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Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

June 30, 2021			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency			$	2,349					$	—					$	134					$	(5)					$	2,478
Non-U.S.			25,269						(5)						1,296						(148)						26,412
Corporate and asset-backed securities			35,916						(6)						1,779						(114)						37,575
Mortgage-backed securities			18,851						—						752						(50)						19,553
Municipal			5,880						—						267						(2)						6,145
			$	88,265					$	(11)					$	4,228					$	(319)					$	92,163
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,041					$	—					$	1,041					$	41					$	—					$	1,082
Non-U.S.			1,285						(5)						1,280						86						—						1,366
Corporate and asset-backed securities			2,117						(30)						2,087						227						—						2,314
Mortgage-backed securities			1,782						(1)						1,781						111						—						1,892
Municipal			4,485						(1)						4,484						205						—						4,689
			$	10,710					$	(37)					$	10,673					$	670					$	—					$	11,343

December 31, 2020			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency			$	2,471					$	—					$	199					$	—					$	2,670
Non-U.S.			24,594						(6)						1,808						(42)						26,354
Corporate and asset-backed securities			34,095						(14)						2,322						(72)						36,331
Mortgage-backed securities			17,456						—						1,022						(8)						18,470
Municipal			6,572						—						304						(2)						6,874
			$	85,188					$	(20)					$	5,655					$	(124)					$	90,699
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,392					$	—					$	1,392					$	60					$	—					$	1,452
Non-U.S.			1,295						(7)						1,288						118						(1)						1,405
Corporate and asset-backed securities			2,185						(35)						2,150						288						—						2,438
Mortgage-backed securities			2,000						(1)						1,999						148						(1)						2,146
Municipal			4,825						(1)						4,824						245						—						5,069
			$	11,697					$	(44)					$	11,653					$	859					$	(2)					$	12,510

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities

June 30, 2021			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency			$	2,349					$	—					$	134					$	(5)					$	2,478
Non-U.S.			25,269						(5)						1,296						(148)						26,412
Corporate and asset-backed securities			35,916						(6)						1,779						(114)						37,575
Mortgage-backed securities			18,851						—						752						(50)						19,553
Municipal			5,880						—						267						(2)						6,145
			$	88,265					$	(11)					$	4,228					$	(319)					$	92,163
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,041					$	—					$	1,041					$	41					$	—					$	1,082
Non-U.S.			1,285						(5)						1,280						86						—						1,366
Corporate and asset-backed securities			2,117						(30)						2,087						227						—						2,314
Mortgage-backed securities			1,782						(1)						1,781						111						—						1,892
Municipal			4,485						(1)						4,484						205						—						4,689
			$	10,710					$	(37)					$	10,673					$	670					$	—					$	11,343

December 31, 2020			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency			$	2,471					$	—					$	199					$	—					$	2,670
Non-U.S.			24,594						(6)						1,808						(42)						26,354
Corporate and asset-backed securities			34,095						(14)						2,322						(72)						36,331
Mortgage-backed securities			17,456						—						1,022						(8)						18,470
Municipal			6,572						—						304						(2)						6,874
			$	85,188					$	(20)					$	5,655					$	(124)					$	90,699
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,392					$	—					$	1,392					$	60					$	—					$	1,452
Non-U.S.			1,295						(7)						1,288						118						(1)						1,405
Corporate and asset-backed securities			2,185						(35)						2,150						288						—						2,438
Mortgage-backed securities			2,000						(1)						1,999						148						(1)						2,146
Municipal			4,825						(1)						4,824						245						—						5,069
			$	11,697					$	(44)					$	11,653					$	859					$	(2)					$	12,510

Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]

The following table presents the amortized cost of our Held to Maturity (HTM) securities according to S&P rating:

			June 30, 2021									December 31, 2020
(in millions of U.S. dollars, except for percentages)			Amortized cost						% of Total			Amortized cost						% of Total
AAA			$	2,268					21		%	$	2,511					22		%
AA			5,544						52		%	6,193						53		%
A			2,027						19		%	2,138						18		%
BBB			842						8		%	826						7		%
BB			28						—		%	28						—		%
Other			1						—		%	1						—		%
Total			$	10,710					100		%	$	11,697					100		%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

									June 30												December 31
									2021												2020
(in millions of U.S. dollars)			Net Carrying Value						Fair Value						Net Carrying Value						Fair Value
Available for sale
Due in 1 year or less			$	4,536					$	4,536					$	4,760					$	4,760
Due after 1 year through 5 years			26,142						26,142						26,227						26,227
Due after 5 years through 10 years			27,953						27,953						27,232						27,232
Due after 10 years			13,979						13,979						14,010						14,010
			72,610						72,610						72,229						72,229
Mortgage-backed securities			19,553						19,553						18,470						18,470
			$	92,163					$	92,163					$	90,699					$	90,699
Held to maturity
Due in 1 year or less			$	880					$	887					$	1,231					$	1,240
Due after 1 year through 5 years			3,579						3,716						3,592						3,760
Due after 5 years through 10 years			2,734						2,887						3,029						3,228
Due after 10 years			1,699						1,961						1,802						2,136
			8,892						9,451						9,654						10,364
Mortgage-backed securities			1,781						1,892						1,999						2,146
			$	10,673					$	11,343					$	11,653					$	12,510

Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position

The following tables present, for Available for Sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the 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, 2021			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency			$	203					$	(5)					$	—					$	—					$	203					$	(5)
Non-U.S.			4,325						(122)						610						(21)						4,935						(143)
Corporate and asset-backed securities			4,940						(87)						589						(14)						5,529						(101)
Mortgage-backed securities			5,127						(49)						36						(1)						5,163						(50)
Municipal			90						(1)						8						(1)						98						(2)
Total AFS fixed maturities			$	14,685					$	(264)					$	1,243					$	(37)					$	15,928					$	(301)

			0 – 12 Months												Over 12 Months												Total
December 31, 2020			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
Non-U.S.			$	1,628					$	(35)					$	114					$	(5)					$	1,742					$	(40)
Corporate and asset-backed securities			2,212						(33)						593						(14)						2,805						(47)
Mortgage-backed securities			875						(6)						35						(2)						910						(8)
Municipal			40						(1)						16						(1)						56						(2)
Total AFS fixed maturities			$	4,755					$	(75)					$	758					$	(22)					$	5,513					$	(97)

Schedule of Realized Gain (Loss)

The following table presents the components of Net realized gains (losses):

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Fixed maturities:
Gross realized gains			$	56					$	68					$	93					$	145
Gross realized losses			(53)						(174)						(72)						(299)
Net (provision for) recovery of expected credit losses			10						104						16						(46)
Impairment (1)			(1)						(31)						(1)						(152)
Total fixed maturities			$	12					$	(33)					$	36					$	(352)
Equity securities			150						148						517						119
Other investments			62						(107)						100						(102)
Foreign exchange losses			(97)						(61)						(21)						(129)
Investment and embedded derivative instruments			(91)						14						18						29
Fair value adjustments on insurance derivative			(8)						213						311						(472)
S&P futures			(64)						(103)						(108)						22
Other derivative instruments			3						(1)						2						(3)
Other			—						(40)						(1)						(40)
Net realized gains (losses) (pre-tax)			$	(33)					$	30					$	854					$	(928)

(1)Relates to certain securities we intended to sell and securities written to market entering default.

Gain (Loss) on Securities [Table Text Block]

Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

																					Three Months Ended
																					June 30
			2021																		2020
(in millions of U.S. dollars)			Equity Securities						Other Investments						Total						Equity Securities						Other Investments						Total
Net gains (losses) recognized during the period			$	150					$	62					$	212					$	148					$	(107)					$	41
Less: Net gains recognized from sales of securities			45						—						45						187						—						187
Unrealized gains (losses) recognized for securities still held at reporting date			$	105					$	62					$	167					$	(39)					$	(107)					$	(146)

																					Six Months Ended
																					June 30
			2021																		2020
(in millions of U.S. dollars)			Equity Securities						Other Investments						Total						Equity Securities						Other Investments						Total
Net gains (losses) recognized during the period			$	517					$	100					$	617					$	119					$	(102)					$	17
Less: Net gains recognized from sales of securities			90						—						90						163						—						163
Unrealized gains (losses) recognized for securities still held at reporting date			$	427					$	100					$	527					$	(44)					$	(102)					$	(146)

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

			June 30						December 31
(in millions of U.S. dollars)			2021						2020
Trust funds			$	11,545					$	12,305
Deposits with U.S. regulatory authorities			2,431						2,438
Deposits with non-U.S. regulatory authorities			2,801						2,905
Assets pledged under repurchase agreements			1,465						1,462
Other pledged assets			605						584
Total			$	18,847					$	19,694

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	15					$	176					$	20					$	—
Impact of adoption of new accounting guidance			—						—						—						25
Provision for expected credit loss			1						29						5						178
Initial allowance for purchased securities with credit deterioration			—						3						—						5
Write-offs charged against the expected credit loss			—						(5)						—						(5)
Recovery of expected credit loss			(5)						(134)						(14)						(134)
Valuation allowance for expected credit losses - end of period			$	11					$	69					$	11					$	69
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	43					$	45					$	44					$	—
Impact of adoption of new accounting guidance			—						—						—						44
Provision for expected credit loss			—						6						—						7
Recovery of expected credit loss			(6)						—						(7)						—
Valuation allowance for expected credit losses - end of period			$	37					$	51					$	37					$	51

Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	15					$	176					$	20					$	—
Impact of adoption of new accounting guidance			—						—						—						25
Provision for expected credit loss			1						29						5						178
Initial allowance for purchased securities with credit deterioration			—						3						—						5
Write-offs charged against the expected credit loss			—						(5)						—						(5)
Recovery of expected credit loss			(5)						(134)						(14)						(134)
Valuation allowance for expected credit losses - end of period			$	11					$	69					$	11					$	69
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	43					$	45					$	44					$	—
Impact of adoption of new accounting guidance			—						—						—						44
Provision for expected credit loss			—						6						—						7
Recovery of expected credit loss			(6)						—						(7)						—
Valuation allowance for expected credit losses - end of period			$	37					$	51					$	37					$	51

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

															June 30												December 31
			Expected Liquidation Period of Underlying Assets												2021												2020
(in millions of U.S. dollars)									Fair Value						Maximum Future Funding Commitments						Fair Value						Maximum Future Funding Commitments
Financial			2 to 10 Years						$	957					$	350					$	673					$	237
Real Assets			2 to 11 Years						1,014						781						805						598
Distressed			2 to 8 Years						486						875						358						970
Private Credit			3 to 8 Years						87						276						88						270
Traditional			2 to 14 Years						5,365						5,679						4,519						1,125
Vintage			1 to 2 Years						70						—						73						—
Investment funds			Not Applicable						274						—						254						—
									$	8,253					$	7,961					$	6,770					$	3,200

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration