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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure of detailed information about financial instruments [abstract]

Summary of financial assets

The summary of financial assets and financial liabilities is as follows:

						2022
AS AT JUN. 30 US$ MILLIONS						FVTPL1						AFS						Amortized Cost						Total
Cash and cash equivalents
Cash						$	—					$	—					$	685					$	685
Cash equivalents						—						—						1,399						1,399
Total cash and cash equivalents2						—						—						2,084						2,084
Derivatives
Foreign exchange forwards						6						—						—						6
Cross currency swaps						1						—						—						1
Options						17						—						—						17
Total derivative assets						24						—						—						24
Debt securities
Bonds
Government and Municipal						362						2,042						—						2,404
Corporate						1,834						13,469						—						15,303
Asset-backed securities						228						720						—						948
Private debt						—						209						13						222
Total debt securities						2,424						16,440						13						18,877
Equity
Common shares						—						538						—						538
Preferred shares						14						70						—						84
Private equity and other						—						297						—						297
Total equity						14						905						—						919
Loans and receivables
Mortgage loans						—						—						5,523						5,523
Private loans						—						—						551						551
Other loans						—						—						372						372
Total loans and receivables						—						—						6,446						6,446

Short term investments
Commercial paper						—						—						655						655
Total short term investments						—						—						655						655
Separately managed accounts						—						118						—						118
Other invested assets						—						19						16						35
Total investments						2,438						17,482						7,130						27,050
Investment properties						—						—						545						545
Separate account assets						—						1,059						—						1,059
Reinsurance funds withheld						4,861						—						—						4,861
Derivative liabilities
Foreign exchange forwards						(9)						—						—						(9)
Cross currency swaps						(20)						—						—						(20)
Total derivative liabilities						(29)						—						—						(29)
Funds withheld liabilities						(10)						—						—						(10)
Separate account liabilities						—						(1,059)						—						(1,059)
Notes payable						—						—						(159)						(159)

1. All financial instruments measured at FVTPL have been designated as FVTPL at initial recognition except for derivative assets and liabilities, which are financial assets that are held for trading.

2. Cash and cash equivalents as at June 30, 2022 includes $59 million of collateral that is pledged to the benefit of the Company from its derivative counterparties with a corresponding liability to return the collateral in liabilities for derivative financial instruments.

						2021
AS AT DEC. 31 US$ MILLIONS						FVTPL1						AFS						Amortized Cost						Total
Cash and cash equivalents
Cash						$	—					$	—					$	320					$	320
Cash equivalents						—						—						73						73
Total cash and cash equivalents						—						—						393						393
Derivatives
Foreign exchange forwards						10						—						—						10
Bond futures						9						—						—						9
Options						127						—						—						127
Total derivative assets						146						—						—						146
Debt securities
Bonds
Government and Municipal						377						1,287						—						1,664
Corporate						1,471						253						—						1,724
Asset-backed securities						115						53						—						168
Private debt						—						208						—						208
Total debt securities						1,963						1,801						—						3,764
Equity
Common shares						—						275						—						275
Preferred shares						4						14						—						18
Private equity and other						—						247						—						247
Total equity						4						536						—						540
Loans and receivables
Mortgage loans						—						—						23						23
Private loans						—						—						616						616
Total loans and receivables						—						—						639						639
Total investments						1,967						2,337						639						4,943
Reinsurance funds withheld						4,650						—						—						4,650
Derivative liabilities
Interest rate swaps						(1)						—						—						(1)
Total derivative liabilities						(1)						—						—						(1)
Funds withheld liabilities						(12)						—						—						(12)

1. All financial instruments measured at FVTPL have been designated as FVTPL at initial recognition except for derivative assets and liabilities, which are financial assets that are held for trading.

The following sets out the financial assets and financial liabilities classified in accordance with the above-mentioned fair value hierarchy, excluding financial assets and financial liabilities that are carried at amortized cost.

