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Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables) | 6 Months Ended
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Jun. 30, 2024
Policyholder Account Balance [Abstract] |
Policyholder Account Balances | Policyholders' account balances The following tables present a roll-forward of policyholders' account balances:
| Six Months Ended June 30, 2024
(in millions of U.S. dollars) | Universal Life |  | Annuities (2) |  | Other (3) |  | Total
Balance – beginning of period | $ | 1,876 |  |  | $ | 2,411 |  |  | $ | 2,502 |  |  | $ | 6,789 |
Premiums received | 139 |  |  | 208 |  |  | 217 |  |  | 564 |
Policy charges (1) | (65) |  |  | — |  |  | (5) |  |  | (70) |
Surrenders and withdrawals | (65) |  |  | (20) |  |  | (153) |  |  | (238) |
Benefit payments (4) | (56) |  |  | (81) |  |  | (1) |  |  | (138) |
Interest credited | 25 |  |  | 30 |  |  | 27 |  |  | 82 |
Other (including foreign exchange) | (76) |  |  | (27) |  |  | (274) |  |  | (377) |
Balance – end of period | $ | 1,778 |  |  | $ | 2,521 |  |  | $ | 2,313 |  |  | $ | 6,612 |
Unearned revenue liability |  |  |  |  |  |  | 675 |
Other |  |  |  |  |  |  | 500 |
Policyholders' account liability, per consolidated balance sheet |  |  |  |  |  |  | $ | 7,787 |
(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. (2)Relates to Huatai Life. (3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk. (4)Includes benefit payments upon maturity as well as death benefits.
| Six Months Ended June 30, 2023
(in millions of U.S. dollars) | Universal Life |  |  |  | Other (2) |  | Total
Balance – beginning of period | $ | 1,199 |  |  |  |  | $ | 1,374 |  |  | $ | 2,573 |
Premiums received | 106 |  |  |  |  | 64 |  |  | 170 |
Policy charges (1) | (63) |  |  |  |  | (5) |  |  | (68) |
Surrenders and withdrawals | (36) |  |  |  |  | (41) |  |  | (77) |
Benefit payments (3) | (4) |  |  |  |  | (22) |  |  | (26) |
Interest credited | 16 |  |  |  |  | 13 |  |  | 29 |
Other (including foreign exchange) | 1 |  |  |  |  | 5 |  |  | 6 |
Balance – end of period | $ | 1,219 |  |  |  |  | $ | 1,388 |  |  | $ | 2,607 |
Unearned revenue liability |  |  |  |  |  |  | 608 |
Policyholders' account liability, per consolidated balance sheet |  |  |  |  |  |  | $ | 3,215 |
(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. (2)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk. (3)Includes benefit payments upon maturity as well as death benefits.
| June 30
| 2024 |  | 2023
(in millions of U.S. dollars, except for percentages) | Universal Life |  | Annuities |  | Other |  | Universal Life |  |  |  | Other
Weighted-average crediting rate | 2.8 | % |  | 2.5 | % |  | 2.9 | % |  | 2.7 | % |  |  |  | 2.0 | %
Net amount at risk (1) | $ | 11,987 |  |  | $ | — |  |  | $ | 454 |  |  | $ | 11,634 |  |  |  |  | $ | 201 |
Cash Surrender Value | $ | 1,611 |  |  | $ | 1,618 |  |  | $ | 2,013 |  |  | $ | 1,013 |  |  |  |  | $ | 1,316 |
(1)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
Policyholder Account Balance, Guaranteed Minimum Crediting Rates | The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum: Universal Life
| June 30, 2024
(in millions of U.S. dollars) | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Guaranteed minimum crediting rates |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 436 |  |  | $ | — |  |  | $ | 42 |  |  | $ | 68 |  |  | $ | 546 |
2.01% – 4.00% | 77 |  |  | 424 |  |  | 717 |  |  | — |  |  | 1,218 |
Greater than 4.00% | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Total | $ | 527 |  |  | $ | 424 |  |  | $ | 759 |  |  | $ | 68 |  |  | $ | 1,778 |
