|
Fair value measurements (Tables)
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9 Months Ended |
|
Sep. 30, 2014
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| Fair Value Disclosures [Abstract] |
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| Financial Instruments Measured At Fair Value On A Recurring Basis |
| | | | | | | | | | | | | | | | | September 30, 2014 | Level 1 |
| | Level 2 |
| | Level 3 |
| | Total |
| (in millions of U.S. dollars) | | | | Assets: | | | | | | | | Fixed maturities available for sale | | | | | | | | U.S. Treasury and agency | $ | 1,490 |
| | $ | 1,188 |
| | $ | — |
| | $ | 2,678 |
| Foreign | 202 |
| | 15,017 |
| | 12 |
| | 15,231 |
| Corporate securities | — |
| | 17,130 |
| | 208 |
| | 17,338 |
| Mortgage-backed securities | — |
| | 10,309 |
| | 15 |
| | 10,324 |
| States, municipalities, and political subdivisions | — |
| | 3,577 |
| | — |
| | 3,577 |
| | 1,692 |
| | 47,221 |
| | 235 |
| | 49,148 |
| Equity securities | 520 |
| | 24 |
| | 2 |
| | 546 |
| Short-term investments | 1,253 |
| | 1,500 |
| | — |
| | 2,753 |
| Other investments | 336 |
| | 252 |
| | 2,671 |
| | 3,259 |
| Securities lending collateral | — |
| | 1,440 |
| | — |
| | 1,440 |
| Investment derivative instruments | 23 |
| | — |
| | — |
| | 23 |
| Other derivative instruments | 11 |
| | 2 |
| | — |
| | 13 |
| Separate account assets | 1,389 |
| | 90 |
| | — |
| | 1,479 |
| Total assets measured at fair value | $ | 5,224 |
| | $ | 50,529 |
| | $ | 2,908 |
| | $ | 58,661 |
| Liabilities: | | | | | | | | Investment derivative instruments | $ | 5 |
| | $ | — |
| | $ | — |
| | $ | 5 |
| Other derivative instruments | — |
| | 2 |
| | — |
| | 2 |
| GLB(1) | — |
| | — |
| | 317 |
| | 317 |
| Total liabilities measured at fair value | $ | 5 |
| | $ | 2 |
| | $ | 317 |
| | $ | 324 |
|
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
| | | | | | | | | | | | | | | | | December 31, 2013 | Level 1 |
| | Level 2 |
| | Level 3 |
| | Total |
| (in millions of U.S. dollars) | | | | Assets: | | | | | | | | Fixed maturities available for sale | | | | | | | | U.S. Treasury and agency | $ | 1,626 |
| | $ | 1,323 |
| | $ | — |
| | $ | 2,949 |
| Foreign | 223 |
| | 14,324 |
| | 44 |
| | 14,591 |
| Corporate securities | — |
| | 17,304 |
| | 166 |
| | 17,470 |
| Mortgage-backed securities | — |
| | 10,886 |
| | 8 |
| | 10,894 |
| States, municipalities, and political subdivisions | — |
| | 3,350 |
| | — |
| | 3,350 |
| | 1,849 |
| | 47,187 |
| | 218 |
| | 49,254 |
| Equity securities | 373 |
| | 460 |
| | 4 |
| | 837 |
| Short-term investments | 953 |
| | 803 |
| | 7 |
| | 1,763 |
| Other investments | 305 |
| | 231 |
| | 2,440 |
| | 2,976 |
| Securities lending collateral | — |
| | 1,632 |
| | — |
| | 1,632 |
| Investment derivative instruments | 19 |
| | — |
| | — |
| | 19 |
| Other derivative instruments | — |
| | 6 |
| | — |
| | 6 |
| Separate account assets | 1,145 |
| | 81 |
| | — |
| | 1,226 |
| Total assets measured at fair value | $ | 4,644 |
| | $ | 50,400 |
| | $ | 2,669 |
| | $ | 57,713 |
| Liabilities: | | | | | | | | Investment derivative instruments | $ | 6 |
| | $ | — |
| | $ | — |
| | $ | 6 |
| Other derivative instruments | 60 |
| | 2 |
| | — |
| | 62 |
| GLB(1) | — |
| | — |
| | 193 |
| | 193 |
| Total liabilities measured at fair value | $ | 66 |
| | $ | 2 |
| | $ | 193 |
| | $ | 261 |
|
