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v3.23.2

Future policy benefits | 6 Months Ended
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Jun. 30, 2023
Liability for Future Policy Benefits Activity [Abstract] |
Liability for future policy benefits | Future policy benefits The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:
Present Value of Expected Net Premiums | Six Months Ended June 30, 2023
(in millions of U.S. dollars) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 818 |  |  |  |  | $ | 2,301 |  |  | $ | 9,863 |  |  | $ | 42 |  |  | $ | 13,024 |
Beginning balance at original discount rate | 879 |  |  |  |  | 2,354 |  |  | 10,409 |  |  | 43 |  |  | 13,685 |
Effect of changes in cash flow assumptions | 15 |  |  |  |  | (1) |  |  | (771) |  |  | 1 |  |  | (756) |
Effect of actual variances from expected experience | (4) |  |  |  |  | (7) |  |  | (35) |  |  | — |  |  | (46) |
Adjusted beginning of period balance | 890 |  |  |  |  | 2,346 |  |  | 9,603 |  |  | 44 |  |  | 12,883 |
Issuances | 62 |  |  |  |  | 157 |  |  | 564 |  |  | 3 |  |  | 786 |
Interest accrual | 37 |  |  |  |  | 35 |  |  | 226 |  |  | 1 |  |  | 299 |
Net premiums collected (1) | (86) |  |  |  |  | (171) |  |  | (654) |  |  | (10) |  |  | (921) |
Other (including foreign exchange) | 17 |  |  |  |  | 23 |  |  | 118 |  |  | (1) |  |  | 157 |
Ending balance at original discount rate | 920 |  |  |  |  | 2,390 |  |  | 9,857 |  |  | 37 |  |  | 13,204 |
Effect of changes in discount rate assumptions | (56) |  |  |  |  | (21) |  |  | (347) |  |  | — |  |  | (424) |
Balance – end of period | $ | 864 |  |  |  |  | $ | 2,369 |  |  | $ | 9,510 |  |  | $ | 37 |  |  | $ | 12,780 |
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.
Present Value of Expected Future Policy Benefits | Six Months Ended June 30, 2023
(in millions of U.S. dollars) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 1,427 |  |  |  |  | $ | 6,048 |  |  | $ | 14,206 |  |  | $ | 239 |  |  | $ | 21,920 |
Beginning balance at original discount rate | 1,555 |  |  |  |  | 6,225 |  |  | 15,022 |  |  | 250 |  |  | 23,052 |
Effect of changes in cash flow assumptions | 17 |  |  |  |  | (1) |  |  | (780) |  |  | 2 |  |  | (762) |
Effect of actual variances from expected experience | (3) |  |  |  |  | (3) |  |  | (30) |  |  | — |  |  | (36) |
Adjusted beginning of period balance | 1,569 |  |  |  |  | 6,221 |  |  | 14,212 |  |  | 252 |  |  | 22,254 |
Issuances | 62 |  |  |  |  | 158 |  |  | 562 |  |  | 3 |  |  | 785 |
Interest accrual | 43 |  |  |  |  | 105 |  |  | 289 |  |  | 3 |  |  | 440 |
Benefits payments | (84) |  |  |  |  | (130) |  |  | (708) |  |  | (5) |  |  | (927) |
Other (including foreign exchange) | 71 |  |  |  |  | 400 |  |  | (178) |  |  | 6 |  |  | 299 |
Ending balance at original discount rate | 1,661 |  |  |  |  | 6,754 |  |  | 14,177 |  |  | 259 |  |  | 22,851 |
Effect of changes in discount rate assumptions | (130) |  |  |  |  | (76) |  |  | (574) |  |  | (4) |  |  | (784) |
Balance – end of period | $ | 1,531 |  |  |  |  | $ | 6,678 |  |  | $ | 13,603 |  |  | $ | 255 |  |  | $ | 22,067 |
| June 30, 2023
Liability for Future Policy Benefits | Life Insurance |  | Overseas General Insurance |  | Chubb Consolidated
(in millions of U.S. dollars, except for years) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  | A&H |  | Total
Net liability for future policy benefits | $ | 667 |  |  |  |  | $ | 4,309 |  |  | $ | 4,093 |  |  | $ | 218 |  |  | $ | 751 |  |  | $ | 10,038 |
