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Future policy benefits
 9 Months Ended
Sep. 30, 2023
Liability for Future Policy Benefits Activity [Abstract]  
Liability for future policy benefits Future policy benefits
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 PremiumsNine Months Ended September 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$818 $2,301 $9,863 $42 $13,024 
Beginning balance at original discount rate879 2,354 10,409 43 13,685 
Effect of changes in cash flow assumptions35 40 (811)2 (734)
Effect of actual variances from expected experience(13)6 (120)— (127)
Adjusted beginning of period balance901 2,400 9,478 45 12,824 
Consolidation of Huatai Group3 1,690 145 12 1,850 
Issuances90 274 1,066 5 1,435 
Interest accrual45 62 421 1 529 
Net premiums collected (1)
(127)(375)(998)(15)(1,515)
Other (including foreign exchange)(9)(56)(212)18 (259)
Ending balance at original discount rate903 3,995 9,900 66 14,864 
Effect of changes in discount rate assumptions(69)(62)(497)(1)(629)
Balance – end of period$834 $3,933 $9,403 $65 $14,235 
(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 BenefitsNine Months Ended September 30, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,427 $6,048 $14,206 $239 $21,920 
Beginning balance at original discount rate1,555 6,225 15,022 250 23,052 
Effect of changes in cash flow assumptions31 44 (848)3 (770)
Effect of actual variances from expected experience(10)12 (114)— (112)
Adjusted beginning of period balance1,576 6,281 14,060 253 22,170 
Consolidation of Huatai Group17 3,659 163 298 4,137 
Issuances90 276 1,065 5 1,436 
Interest accrual54 176 514 6 750 
Benefits payments(119)(212)(1,065)(8)(1,404)
Other (including foreign exchange)92 22 (628)178 (336)
Ending balance at original discount rate1,710 10,202 14,109 732 26,753 
Effect of changes in discount rate assumptions(152)(274)(790)(11)(1,227)
Balance – end of period$1,558 $9,928 $13,319 $721 $25,526 
September 30, 2023
Liability for Future Policy BenefitsLife InsuranceOverseas General InsuranceChubb Consolidated
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherA&HTotal
Net liability for future policy benefits$724 $5,995 $3,916 $656 $718 $12,009 
Deferred profit liability223 707 156 14 — 1,100 
Net liability for future policy benefits, per consolidated balance sheet947 6,702 4,072 670 718 13,109 
Less: Reinsurance recoverable on future policy benefits111 47 103 21 33 315 
Net liability for future policy benefits, after reinsurance recoverable$836 $6,655 $3,969 $649 $685 $12,794 
Weighted-average duration (years)10.226.510.315.14.918.7


Present Value of Expected Net PremiumsNine Months Ended September 30, 2022
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $422 $1,341 $2,520 $30 $4,313 
Beginning balance at original discount rate397 1,243 2,323 28 3,991 
Effect of changes in cash flow assumptions— (3)(29)— (32)
Effect of actuarial variances from expected experience(31)12 (120)— (139)
Adjusted beginning of period balance366 1,252 2,174 28 3,820 
Acquisition of Cigna445 1,078 8,191 23 9,737 
Issuances95 155 348 3 601 
Interest accrual45 37 184 1 267 
Net premiums collected (1)
(93)(156)(445)(9)(703)
Other (including foreign exchange)(46)(102)(487)(4)(639)
Ending balance at original discount rate812 2,264 9,965 42 13,083 
Effect of changes in discount rate assumptions(59)(95)(531)(1)(686)
Balance – end of period$753 $2,169 $9,434 $41 $12,397 
(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 BenefitsNine Months Ended September 30, 2022
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$921 $4,785 $4,939 $130 $10,775 
Beginning balance at original discount rate858 3,833 4,589 122 9,402 
Effect of changes in cash flow assumptions(5)(3)(41)11 (38)
Effect of actuarial variances from expected experience(32)14 (126)— (144)
Adjusted beginning of period balance821 3,844 4,422 133 9,220 
Acquisition of Cigna668 2,267 10,542 106 13,583 
Issuances100 155 348 3 606 
Interest accrual52 123 242 3 420 
Benefits payments(82)(151)(469)(2)(704)
Other (including foreign exchange)(112)(207)(651)(102)(1,072)
Ending balance at original discount rate1,447 6,031 14,434 141 22,053 
Effect of changes in discount rate assumptions(126)(308)(790)(16)(1,240)
Balance – end of period$1,321 $5,723 $13,644 $125 $20,813 


September 30, 2022
Liability for Future Policy BenefitsLife InsuranceOverseas General InsuranceChubb Consolidated
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherA&HTotal
Net liability for future policy benefits$568 $3,554 $4,210 $84 $735 $9,151 
Deferred profit liability172 450 125 8 — 755 
Net liability for future policy benefits, per consolidated balance sheet740 4,004 4,335 92 735 9,906 
Less: Reinsurance recoverable on future policy benefits111 56 107 — 38 312 
Net liability for future policy benefits, after reinsurance recoverable$629 $3,948 $4,228 $92 $697 $9,594 
Weighted-average duration (years)9.024.711.013.55.116.2
The following table presents the amount of undiscounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:

September 30September 30
(in millions of U.S. dollars)20232022
Term Life
Undiscounted expected future benefit payments$2,492 $2,189 
Undiscounted expected future gross premiums$2,884 $2,503 
Discounted expected future benefit payments$1,558 $1,321 
Discounted expected future gross premiums$1,910 $1,682 
Whole Life
Undiscounted expected future benefit payments$23,457 $15,631 
Undiscounted expected future gross premiums$9,478 $6,654 
Discounted expected future benefit payments$9,928 $5,723 
Discounted expected future gross premiums$7,654 $5,173 
A&H
Undiscounted expected future benefit payments$23,168 $23,873 
Undiscounted expected future gross premiums$34,055 $34,659 
Discounted expected future benefit payments$13,319 $13,644 
Discounted expected future gross premiums$20,604 $20,193 
Other
Undiscounted expected future benefit payments$977 $265 
Undiscounted expected future gross premiums$103 $102 
Discounted expected future benefit payments$721 $125 
Discounted expected future gross premiums$92 $92 

The following table presents the amount of revenue and interest recognized in the statement of operations:
Gross Premiums or AssessmentsInterest Accretion
Nine Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2023202220232022
Life Insurance
Term Life$511 $361 $9 $7 
Whole Life858 411 114 86 
A&H2,171 1,226 93 58 
Other54 71 5 2 
Overseas General Insurance
A&H1,175 1,075 — — 
Total$4,769 $3,144 $221 $153 
The following table presents the weighted-average interest rates:
Interest Accretion RateCurrent Discount Rate
September 30September 30
2023202220232022
Life Insurance
Term Life2.9 %2.6 %6.0 %6.1 %
Whole Life3.2 %3.9 %4.7 %5.5 %
A&H3.7 %3.6 %6.7 %6.1 %
Other2.6 %3.7 %4.3 %6.2 %