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Commitments, contingencies, and guarantees (Tables) | 12 Months Ended
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Dec. 31, 2023
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 location, fair value of derivative instruments in an asset or (liability) position, and notional value/payment provision of our derivative instruments:
|  |  | December 31, 2023 |  |  |  | December 31, 2022
| 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 derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | OA / (AP) |  | $ | 27 |  |  | $ | (94) |  |  | $ | 3,662 |  |  |  |  | $ | 64 |  |  | $ | (115) |  |  | $ | 4,134 |
Options/Futures contracts on notes and bonds | OA / (AP) |  | 27 |  |  | (42) |  |  | 2,062 |  |  |  |  | 18 |  |  | (24) |  |  | 1,511 |
Convertible securities (1) | FM AFS / ES |  | 56 |  |  | — |  |  | 64 |  |  |  |  | 30 |  |  | — |  |  | 37 |
|  |  | $ | 110 |  |  | $ | (136) |  |  | $ | 5,788 |  |  |  |  | $ | 112 |  |  | $ | (139) |  |  | $ | 5,682 |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts on equities (2) | OA / (AP) |  | $ | — |  |  | $ | (37) |  |  | $ | 1,157 |  |  |  |  | $ | 33 |  |  | $ | — |  |  | $ | 939 |
Other | OA / (AP) |  | — |  |  | (5) |  |  | 217 |  |  |  |  | — |  |  | — |  |  | — |
|  |  | $ | — |  |  | $ | (42) |  |  | $ | 1,374 |  |  |  |  | $ | 33 |  |  | $ | — |  |  | $ | 939 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - fair value hedges | OA / (AP) |  | $ | 126 |  |  | $ | — |  |  | $ | 1,631 |  |  |  |  | $ | 17 |  |  | $ | — |  |  | $ | 1,595 |
Cross-currency swaps - net investment hedges | OA / (AP) |  | 10 |  |  | (128) |  |  | 1,619 |  |  |  |  | — |  |  | (53) |  |  | 1,604 |
|  |  | $ | 136 |  |  | $ | (128) |  |  | $ | 3,250 |  |  |  |  | $ | 17 |  |  | $ | (53) |  |  | $ | 3,199 |
(1)Includes fair value of embedded derivatives. (2)Related to MRB book of business.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
| Year Ended December 31
(pre-tax, in millions of U.S. dollars) | 2023 |  | 2022
Gain recognized in OCI | $ | 101 |  |  | $ | 17 |
Net realized gain reclassified from OCI | 50 |  |  | 105 |
Interest expense reclassified from OCI | (16) |  |  | (5) |
OCI gain (loss) after reclassifications | $ | 67 |  |  | $ | (83) |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location |
| Year Ended December 31
(pre-tax, in millions of U.S. dollars) | 2023 |  | 2022
Loss recognized in OCI | $ | (58) |  |  | $ | (53) |
Interest income reclassified from OCI | 13 |  |  | 4 |
OCI loss after reclassifications | $ | (71) |  |  | $ | (57) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Investment and embedded derivative instruments: |  |  |  |  |
Foreign currency forward contracts | $ | (50) |  |  | $ | (339) |  |  | $ | (62) |
All other futures contracts, options, and equities | (2) |  |  | 297 |  |  | (10) |
Convertible securities (1) | (1) |  |  | (1) |  |  | — |
Total investment and embedded derivative instruments | $ | (53) |  |  | $ | (43) |  |  | $ | (72) |
Other derivative instruments: |  |  |  |  |
Futures contracts on equities (2) | (189) |  |  | 187 |  |  | (202) |
Other | (10) |  |  | (11) |  |  | (8) |
Total other derivative instruments | $ | (199) |  |  | $ | 176 |  |  | $ | (210) |
| $ | (252) |  |  | $ | 133 |  |  | $ | (282) |
(1)Includes embedded derivatives. (2)Related to MRB book of business.
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, 2023 |  |  |  |  |  |  | December 31, 2022
(in millions of U.S. dollars) | Overnight and Continuous
Collateral held under securities lending agreements: |  |  |  |  |  |  |  |
Cash | $ | 555 |  |  |  |  |  |  |  | $ | 820 |
U.S. Treasury / Agency | 33 |  |  |  |  |  |  |  | 72 |
Non-U.S. | 621 |  |  |  |  |  |  |  | 604 |
Corporate and asset-backed securities | 57 |  |  |  |  |  |  |  | 27 |
Municipal | 6 |  |  |  |  |  |  |  | — |
Equity securities | 27 |  |  |  |  |  |  |  | — |
| $ | 1,299 |  |  |  |  |  |  |  | $ | 1,523 |
Gross amount of recognized liability for securities lending payable | $ | 1,299 |  |  |  |  |  |  |  | $ | 1,523 |
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, 2023 |  |  | December 31, 2022
| Up to 30 Days |  | 30-90 Days |  | Greater than 90 Days |  |  |  |  | Up to 30 Days |  | 30-90 Days |  | Total
(in millions of U.S. dollars) |  |  | Total |  |  |
Collateral pledged under repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | — |  |  | $ | 33 |  |  | $ | 1 |  |  | $ | 34 |  |  |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |
Non-U.S. | 1,355 |  |  | — |  |  | — |  |  | 1,355 |  |  |  | — |  |  | — |  |  | — |
U.S. Treasury / Agency | — |  |  | 105 |  |  | — |  |  | 105 |  |  |  | — |  |  | 101 |  |  | 101 |
Mortgage-backed securities | — |  |  | 913 |  |  | 517 |  |  | 1,430 |  |  |  | 921 |  |  | 493 |  |  | 1,414 |
| $ | 1,355 |  |  | $ | 1,051 |  |  | $ | 518 |  |  | $ | 2,924 |  |  |  | $ | 933 |  |  | $ | 594 |  |  | $ | 1,527 |
Gross amount of recognized liabilities for repurchase agreements |  |  |  |  |  |  | $ | 2,833 |  |  |  |  |  |  |  | $ | 1,419 |
Difference (1) |  |  |  |  |  |  | $ | 91 |  |  |  |  |  |  |  | $ | 108 |
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Lessee, Operating Lease, Liability, Maturity | 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: |
2024 | $ | 166 |
2025 | 141 |
2026 | 117 |
2027 | 88 |
2028 | 65 |
Thereafter | 618 |
Total undiscounted lease payments | $ | 1,195 |
Less: Present value adjustment | 363 |
Net lease liabilities reported as of December 31, 2023 | $ | 832 |

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