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Future policy benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Liability for Future Policy Benefits Activity [Abstract] |
Liability for Future Policy Benefit, Activity | 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 | For the Year Ended December 31, 2023
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 1,806 |  |  | $ | 2,308 |  |  | $ | 10,711 |  |  | $ | 42 |  |  | $ | 14,867 |
Beginning balance at original discount rate | 1,867 |  |  | 2,361 |  |  | 11,258 |  |  | 43 |  |  | 15,529 |
Effect of changes in cash flow assumptions | 22 |  |  | 40 |  |  | (820) |  |  | 2 |  |  | (756) |
Effect of actual variances from expected experience | (9) |  |  | 88 |  |  | (84) |  |  | — |  |  | (5) |
Adjusted beginning of period balance | 1,880 |  |  | 2,489 |  |  | 10,354 |  |  | 45 |  |  | 14,768 |
Consolidation of Huatai Group | 3 |  |  | 1,690 |  |  | 145 |  |  | 12 |  |  | 1,850 |
Issuances | 190 |  |  | 318 |  |  | 1,653 |  |  | 9 |  |  | 2,170 |
Interest accrual | 71 |  |  | 87 |  |  | 531 |  |  | 2 |  |  | 691 |
Net premiums collected (1) | (255) |  |  | (585) |  |  | (1,457) |  |  | (23) |  |  | (2,320) |
Other (including foreign exchange) | 103 |  |  | (54) |  |  | (534) |  |  | 19 |  |  | (466) |
Ending balance at original discount rate | 1,992 |  |  | 3,945 |  |  | 10,692 |  |  | 64 |  |  | 16,693 |
Effect of changes in discount rate assumptions | (402) |  |  | 5 |  |  | (260) |  |  | — |  |  | (657) |
Balance – end of period | $ | 1,590 |  |  | $ | 3,950 |  |  | $ | 10,432 |  |  | $ | 64 |  |  | $ | 16,036 |
(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 | For the Year Ended December 31, 2023
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 2,321 |  |  | $ | 5,696 |  |  | $ | 15,038 |  |  | $ | 269 |  |  | $ | 23,324 |
Beginning balance at original discount rate | 2,447 |  |  | 5,874 |  |  | 15,855 |  |  | 280 |  |  | 24,456 |
Effect of changes in cash flow assumptions | 15 |  |  | 44 |  |  | (858) |  |  | 4 |  |  | (795) |
Effect of actual variances from expected experience | (4) |  |  | 98 |  |  | (78) |  |  | (1) |  |  | 15 |
Adjusted beginning of period balance | 2,458 |  |  | 6,016 |  |  | 14,919 |  |  | 283 |  |  | 23,676 |
Consolidation of Huatai Group | 17 |  |  | 3,659 |  |  | 163 |  |  | 233 |  |  | 4,072 |
Issuances | 190 |  |  | 318 |  |  | 1,653 |  |  | 9 |  |  | 2,170 |
Interest accrual | 90 |  |  | 252 |  |  | 672 |  |  | 9 |  |  | 1,023 |
Benefits payments | (238) |  |  | (333) |  |  | (1,551) |  |  | (13) |  |  | (2,135) |
Other (including foreign exchange) | 232 |  |  | 79 |  |  | (785) |  |  | (29) |  |  | (503) |
Ending balance at original discount rate | 2,749 |  |  | 9,991 |  |  | 15,071 |  |  | 492 |  |  | 28,303 |
Effect of changes in discount rate assumptions | (495) |  |  | 72 |  |  | (421) |  |  | 3 |  |  | (841) |
Balance – end of period | $ | 2,254 |  |  | $ | 10,063 |  |  | $ | 14,650 |  |  | $ | 495 |  |  | $ | 27,462 |
Liability for Future Policy Benefits, Life Insurance Segment | December 31, 2023
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 664 |  |  | $ | 6,113 |  |  | $ | 4,218 |  |  | $ | 431 |  |  | $ | 11,426 |
Deferred profit liability | 267 |  |  | 804 |  |  | 165 |  |  | 17 |  |  | 1,253 |
Net liability for future policy benefits, before reinsurance recoverable | 931 |  |  | 6,917 |  |  | 4,383 |  |  | 448 |  |  | 12,679 |
Less: Reinsurance recoverable on future policy benefits | 82 |  |  | 45 |  |  | 106 |  |  | — |  |  | 233 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 849 |  |  | $ | 6,872 |  |  | $ | 4,277 |  |  | $ | 448 |  |  | $ | 12,446 |