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
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| Schedule Of Fair Value Transfers Between Level 1 and Level 2 [Table Text Block] |
| | | | | | | | | | | | | | | | | | Three Months Ended | | | Nine Months Ended | | | September 30 | | | September 30 | | (in millions of U.S. dollars) | 2014 |
| | 2013 |
| | 2014 |
| | 2013 |
| Transfers from Level 1 to Level 2 | $ | — |
| | $ | — |
| | $ | — |
| | $ | 19 |
| Transfers from Level 2 to Level 1 | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
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| Fair Value And Maximum Future Funding Commitments Related To Investments |
| | | | | | | | | | | | | | | | | | | | | | | | September 30 |
| | | | December 31 |
| | Expected Liquidation Period of Underlying Assets | | | | 2014 |
| | | | 2013 |
| (in millions of U.S. dollars) | Fair Value |
| | Maximum Future Funding Commitments |
| | Fair Value |
| | Maximum Future Funding Commitments |
| Financial | 5 to 9 Years | | $ | 266 |
| | $ | 127 |
| | $ | 256 |
| | $ | 129 |
| Real estate | 3 to 9 Years | | 304 |
| | 43 |
| | 322 |
| | 92 |
| Distressed | 6 to 9 Years | | 289 |
| | 132 |
| | 180 |
| | 230 |
| Mezzanine | 6 to 9 Years | | 300 |
| | 213 |
| | 276 |
| | 252 |
| Traditional | 3 to 8 Years | | 960 |
| | 388 |
| | 813 |
| | 456 |
| Vintage | 1 to 3 Years | | 10 |
| | — |
| | 13 |
| | — |
| Investment funds | Not Applicable | | 384 |
| | — |
| | 428 |
| | — |
| | | | $ | 2,513 |
| | $ | 903 |
| | $ | 2,288 |
| | $ | 1,159 |
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| Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations |
| | | | | | | | | | | | | | | (in millions of U.S. dollars, except for percentages) | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Ranges | September 30, 2014 |
| | December 31, 2013 |
| | | | GLB(1) | $ | 317 |
| | $ | 193 |
| | Actuarial model | | Lapse rate | | 1% – 30% | | | | | | | | Annuitization rate | | 0% – 55% |
| | (1) | Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 4 a) Guaranteed living benefits. |
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| Financial Instruments Measured At Fair Value Using Significant Unobservable Inputs |
| | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | Liabilities |
| Three Months Ended | Available-for-Sale Debt Securities
| | | Equity securities |
| | Other investments |
| | GLB(1) |
| September 30, 2014 | Foreign |
| | Corporate securities |
| | MBS |
| | | (in millions of U.S. dollars) | | | | | Balance–Beginning of Period | $ | 12 |
| | $ | 204 |
| | $ | 7 |
| | $ | 2 |
| | $ | 2,640 |
| | $ | 241 |
| Transfers into Level 3 | 1 |
| | 5 |
| | — |
| | — |
| | — |
| | — |
| Transfers out of Level 3 | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | — |
| | (1 | ) | | — |
| | — |
| | (8 | ) | | — |
| Net Realized Gains/Losses | — |
| | 2 |
| | — |
| | — |
| | — |
| | 76 |
| Purchases | — |
| | 20 |
| | 8 |
| | — |
| | 170 |
| | — |
| Sales | (1 | ) | | (9 | ) | | — |
| | — |
| | (3 | ) | | — |
| Settlements | — |
| | (13 | ) | | — |
| | — |
| | (128 | ) | | — |
| Balance–End of Period | $ | 12 |
| | $ | 208 |
| | $ | 15 |
| | $ | 2 |
| | $ | 2,671 |
| | $ | 317 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 76 |
|
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | Liabilities |
