v3.2.0.727
Investments (Tables)
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI
June 30, 2015
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
$
2,743

 
$
67

 
$
(5
)
 
$
2,805

 
$
—

Foreign
14,739

 
529

 
(112
)
 
15,156

 
(5
)
Corporate securities
16,515

 
534

 
(171
)
 
16,878

 
(6
)
Mortgage-backed securities
10,607

 
237

 
(60
)
 
10,784

 
(1
)
States, municipalities, and political subdivisions
2,995

 
97

 
(14
)
 
3,078

 
—

 
$
47,599

 
$
1,464

 
$
(362
)
 
$
48,701

 
$
(12
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
743

 
$
16

 
$
(1
)
 
$
758

 
$
—

Foreign
808

 
39

 
(4
)
 
843

 
—

Corporate securities
3,113

 
72

 
(56
)
 
3,129

 
—

Mortgage-backed securities
1,828

 
50

 
(1
)
 
1,877

 
—

States, municipalities, and political subdivisions
2,184

 
32

 
(18
)
 
2,198

 
—

 
$
8,676

 
$
209

 
$
(80
)
 
$
8,805

 
$
—


December 31, 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
$
2,741

 
$
87

 
$
(8
)
 
$
2,820

 
$
—

Foreign
14,703

 
629

 
(90
)
 
15,242

 
—

Corporate securities
16,897

 
704

 
(170
)
 
17,431

 
(7
)
Mortgage-backed securities
10,011

 
304

 
(29
)
 
10,286

 
(1
)
States, municipalities, and political subdivisions
3,474

 
147

 
(5
)
 
3,616

 
—

 
$
47,826

 
$
1,871

 
$
(302
)
 
$
49,395

 
$
(8
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
832

 
$
20

 
$
(2
)
 
$
850

 
$
—

Foreign
916

 
47

 
—

 
963

 
—

Corporate securities
2,323

 
102

 
(2
)
 
2,423

 
—

Mortgage-backed securities
1,983

 
57

 
(1
)
 
2,039

 
—

States, municipalities, and political subdivisions
1,277

 
40

 
(3
)
 
1,314

 
—

 
$
7,331

 
$
266

 
$
(8
)
 
$
7,589

 
$
—
Schedule Of Fixed Maturities By Contractual Maturity
 
 
 
June 30

 
 
 
December 31

 
 
 
2015

 
 
 
2014

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
1,906

 
$
1,925

 
$
2,187

 
$
2,206

Due after 1 year through 5 years
16,377

 
16,808

 
15,444

 
15,857

Due after 5 years through 10 years
14,321

 
14,549

 
15,663

 
16,089

Due after 10 years
4,388

 
4,635

 
4,521

 
4,957

 
36,992

 
37,917

 
37,815

 
39,109

Mortgage-backed securities
10,607

 
10,784

 
10,011

 
10,286

 
$
47,599

 
$
48,701

 
$
47,826

 
$
49,395

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
377

 
$
381

 
$
353

 
$
355

Due after 1 year through 5 years
2,589

 
2,685

 
2,603

 
2,693

Due after 5 years through 10 years
2,351

 
2,351

 
1,439

 
1,489

Due after 10 years
1,531

 
1,511

 
953

 
1,013

 
6,848

 
6,928

 
5,348

 
5,550

Mortgage-backed securities
1,828

 
1,877

 
1,983

 
2,039

 
$
8,676

 
$
8,805

 
$
7,331

 
$
7,589
Schedule Of Cost And Fair Value Of Equity Securities
 
June 30


December 31

(in millions of U.S. dollars)
2015


2014

Cost
$
433

 
$
440

Gross unrealized appreciation
77

 
83

Gross unrealized depreciation
(12
)
 
(13
)
Fair value
$
498

 
$
510
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
 
Three Months Ended
 
Six Months Ended
 
 
June 30
 
June 30
 
(in millions of U.S. dollars)
2015

 
2014

2015

 
2014

Fixed maturities:
 
 
 
 
 
 
OTTI on fixed maturities, gross
$
(13
)
 
$
(9
)
$
(26
)
 
$
(15
)
OTTI on fixed maturities recognized in OCI (pre-tax)
6

 
1

6

 
2

OTTI on fixed maturities, net
(7
)
 
