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Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)
 6 Months Ended
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 credited25 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 liability675 
Other500 
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 credited16 13 29 
Other (including foreign exchange)1 5 6 
Balance – end of period$1,219 $1,388 $2,607 
Unearned revenue liability608 
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
20242023
(in millions of U.S. dollars, except for percentages)Universal LifeAnnuitiesOtherUniversal LifeOther
Weighted-average crediting rate2.8 %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 Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 30June 30
(in millions of U.S. dollars)20242023
Cash and cash equivalents $100 $98 
Mutual funds 5,649 5,382 
Fixed maturities85 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)20242023
Balance – beginning of period$5,573 $5,190 
Premiums and deposits576 517 
Policy charges(80)(70)
Surrenders and withdrawals(426)(246)
Benefit payments(208)(193)
Investment performance502 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 revenue69 63 
Amortization(36)(29)
Other (including foreign exchange)(31)7 
Balance – end of period$675 $608