Deferred profit liability | 225 |  |  |  |  | 638 |  |  | 149 |  |  | 14 |  |  | — |  |  | 1,026 |
Net liability for future policy benefits, per consolidated balance sheet | 892 |  |  |  |  | 4,947 |  |  | 4,242 |  |  | 232 |  |  | 751 |  |  | 11,064 |
Less: Reinsurance recoverable on future policy benefits | 110 |  |  |  |  | 41 |  |  | 126 |  |  | — |  |  | 38 |  |  | 315 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 782 |  |  |  |  | $ | 4,906 |  |  | $ | 4,116 |  |  | $ | 232 |  |  | $ | 713 |  |  | $ | 10,749 |
Weighted average duration (years) | 9.3 |  |  |  | 25.0 |  | 10.6 |  | 14.0 |  | 4.8 |  | 16.4
Present Value of Expected Net Premiums | Six Months Ended June 30, 2022
(in millions of U.S. dollars) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  |  |  | Total
Balance – beginning of period | $ | 422 |  |  |  |  | $ | 1,341 |  |  | $ | 2,520 |  |  | $ | 30 |  |  |  |  | $ | 4,313 |
Beginning balance at original discount rate | 397 |  |  |  |  | 1,243 |  |  | 2,323 |  |  | 28 |  |  |  |  | 3,991 |
Effect of changes in cash flow assumptions | — |  |  |  |  | (2) |  |  | — |  |  | — |  |  |  |  | (2) |
Effect of actuarial variances from expected experience | (27) |  |  |  |  | (11) |  |  | (75) |  |  | 1 |  |  |  |  | (112) |
Adjusted beginning of period balance | 370 |  |  |  |  | 1,230 |  |  | 2,248 |  |  | 29 |  |  |  |  | 3,877 |
Issuances | 66 |  |  |  |  | 71 |  |  | 67 |  |  | 2 |  |  |  |  | 206 |
Interest accrual | 31 |  |  |  |  | 21 |  |  | 72 |  |  | — |  |  |  |  | 124 |
Net premiums collected (1) | (51) |  |  |  |  | (80) |  |  | (127) |  |  | (5) |  |  |  |  | (263) |
Other (including foreign exchange) | (12) |  |  |  |  | (30) |  |  | (17) |  |  | (1) |  |  |  |  | (60) |
Ending balance at original discount rate | 404 |  |  |  |  | 1,212 |  |  | 2,243 |  |  | 25 |  |  |  |  | 3,884 |
Effect of changes in discount rate assumptions | (24) |  |  |  |  | (27) |  |  | (104) |  |  | — |  |  |  |  | (155) |
Balance – end of period | $ | 380 |  |  |  |  | $ | 1,185 |  |  | $ | 2,139 |  |  | $ | 25 |  |  |  |  | $ | 3,729 |
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.
Present Value of Expected Future Policy Benefits | Six Months Ended June 30, 2022
(in millions of U.S. dollars) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 921 |  |  |  |  | $ | 4,785 |  |  | $ | 4,939 |  |  | $ | 130 |  |  | $ | 10,775 |
Beginning balance at original discount rate | 858 |  |  |  |  | 3,833 |  |  | 4,589 |  |  | 122 |  |  | 9,402 |
Effect of changes in cash flow assumptions | (5) |  |  |  |  | (2) |  |  | — |  |  | 11 |  |  | 4 |
Effect of actuarial variances from expected experience | (25) |  |  |  |  | (9) |  |  | (79) |  |  | 1 |  |  | (112) |
Adjusted beginning of period balance | 828 |  |  |  |  | 3,822 |  |  | 4,510 |  |  | 134 |  |  | 9,294 |
Issuances | 69 |  |  |  |  | 71 |  |  | 67 |  |  | 2 |  |  | 209 |
Interest accrual | 35 |  |  |  |  | 74 |  |  | 100 |  |  | — |  |  | 209 |
Benefits payments | (44) |  |  |  |  | (95) |  |  | (167) |  |  | — |  |  | (306) |
Other (including foreign exchange) | (32) |  |  |  |  | (77) |  |  | (49) |  |  | — |  |  | (158) |
Ending balance at original discount rate | 856 |  |  |  |  | 3,795 |  |  | 4,461 |  |  | 136 |  |  | 9,248 |
Effect of changes in discount rate assumptions | (68) |  |  |  |  | 76 |  |  | (204) |  |  | (7) |  |  | (203) |
Balance – end of period | $ | 788 |  |  |  |  | $ | 3,871 |  |  | $ | 4,257 |  |  | $ | 129 |  |  | $ | 9,045 |
| June 30, 2022
