Fair value measurements (Tables)
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6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| Fair Value Disclosures [Abstract] |
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| Financial Instruments Measured At Fair Value On A Recurring Basis |
| | | | | | | | | | | | | | | | | June 30, 2015 | Level 1 |
| | Level 2 |
| | Level 3 |
| | Total |
| (in millions of U.S. dollars) | | | | Assets: | | | | | | | | Fixed maturities available for sale | | | | | | | | U.S. Treasury and agency | $ | 1,741 |
| | $ | 1,064 |
| | $ | — |
| | $ | 2,805 |
| Foreign | — |
| | 15,100 |
| | 56 |
| | 15,156 |
| Corporate securities | — |
| | 16,711 |
| | 167 |
| | 16,878 |
| Mortgage-backed securities | — |
| | 10,729 |
| | 55 |
| | 10,784 |
| States, municipalities, and political subdivisions | — |
| | 3,078 |
| | — |
| | 3,078 |
| | 1,741 |
| | 46,682 |
| | 278 |
| | 48,701 |
| Equity securities | 483 |
| | 13 |
| | 2 |
| | 498 |
| Short-term investments | 1,108 |
| | 954 |
| | — |
| | 2,062 |
| Other investments | 370 |
| | 279 |
| | 2,679 |
| | 3,328 |
| Securities lending collateral | — |
| | 1,080 |
| | — |
| | 1,080 |
| Investment derivative instruments | 16 |
| | — |
| | — |
| | 16 |
| Other derivative instruments | 23 |
| | — |
| | — |
| | 23 |
| Separate account assets | 1,567 |
| | 84 |
| | — |
| | 1,651 |
| Total assets measured at fair value | $ | 5,308 |
| | $ | 49,092 |
| | $ | 2,959 |
| | $ | 57,359 |
| Liabilities: | | | | | | | | Investment derivative instruments | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | 15 |
| Other derivative instruments | — |
| | — |
| | 3 |
| | 3 |
| GLB(1) | — |
| | — |
| | 347 |
| | 347 |
| Total liabilities measured at fair value | $ | 15 |
| | $ | — |
| | $ | 350 |
| | $ | 365 |
|
| | (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 liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
| | | | | | | | | | | | | | | | | December 31, 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 | $ | 1,680 |
| | $ | 1,140 |
| | $ | — |
| | $ | 2,820 |
| Foreign | — |
| | 15,220 |
| | 22 |
| | 15,242 |
| Corporate securities | — |
| | 17,244 |
| | 187 |
| | 17,431 |
| Mortgage-backed securities | — |
| | 10,271 |
| | 15 |
| | 10,286 |
| States, municipalities, and political subdivisions | — |
| | 3,616 |
| | — |
| | 3,616 |
| | 1,680 |
| | 47,491 |
| | 224 |
| | 49,395 |
| Equity securities | 492 |
| | 16 |
| | 2 |
| | 510 |
| Short-term investments | 1,183 |
| | 1,139 |
| | — |
| | 2,322 |
| Other investments | 370 |
| | 257 |
| | 2,719 |
| | 3,346 |
| Securities lending collateral | — |
| | 1,330 |
| | — |
| | 1,330 |
| Investment derivative instruments | 18 |
| | — |
| | — |
| | 18 |
| Other derivative instruments | — |
| | 2 |
| | — |
| | 2 |
| Separate account assets | 1,400 |
| | 90 |
| | — |
| | 1,490 |
| Total assets measured at fair value | $ | 5,143 |
| | $ | 50,325 |
| | $ | 2,945 |
| | $ | 58,413 |
| Liabilities: | | | | | | | | Investment derivative instruments | $ | 36 |
| | $ | — |
| | $ | — |
| | $ | 36 |
| Other derivative instruments | 21 |
| | — |
| | 4 |
| | 25 |
| GLB(1) | — |
| | — |
| | 406 |
| | 406 |
| Total liabilities measured at fair value | $ | 57 |
| | $ | — |
| | $ | 410 |
| | $ | 467 |
|
