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Commitments, contingencies, and guarantees (Tables) | 12 Months Ended
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Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments | The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
|  |  | December 31, 2020 |  |  |  | December 31, 2019
| Consolidated Balance Sheet Location |  | Fair Value |  | Notional Value/ Payment Provision |  |  |  | Fair Value |  | Notional Value/ Payment Provision
|  | Derivative Asset |  | Derivative (Liability) |  |  |  | Derivative Asset |  | Derivative (Liability) |
(in millions of U.S. dollars) |  |  |  |  |  |  |
Investment and embedded derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | OA / (AP) |  | $ | 22 |  |  | $ | (49) |  |  | $ | 2,807 |  |  |  |  | $ | 11 |  |  | $ | (78) |  |  | $ | 2,579 |
Options/Futures contracts on notes, bonds, and equities | OA / (AP) |  | 13 |  |  | (3) |  |  | 1,749 |  |  |  |  | 13 |  |  | (15) |  |  | 1,615 |
Convertible securities (1) | FM AFS / ES |  | 9 |  |  | — |  |  | 11 |  |  |  |  | 4 |  |  | — |  |  | 5 |
|  |  | $ | 44 |  |  | $ | (52) |  |  | $ | 4,567 |  |  |  |  | $ | 28 |  |  | $ | (93) |  |  | $ | 4,199 |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts on equities (2) | OA / (AP) |  | $ | — |  |  | $ | (17) |  |  | $ | 709 |  |  |  |  | $ | — |  |  | $ | (13) |  |  | $ | 613 |
Other | OA / (AP) |  | — |  |  | — |  |  | 16 |  |  |  |  | 2 |  |  | — |  |  | 63 |
|  |  | $ | — |  |  | $ | (17) |  |  | $ | 725 |  |  |  |  | $ | 2 |  |  | $ | (13) |  |  | $ | 676 |
GLB (3) | (AP) |  | $ | — |  |  | $ | (1,089) |  |  | $ | 1,658 |  |  |  |  | $ | — |  |  | $ | (897) |  |  | $ | 1,510 |
(1)Includes fair value of embedded derivatives. (2)Related to GMDB and GLB book of business. (3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Secured Borrowings Securities Lending Table | The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
| Remaining contractual maturity
| December 31, 2020 |  |  |  |  |  |  | December 31, 2019
(in millions of U.S. dollars) | Overnight and Continuous
Collateral held under securities lending agreements: |  |  |  |  |  |  |  |
Cash | $ | 551 |  |  |  |  |  |  |  | $ | 346 |
U.S. Treasury / Agency | 148 |  |  |  |  |  |  |  | 6 |
Non-U.S. | 1,032 |  |  |  |  |  |  |  | 595 |
Corporate and asset-backed securities | 30 |  |  |  |  |  |  |  | 5 |
Mortgage-backed securities | 4 |  |  |  |  |  |  |  | 18 |
Equity securities | 79 |  |  |  |  |  |  |  | 24 |
| $ | 1,844 |  |  |  |  |  |  |  | $ | 994 |
Gross amount of recognized liability for securities lending payable | $ | 1,844 |  |  |  |  |  |  |  | $ | 994 |
At December 31, 2020 and 2019, our repurchase agreement obligations of $1,405 million and $1,416 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
|  |  | Remaining contractual maturity
|  |  | December 31, 2020 |  |  | December 31, 2019
|  |  | 30-90 Days |  | Greater than 90 Days |  |  |  | Up to 30 Days | 30-90 Days |  |  |  |  | Greater than 90 Days |  | Total
(in millions of U.S. dollars) |  |  | Total |  |  |  |
Collateral pledged under repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 2 |  | $ | — |  |  |  |  |  | $ | — |  |  | $ | 2 |
U.S. Treasury / Agency |  |  | — |  |  | 106 |  |  | 106 |  |  | 107 |  | — |  |  |  |  |  | — |  |  | 107 |
Mortgage-backed securities |  |  | 481 |  |  | 871 |  |  | 1,352 |  |  | 399 |  | 476 |  |  |  |  |  | 480 |  |  | 1,355 |
|  |  | $ | 481 |  |  | $ | 981 |  |  | $ | 1,462 |  |  | $ | 508 |  | $ | 476 |  |  |  |  |  | $ | 480 |  |  | $ | 1,464 |
Gross amount of recognized liabilities for repurchase agreements |  |  |  |  |  |  | $ | 1,405 |  |  |  |  |  |  |  |  |  |  | $ | 1,416 |
Difference (1) |  |  |  |  |  |  | $ | 57 |  |  |  |  |  |  |  |  |  |  | $ | 48 |
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
| Year Ended December 31
(in millions of U.S. dollars) | 2020 |  | 2019 |  | 2018
Investment and embedded derivative instruments: |  |  |  |  |
Foreign currency forward contracts | $ | 65 |  |  | $ | (79) |  |  | $ | 3 |
Interest rate swaps | — |  |  | (270) |  |  | (115) |
All other futures contracts, options, and equities | 16 |  |  | (88) |  |  | 39 |
Convertible securities (1) | — |  |  | 2 |  |  | (2) |
Total investment and embedded derivative instruments | $ | 81 |  |  | $ | (435) |  |  | $ | (75) |
GLB and other derivative instruments: |  |  |  |  |
GLB | $ | (202) |  |  | $ | (4) |  |  | $ | (248) |
Futures contracts on equities (2) | (108) |  |  | (138) |  |  | (4) |
Other | 1 |  |  | (8) |  |  | (3) |
Total GLB and other derivative instruments | $ | (309) |  |  | $ | (150) |  |  | $ | (255) |
| $ | (228) |  |  | $ | (585) |  |  | $ | (330) |
(1)Includes embedded derivatives. (2)Related to GMDB and GLB book of business.
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under the operating leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows: |
2021 | $ | 150 |
2022 | 123 |
2023 | 96 |
2024 | 68 |
2025 | 38 |
Thereafter | 75 |
Total undiscounted lease payments | $ | 550 |
Less: Present value adjustment | 33 |
Net lease liabilities reported as of December 31, 2020 | $ | 517 |

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