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v3.23.3

Future policy benefits | 9 Months Ended
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Sep. 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 | Nine Months Ended September 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 | 35 |  |  | 40 |  |  | (811) |  |  | 2 |  |  | (734) |
Effect of actual variances from expected experience | (13) |  |  | 6 |  |  | (120) |  |  | — |  |  | (127) |
Adjusted beginning of period balance | 901 |  |  | 2,400 |  |  | 9,478 |  |  | 45 |  |  | 12,824 |
Consolidation of Huatai Group | 3 |  |  | 1,690 |  |  | 145 |  |  | 12 |  |  | 1,850 |
Issuances | 90 |  |  | 274 |  |  | 1,066 |  |  | 5 |  |  | 1,435 |
Interest accrual | 45 |  |  | 62 |  |  | 421 |  |  | 1 |  |  | 529 |
Net premiums collected (1) | (127) |  |  | (375) |  |  | (998) |  |  | (15) |  |  | (1,515) |
Other (including foreign exchange) | (9) |  |  | (56) |  |  | (212) |  |  | 18 |  |  | (259) |
Ending balance at original discount rate | 903 |  |  | 3,995 |  |  | 9,900 |  |  | 66 |  |  | 14,864 |
Effect of changes in discount rate assumptions | (69) |  |  | (62) |  |  | (497) |  |  | (1) |  |  | (629) |
Balance – end of period | $ | 834 |  |  | $ | 3,933 |  |  | $ | 9,403 |  |  | $ | 65 |  |  | $ | 14,235 |
(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 | Nine Months Ended September 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 | 31 |  |  | 44 |  |  | (848) |  |  | 3 |  |  | (770) |
Effect of actual variances from expected experience | (10) |  |  | 12 |  |  | (114) |  |  | — |  |  | (112) |
Adjusted beginning of period balance | 1,576 |  |  | 6,281 |  |  | 14,060 |  |  | 253 |  |  | 22,170 |
Consolidation of Huatai Group | 17 |  |  | 3,659 |  |  | 163 |  |  | 298 |  |  | 4,137 |
Issuances | 90 |  |  | 276 |  |  | 1,065 |  |  | 5 |  |  | 1,436 |
Interest accrual | 54 |  |  | 176 |  |  | 514 |  |  | 6 |  |  | 750 |
Benefits payments | (119) |  |  | (212) |  |  | (1,065) |  |  | (8) |  |  | (1,404) |
Other (including foreign exchange) | 92 |  |  | 22 |  |  | (628) |  |  | 178 |  |  | (336) |
Ending balance at original discount rate | 1,710 |  |  | 10,202 |  |  | 14,109 |  |  | 732 |  |  | 26,753 |
Effect of changes in discount rate assumptions | (152) |  |  | (274) |  |  | (790) |  |  | (11) |  |  | (1,227) |
Balance – end of period | $ | 1,558 |  |  | $ | 9,928 |  |  | $ | 13,319 |  |  | $ | 721 |  |  | $ | 25,526 |
| September 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 | $ | 724 |  |  | $ | 5,995 |  |  | $ | 3,916 |  |  | $ | 656 |  |  | $ | 718 |  |  | $ | 12,009 |
Deferred profit liability | 223 |  |  | 707 |  |  | 156 |  |  | 14 |  |  | — |  |  | 1,100 |
Net liability for future policy benefits, per consolidated balance sheet | 947 |  |  | 6,702 |  |  | 4,072 |  |  | 670 |  |  | 718 |  |  | 13,109 |
Less: Reinsurance recoverable on future policy benefits | 111 |  |  | 47 |  |  | 103 |  |  | 21 |  |  | 33 |  |  | 315 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 836 |  |  | $ | 6,655 |  |  | $ | 3,969 |  |  | $ | 649 |  |  | $ | 685 |  |  | $ | 12,794 |
Weighted-average duration (years) | 10.2 |  | 26.5 |  | 10.3 |  | 15.1 |  | 4.9 |  | 18.7
Present Value of Expected Net Premiums | Nine Months Ended September 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 | — |  |  | (3) |  |  | (29) |  |  | — |  |  | (32) |
Effect of actuarial variances from expected experience | (31) |  |  | 12 |  |  | (120) |  |  | — |  |  | (139) |
Adjusted beginning of period balance | 366 |  |  | 1,252 |  |  | 2,174 |  |  | 28 |  |  | 3,820 |
Acquisition of Cigna | 445 |  |  | 1,078 |  |  | 8,191 |  |  | 23 |  |  | 9,737 |
Issuances | 95 |  |  | 155 |  |  | 348 |  |  | 3 |  |  | 601 |
Interest accrual | 45 |  |  | 37 |  |  | 184 |  |  | 1 |  |  | 267 |
Net premiums collected (1) | (93) |  |  | (156) |  |  | (445) |  |  | (9) |  |  | (703) |
Other (including foreign exchange) | (46) |  |  | (102) |  |  | (487) |  |  | (4) |  |  | (639) |
Ending balance at original discount rate | 812 |  |  | 2,264 |  |  | 9,965 |  |  | 42 |  |  | 13,083 |
Effect of changes in discount rate assumptions | (59) |  |  | (95) |  |  | (531) |  |  | (1) |  |  | (686) |
Balance – end of period | $ | 753 |  |  | $ | 2,169 |  |  | $ | 9,434 |  |  | $ | 41 |  |  | $ | 12,397 |
