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Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

September 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			$	2,172					$	—					$	120					$	(5)					$	2,287
Non-U.S.			24,988						(6)						1,139						(194)						25,927
Corporate and asset-backed securities			37,283						(6)						1,596						(157)						38,716
Mortgage-backed securities			19,333						—						695						(65)						19,963
Municipal			5,559						—						236						(3)						5,792
			$	89,335					$	(12)					$	3,786					$	(424)					$	92,685
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,209					$	—					$	1,209					$	38					$	—					$	1,247
Non-U.S.			1,259						(5)						1,254						76						—						1,330
Corporate and asset-backed securities			2,079						(28)						2,051						209						—						2,260
Mortgage-backed securities			1,771						(1)						1,770						99						(1)						1,868
Municipal			4,232						(1)						4,231						183						—						4,414
			$	10,550					$	(35)					$	10,515					$	605					$	(1)					$	11,119

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

September 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			$	2,172					$	—					$	120					$	(5)					$	2,287
Non-U.S.			24,988						(6)						1,139						(194)						25,927
Corporate and asset-backed securities			37,283						(6)						1,596						(157)						38,716
Mortgage-backed securities			19,333						—						695						(65)						19,963
Municipal			5,559						—						236						(3)						5,792
			$	89,335					$	(12)					$	3,786					$	(424)					$	92,685
			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,209					$	—					$	1,209					$	38					$	—					$	1,247
Non-U.S.			1,259						(5)						1,254						76						—						1,330
Corporate and asset-backed securities			2,079						(28)						2,051						209						—						2,260
Mortgage-backed securities			1,771						(1)						1,770						99						(1)						1,868
Municipal			4,232						(1)						4,231						183						—						4,414
			$	10,550					$	(35)					$	10,515					$	605					$	(1)					$	11,119

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:

			September 30, 2021									December 31, 2020
(in millions of U.S. dollars, except for percentages)			Amortized cost						% of Total			Amortized cost						% of Total
AAA			$	2,216					21		%	$	2,511					22		%
AA			5,479						52		%	6,193						53		%
A			2,011						19		%	2,138						18		%
BBB			815						8		%	826						7		%
BB			28						—		%	28						—		%
Other			1						—		%	1						—		%
Total			$	10,550					100		%	$	11,697					100		%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

									September 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			$	4,568					$	4,568					$	4,760					$	4,760
Due after 1 year through 5 years			25,747						25,747						26,227						26,227
Due after 5 years through 10 years			28,117						28,117						27,232						27,232
Due after 10 years			14,290						14,290						14,010						14,010
			72,722						72,722						72,229						72,229
Mortgage-backed securities			19,963						19,963						18,470						18,470
			$	92,685					$	92,685					$	90,699					$	90,699
Held to maturity
Due in 1 year or less			$	947					$	954					$	1,231					$	1,240
Due after 1 year through 5 years			3,666						3,792						3,592						3,760
Due after 5 years through 10 years			2,498						2,627						3,029						3,228
Due after 10 years			1,634						1,878						1,802						2,136
			8,745						9,251						9,654						10,364
Mortgage-backed securities			1,770						1,868						1,999						2,146
			$	10,515					$	11,119					$	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
September 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			$	231					$	(5)					$	—					$	—					$	231					$	(5)
Non-U.S.			5,704						(147)						780						(40)						6,484						(187)
Corporate and asset-backed securities			6,686						(124)						662						(20)						7,348						(144)
Mortgage-backed securities			5,948						(61)						157						(4)						6,105						(65)
Municipal			239						(2)						8						(1)						247						(3)
Total AFS fixed maturities			$	18,808					$	(339)					$	1,607					$	(65)					$	20,415					$	(404)

			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												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Fixed maturities:
Gross realized gains			$	27					$	50					$	120					$	195
Gross realized losses			(27)						(32)						(99)						(331)
Net (provision for) recovery of expected credit losses			1						42						17						(4)
Impairment (1)			(11)						(11)						(12)						(163)
Total fixed maturities			$	(10)					$	49					$	26					$	(303)
Equity securities			(42)						—						475						119
Other investments			11						31						111						(71)
Foreign exchange			106						(222)						85						(351)
Investment and embedded derivative instruments			(9)						9						9						38
Fair value adjustments on insurance derivative			(59)						46						252						(426)
S&P futures			(4)						(52)						(112)						(30)
Other derivative instruments			(10)						1						(8)						(2)
Other			(4)						(3)						(5)						(43)
Net realized gains (losses) (pre-tax)			$	(21)					$	(141)					$	833					$	(1,069)

(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
																					September 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			$	(42)					$	11					$	(31)					$	—					$	31					$	31
Less: Net gains recognized from sales of securities			19						—						19						34						—						34
Unrealized gains (losses) recognized for securities still held at reporting date			$	(61)					$	11					$	(50)					$	(34)					$	31					$	(3)

																					Nine Months Ended
																					September 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			$	475					$	111					$	586					$	119					$	(71)					$	48
Less: Net gains recognized from sales of securities			109						—						109						197						—						197
Unrealized gains (losses) recognized for securities still held at reporting date			$	366					$	111					$	477					$	(78)					$	(71)					$	(149)

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												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	11					$	69					$	20					$	—
Impact of adoption of new accounting guidance			—						—						—						25
Provision for expected credit loss			3						5						8						183
Initial allowance for purchased securities with credit deterioration			—						—						—						5
Write-offs charged against the expected credit loss			—						—						—						(5)
Recovery of expected credit loss			(2)						(40)						(16)						(174)
Valuation allowance for expected credit losses - end of period			$	12					$	34					$	12					$	34
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	37					$	51					$	44					$	—
Impact of adoption of new accounting guidance			—						—						—						44
Provision for expected credit loss			—						2						—						9
Recovery of expected credit loss			(2)						(8)						(9)						(8)
Valuation allowance for expected credit losses - end of period			$	35					$	45					$	35					$	45

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												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2021						2020						2021						2020
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	11					$	69					$	20					$	—
Impact of adoption of new accounting guidance			—						—						—						25
Provision for expected credit loss			3						5						8						183
Initial allowance for purchased securities with credit deterioration			—						—						—						5
Write-offs charged against the expected credit loss			—						—						—						(5)
Recovery of expected credit loss			(2)						(40)						(16)						(174)
Valuation allowance for expected credit losses - end of period			$	12					$	34					$	12					$	34
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	37					$	51					$	44					$	—
Impact of adoption of new accounting guidance			—						—						—						44
Provision for expected credit loss			—						2						—						9
Recovery of expected credit loss			(2)						(8)						(9)						(8)
Valuation allowance for expected credit losses - end of period			$	35					$	45					$	35					$	45

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

															September 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						$	1,064					$	309					$	673					$	237
Real Assets			2 to 11 Years						1,092						772						805						598
Distressed			2 to 8 Years						568						813						358						970
Private Credit			3 to 8 Years						82						279						88						270
Traditional			2 to 14 Years						6,616						4,958						4,519						1,125
Vintage			1 to 2 Years						64						—						73						—
Investment funds			Not Applicable						282						—						254						—
									$	9,768					$	7,131					$	6,770					$	3,200

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

			September 30						December 31
(in millions of U.S. dollars)			2021						2020
Trust funds			$	11,669					$	12,305
Deposits with U.S. regulatory authorities			2,418						2,438
Deposits with non-U.S. regulatory authorities			2,858						2,905
Assets pledged under repurchase agreements			1,425						1,462
Other pledged assets			632						584
Total			$	19,002					$	19,694

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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=123581744&loc=d3e27290-111563

+ Details

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