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Unpaid losses and loss expenses, and Future policy benefits (Tables) | 9 Months Ended
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Sep. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Schedule of Unpaid Losses And Loss Expenses Roll Forward [Table Text Block] | The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
| Nine Months Ended
| September 30
(in millions of U.S. dollars) | 2024 |  | 2023
Gross unpaid losses and loss expenses – beginning of period | $ | 80,122 |  |  | $ | 75,747 |
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1) | (17,884) |  |  | (17,086) |
Net unpaid losses and loss expenses – beginning of period | 62,238 |  |  | 58,661 |
Net losses and loss expenses incurred in respect of losses occurring in: |  |  |
Current year | 20,302 |  |  | 18,604 |
Prior years (2) | (761) |  |  | (667) |
Total | 19,541 |  |  | 17,937 |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |
Current year | 5,005 |  |  | 4,853 |
Prior years | 10,074 |  |  | 10,158 |
Total | 15,079 |  |  | 15,011 |
Consolidation of Huatai Group | — |  |  | 405 |
Foreign currency revaluation and other | (5) |  |  | (95) |
Net unpaid losses and loss expenses – end of period | 66,695 |  |  | 61,897 |
Reinsurance recoverable on unpaid losses and loss expenses (1) | 17,631 |  |  | 17,808 |
Gross unpaid losses and loss expenses – end of period | $ | 84,326 |  |  | $ | 79,705 |
(1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $118 million and $71 million for the nine months ended September 30, 2024 and 2023, respectively.
Prior Period Development, by Segment [Table Text Block] | The following table summarizes (favorable) and adverse PPD by segment:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions of U.S. dollars) | Long-tail |  | Short-tail |  | Total |  | Long-tail |  | Short-tail |  | Total
2024 |  |  |  |  |  |  |  |  |  |  |
North America Commercial P&C Insurance | $ | 125 |  |  | $ | (164) |  |  | $ | (39) |  |  | $ | 79 |  |  | $ | (310) |  |  | $ | (231) |
North America Personal P&C Insurance | — |  |  | (189) |  |  | (189) |  |  | — |  |  | (305) |  |  | (305) |
North America Agricultural Insurance | — |  |  | (6) |  |  | (6) |  |  | — |  |  | (34) |  |  | (34) |
Overseas General Insurance | (61) |  |  | 1 |  |  | (60) |  |  | (26) |  |  | (184) |  |  | (210) |
Global Reinsurance | (5) |  |  | — |  |  | (5) |  |  | — |  |  | (20) |  |  | (20) |
Corporate | 55 |  |  | — |  |  | 55 |  |  | 157 |  |  | — |  |  | 157 |
Total | $ | 114 |  |  | $ | (358) |  |  | $ | (244) |  |  | $ | 210 |  |  | $ | (853) |  |  | $ | (643) |
2023 |  |  |  |  |  |  |  |  |  |  |
North America Commercial P&C Insurance | $ | 107 |  |  | $ | (191) |  |  | $ | (84) |  |  | $ | (23) |  |  | $ | (279) |  |  | $ | (302) |
North America Personal P&C Insurance | — |  |  | (119) |  |  | (119) |  |  | — |  |  | (135) |  |  | (135) |
North America Agricultural Insurance | — |  |  | (9) |  |  | (9) |  |  | — |  |  | (12) |  |  | (12) |
Overseas General Insurance | (52) |  |  | 3 |  |  | (49) |  |  | (52) |  |  | (201) |  |  | (253) |
Global Reinsurance | — |  |  | — |  |  | — |  |  | 7 |  |  | (32) |  |  | (25) |
Corporate | 61 |  |  | — |  |  | 61 |  |  | 131 |  |  | — |  |  | 131 |
Total | $ | 116 |  |  | $ | (316) |  |  | $ | (200) |  |  | $ | 63 |  |  | $ | (659) |  |  | $ | (596) |
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 | Nine Months Ended September 30, 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 | (140) |  |  | 160 |  |  | 394 |  |  | (4) |  |  | 410 |
Effect of actual variances from expected experience | 6 |  |  | 9 |  |  | (126) |  |  | (1) |  |  | (112) |
Adjusted beginning of period balance | 1,858 |  |  | 4,114 |  |  | 10,960 |  |  | 59 |  |  | 16,991 |
Issuances | 161 |  |  | 942 |  |  | 1,717 |  |  | 53 |  |  | 2,873 |
Interest accrual | 45 |  |  | 91 |  |  | 424 |  |  | 3 |  |  | 563 |
Net premiums collected (1) | (183) |  |  | (852) |  |  | (1,105) |  |  | (27) |  |  | (2,167) |