| | (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 liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
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| Fair Value And Maximum Future Funding Commitments Related To Investments |
| | | | | | | | | | | | | | | | | | | | | | | | June 30 |
| | | | December 31 |
| | Expected Liquidation Period of Underlying Assets | | | | 2015 |
| | | | 2014 |
| (in millions of U.S. dollars) | Fair Value |
| | Maximum Future Funding Commitments |
| | Fair Value |
| | Maximum Future Funding Commitments |
| Financial | 5 to 9 Years | | $ | 306 |
| | $ | 124 |
| | $ | 282 |
| | $ | 145 |
| Real Assets | 3 to 7 Years | | 460 |
| | 177 |
| | 451 |
| | 210 |
| Distressed | 5 to 9 Years | | 242 |
| | 252 |
| | 232 |
| | 175 |
| Private Credit | 3 to 7 Years | | 291 |
| | 234 |
| | 299 |
| | 190 |
| Traditional | 3 to 9 Years | | 897 |
| | 224 |
| | 908 |
| | 289 |
| Vintage | 1 to 2 Years | | 16 |
| | — |
| | 11 |
| | 1 |
| Investment funds | Not Applicable | | 306 |
| | — |
| | 378 |
| | — |
| | | | $ | 2,518 |
| | $ | 1,011 |
| | $ | 2,561 |
| | $ | 1,010 |
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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 | June 30, 2015 |
| | December 31, 2014 |
| | | | GLB(1) | $ | 347 |
| | $ | 406 |
| | 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 |
| Six Months Ended | Available-for-Sale Debt Securities | | | Equity
securities |
| Other
investments |
| | Other
derivative
instruments |
| GLB(1) |
| June 30, 2015 | Foreign |
| | Corporate
securities |
| | MBS |
| | | (in millions of U.S. dollars) | | | | | Balance–Beginning of Period | $ | 22 |
| | $ | 187 |
| | $ | 15 |
| | $ | 2 |
| $ | 2,719 |
| | 4 |
| $ | 406 |
| Transfers into Level 3 | 28 |
| | 13 |
| | — |
| | — |
| — |
| | — |
| — |
| Transfers out of Level 3 | — |
| | — |
| | — |
| | — |
| — |
| | — |
| — |
| Change in Net Unrealized Gains (Losses) included in OCI | (2 | ) | | — |
| | — |
| | — |
| (14 | ) | | — |
| — |
| Included in earnings: | | | | | | | | | | | | Net Realized Gains/Losses | — |
| | (3 | ) | | — |
| | (1 | ) | 11 |
| | (1 | ) | (59 | ) | Other income (expense) | — |
| | — |
| | — |
| | — |
| 40 |
| | — |
| — |
| Purchases | 9 |
| | 16 |
| | 41 |
| | 1 |
| 177 |
| | — |
| — |
| Sales | (1 | ) | | (5 | ) | | — |
| | — |
| (25 | ) | | — |
| — |
| Settlements | — |
| | (41 | ) | | (1 | ) | | — |
| (229 | ) | | — |
| — |
| Balance–End of Period | $ | 56 |
| | $ | 167 |
| | $ | 55 |
| | $ | 2 |
| $ | 2,679 |
| | $ | 3 |
| $ | 347 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | (2 | ) | | $ | — |
| | $ | (1 | ) | $ | — |
| | $ | (1 | ) | $ | (59 | ) |
| | (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 liability classified as Future policy benefits in the consolidated balance sheets. Refer to Note 5 for additional information. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | Liabilities |
| Six Months Ended | Available-for-Sale Debt Securities | | | | | Short-term investments |
| | Other investments |
| | GLB(1) |
| June 30, 2014 | Foreign |
| | Corporate
securities |
| | MBS |
| | Equity
securities |
| | | | (in millions of U.S. dollars) | | | | | | | Balance–Beginning of Period | $ | 44 |
| | $ | 166 |
| | $ | 8 |
| | $ | 4 |