(8
)
(20
)

(13
)
Gross realized gains excluding OTTI
28

 
54

72

 
90

Gross realized losses excluding OTTI
(16
)
 
(26
)
(51
)
 
(46
)
Total fixed maturities
5

 
20

1


31

Equity securities:
 
 
 
 
 
 
OTTI on equity securities
(1
)
 
(1
)
(1
)
 
(7
)
Gross realized gains excluding OTTI
30

 
2

33

 
4

Gross realized losses excluding OTTI
—

 
—

(2
)
 
(1
)
Total equity securities
29

 
1

30


(4
)
OTTI on other investments
—

 
(3
)
—

 
(3
)
Foreign exchange losses
(40
)
 
(14
)
(71
)
 
(23
)
Investment and embedded derivative instruments
27

 
(15
)
28

 
(40
)
Fair value adjustments on insurance derivative
104

 
2

59

 
(46
)
S&P put options and futures
(2
)
 
(72
)
(14
)
 
(91
)
Other derivative instruments
(1
)
 
9

(1
)
 
7

Other
4

 
(1
)
5

 
(8
)
Net realized gains (losses)
$
126

 
$
(73
)
$
37


$
(177
)
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
 
Six Months Ended
 
 
June 30
 
June 30
 
(in millions of U.S. dollars)
2015

 
2014

2015

 
2014

Balance of credit losses related to securities still held – beginning of period
$
22

 
$
35

$
28

 
$
37

Additions where no OTTI was previously recorded
4

 
5

7

 
7

Additions where an OTTI was previously recorded
1

 
1

2

 
3

Reductions for securities sold during the period
(4
)
 
(17
)
(14
)
 
(23
)
Balance of credit losses related to securities still held – end of period
$
23

 
$
24

$
23


$
24
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
 
June 30, 2015
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
$
693

 
$
(5
)
 
$
137

 
$
(1
)
 
$
830

 
$
(6
)
Foreign
3,867

 
(104
)
 
273

 
(12
)
 
4,140

 
(116
)
Corporate securities
6,361

 
(195
)
 
520

 
(32
)
 
6,881

 
(227
)
Mortgage-backed securities
3,430

 
(46
)
 
495

 
(15
)
 
3,925

 
(61
)
States, municipalities, and political subdivisions
2,215

 
(30
)
 
87

 
(2
)
 
2,302

 
(32
)
Total fixed maturities
16,566

 
(380
)
 
1,512

 
(62
)
 
18,078

 
(442
)
Equity securities
80

 
(12
)
 
—

 
—

 
80

 
(12
)
Other investments
33

 
(2
)
 
—

 
—

 
33

 
(2
)
Total
$
16,679

 
$
(394
)
 
$
1,512

 
$
(62
)
 
$
18,191

 
$
(456
)
 
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 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
$
350

 
$
(1
)
 
$
666

 
$
(9
)
 
$
1,016

 
$
(10
)
Foreign
2,262

 
(75
)
 
375

 
(15
)
 
2,637

 
(90
)
Corporate securities
4,684

 
(150
)
 
738

 
(22
)
 
5,422

 
(172
)
Mortgage-backed securities
704

 
(2
)
 
1,663

 
(28
)
 
2,367

 
(30
)
States, municipalities, and political subdivisions
458

 
(3
)
 
490

 
(5
)
 
948

 
(8
)
Total fixed maturities
8,458

 
(231
)
 
3,932

 
(79
)
 
12,390

 
(310
)
Equity securities
101

 
(13
)
 
—

 
—

 
101

 
(13
)
Total
$
8,559

 
$
(244
)
 
$
3,932

 
$
(79
)
 
$
12,491

 
$
(323
)
Schedule Of Components Of Restricted Assets
 
June 30

 
December 31

(in millions of U.S. dollars)
2015

 
2014

Trust funds
$
11,085

 
$
10,838

Deposits with non-U.S. regulatory authorities
2,263

 
2,305

Assets pledged under repurchase agreements
1,458

 
1,431

Deposits with U.S. regulatory authorities
1,327

 
1,345

Other pledged assets
398

 
457

 
$
16,531

 
$
16,376