XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Future policy benefits (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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 | Three Months Ended March 31, 2024
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 1,590 |  |  | $ | 3,950 |  |  | $ | 10,432 |  |  | $ | 64 |  |  | $ | 16,036 |
Beginning balance at original discount rate | 1,992 |  |  | 3,945 |  |  | 10,692 |  |  | 64 |  |  | 16,693 |
Effect of changes in cash flow assumptions | 6 |  |  | 70 |  |  | 109 |  |  | — |  |  | 185 |
Effect of actual variances from expected experience | (1) |  |  | 22 |  |  | (37) |  |  | — |  |  | (16) |
Adjusted beginning of period balance | 1,997 |  |  | 4,037 |  |  | 10,764 |  |  | 64 |  |  | 16,862 |
Issuances | 65 |  |  | 295 |  |  | 697 |  |  | 2 |  |  | 1,059 |
Interest accrual | 14 |  |  | 27 |  |  | 133 |  |  | — |  |  | 174 |
Net premiums collected (1) | (57) |  |  | (310) |  |  | (363) |  |  | (7) |  |  | (737) |
Other (including foreign exchange) | (5) |  |  | (4) |  |  | 82 |  |  | — |  |  | 73 |
Ending balance at original discount rate | 2,014 |  |  | 4,045 |  |  | 11,313 |  |  | 59 |  |  | 17,431 |
Effect of changes in discount rate assumptions | (407) |  |  | 18 |  |  | (295) |  |  | — |  |  | (684) |
Balance – end of period | $ | 1,607 |  |  | $ | 4,063 |  |  | $ | 11,018 |  |  | $ | 59 |  |  | $ | 16,747 |
(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 | Three Months Ended March 31, 2024
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 2,254 |  |  | $ | 10,063 |  |  | $ | 14,650 |  |  | $ | 495 |  |  | $ | 27,462 |
Beginning balance at original discount rate | 2,749 |  |  | 9,991 |  |  | 15,071 |  |  | 492 |  |  | 28,303 |
Effect of changes in cash flow assumptions | 8 |  |  | 86 |  |  | 100 |  |  | — |  |  | 194 |
Effect of actual variances from expected experience | 3 |  |  | 27 |  |  | (36) |  |  | — |  |  | (6) |
Adjusted beginning of period balance | 2,760 |  |  | 10,104 |  |  | 15,135 |  |  | 492 |  |  | 28,491 |
Issuances | 65 |  |  | 295 |  |  | 697 |  |  | 2 |  |  | 1,059 |
Interest accrual | 19 |  |  | 74 |  |  | 164 |  |  | 3 |  |  | 260 |
Benefits payments | (59) |  |  | (87) |  |  | (398) |  |  | (6) |  |  | (550) |
Other (including foreign exchange) | 30 |  |  | (2) |  |  | 114 |  |  | 21 |  |  | 163 |
Ending balance at original discount rate | 2,815 |  |  | 10,384 |  |  | 15,712 |  |  | 512 |  |  | 29,423 |
Effect of changes in discount rate assumptions | (516) |  |  | 184 |  |  | (487) |  |  | 18 |  |  | (801) |
Balance – end of period | $ | 2,299 |  |  | $ | 10,568 |  |  | $ | 15,225 |  |  | $ | 530 |  |  | $ | 28,622 |
Liability for Future Policy Benefits, Life Insurance Segment | March 31, 2024
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 692 |  |  | $ | 6,505 |  |  | $ | 4,207 |  |  | $ | 471 |  |  | $ | 11,875 |
Deferred profit liability | 254 |  |  | 904 |  |  | 174 |  |  | 19 |  |  | 1,351 |
Net liability for future policy benefits, before reinsurance recoverable | 946 |  |  | 7,409 |  |  | 4,381 |  |  | 490 |  |  | 13,226 |
Less: Reinsurance recoverable on future policy benefits | 107 |  |  | 45 |  |  | 113 |  |  | 1 |  |  | 266 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 839 |  |  | $ | 7,364 |  |  | $ | 4,268 |  |  | $ | 489 |  |  | $ | 12,960 |
Weighted average duration (years) | 10.2 |  | 25.6 |  | 10.1 |  | 15.1 |  | 19.3
Present Value of Expected Net Premiums | Three Months Ended March 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 | 17 |  |  | (1) |  |  | (786) |  |  | 1 |  |  | (769) |
Effect of actual variances from expected experience | (6) |  |  | (8) |  |  | (89) |  |  | (1) |  |  | (104) |
Adjusted beginning of period balance | 1,878 |  |  | 2,352 |  |  | 10,383 |  |  | 43 |  |  | 14,656 |
Issuances | 36 |  |  | 69 |  |  | 288 |  |  | 1 |  |  | 394 |
Interest accrual | 28 |  |  | 18 |  |  | 125 |  |  | — |  |  | 171 |
Net premiums collected (1) | (44) |  |  | (82) |  |  | (327) |  |  | (6) |  |  | (459) |
Other (including foreign exchange) | 35 |  |  | 8 |  |  | (139) |  |  | 1 |  |  | (95) |
Ending balance at original discount rate | 1,933 |  |  | 2,365 |  |  | 10,330 |  |  | 39 |  |  | 14,667 |
Effect of changes in discount rate assumptions | (48) |  |  | (8) |  |  | (263) |  |  | — |  |  | (319) |
Balance – end of period | $ | 1,885 |  |  | $ | 2,357 |  |  | $ | 10,067 |  |  | $ | 39 |  |  | $ | 14,348 |
(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 | Three Months Ended March 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 | 20 |  |  | (1) |  |  | (798) |  |  | 3 |  |  | (776) |