| June 30, 2023
(in millions of U.S. dollars) | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Guaranteed minimum crediting rates |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 439 |  |  | $ | — |  |  | $ | 32 |  |  | $ | 8 |  |  | $ | 479 |
2.01% – 4.00% | 81 |  |  | 328 |  |  | 310 |  |  | — |  |  | 719 |
Greater than 4.00% | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Total | $ | 541 |  |  | $ | 328 |  |  | $ | 342 |  |  | $ | 8 |  |  | $ | 1,219 |
Annuities
| June 30, 2024
(in millions of U.S. dollars) | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Guaranteed minimum crediting rates |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 732 |  |  | $ | — |  |  | $ | 1,638 |  |  | $ | 1 |  |  | $ | 2,371 |
2.01% – 4.00% | 150 |  |  | — |  |  | — |  |  | — |  |  | 150 |
Greater than 4.00% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 882 |  |  | $ | — |  |  | $ | 1,638 |  |  | $ | 1 |  |  | $ | 2,521 |
Other policyholders' account balances
| June 30, 2024
(in millions of U.S. dollars) | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Guaranteed minimum crediting rates |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 574 |  |  | $ | — |  |  | $ | 227 |  |  | $ | 513 |  |  | $ | 1,314 |
2.01% – 4.00% | 381 |  |  | 618 |  |  | — |  |  | — |  |  | 999 |
Greater than 4.00% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 955 |  |  | $ | 618 |  |  | $ | 227 |  |  | $ | 513 |  |  | $ | 2,313 |
| June 30, 2023
(in millions of U.S. dollars) | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Guaranteed minimum crediting rates |  |  |  |  |  |  |  |  |
Up to 2.00% | $ | 552 |  |  | $ | — |  |  | $ | 240 |  |  | $ | 186 |  |  | $ | 978 |
2.01% – 4.00% | 363 |  |  | 42 |  |  | — |  |  | — |  |  | 405 |
Greater than 4.00% | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Total | $ | 920 |  |  | $ | 42 |  |  | $ | 240 |  |  | $ | 186 |  |  | $ | 1,388 |
Fair Value, Separate Account Investment | The following table presents the aggregate fair value of Separate account assets, by major security type:
| June 30 |  | June 30
(in millions of U.S. dollars) | 2024 |  | 2023
Cash and cash equivalents | $ | 100 |  |  | $ | 98 |
Mutual funds | 5,649 |  |  | 5,382 |
Fixed maturities | 85 |  |  | 94 |
Total | $ | 5,834 |  |  | $ | 5,574 |
Separate Account, Liability | The following table presents a roll-forward of separate account liabilities:
| Six Months Ended
| June 30
(in millions of U.S. dollars) | 2024 |  | 2023
Balance – beginning of period | $ | 5,573 |  |  | $ | 5,190 |
Premiums and deposits | 576 |  |  | 517 |
Policy charges | (80) |  |  | (70) |
Surrenders and withdrawals | (426) |  |  | (246) |
Benefit payments | (208) |  |  | (193) |
Investment performance | 502 |  |  | 361 |
Other (including foreign exchange) | (103) |  |  | 15 |
Balance – end of period | $ | 5,834 |  |  | $ | 5,574 |
Cash surrender value (1) | $ | 5,625 |  |  | $ | 5,369 |
(1)Cash surrender value represents the amount of the contract holder's account balances distributable at the balance sheet date less certain surrender charges.
Unearned revenue liabilities | The following table presents a roll-forward of unearned revenue liabilities:
| Six Months Ended
| June 30
(in millions of U.S. dollars) | 2024 |  | 2023
Balance – beginning of period | $ | 673 |  |  | $ | 567 |
Deferred revenue | 69 |  |  | 63 |
Amortization | (36) |  |  | (29) |
Other (including foreign exchange) | (31) |  |  | 7 |
Balance – end of period | $ | 675 |  |  | $ | 608 |

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