Weighted average duration (years) | 10.5 |  | 25.8 |  | 10.4 |  | 15.0 |  | 19.4
Present Value of Expected Net Premiums | For the Year Ended December 31, 2022
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 422 |  |  | $ | 1,343 |  |  | $ | 2,520 |  |  | $ | 30 |  |  | $ | 4,315 |
Beginning balance at original discount rate | 397 |  |  | 1,245 |  |  | 2,323 |  |  | 28 |  |  | 3,993 |
Effect of changes in cash flow assumptions | 35 |  |  | 3 |  |  | (25) |  |  | — |  |  | 13 |
Effect of actual variances from expected experience | (35) |  |  | 69 |  |  | (129) |  |  | — |  |  | (95) |
Adjusted beginning of period balance | 397 |  |  | 1,317 |  |  | 2,169 |  |  | 28 |  |  | 3,911 |
Acquisition of Cigna | 1,361 |  |  | 1,082 |  |  | 9,105 |  |  | 23 |  |  | 11,571 |
Issuances | 169 |  |  | 230 |  |  | 639 |  |  | 6 |  |  | 1,044 |
Interest accrual | 71 |  |  | 55 |  |  | 309 |  |  | 1 |  |  | 436 |
Net premiums collected (1) | (185) |  |  | (273) |  |  | (859) |  |  | (15) |  |  | (1,332) |
Other (including foreign exchange) | 54 |  |  | (50) |  |  | (105) |  |  | — |  |  | (101) |
Ending balance at original discount rate | 1,867 |  |  | 2,361 |  |  | 11,258 |  |  | 43 |  |  | 15,529 |
Effect of changes in discount rate assumptions | (61) |  |  | (53) |  |  | (547) |  |  | (1) |  |  | (662) |
Balance – end of period | $ | 1,806 |  |  | $ | 2,308 |  |  | $ | 10,711 |  |  | $ | 42 |  |  | 14,867 |
(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 | For the Year Ended December 31, 2022
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 832 |  |  | $ | 4,493 |  |  | $ | 4,935 |  |  | $ | 127 |  |  | $ | 10,387 |
Beginning balance at original discount rate | 775 |  |  | 3,540 |  |  | 4,585 |  |  | 119 |  |  | 9,019 |
Effect of changes in cash flow assumptions | 34 |  |  | 5 |  |  | (37) |  |  | 15 |  |  | 17 |
Effect of actual variances from expected experience | (36) |  |  | 72 |  |  | (138) |  |  | — |  |  | (102) |
Adjusted beginning of period balance | 773 |  |  | 3,617 |  |  | 4,410 |  |  | 134 |  |  | 8,934 |
Acquisition of Cigna | 1,593 |  |  | 2,278 |  |  | 11,441 |  |  | 135 |  |  | 15,447 |
Issuances | 169 |  |  | 230 |  |  | 639 |  |  | 6 |  |  | 1,044 |
Interest accrual | 83 |  |  | 176 |  |  | 401 |  |  | 4 |  |  | 664 |
Benefits payments | (176) |  |  | (248) |  |  | (855) |  |  | (6) |  |  | (1,285) |
Other (including foreign exchange) | 5 |  |  | (179) |  |  | (181) |  |  | 7 |  |  | (348) |
Ending balance at original discount rate | 2,447 |  |  | 5,874 |  |  | 15,855 |  |  | 280 |  |  | 24,456 |
Effect of changes in discount rate assumptions | (126) |  |  | (178) |  |  | (817) |  |  | (11) |  |  | (1,132) |
Balance – end of period | $ | 2,321 |  |  | $ | 5,696 |  |  | $ | 15,038 |  |  | $ | 269 |  |  | $ | 23,324 |
Liability for Future Policy Benefits, Life Insurance Segment | December 31, 2022
(in millions of U.S. dollars, except for years) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 515 |  |  | $ | 3,388 |  |  | $ | 4,327 |  |  | $ | 227 |  |  | $ | 8,457 |
Deferred profit liability | 201 |  |  | 531 |  |  | 126 |  |  | 11 |  |  | 869 |
Net liability for future policy benefits, before reinsurance recoverable | 716 |  |  | 3,919 |  |  | 4,453 |  |  | 238 |  |  | 9,326 |
Less: Reinsurance recoverable on future policy benefits | 93 |  |  | 49 |  |  | 109 |  |  | — |  |  | 251 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 623 |  |  | $ | 3,870 |  |  | $ | 4,344 |  |  | $ | 238 |  |  | $ | 9,075 |
Weighted average duration (years) | 9.2 |  | 25.1 |  | 10.7 |  | 14.0 |  | 17.5
Present Value of Expected Net Premiums | For the Year Ended December 31, 2021