Other (including foreign exchange) | (10) |  |  | 14 |  |  | (158) |  |  | 14 |  |  | (140) |
Ending balance at original discount rate | 1,871 |  |  | 4,309 |  |  | 11,838 |  |  | 102 |  |  | 18,120 |
Effect of changes in discount rate assumptions | (287) |  |  | 94 |  |  | 136 |  |  | 1 |  |  | (56) |
Balance – end of period | $ | 1,584 |  |  | $ | 4,403 |  |  | $ | 11,974 |  |  | $ | 103 |  |  | $ | 18,064 |
(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, 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 | (137) |  |  | 181 |  |  | 348 |  |  | (5) |  |  | 387 |
Effect of actual variances from expected experience | 13 |  |  | 21 |  |  | (127) |  |  | — |  |  | (93) |
Adjusted beginning of period balance | 2,625 |  |  | 10,193 |  |  | 15,292 |  |  | 487 |  |  | 28,597 |
Issuances | 161 |  |  | 942 |  |  | 1,717 |  |  | 53 |  |  | 2,873 |
Interest accrual | 59 |  |  | 240 |  |  | 519 |  |  | 11 |  |  | 829 |
Benefits payments | (173) |  |  | (260) |  |  | (1,186) |  |  | (14) |  |  | (1,633) |
Other (including foreign exchange) | 27 |  |  | 55 |  |  | (188) |  |  | 41 |  |  | (65) |
Ending balance at original discount rate | 2,699 |  |  | 11,170 |  |  | 16,154 |  |  | 578 |  |  | 30,601 |
Effect of changes in discount rate assumptions | (390) |  |  | 739 |  |  | 65 |  |  | 41 |  |  | 455 |
Balance – end of period | $ | 2,309 |  |  | $ | 11,909 |  |  | $ | 16,219 |  |  | $ | 619 |  |  | $ | 31,056 |
Liability for Future Policy Benefits, Life Insurance Segment | September 30, 2024
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 725 |  |  | $ | 7,506 |  |  | $ | 4,245 |  |  | $ | 516 |  |  | $ | 12,992 |
Deferred profit liability | 276 |  |  | 1,120 |  |  | 194 |  |  | 32 |  |  | 1,622 |
Net liability for future policy benefits, before reinsurance recoverable | 1,001 |  |  | 8,626 |  |  | 4,439 |  |  | 548 |  |  | 14,614 |
Less: Reinsurance recoverable on future policy benefits | 109 |  |  | 45 |  |  | 112 |  |  | — |  |  | 266 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 892 |  |  | $ | 8,581 |  |  | $ | 4,327 |  |  | $ | 548 |  |  | $ | 14,348 |
Weighted average duration (years) | 10.2 |  | 27.8 |  | 9.8 |  | 17.6 |  | 21.1
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 | $ | 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 | 36 |  |  | 40 |  |  | (813) |  |  | 2 |  |  | (735) |
Effect of actual variances from expected experience | (15) |  |  | 77 |  |  | (170) |  |  | (1) |  |  | (109) |
Adjusted beginning of period balance | 1,888 |  |  | 2,478 |  |  | 10,275 |  |  | 44 |  |  | 14,685 |
Consolidation of Huatai Group | 3 |  |  | 1,690 |  |  | 145 |  |  | 12 |  |  | 1,850 |
Issuances | 90 |  |  | 223 |  |  | 1,026 |  |  | 5 |  |  | 1,344 |
Interest accrual | 45 |  |  | 62 |  |  | 421 |  |  | 1 |  |  | 529 |
Net premiums collected (1) | (127) |  |  | (376) |  |  | (998) |  |  | (15) |  |  | (1,516) |
Other (including foreign exchange) | 78 |  |  | (72) |  |  | (592) |  |  | (1) |  |  | (587) |
Ending balance at original discount rate | 1,977 |  |  | 4,005 |  |  | 10,277 |  |  | 46 |  |  | 16,305 |
Effect of changes in discount rate assumptions | (69) |  |  | (62) |  |  | (496) |  |  | (1) |  |  | (628) |
Balance – end of period | $ | 1,908 |  |  | $ | 3,943 |  |  | $ | 9,781 |  |  | $ | 45 |  |  | $ | 15,677 |
(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 | $ | 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 | 32 |  |  | 44 |  |  | (849) |  |  | 3 |  |  | (770) |
Effect of actual variances from expected experience | (12) |  |  | 86 |  |  | (168) |  |  | (1) |  |  | (95) |
Adjusted beginning of period balance | 2,467 |  |  | 6,004 |  |  | 14,838 |  |  | 282 |  |  | 23,591 |
Consolidation of Huatai Group | 17 |  |  | 3,659 |  |  | 163 |  |  | 233 |  |  | 4,072 |
Issuances | 90 |  |  | 223 |  |  | 1,026 |  |  | 5 |  |  | 1,344 |
Interest accrual | 54 |  |  | 176 |  |  | 514 |  |  | 6 |  |  | 750 |
Benefit payments | (120) |  |  | (212) |  |  | (1,064) |  |  | (9) |  |  | (1,405) |
Other (including foreign exchange) | 227 |  |  | 30 |  |  | (1,062) |  |  | 154 |  |  | (651) |
