Policyholders' account balances

9 Months Ended

Sep. 30, 2023

Policyholder Account Balance [Abstract]

Liability for policyholders' account balance

Policyholders' account balances

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

	Nine Months Ended September 30, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance – beginning of period	$	1,719	$	1,421	$	3,140
Consolidation of Huatai Group	602		3,412		4,014
Premiums received	275		228		503
Policy charges (1)	(135)		(8)		(143)
Surrenders and withdrawals	(69)		(113)		(182)
Benefit payments	(6)		(81)		(87)
Interest credited	39		43		82
Other (including foreign exchange)	(42)		(107)		(149)
Balance, end of period	$	2,383	$	4,795	$	7,178

	Nine Months Ended September 30, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance – beginning of period	$	1,612	$	1,154	$	2,766
Acquisition of Cigna	10		345		355
Premiums received	292		55		347
Policy charges (1)	(141)		(8)		(149)
Surrenders and withdrawals	(55)		(39)		(94)
Benefit payments	(3)		(15)		(18)
Interest credited	30		25		55
Other (including foreign exchange)	(69)		(185)		(254)
Balance, end of period	$	1,676	$	1,332	$	3,008

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

	September 30
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.8		%	2.1		%	3.7		%	2.6		%
Net amount at risk (1)	$	10,493		$	1,675		$	10,116		$	1,503
Cash Surrender Value	$	1,596		$	3,655		$	934		$	1,280

(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.

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, 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%	$	3	$	—	$	56	$	563	$	622
2.01% – 4.00%	472		377		558		333		1,740
Greater than 4.00%	21		—		—		—		21
Total	$	496	$	377	$	614	$	896	$	2,383

	September 30, 2022
(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%	$	3	$	—	$	59	$	505	$	567
2.01% – 4.00%	456		394		228		—		1,078
Greater than 4.00%	31		—		—		—		31
Total	$	490	$	394	$	287	$	505	$	1,676

Other policyholders' account balances

	September 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%	$	1,328	$	—	$	1,719	$	799	$	3,846
2.01% – 4.00%	112		487		27		—		626
Greater than 4.00%	323		—		—		—		323
Total	$	1,763	$	487	$	1,746	$	799	$	4,795

	September 30, 2022
(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%	$	411	$	—	$	191	$	424	$	1,026
2.01% – 4.00%	—		—		—		—		—
Greater than 4.00%	306		—		—		—		306
Total	$	717	$	—	$	191	$	424	$	1,332