| | $ | 7 |
| | $ | 2,440 |
| | $ | 193 |
| Transfers into Level 3 | 2 |
| | 30 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Transfers out of Level 3 | (34 | ) | | (22 | ) | | — |
| | (2 | ) | | (7 | ) | | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | (1 | ) | | 2 |
| | — |
| | 1 |
| | — |
| | 48 |
| | — |
| Included in earnings: | | | | | | | | | | | | | | Net Realized Gains/Losses | 1 |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | | 48 |
| Other income (expense) | — |
| | — |
| | — |
| | — |
| | — |
| | 104 |
| | — |
| Purchases | 2 |
| | 45 |
| | — |
| | 1 |
| | — |
| | 248 |
| | — |
| Sales | (2 | ) | | (8 | ) | | — |
| | (2 | ) | | — |
| | (3 | ) | | — |
| Settlements | — |
| | (9 | ) | | (1 | ) | | — |
| | — |
| | (194 | ) | | — |
| Balance–End of Period | $ | 12 |
| | $ | 204 |
| | $ | 7 |
| | $ | 2 |
| | $ | — |
| | $ | 2,640 |
| | $ | 241 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (3 | ) | | $ | 48 |
|
| | (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 liability classified as Future policy benefits in the consolidated balance sheets. The liability for GLB reinsurance was $486 million at June 30, 2014 and $427 million at December 31, 2013, which includes a fair value derivative adjustment of $241 million and $193 million, respectively. |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | | | Liabilities |
| Three Months Ended | Available-for-Sale Debt Securities | | | Equity securities |
| Other investments |
| | Other derivative instruments |
| GLB(1) |
| June 30, 2015 | Foreign |
| | Corporate securities |
| | MBS |
| | | (in millions of U.S. dollars) | | | | | Balance–Beginning of Period | $ | 22 |
| | $ | 167 |
| | $ | 33 |
| | $ | 2 |
| $ | 2,789 |
| | $ | 4 |
| $ | 451 |
| Transfers into Level 3 | 28 |
| | 12 |
| | — |
| | — |
| — |
| | — |
| — |
| Transfers out of Level 3 | — |
| | — |
| | — |
| | — |
| — |
| | — |
| — |
| Change in Net Unrealized Gains (Losses) included in OCI | (2 | ) | | (3 | ) | | — |
| | — |
| 6 |
| | — |
| — |
| Included in earnings: | | | | | | | | | | | | Net Realized Gains/Losses | — |
| | — |
| | — |
| | (1 | ) | 11 |
| | (1 | ) | (104 | ) | Other income (expense) | — |
| | — |
| | — |
| | — |
| 18 |
| | — |
| — |
| Purchases | 8 |
| | 8 |
| | 23 |
| | 1 |
| 52 |
| | — |
| — |
| Sales | — |
| | (2 | ) | | — |
| | — |
| (25 | ) | | — |
| — |
| Settlements | — |
| | (15 | ) | | (1 | ) | | — |
| (172 | ) | | — |
| — |
| Balance–End of Period | $ | 56 |
| | $ | 167 |
| | $ | 55 |
| | $ | 2 |
| $ | 2,679 |
| | $ | 3 |
| $ | 347 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1 | ) | $ | — |
| | $ | (1 | ) | $ | (104 | ) |
| | (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 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 |
| | Other
investments |
| | GLB(1) |
| June 30, 2014 | Foreign |
| | Corporate
securities |
| | MBS |
| | | | (in millions of U.S. dollars) | | | | | | Balance–Beginning of Period | $ | 26 |
| | $ | 151 |
| | $ | 8 |
| | $ | 2 |
| | $ | 2,611 |
| | $ | 243 |
| Transfers into Level 3 | 2 |
| | 26 |
| | — |
| | — |
| | — |
| | — |
| Transfers out of Level 3 | (16 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| Change in Net Unrealized Gains (Losses) included in OCI | — |
| | 2 |
| | — |
