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Investments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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

March 31, 2023			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			$	2,798					$	—					$	8					$	(127)					$	2,679
Non-U.S.			28,860						(60)						263						(1,671)						27,392
Corporate and asset-backed securities			41,316						(106)						104						(2,854)						38,460
Mortgage-backed securities			17,863						(2)						11						(1,770)						16,102
Municipal			3,872						—						12						(153)						3,731
			$	94,709					$	(168)					$	398					$	(6,575)					$	88,364

December 31, 2022			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			$	2,792					$	—					$	5					$	(171)					$	2,626
Non-U.S.			28,064						(59)						108						(2,205)						25,908
Corporate and asset-backed securities			40,547						(107)						49						(3,534)						36,955
Mortgage-backed securities			17,871						(3)						4						(2,021)						15,851
Municipal			4,081						—						8						(209)						3,880
			$	93,355					$	(169)					$	174					$	(8,140)					$	85,220

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,371					$	—					$	1,371					$	4					$	(35)					$	1,340
Non-U.S.			1,110						(4)						1,106						—						(70)						1,036
Corporate and asset-backed securities			1,699						(28)						1,671						2						(97)						1,576
Mortgage-backed securities			1,373						(1)						1,372						—						(90)						1,282
Municipal			2,905						—						2,905						2						(32)						2,875
			$	8,458					$	(33)					$	8,425					$	8					$	(324)					$	8,109

			Amortized Cost						Valuation Allowance						Net Carrying Value						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
Held to maturity
U.S. Treasury / Agency			$	1,417					$	—					$	1,417					$	1					$	(48)					$	1,370
Non-U.S.			1,140						(4)						1,136						—						(82)						1,054
Corporate and asset-backed securities			1,733						(28)						1,705						1						(126)						1,580
Mortgage-backed securities			1,456						(1)						1,455						—						(104)						1,351
Municipal			3,136						(1)						3,135						1						(52)						3,084
			$	8,882					$	(34)					$	8,848					$	3					$	(412)					$	8,439

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table presents the amortized cost of our held to maturity securities according to S&P rating:

			March 31, 2023												December 31, 2022
(in millions of U.S. dollars, except for percentages)			Amortized cost						% of Total						Amortized cost						% of Total
AAA			$	1,505					18		%				$	1,612					18		%
AA			4,760						56		%				5,023						57		%
A			1,594						19		%				1,634						18		%
BBB			579						7		%				593						7		%
BB			20						—		%				20						—		%
Total			$	8,458					100		%				$	8,882					100		%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

			March 31, 2023												December 31, 2022
(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			$	3,020					$	3,020					$	2,962					$	2,962
Due after 1 year through 5 years			26,248						26,248						24,791						24,791
Due after 5 years through 10 years			27,608						27,608						26,679						26,679
Due after 10 years			15,386						15,386						14,937						14,937
			72,262						72,262						69,369						69,369
Mortgage-backed securities			16,102						16,102						15,851						15,851
			$	88,364					$	88,364					$	85,220					$	85,220
Held to maturity
Due in 1 year or less			$	1,048					$	1,035					$	1,015					$	1,003
Due after 1 year through 5 years			3,409						3,313						3,658						3,531
Due after 5 years through 10 years			1,385						1,361						1,460						1,423
Due after 10 years			1,211						1,118						1,260						1,131
			7,053						6,827						7,393						7,088
Mortgage-backed securities			1,372						1,282						1,455						1,351
			$	8,425					$	8,109					$	8,848					$	8,439

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 been in an unrealized loss position:

			0 – 12 Months												Over 12 Months												Total
March 31, 2023			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			$	1,564					$	(39)					$	912					$	(88)					$	2,476					$	(127)
Non-U.S.			7,195						(243)						11,689						(1,004)						18,884						(1,247)
Corporate and asset-backed securities			13,577						(507)						15,222						(1,356)						28,799						(1,863)
Mortgage-backed securities			4,769						(205)						10,427						(1,528)						15,196						(1,733)
Municipal			2,172						(30)						735						(123)						2,907						(153)
Total AFS fixed maturities			$	29,277					$	(1,024)					$	38,985					$	(4,099)					$	68,262					$	(5,123)

			0 – 12 Months												Over 12 Months												Total
December 31, 2022			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			$	2,152					$	(125)					$	386					$	(46)					$	2,538					$	(171)
Non-U.S.			15,538						(1,012)						5,490						(704)						21,028						(1,716)
Corporate and asset-backed securities			25,687						(1,793)						4,190						(552)						29,877						(2,345)
Mortgage-backed securities			10,561						(1,033)						4,770						(941)						15,331						(1,974)
Municipal			3,251						(152)						155						(48)						3,406						(200)
Total AFS fixed maturities			$	57,189					$	(4,115)					$	14,991					$	(2,291)					$	72,180					$	(6,406)

Debt Securities, Available-for-sale, Allowance for Credit Loss

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

			Three Months Ended
			March 31
(in millions of U.S. dollars)			2023						2022
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	169					$	14
Provision for expected credit loss			59						17
Write-offs charged against the expected credit loss			(2)						—
Recovery of expected credit loss			(58)						(4)
Valuation allowance for expected credit losses - end of period			$	168					$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	34					$	35
Recovery of expected credit loss			(1)						(1)
Valuation allowance for expected credit losses - end of period			$	33					$	34

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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

			Three Months Ended
			March 31
(in millions of U.S. dollars)			2023						2022
Available for sale
Valuation allowance for expected credit losses - beginning of period			$	169					$	14
Provision for expected credit loss			59						17
Write-offs charged against the expected credit loss			(2)						—
Recovery of expected credit loss			(58)						(4)
Valuation allowance for expected credit losses - end of period			$	168					$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period			$	34					$	35
Recovery of expected credit loss			(1)						(1)
Valuation allowance for expected credit losses - end of period			$	33					$	34

Schedule of Realized Gain (Loss)

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

			Three Months Ended
			March 31
(in millions of U.S. dollars)			2023						2022
Fixed maturities:
Gross realized gains			$	2					$	39
Gross realized losses			(159)						(127)
Net (provision for) recovery of expected credit losses			2						(12)
Impairment (1)			(25)						(36)
Total fixed maturities			(180)						(136)
Equity securities			11						56
Other investments			15						55
Foreign exchange			131						74
Investment and embedded derivative instruments			(46)						47
Other derivative instruments			(1)						1
Other			(7)						(74)
Net realized gains (losses) (pre-tax)			$	(77)					$	23

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

Gain (Loss) on Securities

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
																					March 31
			2023																		2022
(in millions of U.S. dollars)			Equity Securities						Other Investments						Total						Equity Securities						Other Investments						Total
Net gains (losses) recognized during the period			$	11					$	15					$	26					$	56					$	55					$	111
Less: Net gains (losses) recognized from sales of securities			(5)						—						(5)						255						—						255
Unrealized gains (losses) recognized for securities still held at reporting date			$	16					$	15					$	31					$	(199)					$	55					$	(144)

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

			Expected Liquidation Period of Underlying Assets						March 31, 2023												December 31, 2022
(in millions of U.S. dollars)									Fair Value						Maximum Future Funding Commitments						Fair Value						Maximum Future Funding Commitments
Financial			2 to 10 Years						$	1,146					$	472					$	1,074					$	505
Real assets			2 to 13 Years						2,114						640						2,166						681
Distressed			2 to 8 Years						1,096						659						1,048						755
Private credit			3 to 8 Years						216						322						215						429
Traditional			2 to 14 Years						7,800						4,654						7,424						5,025
Vintage			1 to 2 Years						56						—						55						—
Investment funds			Not Applicable						377						—						373						—
									$	12,805					$	6,747					$	12,355					$	7,395

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

			March 31						December 31
(in millions of U.S. dollars)			2023						2022
Trust funds			$	8,263					$	8,120
Deposits with U.S. regulatory authorities			2,350						2,345
Deposits with non-U.S. regulatory authorities			3,094						2,959
Assets pledged under repurchase agreements			1,503						1,527
Other pledged assets			905						885
Total			$	16,115					$	15,836

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