Effect of actual variances from expected experience | (3) |  |  | (7) |  |  | (87) |  |  | (1) |  |  | (98) |
Adjusted beginning of period balance | 2,464 |  |  | 5,866 |  |  | 14,970 |  |  | 282 |  |  | 23,582 |
Issuances | 36 |  |  | 69 |  |  | 288 |  |  | 1 |  |  | 394 |
Interest accrual | 32 |  |  | 52 |  |  | 156 |  |  | 2 |  |  | 242 |
Benefit payments | (46) |  |  | (65) |  |  | (362) |  |  | (3) |  |  | (476) |
Other (including foreign exchange) | 72 |  |  | 28 |  |  | (153) |  |  | (14) |  |  | (67) |
Ending balance at original discount rate | 2,558 |  |  | 5,950 |  |  | 14,899 |  |  | 268 |  |  | 23,675 |
Effect of changes in discount rate assumptions | (118) |  |  | (42) |  |  | (463) |  |  | — |  |  | (623) |
Balance – end of period | $ | 2,440 |  |  | $ | 5,908 |  |  | $ | 14,436 |  |  | $ | 268 |  |  | $ | 23,052 |
Liability for Future Policy Benefits, Life Insurance Segment | March 31, 2023
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 555 |  |  | $ | 3,551 |  |  | $ | 4,369 |  |  | $ | 229 |  |  | $ | 8,704 |
Deferred profit liability | 223 |  |  | 581 |  |  | 135 |  |  | 13 |  |  | 952 |
Net liability for future policy benefits, before reinsurance recoverable | 778 |  |  | 4,132 |  |  | 4,504 |  |  | 242 |  |  | 9,656 |
Less: Reinsurance recoverable on future policy benefits | 105 |  |  | 33 |  |  | 112 |  |  | — |  |  | 250 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 673 |  |  | $ | 4,099 |  |  | $ | 4,392 |  |  | $ | 242 |  |  | $ | 9,406 |
Weighted average duration (years) | 9.4 |  | 25.3 |  | 10.7 |  | 14.5 |  | 17.7
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
| March 31
(in millions of U.S. dollars) | 2024 |  | 2023
Net liability for future policy benefits, Life Insurance segment | $ | 11,875 |  |  | $ | 8,704 |
Other (1) | 1,149 |  |  | 1,126 |
Deferred profit liability | 1,351 |  |  | 952 |
Liability for future policy benefits, per consolidated balance sheet | $ | 14,375 |  |  | $ | 10,782 |
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business. 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:
| March 31 |  | March 31 |
(in millions of U.S. dollars) | 2024 |  | 2023 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 4,358 |  |  | $ | 4,041 |  |
Undiscounted expected future gross premiums | 7,291 |  |  | 6,452 |  |
Discounted expected future benefit payments | 2,299 |  |  | 2,440 |  |
Discounted expected future gross premiums | 3,909 |  |  | 3,773 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | 24,834 |  |  | 16,446 |  |
Undiscounted expected future gross premiums | 9,593 |  |  | 6,895 |  |
Discounted expected future benefit payments | 10,568 |  |  | 5,908 |  |
Discounted expected future gross premiums | 7,774 |  |  | 5,398 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | 26,475 |  |  | 23,186 |  |
Undiscounted expected future gross premiums | 39,002 |  |  | 33,809 |  |
Discounted expected future benefit payments | 15,225 |  |  | 14,436 |  |
Discounted expected future gross premiums | 22,975 |  |  | 20,766 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | 901 |  |  | 342 |  |
Undiscounted expected future gross premiums | 94 |  |  | 97 |  |
Discounted expected future benefit payments | 530 |  |  | 268 |  |
Discounted expected future gross premiums | $ | 83 |  |  | $ | 87 |  |
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 |
| Three Months Ended |  | Three Months Ended |
| March 31 |  | March 31 |
(in millions of U.S. dollars) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 167 |  |  | $ | 160 |  |  | $ | 5 |  |  | $ | 4 |  |
Whole Life | 530 |  |  | 230 |  |  | 47 |  |  | 34 |  |
A&H | 753 |  |  | 733 |  |  | 31 |  |  | 31 |  |
Other | 20 |  |  | 17 |  |  | 3 |  |  | 2 |  |
Total | $ | 1,470 |  |  | $ | 1,140 |  |  | $ | 86 |  |  | $ | 71 |  |
The following table presents the weighted-average interest rates for the Life Insurance segment:
| Interest Accretion Rate |  | Current Discount Rate |
| March 31 |  | March 31 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 2.9 | % |  | 2.8 | % |  | 5.7 | % |  | 5.7 | % |
Whole Life | 3.2 | % |  | 4.0 | % |  | 4.5 | % |  | 5.2 | % |
A&H | 3.7 | % |  | 3.8 | % |  | 6.3 | % |  | 6.2 | % |
Other | 2.6 | % |  | 3.8 | % |  | 3.8 | % |  | 4.8 | % |

X
- Definition Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29E Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-6 + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsActivityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration