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Investments (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI |
| | | | | | | | | | | | | | | | | | | | | September 30, 2014 | Amortized Cost |
| | Gross Unrealized Appreciation |
| | Gross Unrealized Depreciation |
| | Fair Value |
| | OTTI Recognized in AOCI |
| (in millions of U.S. dollars) | | | | | Available for sale | | | | | | | | | | U.S. Treasury and agency | $ | 2,627 |
| | $ | 70 |
| | $ | (19 | ) | | $ | 2,678 |
| | $ | — |
| Foreign | 14,741 |
| | 542 |
| | (52 | ) | | 15,231 |
| | (1 | ) | Corporate securities | 16,715 |
| | 716 |
| | (93 | ) | | 17,338 |
| | (2 | ) | Mortgage-backed securities | 10,159 |
| | 237 |
| | (72 | ) | | 10,324 |
| | (1 | ) | States, municipalities, and political subdivisions | 3,446 |
| | 138 |
| | (7 | ) | | 3,577 |
| | — |
| | $ | 47,688 |
| | $ | 1,703 |
| | $ | (243 | ) | | $ | 49,148 |
| | $ | (4 | ) | Held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 804 |
| | $ | 16 |
| | $ | (3 | ) | | $ | 817 |
| | $ | — |
| Foreign | 937 |
| | 42 |
| | (1 | ) | | 978 |
| | — |
| Corporate securities | 2,443 |
| | 86 |
| | (4 | ) | | 2,525 |
| | — |
| Mortgage-backed securities | 2,087 |
| | 46 |
| | (3 | ) | | 2,130 |
| | — |
| States, municipalities, and political subdivisions | 1,277 |
| | 38 |
| | (2 | ) | | 1,313 |
| | — |
| | $ | 7,548 |
| | $ | 228 |
| | $ | (13 | ) | | $ | 7,763 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Amortized Cost |
| | Gross Unrealized Appreciation |
| | Gross Unrealized Depreciation |
| | Fair Value |
| | OTTI Recognized in AOCI |
| (in millions of U.S. dollars) | | | | | Available for sale | | | | | | | | | | U.S. Treasury and agency | $ | 2,946 |
| | $ | 62 |
| | $ | (59 | ) | | $ | 2,949 |
| | $ | — |
| Foreign | 14,336 |
| | 377 |
| | (122 | ) | | 14,591 |
| | — |
| Corporate securities | 16,825 |
| | 777 |
| | (132 | ) | | 17,470 |
| | (6 | ) | Mortgage-backed securities | 10,937 |
| | 184 |
| | (227 | ) | | 10,894 |
| | (34 | ) | States, municipalities, and political subdivisions | 3,362 |
| | 65 |
| | (77 | ) | | 3,350 |
| | — |
| | $ | 48,406 |
| | $ | 1,465 |
| | $ | (617 | ) | | $ | 49,254 |
| | $ | (40 | ) | Held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 820 |
| | $ | 16 |
| | $ | (4 | ) | | $ | 832 |
| | $ | — |
| Foreign | 864 |
| | 33 |
| | — |
| | 897 |
| | — |
| Corporate securities | 1,922 |
| | 83 |
| | — |
| | 2,005 |
| | — |
| Mortgage-backed securities | 1,341 |
| | 39 |
| | (1 | ) | | 1,379 |
| | — |
| States, municipalities, and political subdivisions | 1,151 |
| | 16 |
| | (17 | ) | | 1,150 |
| | — |
| | $ | 6,098 |
| | $ | 187 |
| | $ | (22 | ) | | $ | 6,263 |
| | $ | — |
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| Schedule Of Fixed Maturities By Contractual Maturity |
| | | | | | | | | | | | | | | | | | | | September 30 |
| | | | December 31 |
| | | | 2014 |
| | | | 2013 |
| (in millions of U.S. dollars) | Amortized Cost |
| | Fair Value |
| | Amortized Cost |
| | Fair Value |
| Available for sale | | | | | | | | Due in 1 year or less | $ | 2,292 |
| | $ | 2,316 |
| | $ | 2,387 |
| | $ | 2,411 |
| Due after 1 year through 5 years | 14,833 |
| | 15,310 |
| | 14,139 |
| | 14,602 |
| Due after 5 years through 10 years | 15,872 |
| | 16,323 |
| | 16,200 |
| | 16,535 |
| Due after 10 years | 4,532 |
| | 4,875 |
| | 4,743 |
| | 4,812 |
