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Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:

			Nine Months Ended September 30, 2025
(in millions of U.S. dollars)			Universal Life						Annuities (2)						Other (3)						Total
Balance – beginning of period			$	1,809					$	2,585					$	2,354					$	6,748
Premiums received			158						232						316						706
Policy charges (1)			(81)						—						(7)						(88)
Surrenders and withdrawals			(91)						(24)						(143)						(258)
Benefit payments (4)			(24)						(116)						(66)						(206)
Interest credited			35						36						59						130
Other (including foreign exchange)			77						49						43						169
Balance – end of period			$	1,883					$	2,762					$	2,556					$	7,201
Unearned revenue liability																					760
Other (5)																					578
Policyholders' account liability, per consolidated balance sheet																					$	8,539

(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.

(5)Primarily comprises unpaid dividends on certain participating policies.

			Nine Months Ended September 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			204						294						320						818
Policy charges (1)			(98)						—						(7)						(105)
Surrenders and withdrawals			(95)						(30)						(202)						(327)
Benefit payments (4)			(59)						(116)						(40)						(215)
Interest credited			38						29						41						108
Other (including foreign exchange)			3						20						(223)						(200)
Balance – end of period			$	1,869					$	2,608					$	2,391					$	6,868
Unearned revenue liability																					712
Other (5)																					556
Policyholders' account liability, per consolidated balance sheet																					$	8,136

(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.

(5)Primarily comprises unpaid dividends on certain participating policies.

			September 30
			2025																		2024
(in millions of U.S. dollars, except for percentages)			Universal Life						Annuities						Other						Universal Life						Annuities						Other
Weighted-average crediting rate (1)			2.6		%				1.8		%				3.3		%				2.7		%				1.6		%				2.7		%
Net amount at risk (2)			$	11,474					$	30					$	366					$	12,648					$	—					$	440
Cash Surrender Value			$	1,747					$	1,827					$	2,264					$	1,699					$	1,691					$	2,091

(1)Calculated using actual interest credited for the nine months ended September 30, 2025 and 2024, respectively.

(2)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

			September 30, 2025
(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%			$	480					$	—					$	51					$	177					$	708
2.01% – 4.00%			489						317						354						—						1,160
Greater than 4.00%			15						—						—						—						15
Total			$	984					$	317					$	405					$	177					$	1,883

			September 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%			$	464					$	—					$	47					$	92					$	603
2.01% – 4.00%			249						371						633						—						1,253
Greater than 4.00%			13						—						—						—						13
Total			$	726					$	371					$	680					$	92					$	1,869

Annuities

			September 30, 2025
(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%			$	118					$	—					$	1,675					$	76					$	1,869
2.01% – 4.00%			893						—						—						—						893
Greater than 4.00%			—						—						—						—						—
Total			$	1,011					$	—					$	1,675					$	76					$	2,762

			September 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%			$	72					$	—					$	1,645					$	47					$	1,764
2.01% – 4.00%			844						—						—						—						844
Greater than 4.00%			—						—						—						—						—
Total			$	916					$	—					$	1,645					$	47					$	2,608

Other policyholders' account balances

			September 30, 2025
(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%			$	394					$	6					$	153					$	434					$	987
2.01% – 4.00%			1,517						52						—						—						1,569
Greater than 4.00%			—						—						—						—						—
Total			$	1,911					$	58					$	153					$	434					$	2,556

			September 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%			$	349					$	2					$	214					$	459					$	1,024
2.01% – 4.00%			1,317						50						—						—						1,367
Greater than 4.00%			—						—						—						—						—
Total			$	1,666					$	52					$	214					$	459					$	2,391

Fair Value, Separate Account Investment

The following table presents the aggregate fair value of Separate account assets, by major security type:

			September 30						September 30
(in millions of U.S. dollars)			2025						2024
Cash and cash equivalents			$	103					$	75
Mutual funds			6,631						5,844
Fixed maturities			76						77
Total			$	6,810					$	5,996

Separate Account, Liability

The following table presents a roll-forward of separate account liabilities:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2025						2024
Balance – beginning of period			$	6,231					$	5,573
Premiums and deposits			1,081						945
Policy charges			(122)						(118)
Surrenders and withdrawals			(745)						(666)
Benefit payments			(345)						(320)
Investment performance			320						625
Other (including foreign exchange)			390						(43)
Balance – end of period			$	6,810					$	5,996
Cash surrender value (1)			$	6,327					$	5,790

(1)Cash surrender value represents the amount of the policyholder'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:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2025						2024
Balance – beginning of period			$	711					$	673
Deferred revenue			101						106
Amortization			(58)						(54)
Other (including foreign exchange)			6						(13)
Balance – end of period			$	760					$	712

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