Policyholders' account balances

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

Liability for policyholders' account balance

olicyholders' account balances

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


	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,719	$	1,421	$	3,140

Premiums received	85		25		110
Policy charges (1)	(45)		(3)		(48)
Surrenders and withdrawals	(16)		(15)		(31)
Benefit payments	(4)		(7)		(11)

Interest credited	11		5		16
Other (including foreign exchange)	(4)		6		2
Balance, end of period	$	1,746	$	1,432	$	3,178


	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,612	$	1,154	$	2,766

Premiums received	95		28		123
Policy charges (1)	(46)		(2)		(48)
Surrenders and withdrawals	(14)		(17)		(31)
Benefit payments	(2)		(5)		(7)

Interest credited	11		6		17
Other (including foreign exchange)	(6)		(46)		(52)
Balance, end of period	$	1,650	$	1,118	$	2,768

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.



	March 31
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.6		%	2.6		%	3.6		%	3.4		%
Net amount at risk (1)	$	9,934		$	1,450		$	10,259		$	518
Cash Surrender Value	$	937		$	1,137		$	869		$	865

(1)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.

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, 2023
(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
0.00% – 2.00%	$	3	$	—	$	388	$	846	$	1,237
2.01% – 4.00%	453		56		—		—		509

Total	$	456	$	56	$	388	$	846	$	1,746


	March 31, 2022
(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
0.00% – 2.00%	$	4	$	—	$	420	$	743	$	1,167
2.01% – 4.00%	238		210		35		—		483

Total	$	242	$	210	$	455	$	743	$	1,650

Other policyholders' account balances


	March 31, 2023
(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
0.00% – 2.00%	$	154	$	547	$	188	$	543	$	1,432


Total	$	154	$	547	$	188	$	543	$	1,432


	March 31, 2022
(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
0.00% – 2.00%	$	—	$	530	$	219	$	369	$	1,118


Total	$	—	$	530	$	219	$	369	$	1,118