| Three Months Ended | Available-for-Sale Debt Securities | | | Equity
securities |
| | Short-term investments |
| | Other
investments |
| | GLB(1) |
| September 30, 2013 | Foreign |
| | Corporate
securities |
| | MBS |
| | | | | (in millions of U.S. dollars) | | | | | | | Balance–Beginning of Period | $ | 48 |
| | $ | 114 |
| | $ | 9 |
| | $ | 4 |
| | $ | 9 |
| | $ | 2,349 |
| | $ | 652 |
| Transfers into Level 3 | 1 |
| | 12 |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| Transfers out of Level 3 | (8 | ) | | (1 | ) | | — |
| | — |
| | (2 | ) | | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | 2 |
| | (1 | ) | | — |
| | — |
| | — |
| | (1 | ) | | — |
| Net Realized Gains/Losses | — |
| | (1 | ) | | — |
| | — |
| | — |
| | — |
| | (138 | ) | Purchases | 12 |
| | 6 |
| | — |
| | — |
| | — |
| | 138 |
| | — |
| Sales | (13 | ) | | (4 | ) | | — |
| | — |
| | — |
| | (1 | ) | | — |
| Settlements | — |
| | (4 | ) | | — |
| | — |
| | — |
| | (96 | ) | | — |
| Balance–End of Period | $ | 42 |
| | $ | 121 |
| | $ | 9 |
| | $ | 4 |
| | $ | 8 |
| | $ | 2,389 |
| | $ | 514 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (138 | ) |
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. The liability for GLB reinsurance was $746 million at September 30, 2013, and $880 million at June 30, 2013, which includes a fair value derivative adjustment of $514 million and $652 million, respectively. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | Liabilities |
| Nine Months Ended | Available-for-Sale Debt Securities
| | | Equity securities |
| | Short-term investments |
| | Other investments |
| | GLB(1) |
| September 30, 2014 | Foreign |
| | Corporate securities |
| | MBS |
| | | (in millions of U.S. dollars) | | | | | Balance–Beginning of Period | $ | 44 |
| | $ | 166 |
| | $ | 8 |
| | $ | 4 |
| | $ | 7 |
| | $ | 2,440 |
| | $ | 193 |
| Transfers into Level 3 | 3 |
| | 35 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Transfers out of Level 3 | (34 | ) | | (22 | ) | | — |
| | (2 | ) | | (7 | ) | | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | (1 | ) | | 1 |
| | — |
| | 1 |
| | — |
| | 40 |
| | — |
| Net Realized Gains/Losses | 1 |
| | 2 |
| | — |
| | — |
| | — |
| | (3 | ) | | 124 |
| Purchases | 2 |
| | 65 |
| | 8 |
| | 1 |
| | — |
| | 522 |
| | — |
| Sales | (3 | ) | | (17 | ) | | — |
| | (2 | ) | | — |
| | (6 | ) | | — |
| Settlements | — |
| | (22 | ) | | (1 | ) | | — |
| | — |
| | (322 | ) | | — |
| Balance–End of Period | $ | 12 |
| | $ | 208 |
| | $ | 15 |
| | $ | 2 |
| | $ | — |
| | $ | 2,671 |
| | $ | 317 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (3 | ) | | $ | 124 |
|
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | Liabilities |
| Nine Months Ended | Available-for-Sale Debt Securities | | | Equity securities |
| | Short-term investments |
| Other investments |
| | GLB(1) |
| September 30, 2013 | Foreign |
| | Corporate securities |
| | MBS |
| | | | (in millions of U.S. dollars) | | | | | | Balance–Beginning of Period | $ | 60 |
| | $ | 102 |
| | $ | 13 |
| | $ | 3 |
| | $ | — |
| $ | 2,252 |
| | $ | 1,119 |
| Transfers into Level 3 | 33 |
| | 29 |
| | — |
| | 7 |
| | 8 |
| — |
| | — |
| Transfers out of Level 3 | (49 | ) | | (30 | ) | | — |
| | (1 | ) | | (2 | ) | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | (2 | ) | | (1 | ) | | — |
| | (5 | ) | | — |
| 34 |
| | — |
| Net Realized Gains/Losses | 1 |
| | (2 | ) | | — |
| | 4 |
| | — |
| (2 | ) | | (605 | ) | Purchases | 15 |
| | 39 |
| | — |
| | 1 |
| | 2 |
| 387 |
| | — |
| Sales | (15 | ) | | (4 | ) | | (3 | ) | | (5 | ) | | — |
| (10 | ) | | — |
| Settlements | (1 | ) | | (12 | ) | | (1 | ) | | — |
| | — |
| (272 | ) | | — |
| Balance–End of Period | $ | 42 |
| | $ | 121 |
| | $ | 9 |
| | $ | 4 |
| | $ | 8 |
| $ | 2,389 |
| | $ | 514 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| $ | (2 | ) | | $ | (605 | ) |
| | (1) | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the consolidated balance sheets. The liability for GLB reinsurance was $746 million at September 30, 2013, and $1.4 billion at December 31, 2012, which includes a fair value derivative adjustment of $514 million and $1.1 billion, respectively. |
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| Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value |
| | | | | | | | | | | | | | | | | | | | | September 30, 2014 | Fair Value | | | Carrying Value |
| (in millions of U.S. dollars) | Level 1 |
| | Level 2 |
| | Level 3 |
| | Total |
| | Assets: | | | | | | | | | | Fixed maturities held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 625 |
| | $ | 192 |
| | $ | — |
| | $ | 817 |
| | $ | 804 |
| Foreign | — |
| | 978 |
| | — |
| | 978 |
| | 937 |
| Corporate securities | — |
| | 2,510 |
| | 15 |
| | 2,525 |
| | 2,443 |
| Mortgage-backed securities | — |
| | 2,130 |
| | — |
| | 2,130 |
| | 2,087 |
| States, municipalities, and political subdivisions | — |
| | 1,313 |
| | — |
| | 1,313 |
| | 1,277 |
| | 625 |
| | 7,123 |
| | 15 |
| | 7,763 |
| | 7,548 |
| Partially-owned insurance companies | — |
| | — |
| | 495 |
| | 495 |
| | 495 |
| Total assets | $ | 625 |
| | $ | 7,123 |
| | $ | 510 |
| | $ | 8,258 |
| | $ | 8,043 |
| Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 1,864 |
| | $ | — |
| | $ | 1,864 |
| | $ | 1,851 |
| Long-term debt | — |
| | 4,349 |
| | — |
| | 4,349 |
| | 4,057 |
| Trust preferred securities | — |
| | 459 |
| | — |
| | 459 |
| | 309 |
| Total liabilities | $ | — |
| | $ | 6,672 |
| | $ | — |
| | $ | 6,672 |
| | $ | 6,217 |
|
| | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Fair Value | | | Carrying Value |
| (in millions of U.S. dollars) | Level 1 |
| | Level 2 |
| | Level 3 |
| | Total |
| | Assets: | | | | | | | | | | Fixed maturities held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 596 |
| | $ | 236 |
| | $ | — |
| | $ | 832 |
| | $ | 820 |
| Foreign | — |
| | 897 |
| | — |
| | 897 |
| | 864 |
| Corporate securities | — |
| | 1,990 |
| | 15 |
| | 2,005 |
| | 1,922 |
| Mortgage-backed securities | — |
| | 1,379 |
| | — |
| | 1,379 |
| | 1,341 |
| States, municipalities, and political subdivisions | — |
| | 1,150 |
| | — |
| | 1,150 |
| | 1,151 |
| | 596 |
| | 5,652 |
| | 15 |
| | 6,263 |
| | 6,098 |
| Partially-owned insurance companies | — |
| | — |
| | 470 |
| | 470 |
| | 470 |
| Total assets | $ | 596 |
| | $ | 5,652 |
| | $ | 485 |
| | $ | 6,733 |
| | $ | 6,568 |
| Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 1,913 |
| | $ | — |
| | $ | 1,913 |
| | $ | 1,901 |
| Long-term debt | — |
| | 4,088 |
| | — |
| | 4,088 |
| | 3,807 |
| Trust preferred securities | — |
| | 438 |
| | — |
| | 438 |
| | 309 |
| Total liabilities | $ | — |
| | $ | 6,439 |
| | $ | — |
| | $ | 6,439 |
| | $ | 6,017 |
|
|