Ending balance at original discount rate | 2,735 |  |  | 9,880 |  |  | 14,415 |  |  | 671 |  |  | 27,701 |
Effect of changes in discount rate assumptions | (149) |  |  | (274) |  |  | (790) |  |  | (11) |  |  | (1,224) |
Balance – end of period | $ | 2,586 |  |  | $ | 9,606 |  |  | $ | 13,625 |  |  | $ | 660 |  |  | $ | 26,477 |
Liability for Future Policy Benefits, Life Insurance Segment | September 30, 2023
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 678 |  |  | $ | 5,663 |  |  | $ | 3,844 |  |  | $ | 615 |  |  | $ | 10,800 |
Deferred profit liability | 244 |  |  | 709 |  |  | 156 |  |  | 14 |  |  | 1,123 |
Net liability for future policy benefits, before reinsurance recoverable | 922 |  |  | 6,372 |  |  | 4,000 |  |  | 629 |  |  | 11,923 |
Less: Reinsurance recoverable on future policy benefits | 111 |  |  | 47 |  |  | 103 |  |  | 21 |  |  | 282 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 811 |  |  | $ | 6,325 |  |  | $ | 3,897 |  |  | $ | 608 |  |  | $ | 11,641 |
Weighted average duration (years) | 10.2 |  | 26.5 |  | 10.3 |  | 15.1 |  | 19.6
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
| September 30
(in millions of U.S. dollars) | 2024 |  | 2023
Net liability for future policy benefits, Life Insurance segment | $ | 12,992 |  |  | $ | 10,800 |
Other (1) | 1,389 |  |  | 1,186 |
Deferred profit liability | 1,622 |  |  | 1,123 |
Liability for future policy benefits, per consolidated balance sheet | $ | 16,003 |  |  | $ | 13,109 |
(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:
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2024 |  | 2023 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 4,188 |  |  | $ | 4,043 |  |
Undiscounted expected future gross premiums | 6,669 |  |  | 6,588 |  |
Discounted expected future benefit payments | 2,309 |  |  | 2,586 |  |
Discounted expected future gross premiums | 4,504 |  |  | 3,741 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | 28,111 |  |  | 23,454 |  |
Undiscounted expected future gross premiums | 10,363 |  |  | 9,478 |  |
Discounted expected future benefit payments | 11,909 |  |  | 9,606 |  |
Discounted expected future gross premiums | 8,404 |  |  | 7,654 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | 27,423 |  |  | 23,914 |  |
Undiscounted expected future gross premiums | 40,183 |  |  | 35,029 |  |
Discounted expected future benefit payments | 16,219 |  |  | 13,625 |  |
Discounted expected future gross premiums | 23,655 |  |  | 21,241 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | 1,046 |  |  | 774 |  |
Undiscounted expected future gross premiums | 200 |  |  | 104 |  |
Discounted expected future benefit payments | 619 |  |  | 660 |  |
Discounted expected future gross premiums | $ | 177 |  |  | $ | 92 |  |
The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:
| Gross Premiums or Assessments |  | Interest Accretion |
| Nine Months Ended |  | Nine Months Ended |
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 509 |  |  | $ | 484 |  |  | $ | 14 |  |  | $ | 9 |  |
Whole Life | 1,504 |  |  | 864 |  |  | 149 |  |  | 114 |  |
A&H | 2,250 |  |  | 2,182 |  |  | 95 |  |  | 93 |  |
Other | 42 |  |  | 28 |  |  | 8 |  |  | 5 |  |
Total | $ | 4,305 |  |  | $ | 3,558 |  |  | $ | 266 |  |  | $ | 221 |  |
The following table presents the weighted-average interest rates for the Life Insurance segment:
| Interest Accretion Rate |  | Current Discount Rate |
| September 30 |  | September 30 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 3.0 | % |  | 2.9 | % |  | 5.2 | % |  | 6.0 | % |
Whole Life | 3.2 | % |  | 3.2 | % |  | 4.1 | % |  | 4.7 | % |
A&H | 3.8 | % |  | 3.7 | % |  | 5.8 | % |  | 6.7 | % |
Other | 2.7 | % |  | 2.6 | % |  | 3.8 | % |  | 4.3 | % |

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- 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
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- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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