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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 PremiumsThree Months Ended March 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions6 70 109 — 185 
Effect of actual variances from expected experience(1)22 (37)— (16)
Adjusted beginning of period balance1,997 4,037 10,764 64 16,862 
Issuances65 295 697 2 1,059 
Interest accrual14 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 rate2,014 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 BenefitsThree Months Ended March 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions8 86 100 — 194 
Effect of actual variances from expected experience3 27 (36)— (6)
Adjusted beginning of period balance2,760 10,104 15,135 492 28,491 
Issuances65 295 697 2 1,059 
Interest accrual19 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 rate2,815 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 SegmentMarch 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$692 $6,505 $4,207 $471 $11,875 
Deferred profit liability254 904 174 19 1,351 
Net liability for future policy benefits, before reinsurance recoverable946 7,409 4,381 490 13,226 
Less: Reinsurance recoverable on future policy benefits107 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)10.225.610.115.119.3


Present Value of Expected Net PremiumsThree Months Ended March 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,806 $2,308 $10,711 $42 $14,867 
Beginning balance at original discount rate1,867 2,361 11,258 43 15,529 
Effect of changes in cash flow assumptions17 (1)(786)1 (769)
Effect of actual variances from expected experience(6)(8)(89)(1)(104)
Adjusted beginning of period balance1,878 2,352 10,383 43 14,656 
Issuances36 69 288 1 394 
Interest accrual28 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 rate1,933 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 BenefitsThree Months Ended March 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,321 $5,696 $15,038 $269 $23,324 
Beginning balance at original discount rate2,447 5,874 15,855 280 24,456 
Effect of changes in cash flow assumptions20 (1)(798)3 (776)
Effect of actual variances from expected experience(3)(7)(87)(1)(98)
Adjusted beginning of period balance2,464 5,866 14,970 282 23,582 
Issuances36 69 288 1 394 
Interest accrual32 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 rate2,558 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 SegmentMarch 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$555 $3,551 $4,369 $229 $8,704 
Deferred profit liability223 581 135 13 952 
Net liability for future policy benefits, before reinsurance recoverable778 4,132 4,504 242 9,656 
Less: Reinsurance recoverable on future policy benefits105 33 112 — 250 
Net liability for future policy benefits, after reinsurance recoverable$673 $4,099 $4,392 $242 $9,406 
Weighted average duration (years)9.425.310.714.517.7

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)20242023
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 31March 31
(in millions of U.S. dollars)20242023
Term Life
Undiscounted expected future benefit payments$4,358 $4,041 
Undiscounted expected future gross premiums7,291 6,452 
Discounted expected future benefit payments2,299 2,440 
Discounted expected future gross premiums3,909 3,773 
Whole Life
Undiscounted expected future benefit payments24,834 16,446 
Undiscounted expected future gross premiums9,593 6,895 
Discounted expected future benefit payments10,568 5,908 
Discounted expected future gross premiums7,774 5,398 
A&H
Undiscounted expected future benefit payments26,475 23,186 
Undiscounted expected future gross premiums39,002 33,809 
Discounted expected future benefit payments15,225 14,436 
Discounted expected future gross premiums22,975 20,766 
Other
Undiscounted expected future benefit payments901 342 
Undiscounted expected future gross premiums94 97 
Discounted expected future benefit payments530 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 AssessmentsInterest Accretion
Three Months EndedThree Months Ended
March 31March 31
(in millions of U.S. dollars)2024202320242023
Life Insurance
Term Life$167 $160 $5 $4 
Whole Life530 230 47 34 
A&H753 733 31 31 
Other20 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 RateCurrent Discount Rate
March 31March 31
2024202320242023
Life Insurance
Term Life2.9 %2.8 %5.7 %5.7 %
Whole Life3.2 %4.0 %4.5 %5.2 %
A&H3.7 %3.8 %6.3 %6.2 %
Other2.6 %3.8 %3.8 %4.8 %