2.43 %2.28 %
Current discount rate4.48 %4.93 %2.87 %
202320222021
Longevity:
Interest accretion rate2.95 %2.06 %1.94 %
Current discount rate4.83 %5.48 %2.48 %
Reconciliation of the beginning and ending gross and net liability for life and health reserves
The reconciliation of the beginning and ending gross and net liability of the life and health reserves for short-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars):
 202320222021
Gross liability at beginning of year
$797,100 $864,448 $960,198 
Reinsurance recoverable at beginning of year
1,122 3,451 6,397 
Net liability at beginning of year
795,978 860,997 953,801 
Net incurred losses
187,078 157,572 184,872 
Net losses paid(190,082)(172,043)(234,501)
Effects of foreign exchange rate changes and other23,652 (50,548)(43,175)
Net liability at end of year
816,626 795,978 860,997 
Reinsurance recoverable at end of year
16,807 1,122 3,451 
Gross liability at end of year
$833,433 $797,100 $864,448