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v3.23.2

Policyholders' account balances (Tables) | 6 Months Ended
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Jun. 30, 2023
Policyholder Account Balance [Abstract] |
Policyholder Account Balances | The following tables present a roll-forward of policyholders' account balances:
| Six Months Ended June 30, 2023
(in millions of U.S. dollars) | Universal Life |  | Other |  | Total
Balance – beginning of period | $ | 1,719 |  |  | $ | 1,421 |  |  | $ | 3,140 |
Premiums received | 175 |  |  | 53 |  |  | 228 |
Policy charges (1) | (89) |  |  | (5) |  |  | (94) |
Surrenders and withdrawals | (41) |  |  | (35) |  |  | (76) |
Benefit payments | (4) |  |  | (22) |  |  | (26) |
Interest credited | 22 |  |  | 15 |  |  | 37 |
Other (including foreign exchange) | 19 |  |  | (13) |  |  | 6 |
Balance, end of period | $ | 1,801 |  |  | $ | 1,414 |  |  | $ | 3,215 |
| Six Months Ended June 30, 2022
(in millions of U.S. dollars) | Universal Life |  | Other |  | Total
Balance – beginning of period | $ | 1,612 |  |  | $ | 1,154 |  |  | $ | 2,766 |
Premiums received | 195 |  |  | 58 |  |  | 253 |
Policy charges (1) | (92) |  |  | (5) |  |  | (97) |
Surrenders and withdrawals | (37) |  |  | (35) |  |  | (72) |
Benefit payments | (3) |  |  | (11) |  |  | (14) |
Interest credited | 20 |  |  | 18 |  |  | 38 |
Other (including foreign exchange) | (36) |  |  | (89) |  |  | (125) |
Balance, end of period | $ | 1,659 |  |  | $ | 1,090 |  |  | $ | 2,749 |
(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
| June 30
| 2023 |  | 2022
(in millions of U.S. dollars, except for percentages) | Universal Life |  | Other |  | Universal Life |  | Other
Weighted-average crediting rate | 3.8 | % |  | 2.2 | % |  | 3.5 | % |  | 3.1 | %
Net amount at risk (1) | $ | 10,405 |  |  | $ | 1,447 |  |  | $ | 10,041 |  |  | $ | 507 |
Cash Surrender Value | $ | 978 |  |  | $ | 1,122 |  |  | $ | 876 |  |  | $ | 831 |
(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.
Policyholder Account Balance, Guaranteed Minimum Crediting Rates | Universal Life
| June 30, 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 |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 4 |  |  | $ | — |  |  | $ | 382 |  |  | $ | 873 |  |  | $ | 1,259 |
2.01% – 4.00% | 471 |  |  | 50 |  |  | — |  |  | — |  |  | 521 |
Greater than 4.00% | 20 |  |  | — |  |  | — |  |  | 1 |  |  | 21 |
Total | $ | 495 |  |  | $ | 50 |  |  | $ | 382 |  |  | $ | 874 |  |  | $ | 1,801 |
| June 30, 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 |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 4 |  |  | $ | — |  |  | $ | 410 |  |  | $ | 730 |  |  | $ | 1,144 |
2.01% – 4.00% | 236 |  |  | 211 |  |  | 37 |  |  | — |  |  | 484 |
Greater than 4.00% | 31 |  |  | — |  |  | — |  |  | — |  |  | 31 |
Total | $ | 271 |  |  | $ | 211 |  |  | $ | 447 |  |  | $ | 730 |  |  | $ | 1,659 |
Other policyholders' account balances
| June 30, 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 |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 430 |  |  | $ | 550 |  |  | $ | 189 |  |  | $ | 235 |  |  | $ | 1,404 |
Greater than 4.00% | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total | $ | 440 |  |  | $ | 550 |  |  | $ | 189 |  |  | $ | 235 |  |  | $ | 1,414 |
| June 30, 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 |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 120 |  |  | $ | 521 |  |  | $ | 209 |  |  | $ | 236 |  |  | $ | 1,086 |
Greater than 4.00% | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Total | $ | 124 |  |  | $ | 521 |  |  | $ | 209 |  |  | $ | 236 |  |  | $ | 1,090 |

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