| | 37,529 |
| | 38,824 |
| | 37,469 |
| | 38,360 |
| Mortgage-backed securities | 10,159 |
| | 10,324 |
| | 10,937 |
| | 10,894 |
| | $ | 47,688 |
| | $ | 49,148 |
| | $ | 48,406 |
| | $ | 49,254 |
| Held to maturity | | | | | | | | Due in 1 year or less | $ | 417 |
| | $ | 421 |
| | $ | 401 |
| | $ | 405 |
| Due after 1 year through 5 years | 2,670 |
| | 2,763 |
| | 2,284 |
| | 2,363 |
| Due after 5 years through 10 years | 1,401 |
| | 1,443 |
| | 1,686 |
| | 1,723 |
| Due after 10 years | 973 |
| | 1,006 |
| | 386 |
| | 393 |
| | 5,461 |
| | 5,633 |
| | 4,757 |
| | 4,884 |
| Mortgage-backed securities | 2,087 |
| | 2,130 |
| | 1,341 |
| | 1,379 |
| | $ | 7,548 |
| | $ | 7,763 |
| | $ | 6,098 |
| | $ | 6,263 |
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| Schedule Of Cost And Fair Value Of Equity Securities |
| | | | | | | | | | September 30 |
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| December 31 |
| (in millions of U.S. dollars) | 2014 |
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| 2013 |
| Cost | $ | 480 |
| | $ | 841 |
| Gross unrealized appreciation | 71 |
| | 63 |
| Gross unrealized depreciation | (5 | ) | | (67 | ) | Fair value | $ | 546 |
| | $ | 837 |
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| Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI |
| | | | | | | | | | | | | | | | | | Three Months Ended | | | Nine Months Ended | | | September 30 | | | September 30 | | (in millions of U.S. dollars) | 2014 |
| | 2013 |
| | 2014 |
| | 2013 |
| Fixed maturities: | | | | | | | | OTTI on fixed maturities, gross | $ | (5 | ) | | $ | (4 | ) | | $ | (20 | ) | | $ | (11 | ) | OTTI on fixed maturities recognized in OCI (pre-tax) | 1 |
| | — |
| | 3 |
| | — |
| OTTI on fixed maturities, net | (4 | ) | | (4 | ) | | (17 | ) | | (11 | ) | Gross realized gains excluding OTTI | 73 |
| | 37 |
| | 163 |
| | 163 |
| Gross realized losses excluding OTTI | (51 | ) | | (16 | ) | | (97 | ) | | (68 | ) | Total fixed maturities | 18 |
| | 17 |
| | 49 |
| | 84 |
| Equity securities: | | | | | | | | OTTI on equity securities | — |
| | — |
| | (7 | ) | | (1 | ) | Gross realized gains excluding OTTI | 4 |
| | 8 |
| | 8 |
| | 18 |
| Gross realized losses excluding OTTI | (60 | ) | | (1 | ) | | (61 | ) | | (4 | ) | Total equity securities | (56 | ) | | 7 |
| | (60 | ) | | 13 |
| OTTI on other investments | — |
| | — |
| | (3 | ) | | (2 | ) | Foreign exchange gains (losses) | (19 | ) | | (26 | ) | | (42 | ) | | 45 |
| Investment and embedded derivative instruments | (13 | ) | | 4 |
| | (53 | ) | | 62 |
| Fair value adjustments on insurance derivative | (80 | ) | | 134 |
| | (126 | ) | | 563 |
| S&P put options and futures | (15 | ) | | (95 | ) | | (106 | ) | | (413 | ) | Other derivative instruments | 45 |
| | (1 | ) | | 52 |
| | (2 | ) | Other | — |
| | — |
| | (8 | ) | | — |
| Net realized gains (losses) | $ | (120 | ) | | $ | 40 |
| | $ | (297 | ) | | $ | 350 |
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| Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI |
| | | | | | | | | | | | | | | | | | Three Months Ended | | | Nine Months Ended | | | September 30 | | | September 30 | | (in millions of U.S. dollars) | 2014 |
| | 2013 |
| | 2014 |
| | 2013 |
| Balance of credit losses related to securities still held – beginning of period | $ | 24 |
| | $ | 40 |
| | $ | 37 |
| | $ | 43 |