(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 | Nine Months Ended September 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) |  |  | (3) |  |  | (41) |  |  | 11 |  |  | (38) |
Effect of actuarial variances from expected experience | (32) |  |  | 14 |  |  | (126) |  |  | — |  |  | (144) |
Adjusted beginning of period balance | 821 |  |  | 3,844 |  |  | 4,422 |  |  | 133 |  |  | 9,220 |
Acquisition of Cigna | 668 |  |  | 2,267 |  |  | 10,542 |  |  | 106 |  |  | 13,583 |
Issuances | 100 |  |  | 155 |  |  | 348 |  |  | 3 |  |  | 606 |
Interest accrual | 52 |  |  | 123 |  |  | 242 |  |  | 3 |  |  | 420 |
Benefits payments | (82) |  |  | (151) |  |  | (469) |  |  | (2) |  |  | (704) |
Other (including foreign exchange) | (112) |  |  | (207) |  |  | (651) |  |  | (102) |  |  | (1,072) |
Ending balance at original discount rate | 1,447 |  |  | 6,031 |  |  | 14,434 |  |  | 141 |  |  | 22,053 |
Effect of changes in discount rate assumptions | (126) |  |  | (308) |  |  | (790) |  |  | (16) |  |  | (1,240) |
Balance – end of period | $ | 1,321 |  |  | $ | 5,723 |  |  | $ | 13,644 |  |  | $ | 125 |  |  | $ | 20,813 |
| September 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 | $ | 568 |  |  | $ | 3,554 |  |  | $ | 4,210 |  |  | $ | 84 |  |  | $ | 735 |  |  | $ | 9,151 |
Deferred profit liability | 172 |  |  | 450 |  |  | 125 |  |  | 8 |  |  | — |  |  | 755 |
Net liability for future policy benefits, per consolidated balance sheet | 740 |  |  | 4,004 |  |  | 4,335 |  |  | 92 |  |  | 735 |  |  | 9,906 |
Less: Reinsurance recoverable on future policy benefits | 111 |  |  | 56 |  |  | 107 |  |  | — |  |  | 38 |  |  | 312 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 629 |  |  | $ | 3,948 |  |  | $ | 4,228 |  |  | $ | 92 |  |  | $ | 697 |  |  | $ | 9,594 |
Weighted-average duration (years) | 9.0 |  | 24.7 |  | 11.0 |  | 13.5 |  | 5.1 |  | 16.2
The following table presents the amount of undiscounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2023 |  | 2022 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 2,492 |  |  | $ | 2,189 |  |
Undiscounted expected future gross premiums | $ | 2,884 |  |  | $ | 2,503 |  |
Discounted expected future benefit payments | $ | 1,558 |  |  | $ | 1,321 |  |
Discounted expected future gross premiums | $ | 1,910 |  |  | $ | 1,682 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | $ | 23,457 |  |  | $ | 15,631 |  |
Undiscounted expected future gross premiums | $ | 9,478 |  |  | $ | 6,654 |  |
Discounted expected future benefit payments | $ | 9,928 |  |  | $ | 5,723 |  |
Discounted expected future gross premiums | $ | 7,654 |  |  | $ | 5,173 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | $ | 23,168 |  |  | $ | 23,873 |  |
Undiscounted expected future gross premiums | $ | 34,055 |  |  | $ | 34,659 |  |
Discounted expected future benefit payments | $ | 13,319 |  |  | $ | 13,644 |  |
Discounted expected future gross premiums | $ | 20,604 |  |  | $ | 20,193 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | $ | 977 |  |  | $ | 265 |  |
Undiscounted expected future gross premiums | $ | 103 |  |  | $ | 102 |  |
Discounted expected future benefit payments | $ | 721 |  |  | $ | 125 |  |
Discounted expected future gross premiums | $ | 92 |  |  | $ | 92 |  |
The following table presents the amount of revenue and interest recognized in the statement of operations:
| Gross Premiums or Assessments |  | Interest Accretion |
| Nine Months Ended |  | Nine Months Ended |
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2023 |  | 2022 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 511 |  |  | $ | 361 |  |  | $ | 9 |  |  | $ | 7 |  |
Whole Life | 858 |  |  | 411 |  |  | 114 |  |  | 86 |  |
A&H | 2,171 |  |  | 1,226 |  |  | 93 |  |  | 58 |  |
Other | 54 |  |  | 71 |  |  | 5 |  |  | 2 |  |
Overseas General Insurance |  |  |  |  |  |  |  |
A&H | 1,175 |  |  | 1,075 |  |  | — |  |  | — |  |
Total | $ | 4,769 |  |  | $ | 3,144 |  |  | $ | 221 |  |  | $ | 153 |  |
The following table presents the weighted-average interest rates:
| Interest Accretion Rate |  | Current Discount Rate |
| September 30 |  | September 30 |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 2.9 | % |  | 2.6 | % |  | 6.0 | % |  | 6.1 | % |
Whole Life | 3.2 | % |  | 3.9 | % |  | 4.7 | % |  | 5.5 | % |
A&H | 3.7 | % |  | 3.6 | % |  | 6.7 | % |  | 6.1 | % |
Other | 2.6 | % |  | 3.7 | % |  | 4.3 | % |  | 6.2 | % |

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