| | — |
| | 7 |
| | — |
| Included in earnings: | | | | | | | | | | | | Net Realized Gains/Losses | 1 |
| | — |
| | — |
| | — |
| | (3 | ) | | (2 | ) | Other income (expense) | — |
| | — |
| | — |
| | — |
| | 43 |
| | — |
| Purchases | — |
| | 30 |
| | — |
| | — |
| | 109 |
| | — |
| Sales | (1 | ) | | (2 | ) | | — |
| | — |
| | (2 | ) | | — |
| Settlements | — |
| | (3 | ) | | (1 | ) | | — |
| | (125 | ) | | — |
| Balance–End of Period | $ | 12 |
| | $ | 204 |
| | $ | 7 |
| | $ | 2 |
| | $ | 2,640 |
| | $ | 241 |
| Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (3 | ) | | $ | (2 | ) |
| | (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 liability classified as Future policy benefits in the consolidated balance sheets. The liability for GLB reinsurance was $486 million at June 30, 2014, and $483 million at March 31, 2014, which includes a fair value derivative adjustment of $241 million and $243 million, respectively. |
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| Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value |
| | | | | | | | | | | | | | | | | | | | | June 30, 2015 | 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 | $ | 583 |
| | $ | 175 |
| | $ | — |
| | $ | 758 |
| | $ | 743 |
| Foreign | — |
| | 843 |
| | — |
| | 843 |
| | 808 |
| Corporate securities | — |
| | 3,115 |
| | 14 |
| | 3,129 |
| | 3,113 |
| Mortgage-backed securities | — |
| | 1,877 |
| | — |
| | 1,877 |
| | 1,828 |
| States, municipalities, and political subdivisions | — |
| | 2,198 |
| | — |
| | 2,198 |
| | 2,184 |
| | 583 |
| | 8,208 |
| | 14 |
| | 8,805 |
| | 8,676 |
| Partially-owned insurance companies | — |
| | — |
| | 638 |
| | 638 |
| | 638 |
| Total assets | $ | 583 |
| | $ | 8,208 |
| | $ | 652 |
| | $ | 9,443 |
| | $ | 9,314 |
| Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 2,107 |
| | $ | — |
| | $ | 2,107 |
| | $ | 2,102 |
| Long-term debt | — |
| | 4,383 |
| | — |
| | 4,383 |
| | 4,157 |
| Trust preferred securities | — |
| | 457 |
| | — |
| | 457 |
| | 309 |
| Total liabilities | $ | — |
| | $ | 6,947 |
| | $ | — |
| | $ | 6,947 |
| | $ | 6,568 |
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| | | | | | | | | | | | | | | | | | | | | December 31, 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 | $ | 659 |
| | $ | 191 |
| | $ | — |
| | $ | 850 |
| | $ | 832 |
| Foreign | — |
| | 963 |
| | — |
| | 963 |
| | 916 |
| Corporate securities | — |
| | 2,408 |
| | 15 |
| | 2,423 |
| | 2,323 |
| Mortgage-backed securities | — |
| | 2,039 |
| | — |
| | 2,039 |
| | 1,983 |
| States, municipalities, and political subdivisions | — |
| | 1,314 |
| | — |
| | 1,314 |
| | 1,277 |
| | 659 |
| | 6,915 |
| | 15 |
| | 7,589 |
| | 7,331 |
| Partially-owned insurance companies | — |
| | — |
| | 504 |
| | 504 |
| | 504 |
| Total assets | $ | 659 |
| | $ | 6,915 |
| | $ | 519 |
| | $ | 8,093 |
| | $ | 7,835 |
| Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 2,571 |
| | $ | — |
| | $ | 2,571 |
| | $ | 2,552 |
| Long-term debt | — |
| | 3,690 |
| | — |
| | 3,690 |
| | 3,357 |
| Trust preferred securities | — |
| | 462 |
| | — |
| | 462 |
| | 309 |
| Total liabilities | $ | — |
| | $ | 6,723 |
| | $ | — |
| | $ | 6,723 |
| | $ | 6,218 |
|
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