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 371 |  |  | $ | 1,395 |  |  | $ | 2,782 |  |  | $ | 35 |  |  | $ | 4,583 |
Beginning balance at original discount rate | 322 |  |  | 1,201 |  |  | 2,398 |  |  | 32 |  |  | 3,953 |
Effect of changes in cash flow assumptions | (4) |  |  | (24) |  |  | (4) |  |  | (1) |  |  | (33) |
Effect of actual variances from expected experience | (82) |  |  | 2 |  |  | (89) |  |  | — |  |  | (169) |
Adjusted beginning of period balance | 236 |  |  | 1,179 |  |  | 2,305 |  |  | 31 |  |  | 3,751 |
Issuances | 183 |  |  | 229 |  |  | 135 |  |  | 6 |  |  | 553 |
Interest accrual | 97 |  |  | 51 |  |  | 164 |  |  | — |  |  | 312 |
Net premiums collected (1) | (107) |  |  | (161) |  |  | (270) |  |  | (5) |  |  | (543) |
Other (including foreign exchange) | (12) |  |  | (53) |  |  | (11) |  |  | (4) |  |  | (80) |
Ending balance at original discount rate | 397 |  |  | 1,245 |  |  | 2,323 |  |  | 28 |  |  | 3,993 |
Effect of changes in discount rate assumptions | 25 |  |  | 98 |  |  | 197 |  |  | 2 |  |  | 322 |
Balance – end of period | $ | 422 |  |  | $ | 1,343 |  |  | $ | 2,520 |  |  | $ | 30 |  |  | 4,315 |
(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 | For the Year Ended December 31, 2021
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 739 |  |  | $ | 4,886 |  |  | $ | 5,351 |  |  | $ | 124 |  |  | $ | 11,100 |
Beginning balance at original discount rate | 630 |  |  | 3,503 |  |  | 4,668 |  |  | 104 |  |  | 8,905 |
Effect of changes in cash flow assumptions | (7) |  |  | (24) |  |  | (4) |  |  | (1) |  |  | (36) |
Effect of actual variances from expected experience | (73) |  |  | (2) |  |  | (90) |  |  | (1) |  |  | (166) |
Adjusted beginning of period balance | 550 |  |  | 3,477 |  |  | 4,574 |  |  | 102 |  |  | 8,703 |
Issuances | 183 |  |  | 229 |  |  | 135 |  |  | 6 |  |  | 553 |
Interest accrual | 105 |  |  | 152 |  |  | 221 |  |  | 2 |  |  | 480 |
Benefits payments | (102) |  |  | (174) |  |  | (337) |  |  | — |  |  | (613) |
Other (including foreign exchange) | 39 |  |  | (144) |  |  | (8) |  |  | 9 |  |  | (104) |
Ending balance at original discount rate | 775 |  |  | 3,540 |  |  | 4,585 |  |  | 119 |  |  | 9,019 |
Effect of changes in discount rate assumptions | 57 |  |  | 953 |  |  | 350 |  |  | 8 |  |  | 1,368 |
Balance – end of period | $ | 832 |  |  | $ | 4,493 |  |  | $ | 4,935 |  |  | $ | 127 |  |  | $ | 10,387 |
Liability for Future Policy Benefits, Life Insurance Segment | December 31, 2021
(in millions of U.S. dollars, except for years) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 410 |  |  | $ | 3,150 |  |  | $ | 2,415 |  |  | $ | 97 |  |  | $ | 6,072 |
Deferred profit liability | 128 |  |  | 387 |  |  | 94 |  |  | 4 |  |  | 613 |
Net liability for future policy benefits, before reinsurance recoverable | 538 |  |  | 3,537 |  |  | 2,509 |  |  | 101 |  |  | 6,685 |
Less: Reinsurance recoverable on future policy benefits | 119 |  |  | 51 |  |  | 40 |  |  | — |  |  | 210 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 419 |  |  | $ | 3,486 |  |  | $ | 2,469 |  |  | $ | 101 |  |  | $ | 6,475 |
Weighted average duration (years) | 10.6 |  | 21.5 |  | 10.5 |  | 26.3 |  | 17.1
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
| December 31 |  | December 31 |  | December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Net liability for future policy benefits, Life Insurance segment | $ | 11,426 |  |  | $ | 8,457 |  |  | $ | 6,072 |
Other (1) | 1,209 |  |  | 1,150 |  |  | 1,152 |
Deferred profit liability | 1,253 |  |  | 869 |  |  | 613 |
Liability for future policy benefits, per consolidated balance sheet | 13,888 |  |  | 10,476 |  |  | 7,837 |
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.
Undiscounted expected gross premiums and expected future policy benefit payments | The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
| December 31 |  | December 31 |  | December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Term Life |  |  |  |  |
Undiscounted expected future benefit payments | $ | 4,073 |  |  | $ | 3,914 |  |  | $ | 1,163 |
Undiscounted expected future gross premiums | 7,075 |  |  | 6,823 |  |  | 1,334 |
Discounted expected future benefit payments | 2,254 |  |  | 2,321 |  |  | 832 |
Discounted expected future gross premiums | 4,703 |  |  | 4,555 |  |  | 1,041 |
Whole Life |  |  |  |  |
Undiscounted expected future benefit payments | 23,990 |  |  | 16,224 |  |  | 9,898 |
Undiscounted expected future gross premiums | 9,469 |  |  | 6,912 |  |  | 3,583 |
Discounted expected future benefit payments | 10,063 |  |  | 5,696 |  |  | 4,493 |
Discounted expected future gross premiums | 7,658 |  |  | 5,398 |  |  | 2,656 |
A&H |  |  |  |  |
Undiscounted expected future benefit payments | 25,118 |  |  | 25,617 |  |  | 6,271 |
Undiscounted expected future gross premiums | 36,869 |  |  | 37,765 |  |  | 9,029 |
Discounted expected future benefit payments | 14,650 |  |  | 15,038 |  |  | 4,935 |
Discounted expected future gross premiums | 22,150 |  |  | 22,111 |  |  | 6,457 |
Other |  |  |  |  |
Undiscounted expected future benefit payments | 862 |  |  | 407 |  |  | 114 |
Undiscounted expected future gross premiums | 115 |  |  | 115 |  |  | 45 |
Discounted expected future benefit payments | 495 |  |  | 269 |  |  | 127 |
Discounted expected future gross premiums | $ | 103 |  |  | $ | 100 |  |  | $ | 38 |
Gross premiums and interest accretion recognized in statement of operations | The following table presents the amount of revenue and interest recognized in the Consolidated statement of operations for the Life Insurance segment:
| Gross Premiums or Assessments |  | Interest Accretion |
| For the Years Ended |  | For the Years Ended |
| December 31 |  | December 31 |
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |
Life Insurance |  |  |  |  |  |  |  |  |  |  |  |
Term Life | $ | 641 |  |  | $ | 472 |  |  | $ | 375 |  |  | $ | 19 |  |  | $ | 12 |  |  | $ | 8 |  |
Whole Life | 1,259 |  |  | 651 |  |  | 390 |  |  | 165 |  |  | 121 |  |  | 101 |  |
A&H | 2,918 |  |  | 1,875 |  |  | 1,068 |  |  | 141 |  |  | 92 |  |  | 57 |  |
Other | 28 |  |  | 17 |  |  | 10 |  |  | 7 |  |  | 3 |  |  | 2 |  |
Total | $ | 4,846 |  |  | $ | 3,015 |  |  | $ | 1,843 |  |  | $ | 332 |  |  | $ | 228 |  |  | $ | 168 |  |
Weighted-average interests | The following table presents the weighted-average interest rates for the Life Insurance segment:
| Interest Accretion Rate |  | Current Discount Rate
| December 31 |  | December 31
| 2023 |  | 2022 | 2022 | 2021 |  | 2023 |  | 2022 |  | 2021
Life Insurance |  |  |  |  |  |  |  |  |  |  |
Term Life | 2.8 | % |  | 2.5 | % |  | 2.4 | % |  | 5.2 | % |  | 5.6 | % |  | 2.4 | %
Whole Life | 3.2 | % |  | 3.9 | % |  | 4.3 | % |  | 4.6 | % |  | 5.4 | % |  | 4.2 | %
A&H | 3.7 | % |  | 3.6 | % |  | 4.0 | % |  | 6.2 | % |  | 6.3 | % |  | 3.5 | %
Other | 2.6 | % |  | 3.7 | % |  | 3.4 | % |  | 4.1 | % |  | 5.6 | % |  | 2.7 | %

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