Liability for Future Policy Benefits | Life Insurance |  | Overseas General Insurance |  | Chubb Consolidated
(in millions of U.S. dollars, except for years) | Term Life |  |  |  | Whole Life |  | A&H |  | Other |  | A&H |  | Total
Net liability for future policy benefits | $ | 408 |  |  |  |  | $ | 2,686 |  |  | $ | 2,118 |  |  | $ | 104 |  |  | $ | 748 |  |  | $ | 6,064 |
Deferred profit liability | 165 |  |  |  |  | 415 |  |  | 104 |  |  | 8 |  |  | — |  |  | 692 |
Net liability for future policy benefits, per consolidated balance sheet | 573 |  |  |  |  | 3,101 |  |  | 2,222 |  |  | 112 |  |  | 748 |  |  | 6,756 |
Less: Reinsurance recoverable on future policy benefits | 108 |  |  |  |  | 33 |  |  | 58 |  |  | — |  |  | 43 |  |  | 242 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 465 |  |  |  |  | $ | 3,068 |  |  | $ | 2,164 |  |  | $ | 112 |  |  | $ | 705 |  |  | $ | 6,514 |
Weighted average duration (years) | 9.3 |  |  |  | 19.5 |  | 10.3 |  | 27.5 |  | 5.2 |  | 14.1
The following table presents the amount of undiscounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
| June 30 |  | June 30 |
(in millions of U.S. dollars) | 2023 |  | 2022 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 2,381 |  |  | $ | 1,266 |  |
Undiscounted expected future gross premiums | 2,701 |  |  | 1,382 |  |
Discounted expected future benefit payments | 1,531 |  |  | 788 |  |
Discounted expected future gross premiums | 1,805 |  |  | 1,045 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | 16,890 |  |  | 9,799 |  |
Undiscounted expected future gross premiums | 6,971 |  |  | 3,457 |  |
Discounted expected future benefit payments | 6,678 |  |  | 3,871 |  |
Discounted expected future gross premiums | 5,455 |  |  | 2,499 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | 22,461 |  |  | 5,903 |  |
Undiscounted expected future gross premiums | 33,371 |  |  | 8,752 |  |
Discounted expected future benefit payments | 13,603 |  |  | 4,257 |  |
Discounted expected future gross premiums | 20,339 |  |  | 5,683 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | 374 |  |  | 216 |  |
Undiscounted expected future gross premiums | 94 |  |  | 72 |  |
Discounted expected future benefit payments | 255 |  |  | 129 |  |
Discounted expected future gross premiums | $ | 84 |  |  | $ | 64 |  |
The following table presents the amount of revenue and interest recognized in the statement of operations:
| Gross Premiums or Assessments |  | Interest Accretion |
| Six Months Ended |  | Six Months Ended |
| June 30 |  | June 30 |
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2023 |  | 2022 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 339 |  |  | $ | 172 |  |  | $ | 6 |  |  | $ | 4 |  |
Whole Life | 487 |  |  | 173 |  |  | 70 |  |  | 53 |  |
A&H | 1,409 |  |  | 533 |  |  | 63 |  |  | 28 |  |
Other | 32 |  |  | 134 |  |  | 2 |  |  | — |  |
Overseas General Insurance |  |  |  |  |  |  |  |
A&H | 768 |  |  | 705 |  |  | — |  |  | — |  |
Total | $ | 3,035 |  |  | $ | 1,717 |  |  | $ | 141 |  |  | $ | 85 |  |
The following table presents the weighted-average interest rates:
| Interest Accretion Rate |  | Current Discount Rate |
| June 30 |  | June 30 |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 2.9 | % |  | 2.4 | % |  | 5.8 | % |  | 4.9 | % |
Whole Life | 4.0 | % |  | 4.4 | % |  | 5.3 | % |  | 6.0 | % |
A&H | 3.8 | % |  | 3.9 | % |  | 6.3 | % |  | 5.0 | % |
Other | 3.8 | % |  | 3.3 | % |  | 5.1 | % |  | 4.4 | % |

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