						2022
AS AT JUN. 30 US$ MILLIONS						Level 1						Level 2						Level 3												Total
Financial assets
Fair value through profit or loss:
Bonds						$	—					$	2,196					$	—											$	2,196
Asset-backed securities						—						228						—												228
Preferred shares						14						—						—												14
Derivative assets						3						21						—												24
Reinsurance funds withheld						—						4,861						—												4,861
Available for sale:
Bonds						587						14,555						369												15,511
Asset-backed securities						—						621						99												720
Private debt						—						—						209												209
Common shares						494						41						3												538
Preferred shares						31						—						39												70
Private equity and other						13						—						284												297
Other invested assets						—						19						—												19
Separate account assets						315						715						29												1,059
Separately managed accounts						—						—						118												118
Total financial assets						$	1,457					$	23,257					$	1,150											$	25,864
Financial liabilities
Fair value through profit or loss:
Derivative liabilities						(20)						(9)						—												(29)
Funds withheld liabilities						—						(10)						—												(10)
Available for sale:
Separate account liabilities						(315)						(715)						(29)												(1,059)
Total financial liabilities						$	(335)					$	(734)					$	(29)											$	(1,098)

						2021
AS AT DEC. 31 US$ MILLIONS						Level 1						Level 2						Level 3												Total
Financial assets
Fair value through profit or loss:
Bonds						$	—					$	1,848					$	—											$	1,848
Asset-backed securities						—						115						—												115
Preferred shares						4						—						—												4
Derivative assets						9						137						—												146
Reinsurance funds withheld						—						4,650						—												4,650
Available for sale:
Bonds						1,165						375						—												1,540
Asset-backed securities						—						53						—												53
Private debt						—						—						208												208
Common shares						244						31						—												275
Preferred shares						3						1						10												14
Private equity and other						—						—						247												247
Total financial assets						$	1,425					$	7,210					$	465											$	9,100
Financial liabilities
Fair value through profit or loss:
Derivative liabilities						—						(1)						—												(1)
Funds withheld liabilities						—						(12)						—												(12)
Total financial liabilities						$	—					$	(13)					$	—											$	(13)

Summary of financial liabilities

The summary of financial assets and financial liabilities is as follows:

						2022
AS AT JUN. 30 US$ MILLIONS						FVTPL1						AFS						Amortized Cost						Total
Cash and cash equivalents
Cash						$	—					$	—					$	685					$	685
Cash equivalents						—						—						1,399						1,399
Total cash and cash equivalents2						—						—						2,084						2,084
Derivatives
Foreign exchange forwards						6						—						—						6
Cross currency swaps						1						—						—						1
Options						17						—						—						17
Total derivative assets						24						—						—						24
Debt securities
Bonds
Government and Municipal						362						2,042						—						2,404
Corporate						1,834						13,469						—						15,303
Asset-backed securities						228						720						—						948
Private debt						—						209						13						222
Total debt securities						2,424						16,440						13						18,877
Equity
Common shares						—						538						—						538
Preferred shares						14						70						—						84
Private equity and other						—						297						—						297
Total equity						14						905						—						919
Loans and receivables
Mortgage loans						—						—						5,523						5,523
Private loans						—						—						551						551
Other loans						—						—						372						372
Total loans and receivables						—						—						6,446						6,446

Short term investments
Commercial paper						—						—						655						655
Total short term investments						—						—						655						655
Separately managed accounts						—						118						—						118
Other invested assets						—						19						16						35
Total investments						2,438						17,482						7,130						27,050
Investment properties						—						—						545						545
Separate account assets						—						1,059						—						1,059
Reinsurance funds withheld						4,861						—						—						4,861
Derivative liabilities
Foreign exchange forwards						(9)						—						—						(9)
Cross currency swaps						(20)						—						—						(20)
Total derivative liabilities						(29)						—						—						(29)
Funds withheld liabilities						(10)						—						—						(10)
Separate account liabilities						—						(1,059)						—						(1,059)
Notes payable						—						—						(159)						(159)

1. All financial instruments measured at FVTPL have been designated as FVTPL at initial recognition except for derivative assets and liabilities, which are financial assets that are held for trading.

