v3.26.1
Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026
(in millions of U.S. dollars)Universal Life
Annuities (3)
Other investment contracts (4)
Total
Balance – beginning of period$1,899 $2,801 $2,531 $7,231 
Premiums received 109 130 449 688 
Policy charges(44)— (5)(49)
Surrenders and withdrawals(68)(15)(100)(183)
Benefit payments (1)
(97)(107)(30)(234)
Interest credited24 24 41 89 
Other (including foreign exchange)76 113 (15)174 
Balance – end of period$1,899 $2,946 $2,871 $7,716 
Unearned revenue liability772 
Other (2)
614 
Policyholders' account liability, per consolidated balance sheet$9,102 
(1)Includes payments for survival and death benefits.
(2)Primarily comprises unpaid dividends on certain participating policies.
(3)Relates to Huatai Life.
(4)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
Six Months Ended June 30, 2025
(in millions of U.S. dollars)Universal Life
Annuities (3)
Other investment contracts (4)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 105 159 211 475 
Policy charges(56)— (5)(61)
Surrenders and withdrawals(57)(17)(94)(168)
Benefit payments (1)
(19)(77)(46)(142)
Interest credited24 24 33 81 
Other (including foreign exchange)34 22 25 81 
Balance – end of period$1,840 $2,696 $2,478 $7,014 
Unearned revenue liability753 
Other (2)
577 
Policyholders' account liability, per consolidated balance sheet$8,344 
(1)Includes payments for survival and death benefits.
(2)Primarily comprises unpaid dividends on certain participating policies.
(3)Relates to Huatai Life.
(4)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

June 30
20262025
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (3)
OtherUniversal Life
Annuities (3)
Other
Weighted-average crediting rate (1)
3.4 %N/A3.4 %3.5 %N/A3.3 %
Net amount at risk (2)
$10,539 $86 $340 $11,571 $10 $378 
Cash Surrender Value$1,779 $1,974 $2,549 $1,695 $1,774 $2,175 
(1)Calculated using actual interest credited for the six months ended June 30, 2026 and 2025, 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.
(3)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
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, 2026
(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%
$— $34 $17 $239 $290 
2.01% – 4.00%
449 291 329 — 1,069 
Greater than 4.00%
19 — — — 19 
Fixed rate or no guarantee521 
Total$468 $325 $346 $239 $1,899 
June 30, 2025
(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%
$— $— $49 $145 $194 
2.01% – 4.00%
247 573 352 — 1,172 
Greater than 4.00%
12 — — — 12 
Fixed rate or no guarantee462 
Total$259 $573 $401 $145 $1,840 

Other policyholders' account balances
June 30, 2026
(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%
$2 $52 $28 $76 $158 
2.01% – 4.00%
955 — 271 — 1,226 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,487 
Total$957 $52 $299 $76 $2,871 

June 30, 2025
(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%
$5 $5 $133 $27 $170 
2.01% – 4.00%
1,035 52 — — 1,087 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,221 
Total$1,040 $57 $133 $27 $2,478 
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)20262025
Cash and cash equivalents $121 $131 
Mutual funds 7,284 6,268 
Fixed maturities66 82 
Total$7,471 $6,481 
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)20262025
Balance – beginning of period$6,925 $6,231 
Premiums and deposits787 802 
Policy charges(92)(79)
Surrenders and withdrawals(698)(494)
Benefit payments(252)(225)
Investment performance859 (265)
Other (including foreign exchange)(58)511 
Balance – end of period$7,471 $6,481 
Cash surrender value (1)
$6,960 $6,101 
(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:
Six Months Ended
June 30
(in millions of U.S. dollars)
2026
2025
Balance – beginning of period$758 $711 
Deferred revenue61 69 
Amortization(40)(38)
Other (including foreign exchange)(7)11 
Balance – end of period$772 $753