| Additions where no OTTI was previously recorded | 2 |
| | 1 |
| | 9 |
| | 5 |
| Additions where an OTTI was previously recorded | 2 |
| | — |
| | 5 |
| | 3 |
| Reductions for securities sold during the period | (11 | ) | | (3 | ) | | (34 | ) | | (13 | ) | Balance of credit losses related to securities still held – end of period | $ | 17 |
| | $ | 38 |
| | $ | 17 |
| | $ | 38 |
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| Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position |
| | | | | | | | | | | | | | | | | | | | | | | | | | 0 – 12 Months | | | Over 12 Months | | | Total | | September 30, 2014 | Fair Value |
| | Gross Unrealized Loss |
| | Fair Value |
| | Gross Unrealized Loss |
| | Fair Value |
| | Gross Unrealized Loss |
| (in millions of U.S. dollars) | | | | | | U.S. Treasury and agency | $ | 439 |
| | $ | (2 | ) | | $ | 943 |
| | $ | (20 | ) | | $ | 1,382 |
| | $ | (22 | ) | Foreign | 2,420 |
| | (34 | ) | | 916 |
| | (19 | ) | | 3,336 |
| | (53 | ) | Corporate securities | 4,943 |
| | (72 | ) | | 854 |
| | (25 | ) | | 5,797 |
| | (97 | ) | Mortgage-backed securities | 2,206 |
| | (11 | ) | | 2,050 |
| | (64 | ) | | 4,256 |
| | (75 | ) | States, municipalities, and political subdivisions | 311 |
| | (1 | ) | | 673 |
| | (8 | ) | | 984 |
| | (9 | ) | Total fixed maturities | 10,319 |
| | (120 | ) | | 5,436 |
| | (136 | ) | | 15,755 |
| | (256 | ) | Equity securities | 67 |
| | (5 | ) | | — |
| | — |
| | 67 |
| | (5 | ) | Other investments | 78 |
| | (3 | ) | | — |
| | — |
| | 78 |
| | (3 | ) | Total | $ | 10,464 |
| | $ | (128 | ) | | $ | 5,436 |
| | $ | (136 | ) | | $ | 15,900 |
| | $ | (264 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | 0 – 12 Months | | | Over 12 Months | | | Total | | December 31, 2013 | Fair Value |
| | Gross Unrealized Loss |
| | Fair Value |
| | Gross Unrealized Loss |
| | Fair Value |
| | Gross Unrealized Loss |
| (in millions of U.S. dollars) | | | | | | U.S. Treasury and agency | $ | 1,794 |
| | $ | (57 | ) | | $ | 31 |
| | $ | (6 | ) | | $ | 1,825 |
| | $ | (63 | ) | Foreign | 4,621 |
| | (114 | ) | | 201 |
| | (8 | ) | | 4,822 |
| | (122 | ) | Corporate securities | 3,836 |
| | (118 | ) | | 194 |
| | (14 | ) | | 4,030 |
| | (132 | ) | Mortgage-backed securities | 5,248 |
| | (197 | ) | | 384 |
| | (31 | ) | | 5,632 |
| | (228 | ) | States, municipalities, and political subdivisions | 2,164 |
| | (90 | ) | | 84 |
| | (4 | ) | | 2,248 |
| | (94 | ) | Total fixed maturities | 17,663 |
| | (576 | ) | | 894 |
| | (63 | ) | | 18,557 |
| | (639 | ) | Equity securities | 498 |
| | (67 | ) | | — |
| | — |
| | 498 |
| | (67 | ) | Other investments | 67 |
| | (9 | ) | | — |
| | — |
| | 67 |
| | (9 | ) | Total | $ | 18,228 |
| | $ | (652 | ) | | $ | 894 |
| | $ | (63 | ) | | $ | 19,122 |
| | $ | (715 | ) |
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| Schedule Of Components Of Restricted Assets |
| | | | | | | | | | September 30 |
| | December 31 |
| (in millions of U.S. dollars) | 2014 |
| | 2013 |
| Trust funds | $ | 10,497 |
| | $ | 11,315 |
| Deposits with non-U.S. regulatory authorities | 2,014 |
| | 1,970 |
| Assets pledged under repurchase agreements | 1,454 |
| | 1,435 |
| Deposits with U.S. regulatory authorities | 1,324 |
| | 1,334 |
| Other pledged assets | 435 |
| | 391 |
| | $ | 15,724 |
| | $ | 16,445 |
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