2. Cash and cash equivalents as at June 30, 2022 includes $59 million of collateral that is pledged to the benefit of the Company from its derivative counterparties with a corresponding liability to return the collateral in liabilities for derivative financial instruments.

						2021
AS AT DEC. 31 US$ MILLIONS						FVTPL1						AFS						Amortized Cost						Total
Cash and cash equivalents
Cash						$	—					$	—					$	320					$	320
Cash equivalents						—						—						73						73
Total cash and cash equivalents						—						—						393						393
Derivatives
Foreign exchange forwards						10						—						—						10
Bond futures						9						—						—						9
Options						127						—						—						127
Total derivative assets						146						—						—						146
Debt securities
Bonds
Government and Municipal						377						1,287						—						1,664
Corporate						1,471						253						—						1,724
Asset-backed securities						115						53						—						168
Private debt						—						208						—						208
Total debt securities						1,963						1,801						—						3,764
Equity
Common shares						—						275						—						275
Preferred shares						4						14						—						18
Private equity and other						—						247						—						247
Total equity						4						536						—						540
Loans and receivables
Mortgage loans						—						—						23						23
Private loans						—						—						616						616
Total loans and receivables						—						—						639						639
Total investments						1,967						2,337						639						4,943
Reinsurance funds withheld						4,650						—						—						4,650
Derivative liabilities
Interest rate swaps						(1)						—						—						(1)
Total derivative liabilities						(1)						—						—						(1)
Funds withheld liabilities						(12)						—						—						(12)

1. All financial instruments measured at FVTPL have been designated as FVTPL at initial recognition except for derivative assets and liabilities, which are financial assets that are held for trading.

The following sets out the financial assets and financial liabilities classified in accordance with the above-mentioned fair value hierarchy, excluding financial assets and financial liabilities that are carried at amortized cost.

						2022
AS AT JUN. 30 US$ MILLIONS						Level 1						Level 2						Level 3												Total
Financial assets
Fair value through profit or loss:
Bonds						$	—					$	2,196					$	—											$	2,196
Asset-backed securities						—						228						—												228
Preferred shares						14						—						—												14
Derivative assets						3						21						—												24
Reinsurance funds withheld						—						4,861						—												4,861
Available for sale:
Bonds						587						14,555						369												15,511
Asset-backed securities						—						621						99												720
Private debt						—						—						209												209
Common shares						494						41						3												538
Preferred shares						31						—						39												70
Private equity and other						13						—						284												297
Other invested assets						—						19						—												19
Separate account assets						315						715						29												1,059
Separately managed accounts						—						—						118												118
Total financial assets						$	1,457					$	23,257					$	1,150											$	25,864
Financial liabilities
Fair value through profit or loss:
Derivative liabilities						(20)						(9)						—												(29)
Funds withheld liabilities						—						(10)						—												(10)
Available for sale:
Separate account liabilities						(315)						(715)						(29)												(1,059)
Total financial liabilities						$	(335)					$	(734)					$	(29)											$	(1,098)

						2021
AS AT DEC. 31 US$ MILLIONS						Level 1						Level 2						Level 3												Total
Financial assets
Fair value through profit or loss:
Bonds						$	—					$	1,848					$	—											$	1,848
Asset-backed securities						—						115						—												115
Preferred shares						4						—						—												4
Derivative assets						9						137						—												146
Reinsurance funds withheld						—						4,650						—												4,650
Available for sale:
Bonds						1,165						375						—												1,540
Asset-backed securities						—						53						—												53
Private debt						—						—						208												208
Common shares						244						31						—												275
Preferred shares						3						1						10												14
Private equity and other						—						—						247												247
Total financial assets						$	1,425					$	7,210					$	465											$	9,100
Financial liabilities
Fair value through profit or loss:
Derivative liabilities						—						(1)						—												(1)
Funds withheld liabilities						—						(12)						—												(12)
Total financial liabilities						$	—					$	(13)					$	—											$	(13)

X

- Definition

The disclosure of financial assets. [Refer: Financial assets]

+ References

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-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Paragraph 7
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- Definition

The disclosure of financial liabilities. [Refer: Financial liabilities]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Paragraph 7
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard
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