v3.26.3
Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)
 9 Months Ended
Sep. 30, 2026
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, 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 157 200 751 1,108 
Policy charges(66)— (7)(73)
Surrenders and withdrawals(104)(23)(142)(269)
Benefit payments (1)
(156)(146)(41)(343)
Interest credited37 45 61 143 
Other (including foreign exchange)90 144 10 244 
Balance – end of period$1,857 $3,021 $3,163 $8,041 
Unearned revenue liability794 
Other (2)
610 
Policyholders' account liability, per consolidated balance sheet$9,445 
(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.
Nine Months Ended September 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 158 232 316 706 
Policy charges(81)— (7)(88)
Surrenders and withdrawals(91)(24)(143)(258)
Benefit payments (1)
(24)(116)(66)(206)
Interest credited35 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 liability760 
Other (2)
578 
Policyholders' account liability, per consolidated balance sheet$8,539 
(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.

September 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)
3.6 %N/A3.4 %3.5 %N/A3.2 %
Net amount at risk (2)
$10,568 $93 $385 $11,474 $30 $366 
Cash Surrender Value$1,740 $2,036 $2,820 $1,747 $1,827 $2,264 
(1)Calculated using actual interest credited for the nine months ended September 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
September 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%
$— $13 $43 $267 $323 
2.01% – 4.00%
391 161 151 316 1,019 
Greater than 4.00%
20 — — — 20 
Fixed rate or no guarantee495 
Total$411 $174 $194 $583 $1,857 
September 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%
$— $— $51 $168 $219 
2.01% – 4.00%
489 317 354 — 1,160 
Greater than 4.00%
15 — — — 15 
Fixed rate or no guarantee489 
Total$504 $317 $405 $168 $1,883 

Other policyholders' account balances
September 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 $2 $84 $94 $182 
2.01% – 4.00%
987 — 271 — 1,258 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,723 
Total$989 $2 $355 $94 $3,163 

September 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%
$3 $6 $129 $34 $172 
2.01% – 4.00%
1,079 52 — — 1,131 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,253 
Total$1,082 $58 $129 $34 $2,556 
Fair Value, Separate Account Investment
The following table presents the aggregate fair value of Separate account assets, by major security type:
September 30September 30
(in millions of U.S. dollars)20262025
Cash and cash equivalents $133 $103 
Mutual funds 7,134 6,631 
Fixed maturities73 76 
Total$7,340 $6,810 
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)20262025
Balance – beginning of period$6,925 $6,231 
Premiums and deposits1,214 1,081 
Policy charges(136)(122)
Surrenders and withdrawals(988)(745)
Benefit payments(384)(345)
Investment performance635 320 
Other (including foreign exchange)74 390 
Balance – end of period$7,340 $6,810 
Cash surrender value (1)
$6,840 $6,327 
(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)
2026
2025
Balance – beginning of period$758 $711 
Deferred revenue91 101 
Amortization(61)(58)
Other (including foreign exchange)6 6 
Balance – end of period$794 $760